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

Xavier Ragot

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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.

Keywords: Politique monétaire; Inflation; Contrainte de crédit; La règle de Friedman (search for similar items in EconPapers)
Date: 2004-03
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Published in Revue Economique, 2004, 55 (3), pp.469 - 478. ⟨10.2307/3503376⟩

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Related works:
Journal Article: Une théorie de l'inflation optimale fondée sur les contraintes de crédit (2004)
Working Paper: Une théorie de l'inflation optimales fondée sur les contraintes du crédit (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03471769

DOI: 10.2307/3503376

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