Skip to Main content Skip to Navigation
New interface
Journal articles

Politique monétaire passive ou politique économique ?

Abstract : In recent years, most OECD countries have altered the aims of economic policy and the means used to attain them. Inflation is considered to be the main source of déstabilisation and tight monetary policy the only suitable instrument for dealing with it. This paper questions the theoretical and factual evidence brought in support of this position. Merely setting out the arguments reveals their weakness. The rationality of expectations plays an important role in the analysis. However, this does not, as those upholding monetary conservatism would have it, justify giving up a policy of active intervention. There follows an alternative programme concerning growth and production costs. There are fundamental reasons, based on investment behaviour and yields, for thinking that such a policy would have a favourable effect on prices and employment. Tight monetary policy would then be seen to be counter-productive. It would aggravate the problem it is trying to deal with (inflation), without of course resolving the problem whose existence or social relevance it ignores (viz. unemployment).
Document type :
Journal articles
Complete list of metadata
Contributor : Spire Sciences Po Institutional Repository Connect in order to contact the contributor
Submitted on : Thursday, March 3, 2022 - 3:00:22 PM
Last modification on : Friday, March 25, 2022 - 3:58:04 AM
Long-term archiving on: : Saturday, June 4, 2022 - 7:27:32 PM


Publisher files allowed on an open archive




Jean-Paul Fitoussi. Politique monétaire passive ou politique économique ?. Revue de l'OFCE, 1982, 1, pp.91 - 103. ⟨10.3406/ofce.1982.918⟩. ⟨hal-03596109⟩



Record views


Files downloads