Pour en finir avec la masse monétaire

Jerome Creel and Henri Sterdyniak ()

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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.

Keywords: Politique monétaire; Actifs monétaires; Politique budgétaire; Inflation (search for similar items in EconPapers)
Date: 1999-05
Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03458401
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Published in Revue Economique, 1999, 50 (3), pp.523 - 533. ⟨10.2307/3502725⟩

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Journal Article: Pour en finir avec la masse monétaire (1999)
Working Paper: Pour en finir avec la masse monétaire (1999)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03458401

DOI: 10.2307/3502725

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