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Faut-il introduire les prix d'actifs dans la fonction de reaction des banques centrales?

Author

Listed:
  • Artus, P.

Abstract

Il a ete propose que les Banques Centrales devraient definir leur politique monetaire non seulement a partir de leur objectif final (l'inflation ou l'inflation prevue) ou de leurs objectifs intermediaires traditionnels ( la masse monetaire par exemple), mais aussi en prenant en compte l'evolution des prix des actifs financiers (cours boursiers, prix de l'immobilier...). Utilisant un modele theorique simple, qui determine la production, les prix des biens, les prix des actifs, nous etudions la pertinence de cette proposition.

Suggested Citation

  • Artus, P., 1998. "Faut-il introduire les prix d'actifs dans la fonction de reaction des banques centrales?," Papers 1998-26/ma, Caisse des Depots et Consignations - Cahiers de recherche.
    • Handle: RePEc:fth:cadeco:1998-26/ma
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    Citations

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    Cited by:

    1. Grégory Levieuge, 2005. "Politique monétaire et prix d'actifs," Revue de l'OFCE, Presses de Sciences-Po, vol. 93(2), pages 317-355.
    2. Abdelaziz Rouabah, 2007. "L'inflation et la rentabilité des actions : une relation énigmatique et un casse-tête pour les banques centrales," Économie et Prévision, Programme National Persée, vol. 177(1), pages 19-34.
    3. Patrick Artus, 2003. "Pourquoi la politique monétaire ne réagit-elle pas aux prix d’actifs ?," Économie et Prévision, Programme National Persée, vol. 158(2), pages 61-71.
    4. Abdelaziz Rouabah, 2006. "L'identité de Fisher et l'interaction entre l'inflation et la rentabilité des actions: l'importance des régimes sous-jacents aux marchés boursiers," BCL working papers 18, Central Bank of Luxembourg.
    5. Meixing Dai & Moïse Sidiropoulos, 2002. "Politiques économiques et dynamiques du taux de change et du prix des actions avec effets de "pass–through"," Bulletin de l'Observatoire des politiques économiques en Europe, Observatoire des Politiques Économiques en Europe (OPEE), vol. 0(1), pages 195-221, December.

    More about this item

    Keywords

    BANQUES CENTRALES ; POLITIQUE MONETAIRE;

    JEL classification:

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

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