IDEAS home Printed from https://ideas.repec.org/a/ulp/buopee/4-03.html
   My bibliography  Save this article

Les marchés financiers et la politique monétaire de la BCE

Author

Listed:
  • Meixing Dai

    (Université de Strasbourg)

Abstract

Ce chapitre a comme objet d’examiner les fondements théoriques de la stratégie à deux piliers, sa capacité à prendre en compte les développements sur les marchés financiers pour formuler une politique monétaire qui reste pertinente malgré les frictions sur ces marchés, ainsi que l’efficacité de cette stratégie et son évolution suite à la crise financière globale.

Suggested Citation

  • Meixing Dai, 2015. "Les marchés financiers et la politique monétaire de la BCE," Bulletin de l'Observatoire des politiques économiques en Europe, Observatoire des Politiques Économiques en Europe (OPEE), vol. 1, pages 83-119, janvier.
    • Handle: RePEc:ulp:buopee:4-03
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    References listed on IDEAS

    as
    1. Dai, Meixing, 2011. "Financial market imperfections and monetary policy strategy," Economic Modelling, Elsevier, vol. 28(6), pages 2609-2621.
    2. Guenter W. Beck & Volker Wieland, 2007. "Money in Monetary Policy Design: A Formal Characterization of ECB-Style Cross-Checking," Journal of the European Economic Association, MIT Press, vol. 5(2-3), pages 524-533, 04-05.
    3. Kenneth R. French & Martin N. Baily & John Y. Campbell & John H. Cochrane & Douglas W. Diamond & Darrell Duffie & Anil K Kashyap & Frederic S. Mishkin & Raghuram G. Rajan & David S. Scharfstein & Robe, 2010. "The Squam Lake Report: Fixing the Financial System," Economics Books, Princeton University Press, edition 1, number 9261.
    4. Barthélemy, Jean & Clerc, Laurent & Marx, Magali, 2011. "A two-pillar DSGE monetary policy model for the euro area," Economic Modelling, Elsevier, vol. 28(3), pages 1303-1316, May.
    5. Otmar Issing, 2009. "Asset Prices and Monetary Policy," Cato Journal, Cato Journal, Cato Institute, vol. 29(1), pages 45-51, Winter.
    6. Stefan Gerlach, 2004. "The two pillars of the European Central Bank [‘The demand for M3 in the euro area’]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 19(40), pages 390-439.
    7. Benjamin Friedman, 2003. "The LM Curve: A Not-So-Fond Farewell," NBER Working Papers 10123, National Bureau of Economic Research, Inc.
    8. David H. Romer, 2000. "Keynesian Macroeconomics without the LM Curve," Journal of Economic Perspectives, American Economic Association, vol. 14(2), pages 149-169, Spring.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Dai, Meixing, 2011. "Financial market imperfections and monetary policy strategy," Economic Modelling, Elsevier, vol. 28(6), pages 2609-2621.
    2. Dai, Meixing, 2007. "The design of a ‘two-pillar’ monetary policy strategy," MPRA Paper 14403, University Library of Munich, Germany, revised Mar 2009.
    3. Philip Arestis & Georgios Chortareas & John D. Tsoukalas, 2010. "Money and Information in a New Neoclassical Synthesis Framework," Economic Journal, Royal Economic Society, vol. 120(542), pages 101-128, February.
    4. Meixing DAI, 2009. "On the role of money growth targeting under inflation targeting regime," Working Papers of BETA 2009-11, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    5. Setzer, Ralph & van den Noord, Paul & Wolff, Guntram B., 2011. "Heterogeneity in money holdings across euro area countries: The role of housing," European Journal of Political Economy, Elsevier, vol. 27(4), pages 764-780.
    6. Beck, Guenter W. & Wieland, Volker, 2008. "Central bank misperceptions and the role of money in interest-rate rules," Journal of Monetary Economics, Elsevier, vol. 55(Supplemen), pages 1-17, October.
    7. repec:spo:wpmain:info:hdl:2441/7umo3loae88ks85fddjte9ieal is not listed on IDEAS
