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Réaction des banques centrales aux prix des actifs financiers et au taux de change

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  • Daniel Laskar

Abstract

In an open economy model in which the price of financial assets (equities) is introduced, we consider the issue of whether, and how, the Central Bank should react to the exchange rate and to the price of equities. A fixed exchange rate regime is then considered and its potentially harmful effect in case of financial shocks is underlined. The case where the Central Bank does not know the shocks, and the issue of instrument choice in case of instrument smoothing, are also examined. The analysis is finally extended to a two-country model and the effect of cooperation between Central Banks for the issue at hand is studied. Classification JEL : E 44, E52, F42.

Suggested Citation

  • Daniel Laskar, 2003. "Réaction des banques centrales aux prix des actifs financiers et au taux de change," Revue économique, Presses de Sciences-Po, vol. 54(6), pages 1187-1212.
    • Handle: RePEc:cai:recosp:reco_546_1187
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    Cited by:

    1. Grégory Levieuge, 2005. "Politique monétaire et prix d'actifs," Revue de l'OFCE, Presses de Sciences-Po, vol. 93(2), pages 317-355.

    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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