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La politique monétaire sans monnaie

  • Jérôme Creel

    (OFCE)

  • Henri Sterdyniak

    (OFCE)

Le schéma traditionnel de la courbe LM où le taux d’intérêt équilibre une demande de monnaie stable et une offre de monnaie fixée par la banque centrale n’a plus de sens dans les systèmes financiers modernes caractérisés par la disparition de la distinction entre actifs monétaires et non-monétaires. La banque centrale fixe à chaque période le taux d’intérêt monétaire; la masse monétaire, quelle que soit sa définition arbitraire, est déterminée par la demande de monnaie; le taux d’inflation est déterminé, période après période, par le comportement conjoint de la banque centrale, des autorités budgétaires et du secteur privé; la notion de financement monétaire du déficit public disparaît (...).

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Paper provided by Sciences Po in its series Sciences Po publications with number info:hdl:2441/2961.

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Date of creation: Jul 1999
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Publication status: Published in Revue de l'OFCE, 1999
Handle: RePEc:spo:wpmain:info:hdl:2441/2961
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  1. Rudebusch, G.D. & Svensson, L.E.O., 1998. "Policy Rules for Inflation Targeting," Papers 637, Stockholm - International Economic Studies.
  2. Jérôme Creel & Henri Sterdyniak, 1998. "A propos de la volatilité de l’euro," Sciences Po publications info:hdl:2441/2963, Sciences Po.
  3. Woodford, Michael, 1995. "Price-level determinacy without control of a monetary aggregate," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 43(1), pages 1-46, December.
  4. Fuhrer, Jeffrey C & Moore, George R, 1995. "Forward-Looking Behavior and the Stability of a Conventional Monetary Policy Rule," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(4), pages 1060-70, November.
  5. Jeff Fuhrer & Brian Madigan, 1994. "Monetary policy when interest rates are bounded at zero," Working Papers in Applied Economic Theory 94-06, Federal Reserve Bank of San Francisco.
  6. Matthew B. Canzoneri & Robert E. Cumby & Behzad T. Diba, 1998. "Is the Price Level Determined by the Needs of Fiscal Solvency?," NBER Working Papers 6471, National Bureau of Economic Research, Inc.
  7. Andrew T.. Levin & Volker Wieland & John Williams, 1999. "Robustness of Simple Monetary Policy Rules under Model Uncertainty," NBER Chapters, in: Monetary Policy Rules, pages 263-318 National Bureau of Economic Research, Inc.
  8. Lars E.O. Svensson, 1999. "Monetary policy issues for the Eurosystem," Proceedings, Federal Reserve Bank of San Francisco.
  9. Richard Clarida & Jordi Gali & Mark Gertler, 1998. "Monetary policy rules in practice," Proceedings, Federal Reserve Bank of San Francisco, issue Mar.
  10. Barro, Robert J., 1989. "Interest-rate targeting," Journal of Monetary Economics, Elsevier, vol. 23(1), pages 3-30, January.
  11. Henri Sterdyniak & Jérôme Creel, 1999. "Pour en finir avec la masse monétaire," Revue Économique, Programme National Persée, vol. 50(3), pages 523-533.
  12. Bernanke, Ben S. & Mihov, Ilian, 1997. "What does the Bundesbank target?," European Economic Review, Elsevier, vol. 41(6), pages 1025-1053, June.
  13. Hellwig, Martin F., 1993. "The challenge of monetary theory," European Economic Review, Elsevier, vol. 37(2-3), pages 215-242, April.
  14. Christ, Carl F., 1978. "Some dynamic theory of macroeconomic policy effects on income and prices under the government budget restraint," Journal of Monetary Economics, Elsevier, vol. 4(1), pages 45-70, January.
  15. Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, June.
  16. Bennett T. McCallum, 1982. "Price Level Determinacy with an Interest Rate Policy Rule and Rational Expectations," NBER Working Papers 0559, National Bureau of Economic Research, Inc.
  17. Andrew Brociner & Odile Chagny, 1996. "La Bundesbank : une orthodoxie pragmatique," Revue de l'OFCE, Programme National Persée, vol. 56(1), pages 95-119.
  18. Sterdyniak H & Villa Pierre, 1984. "Des conséquences conjoncturelles de la régulation monétaire," CEPREMAP Working Papers (Couverture Orange) 8410, CEPREMAP.
  19. Gale, Douglas, 1978. "The core of a monetary economy without trust," Journal of Economic Theory, Elsevier, vol. 19(2), pages 456-491, December.
  20. Thomas J. Sargent & Neil Wallace, 1981. "Some unpleasant monetarist arithmetic," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Fall.
  21. Blinder, Alan S, 1997. "Is There a Core of Practical Macroeconomics That We Should All Believe?," American Economic Review, American Economic Association, vol. 87(2), pages 240-43, May.
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  23. Dornbusch, Rudiger, 1976. "Expectations and Exchange Rate Dynamics," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1161-76, December.
  24. Arturo Estrella & Frederic S. Mishkin, 1996. "Is There a Role for Monetary Aggregates in the Conduct of Monetary Policy?," NBER Working Papers 5845, National Bureau of Economic Research, Inc.
  25. Wicksell, Knut, 1907. "The Influence of the Rate of Interest on Prices," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 17, pages 213-220.
  26. Richard H. Clarida & Mark Gertler, 1997. "How the Bundesbank Conducts Monetary Policy," NBER Chapters, in: Reducing Inflation: Motivation and Strategy, pages 363-412 National Bureau of Economic Research, Inc.
  27. Robert J. Barro & David B. Gordon, 1983. "Rules, Discretion and Reputation in a Model of Monetary Policy," NBER Working Papers 1079, National Bureau of Economic Research, Inc.
  28. repec:cai:reofsp:reof_p1998_65n1_0199 is not listed on IDEAS
  29. Bryant, John & Wallace, Neil, 1984. "A Price Discrimination Analysis of Monetary Policy," Review of Economic Studies, Wiley Blackwell, vol. 51(2), pages 279-88, April.
  30. repec:cai:recosp:reco_p1999_50n3_0523 is not listed on IDEAS
  31. Fabrice Capoën & Pierre Villa, 1996. "La coordination interne et externe des politiques économiques: une analyse dynamique," Working Papers 1996-13, CEPII research center.
  32. Rao Aiyagari, S. & Gertler, Mark, 1985. "The backing of government bonds and monetarism," Journal of Monetary Economics, Elsevier, vol. 16(1), pages 19-44, July.
  33. repec:cai:reofsp:reof_p1996_56n1_0095 is not listed on IDEAS
  34. Goldfeld, Stephen M, 1984. "Modeling the Banking Firm: A Survey: Comment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 16(4), pages 609-16, November.
  35. Blinder, Alan S. & Solow, Robert M., 1976. "Does fiscal policy still matter? : A reply," Journal of Monetary Economics, Elsevier, vol. 2(4), pages 501-510, November.
  36. Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December.
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