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Les politiques monétaires sous l’emprise de la « dominance budgétaire » : pourquoi, comment et jusqu’où ?

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  • Jean-Paul Pollin

Abstract

The financial crisis has contributed to setting up, in advanced countries, a new type of « policy mix » characterized by fiscal dominance. The health crisis has radicalized its forms and intensified its use. This article first proposes to describe how it works, then to analyze its limits. The return of inflation and a risk of financial instability have indeed led this regulatory system into a dead end. To get out of it, the best solution would certainly be to return to stronger and more sustainable growth. We then seek to define the directions to be taken and the means to be used to achieve this. Classification JEL : H50, H54, H60, H62, H63, H68.

Suggested Citation

  • Jean-Paul Pollin, 2022. "Les politiques monétaires sous l’emprise de la « dominance budgétaire » : pourquoi, comment et jusqu’où ?," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 245-262.
    • Handle: RePEc:cai:refaef:ecofi_146_0245
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    JEL classification:

    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt

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