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Les stabilisations des années vingt : Réflexions sur la notion de crédibilité

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  • Mathilde Maurel

    (Centre d'études et de recherches sur le developpement international)

Abstract

Les années vingt constituent un laboratoire pour l'analyse des phénomènes monétaires. Sargent [1982] insiste sur le rôle de la crédibilité dans le succès de la politique économique. Dans un modèle centré sur le financement monétaire du déficit, la thèse selon laquelle les années vingt constituent un paradigme de la politique économique est remise en question. Le modèle est validé empiriquement par les hyperinflations et stabilisations hongroise et allemande.

Suggested Citation

  • Mathilde Maurel, 1997. "Les stabilisations des années vingt : Réflexions sur la notion de crédibilité," Sciences Po publications info:hdl:2441/704, Sciences Po.
  • Handle: RePEc:spo:wpmain:info:hdl:2441/704
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    File URL: https://spire.sciencespo.fr/hdl:/2441/704/resources/1997-maurel-les-stabilisations-des-annees-vingt.pdf
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    References listed on IDEAS

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    1. Casella, Alessandra, 1989. "Testing for rational bubbles with exogenous or endogenous fundamentals : The German hyperinflation once more," Journal of Monetary Economics, Elsevier, vol. 24(1), pages 109-122, July.
    2. Robert E. Hall, 1982. "Inflation: Causes and Effects," NBER Books, National Bureau of Economic Research, Inc, number hall82-1.
    3. Robert E. Hall, 1982. "Introduction to "Inflation: Causes and Effects"," NBER Chapters, in: Inflation: Causes and Effects, pages 1-10, National Bureau of Economic Research, Inc.
    4. Michael, P & Nobay, A R & Peel, D A, 1994. "The German Hyperinflation and the Demand for Money Revisited," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 35(1), pages 1-22, February.
    5. Flood, Robert P & Garber, Peter M, 1980. "Market Fundamentals versus Price-Level Bubbles: The First Tests," Journal of Political Economy, University of Chicago Press, vol. 88(4), pages 745-770, August.
    6. Engle, Robert F. & Yoo, Byung Sam, 1987. "Forecasting and testing in co-integrated systems," Journal of Econometrics, Elsevier, vol. 35(1), pages 143-159, May.
    7. Hamilton, James D. & Whiteman, Charles H., 1985. "The observable implications of self-fulfilling expectations," Journal of Monetary Economics, Elsevier, vol. 16(3), pages 353-373, November.
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    Cited by:

    1. Muriel Dal-Pont Legrand & Dominique Torre, 2014. "Pierre Quesnay (1895-1937) from the League of Nations to the Franc Poincaré: Financial Discipline and Monetary Pragmatism," GREDEG Working Papers 2014-43, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.

    More about this item

    Keywords

    Hongrie; Hyperinflation et stabilisation; Marchés internationaux; Politique économique;

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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