Politique monétaire avec information de marché application au spread de taux

Grégory Levieuge

Revue d'économie politique, 2003, vol. 113, issue 2, 233-254

Abstract: This research aims at examining whether asset prices and the term structure spread in particular are of interest for the conduct of monetary policy. It is shown that the predictive property of the spread is policy-dependant. So the correlation between spread and PIB collapses when the term structure spread is introduced with high weighting as an argument in a monetary rule. This phenomenon (Goodhart?s law) constitutes a serious warning for central banks which would take into account any financial information.

Keywords: monetary rules; taylor rule; asset prices; term structure spread; goodhart's law (search for similar items in EconPapers)
Date: 2003
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Working Paper: Politique monétaire avec information de marché: Application au spread de taux (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:cai:repdal:redp_132_0233

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