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Pour en finir avec la masse monétaire

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.
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Submitted on : Tuesday, November 30, 2021 - 8:44:09 PM
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Jérôme Creel, Henri Sterdyniak. Pour en finir avec la masse monétaire. Revue Economique, Presses de Sciences Po, 1999, 50 (3), pp.523 - 533. ⟨10.2307/3502725⟩. ⟨hal-03458401⟩

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