    8. Jung, Alexander, 2016. "Have monetary data releases helped markets to predict the interest rate decisions of the European Central Bank?," Working Paper Series 1926, European Central Bank.
    9. Athanasios Orphanides, 2011. "Monetary Policy Lessons from the Crisis," Chapters, in: Sylvester Eijffinger & Donato Masciandaro (ed.), Handbook of Central Banking, Financial Regulation and Supervision, chapter 2, Edward Elgar Publishing.
    10. Meixing DAI, 2007. "A two-pillar strategy to keep inflation expectations at bay: A basic theoretical framework," Working Papers of BETA 2007-20, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    11. Barthélemy, Jean & Clerc, Laurent & Marx, Magali, 2011. "A two-pillar DSGE monetary policy model for the euro area," Economic Modelling, Elsevier, vol. 28(3), pages 1303-1316, May.
    12. Patrick Minford & Naveen Srinivasan, 2011. "Determinacy in New Keynesian Models: A Role for Money after All?," International Finance, Wiley Blackwell, vol. 14(2), pages 211-229, June.
    13. Songcheng Sheng & Peixin Wu, 2009. "The binary transmission mechanism of China’s monetary policy—A research on the “two intermediaries, two targets” model," Frontiers of Economics in China, Springer;Higher Education Press, vol. 4(3), pages 335-360, September.
    14. Dai, Meixing, 2003. "Une note sur la règle du taux d’intérêt et le rôle de la courbe LM [A note on the interest rate rule and the role of LM curve]," MPRA Paper 13779, University Library of Munich, Germany, revised Mar 2009.
    15. Roberto M. Billi & Ulf Söderström & Carl E. Walsh, 2023. "The Role of Money in Monetary Policy at the Lower Bound," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 55(4), pages 681-716, June.
    16. Masudul Hasan Adil & Rafiq Hussain & Adelajda Matuka, 2022. "Interest rate sensitivity of demand for money and effectiveness of monetary policy: fresh evidence from combined cointegration test and ARDL approach," SN Business & Economics, Springer, vol. 2(7), pages 1-24, July.
    17. repec:hal:spmain:info:hdl:2441/7umo3loae88ks85fddjte9ieal is not listed on IDEAS
    18. Roberto Tamborini, 2007. "Rescuing the LM (and the money market) in a modern Macro course," Department of Economics Working Papers 0706, Department of Economics, University of Trento, Italia.
    19. Beck, Günther W. & Beyer, Robert C. M. & Kontny, Markus & Wieland, Volker, 2015. "Monetary Cross-Checking in Practice," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 113126, Verein für Socialpolitik / German Economic Association.
    20. Masudul Hasan Adil & Neeraj R. Hatekar & Taniya Ghosh, 2021. "The Role of Money in the Monetary Policy: A New Keynesian and New Monetarist Perspective," International Symposia in Economic Theory and Econometrics, in: Environmental, Social, and Governance Perspectives on Economic Development in Asia, volume 29, pages 37-67, Emerald Group Publishing Limited.
    21. Chevapatrakul, Thanaset & Kim, Tae-Hwan & Mizen, Paul, 2012. "Monetary information and monetary policy decisions: Evidence from the euroarea and the UK," Journal of Macroeconomics, Elsevier, vol. 34(2), pages 326-341.
    22. Marine Charlotte André & Meixing Dai, 2019. "Politique macro-prudentielle dans la zone euro," Bulletin de l'Observatoire des politiques économiques en Europe, Observatoire des Politiques Économiques en Europe (OPEE), vol. 40(1), pages 37-44, July.

    More about this item

    Keywords

    Stratégie à deux piliers de la BCE; politique monétaire; politiques monétaires non-conventionnelles; zone euro; UEM; frictions financières; marchés financiers imparfaits.;
    All these keywords.

    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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ulp:buopee:4-03. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/opstrfr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.