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1 novembre 2018
- ISIDORE Id: 10670/1.37164b...
- hal: hal-03475425
- SCIENCESPO: 2441/5cj1rrk8sb9f791t15lfl9ne27
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info:eu-repo/semantics/altIdentifier/hdl/2441/5cj1rrk8sb9f791t15lfl9ne27
info:eu-repo/semantics/OpenAccess
Mots-clés
Inflation Market Money Stability E - Macroeconomics and Monetary Economics/E.E3 - Prices, Business Fluctuations, and Cycles/E.E3.E31 - Price Level • Inflation • Deflation E - Macroeconomics and Monetary Economics/E.E3 - Prices, Business Fluctuations, and Cycles/E.E3.E32 - Business Fluctuations • Cycles E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit E - Macroeconomics and Monetary Economics/E.E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook/E.E6.E61 - Policy Objectives • Policy Designs and Consistency • Policy Coordination E - Macroeconomics and Monetary Economics/E.E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook/E.E6.E62 - Fiscal PolicySujets proches
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Jean-Luc Gaffard, « Monetary theory and policy : the debate revisited », HAL SHS (Sciences de l’Homme et de la Société), ID : 10670/1.37164b...
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Résumé
This paper is aimed at revisiting monetary analysis in order to better understand erroneouschoices in the conduct of monetary policy. According to the prevailing consensus, the marketeconomy is intrinsically stable and is upset only by poor behaviour by government or the bankingsystem. We maintain on the contrary that the economy is unstable and that achieving stabilityrequires a discretionary economic policy. This position relies upon an analytical approach in whichmonetary and financial organisations are devices that help markets to function. In thisperspective, which focuses on the heterogeneity of markets and agents, and, consequently, onthe role of institutions in determining overall performance, it turns out that nominal rigidities andfinancial commitment offer the means to achieve economic stability. This is because they preventsuccessive, unavoidable disequilibria from becoming explosive.
