Politique monétaire passive ou politique économique ?

Jean-Paul Fitoussi

SciencePo Working papers Main from HAL

Abstract: In recent years, most OECD countries have altered the aims of economic policy and the means used to attain them. Inflation is considered to be the main source of déstabilisation and tight monetary policy the only suitable instrument for dealing with it. This paper questions the theoretical and factual evidence brought in support of this position. Merely setting out the arguments reveals their weakness. The rationality of expectations plays an important role in the analysis. However, this does not, as those upholding monetary conservatism would have it, justify giving up a policy of active intervention. There follows an alternative programme concerning growth and production costs. There are fundamental reasons, based on investment behaviour and yields, for thinking that such a policy would have a favourable effect on prices and employment. Tight monetary policy would then be seen to be counter-productive. It would aggravate the problem it is trying to deal with (inflation), without of course resolving the problem whose existence or social relevance it ignores (viz. unemployment).

Keywords: Politique économique; Politique monétaire (search for similar items in EconPapers)
Date: 1982-06
Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03596109
References: Add references at CitEc
Citations:

Published in Revue de l'OFCE, 1982, 1, pp.91 - 103. ⟨10.3406/ofce.1982.918⟩

Downloads: (external link)
https://sciencespo.hal.science/hal-03596109/document (application/pdf)

Related works:
Journal Article: Politique monétaire passive ou politique économique? (1982)
Working Paper: Politique monétaire passive ou politique économique ? (1982)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:spmain:hal-03596109

DOI: 10.3406/ofce.1982.918

Access Statistics for this paper

More papers in SciencePo Working papers Main from HAL
Bibliographic data for series maintained by Contact - Sciences Po Departement of Economics ().