Règle du taux d’intérêt optimale, prix des actions et taux d’inflation anticipé: une étude de la stabilité macroéconomique

Meixing Dai () and Moïse Sidiropoulos ()
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Moïse Sidiropoulos: Université de Strasbourg

Bulletin de l'Observatoire des politiques économiques en Europe, 2003, vol. LVI, issue 4, 115-140

Abstract: This paper examines the macroeconomic stability when monetary authorities include asset prices in their optimal interest rate rule. We show that when the Central Bank has a strong inflationary aversion by giving more important weight to inflation target relative to output target (the case of a "conservative" central banker according to Rogoff), the economy is likely to be unstable. The presence of the asset prices in Central Bank’s optimal interest rate rule is not a reason of instability.

Keywords: Rogoff conservatism; monetary policy; stock prices. (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (3)

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Working Paper: Règle du taux d'intérêt optimale, prix des actions et taux d'inflation anticipé: une étude de la stabilité macroéconomique (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:ulp:buopee:v:6:y:2002:m:3:i:2

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