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Règle de taux d’intérêt et politique d’assouplissement quantitatif avec un rôle pour la monnaie

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  • Meixing Dai

    (Université de Strasbourg)

Abstract

This article integrates the equilibrium conditions in money and reserve markets into a model of aggregate supply and demand. It shows that, if private agents use all available information to form their inflation expectations, the dynamic adjustment of expected inflation may be stable or unstable according to the degree of financial development of the economy. This framework can also be used to examine the dynamics of the economy when the nominal interest rate falls to zero and a quantitative easing policy is implemented.

Suggested Citation

  • Meixing Dai, 2011. "Règle de taux d’intérêt et politique d’assouplissement quantitatif avec un rôle pour la monnaie," Bulletin de l'Observatoire des politiques économiques en Europe, Observatoire des Politiques Économiques en Europe (OPEE), vol. 0(1), pages 119-148, March.
    • Handle: RePEc:ulp:buopee:v:6:y:2002:m:3:i:4
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    References listed on IDEAS

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    5. Meixing Dai & Moïse Sidiropoulos, 2003. "Règle du taux d’intérêt optimale, prix des actions et taux d’inflation anticipé : une étude de la stabilité macroéconomique," Bulletin de l'Observatoire des politiques économiques en Europe, Observatoire des Politiques Économiques en Europe (OPEE), vol. 0(4), pages 115-140, December.
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    More about this item

    Keywords

    Interest rate rule; reserve market; role of the money; expected inflation dynamics; non-conventional monetary policies; quantitative easing; and lower zero bound on the nominal interest rate;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • 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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