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Pour en finir avec la masse monétaire

Author

Listed:
  • Jérôme Creel

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Henri Sterdyniak

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

For a monetary theory without money The reduced role of money as a means of transaction and the decreasing gap between monetary and financial assets prevent central Banks from fixing the interest rate according to the evolution of a monetary aggregate. Theorists must give up LM curve. Fixing the interest rate according to the final targets of monetary policy (inflation and output) is the best schedule for monetary policy. It does not create price level indetermination, even in models with perfect prices flexibility. Inflation results jointly from monetary and fiscal policies.

Suggested Citation

  • Jérôme Creel & Henri Sterdyniak, 1999. "Pour en finir avec la masse monétaire," SciencePo Working papers Main hal-03458401, HAL.
    • Handle: RePEc:hal:spmain:hal-03458401
    DOI: 10.2307/3502725
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03458401
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    File URL: https://hal-sciencespo.archives-ouvertes.fr/hal-03458401/document
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    Citations

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    Cited by:

    1. Jérôme Creel & Henri Sterdyniak, 2001. "La théorie budgétaire du niveau des prix, un bilan critique," Revue d'économie politique, Dalloz, vol. 111(6), pages 909-939.
    2. Jérôme Creel & Henri Sterdyniak, 1999. "La politique monétaire sans monnaie," Revue de l'OFCE, Programme National Persée, vol. 70(1), pages 111-153.
    3. repec:hal:wpspec:info:hdl:2441/2961 is not listed on IDEAS
    4. Patrick Villieu, 2004. "Une macroéconomie sans LM ?. Un modèle de synthèse pour l'analyse des politiques conjoncturelles," Revue d'économie politique, Dalloz, vol. 114(3), pages 289-322.
    5. Jerome Creel & Henri Sterdyniak, 2000. "La théorie budgétaire du niveau des prix : un bilan critique (The Fiscal Theory of the Price Level, a critical assessment) (in French with English summary)," Documents de Travail de l'OFCE 2000-03, Observatoire Francais des Conjonctures Economiques (OFCE).
    6. repec:hal:wpspec:info:hdl:2441/5122 is not listed on IDEAS
    7. repec:hal:spmain:info:hdl:2441/2961 is not listed on IDEAS
    8. repec:spo:wpmain:info:hdl:2441/5122 is not listed on IDEAS
    9. repec:spo:wpmain:info:hdl:2441/2961 is not listed on IDEAS
    10. repec:hal:spmain:info:hdl:2441/5122 is not listed on IDEAS
    11. repec:spo:wpecon:info:hdl:2441/5122 is not listed on IDEAS
    12. Talabong, Hervé, 2012. "Demande de monnaie en zone CEMAC : une modélisation par coïntégration avec ruptures structurelles," L'Actualité Economique, Société Canadienne de Science Economique, vol. 88(4), pages 429-458, Décembre.
    13. repec:spo:wpecon:info:hdl:2441/2961 is not listed on IDEAS
    14. Marc Lavoie, 2006. "A Post‐Keynesian Amendment To The New Consensus On Monetary Policy," Metroeconomica, Wiley Blackwell, vol. 57(2), pages 165-192, May.

    More about this item

    Keywords

    Politique monétaire; Actifs monétaires; Politique budgétaire; Inflation;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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