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Théorie de la politique monétaire. Esquisses d'une refondation

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  • Jean-Paul Pollin

Abstract

Our purpose is to give an account of the renewal of monetary policy theory triggered by recent works on the interest rates rules. First we will offer a reminder on the Taylor principle before turning to a discussion on the form of optimal monetary rules. We shall then contend that a transparent monetary policy is enough to answer the credibility issue, whose importance was probably overrated. We will go on to demonstrate how it is possible with no significant loss to give up the writing of a money market in macroeconomic models. However, frictions on the credit market may lead to introduce non-linearities in the usual forms of monetary rules and to complement them by taking asset prices into account.

Suggested Citation

  • Jean-Paul Pollin, 2005. "Théorie de la politique monétaire. Esquisses d'une refondation," Revue économique, Presses de Sciences-Po, vol. 56(3), pages 507-539.
    • Handle: RePEc:cai:recosp:reco_563_0507
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    Cited by:

    1. BIKAI, J. Landry & MBOHOU M., Moustapha, 2016. "A Reaction Function for the Bank of the Central African States in a Context of Fiscal Dominance," MPRA Paper 89108, University Library of Munich, Germany.
    2. Henry Ngongo, 2015. "Les indicateus avanc\'es de l'inflation en RDCongo," Papers 1509.06504, arXiv.org.
    3. Dominique Pépin, 2010. "L'évaluation du prix des actions par les fondamentaux : analyse du marché français," Economie & Prévision, La Documentation Française, vol. 0(4), pages 83-98.
    4. Brender, Anton & Pisani, Florence & Gagna, Emile, 2015. "Money, Finance and the Real Economy: What went wrong?," CEPS Papers 10290, Centre for European Policy Studies.
    5. repec:hal:spmain:info:hdl:2441/5221 is not listed on IDEAS
    6. Honoré Sèwanoudé HOUNGBEDJI, 2022. "Non linéarité de la fonction de réaction de la Banque centrale des Etats de l’Afrique de l’Ouest," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 56, pages 133-157.
    7. BIKAI, J. Landry & KENKOUO, Guy Albert, 2015. "Analysis and evaluation of the Monetary Policy Transmission Channels in the CEMAC: A SVAR and SPVAR Approaches," MPRA Paper 78227, University Library of Munich, Germany.
    8. repec:spo:wpmain:info:hdl:2441/5221 is not listed on IDEAS
    9. Henry Muganza Ngongo, 2015. "Les indicateus avancés de l'inflation en RDCongo," Post-Print hal-01202369, HAL.

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