Règle de taux d’intérêt et politique d’assouplissement quantitatif avec un rôle pour la monnaie

Meixing Dai ()

Bulletin de l'Observatoire des politiques économiques en Europe, 2011, vol. LXIV, issue 1, 119-148

Abstract: This article integrates the equilibrium conditions in money and reserve markets into a model of aggregate supply and demand. It shows that, if private agents use all available information to form their inflation expectations, the dynamic adjustment of expected inflation may be stable or unstable according to the degree of financial development of the economy. This framework can also be used to examine the dynamics of the economy when the nominal interest rate falls to zero and a quantitative easing policy is implemented.

Keywords: Interest rate rule; reserve market; role of the money; expected inflation dynamics; non-conventional monetary policies; quantitative easing; and lower zero bound on the nominal interest rate (search for similar items in EconPapers)
JEL-codes: E44 E51 E52 E58 (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:ulp:buopee:v:6:y:2002:m:3:i:4

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