Macroeconomics

l’ensemble des taux pratiqués dans l’économie qui, à leur tour affectent les comportements de dépense et de placement des agents économiques. 15 P rice stability represents one of the prerequisites for sustainable growth and a major component of macroeconomic stability. It helps the emergence of a favorable investment climate and ensures purchasing power protection. Since the enactment of the Bank’s new Statutes in 2006, price stability has become the priority objective of monetary policy. In order

U.S. Macro-Financial Linkages », IMF Working Paper, n°WP/08/169. Bernanke, B., Gertler, M., Gilchrist, S. (1999), « The Financial Accelerator in a Quantitative Business Cycle Framework », in Taylor, J. B. et Woodford M. (eds), The Handbook of Macroeconomics, vol. 1, chap. 21, Elsevier, pp. 1341-1393. Blanchard O., Simon J. (2001), « The Long and Large Decline in U.S. Output Volatility », Brookings Meeting on Economic Activity, Vol. 2001, n°1, pp. 135-164. FMI (2009), « Governments Must Take Stronger

base de la diversification et de la productivité et, partant, de l'innovation technologique et de la valorisation du capital humain et institutionnel. 22 Quelques références bibliographiques Agénor P.R., Mc Dermott J. et Prasad S. 1999, « Macroeconomic fluctuations in developing countries : Some stylized facts », IMF Working Paper, WP/99/35. Artis M., Marcellino M. et Proietti T., 2004, « Dating the Euro Area Business Cycle », Document de travail 3696, Center For Economic and Policy Research

of Minneapolis, Quaterly Review, fall, pp 18-32 De Gregorio, J., Guidotti, P.E., (1995) : « Financial Development and Economic Growth », World Development, 23-3, pp 433-448 Fischer, S., (1991) : « Growth, macroeconmics and development », NBER Macroeconomics Annual, n°6 pp 329-64 Fry, M.J, (1995) : Money, Interest and Banking in Economic Development, John Hopkins University Press, Baltimore Fuerst, T., (1994) : « Monetary Policy and Financial Intermediation », Journal of Money, Credit and Bankin,

Kindleberger C. (1989), “Manias, panics and crashes”, Basic Books, HarperCollins Publishers; édition française (1994), “Histoire mondiale de la spéculation financière”, éditions P.A.U. Lindgren C-J., Garcia G., M. E. Saal (1996), “Bank soundness and macroeconomic policy”, IMF, Working Paper Levine R. (1997), “Financial development and growth : views and agenda”, Journal of Economic Literature, No 35 McKinnon R. (1973), “Money and capital in Economic Development”, Brookings Institution, Washington

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Integration May Be Undesirable », Texte présenté à la conférence annuelle de l’AAER, 2010. [14] C. Conrad et M. Karanasos, "Dual Long Memory in Inflation Dynamics across Countries of the Euro Area and the Link between InflationUncertainty and Macroeconomic Performance", in Studies in Nonlinear Dynamics & Econometrics, vol. 9, n°4, nov. 2005 (publié par The Berkeley Electronic Press et consultable sur: http://www.bepress.com/snde ). [15] Lefteris Papadimas et Ingrid Melander « La Grèce dénonce une

New York, M. BRONFENBRENNER et F. D. HOLZMAN. 1965. A. COTTA. Inflation et croissance. Paris, 1974. The inflation process in the U.S. Washington, 1972. Survey of theories of inflation. In Essays in monetary theory. Londres, 1967. Lectures in macroeconomics and monetary theory. Chicago, 1972. O. ECKSTEIN et R. BRINNER. H. G. JOHNSON. H. G. JOHNSON. S.-C. KOLM. La théorie de l'inflation-chômage. Revue Economique, mars 1970, pp. 295-309. D. E. W. LAIDLER et J. M. PARKIN. Inflation a survey. Economie

EASTERLY W., "Inflation Crises and Long-run Growth," Journal of Monetary Economics, February 1998,No 41, pp. 3–26. BURDEKIN, R. Cand al. "When does inflation hurt economic growth? Different nonlinearities for different economies", Journal of Macroeconomics, Septembre 2004, No 26 pp. 519–532. CANER, M. and HANSEN, B. E. . "Instrumental Variable Estimation of a Threshold Model", Econometric Theory , Octobre 2004, No 20: pp 813–843. CASELLI, F., ESQUIVEL, G. and LEFORT, F. . "Reopening the Convergence

for the largest estates (top 0.01 percent) than for large estates. III. C. Proposed Interpretation: The Role of Progressive Taxation How can we explain the steep secular decline in capital income concentration? It is easy to understand how the macroeconomic shocks of the Great Depression and the fiscal shocks of World War I and World War II have had a negative impact on capital concentration. The difficult question to answer is why large fortunes did not recover from these shocks. The most nat24. In