The Nominal System: Linkage to the Quantity of Money or to Nominal Income

Benjamin Eden ()

Revue Économique, 1979, vol. 30, issue 1, 121-143

Abstract: [eng] The nominal system : linkage to the quantity of money or to nominal income. . Under stable money supply, economic agents wish to employ money as a unit of account in future contracts ; we should therefore try to preserve the functions of nominal contracts in the presence of monetary disturbances. Thus it is erratic changes in monetary policy that should be neutralized (by means of linkage to the quantity of money or nominal incarne) rather than random changes in the rate of inflation (by means of indexation). [fre] Quand l'offre de monnaie est stable, les agents économiques veulent employer la monnaie comme unité de compte dans leurs contrats futurs ; par conséquent, H faudrait, quand il se produit des perturbations monétaires, préserver les contrats émis en termes nominaux. C'est pourquoi ce sont les changements irréguliers de la politique monétaire qui devraient être neurtalisés (par une sorte de liaison au stock de monnaie ou au revenu national) plutôt que les changements aléatoires du taux d'inflation (par le moyen de l'indexation).

Date: 1979
Note: DOI:10.3406/reco.1979.408452
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