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Une théorie de l'inflation optimale fondée sur les contraintes de crédit

Xavier Ragot ()

Revue économique, 2004, vol. 55, issue 3, 469-478

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. Classification JEL : E52, E31, E43

JEL-codes: E52 E31 E43 (search for similar items in EconPapers)
Date: 2004
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