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Une théorie de l'inflation optimales fondée sur les contraintes du crédit

Abstract : This paper explores the relationship between credit constraints and inflation. It is shown that a small positive inflation can alleviate credit constraints and that this effect can justify a positive long run inflation target for central banks without any assumption concerning nominal rigidities. In a standard non-ricardian setting, which is an overlapping generation framework, I prove that monetary authorities can induce the optimal level of the real interest rate and hence the optimal level of production thanks to a positive long run inflation rate.
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Submitted on : Thursday, December 9, 2021 - 12:38:25 AM
Last modification on : Friday, March 25, 2022 - 3:57:45 AM

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Xavier Ragot. Une théorie de l'inflation optimales fondée sur les contraintes du crédit. Revue Economique, Presses de Sciences Po, 2004, 55 (3), pp.469 - 478. ⟨10.2307/3503376⟩. ⟨hal-03471769⟩

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