Inflation: retour d'une crainte ou crainte d'un retour ?

Xavier Timbeau, Christophe Blot (christophe.blot@sciencespo.fr), Frédéric Reynés (frederic.reynes@sciencespo.fr) and Marion Cochard (marion.cochard@sciences-po.fr)
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Christophe Blot: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po

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Abstract: Industrialize countries and most of the developing ones managed to impose a low inflation in a context of floating exchange rates. This study wonders if this phenomenon is everlasting. First, we carry out a retrospective analysis on the evolution of inflation. It is argued that following adverse supply shocks in the 1970's, the rise in inflation was favored by the collapse of Bretton-Woods that imposed a nominal anchoring for exchange rates and thus for inflation. Then, we expose the three main factors which allowed the reduction of inflation from the very beginning of the 1980's in industrialized countries: changes in monetary policy strategy, implementation of structural reforms on goods and labor markets and globalization. Lastly, the risks of a possible come-back of inflation are evaluated in a prospective section.

Keywords: Inflation; Système monétaire international; Politique monétaire (search for similar items in EconPapers)
Date: 2006-10
Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03459232
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Published in Revue de l'OFCE, 2006, 99, pp.157 - 177. ⟨10.3917/reof.099.0157⟩

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Working Paper: Inflation: retour d'une crainte ou crainte d'un retour ? (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:spmain:hal-03459232

DOI: 10.3917/reof.099.0157

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