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Cible d'inflation ou de niveau de prix : quelle option retenir pour la banque centrale dans un environnement « Nouveau Keynésien » ?

Author

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  • Ludovic Aubert
  • Stéphane Adjemian

Abstract

Dans la lignée de Svensson (1999) cet article se propose de reconsidérer la question du choix de la cible pour la banque centrale, selon les deux alternatives cible d'inflation ou cible de niveau de prix, sous une courbe de Phillips de type nouveau keynésien. Nos résultats tendent à plaider en faveur de l'adoption par la banque centrale d'une cible de niveau de prix. La comparaison des politiques discrétionnaires, sous les deux type de régimes, à la règle optimale sous engagement définie par Clarida. Gali et Gertler (2000) montre que la préférence pour la cible de niveau de prix s'explique par une meilleure gestion du problème de la crédibilité de la politique monétaire.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Ludovic Aubert & Stéphane Adjemian, 2003. "Cible d'inflation ou de niveau de prix : quelle option retenir pour la banque centrale dans un environnement « Nouveau Keynésien » ?," Recherches économiques de Louvain, De Boeck Université, vol. 69(3), pages 293-317.
    • Handle: RePEc:cai:reldbu:rel_693_0293
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    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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