Pour une combinaison politique monétaire / politique macroprudentielle au service de la stabilité économique et financière de la zone euro

Jézabel Couppey-Soubeyran and Salim Dehmej

Revue d'économie politique, 2016, vol. 126, issue 1, 3-31

Abstract: The experience of the euro area over the last decade has shown that a single monetary policy does not necessarily promote the convergence of economies belonging to a monetary union. The objective of this paper is threefold. First, we seek to illustrate the divergences between countries using a Taylor gap between the ECB interest rate and that of a standard Taylor rule, calculated at several levels: the euro area, the core, the periphery, and some individual countries, representing those regions. Then, we show that a monetary policy that tries to correct financial imbalances using a Taylor rule extended to financial stability could amplify these divergences. Finally, we explain how the euro area could benefit from adopting a new policy mix that combine the unique monetary policy with a macroprudential policy, adjusted to the economic and financial situation of each Member State. This combination would promote financial stability but also the macroeconomic stability.

Keywords: monetary policy; macroprudential policy; financial stability; economic integration (search for similar items in EconPapers)
Date: 2016
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=REDP_261_0003 (application/pdf)
http://www.cairn.info/revue-d-economie-politique-2016-1-page-3.htm (text/html)
free

Related works:
Working Paper: Pour une combinaison politique monétaire / politique macroprudentielle au service de la stabilité économique et financière de la zone euro (2016)
Working Paper: Pour une combinaison politique monétaire / politique macroprudentielle au service de la stabilité économique et financière de la zone euro (2016)
Working Paper: Pour une combinaison politique monétaire / politique macroprudentielle au service de la stabilité économique et financière de la zone euro (2016)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:repdal:redp_261_0003

Access Statistics for this article

More articles in Revue d'économie politique from Dalloz
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().