Pourquoi la politique monétaire ne réagit-elle pas aux prix d'actifs ?

Patrick Artus

Economie & Prévision, 2003, vol. 158, issue 2, 61-71

Abstract: In most countries, monetary policy does not respond significantly to asset prices (real estate prices or stock market prices). A number of explanations have been suggested, such as the inability to control asset prices and the difficulty of determining ?normal? asset prices. This article adds another explanation: in some cases, the best monetary policy is not to respond to changes in asset prices. Our theoretical dynamic model of the formation of the price of goods and of asset prices shows that it is best not to respond to changes in asset prices if the Central Bank focuses on the stabilization of output in the case of sudden changes in demand.

Keywords: monetary rule; asset prices (search for similar items in EconPapers)
Date: 2003
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