Monetary policy

politique macro-prudentielle, est-elle largement reconnue. Dans le cadre des réformes financières, la plupart des pays du G7 ont pris des mesures allant dans ce sens (créations du Conseil européen du risque systémique pour l’Union européenne, du Financial Policy Committee au Royaume-Uni ou encore du Financial Stability Oversight Council aux États-Unis). Si l’on prend le cas de la BCE, une majorité sensible d’économistes (80 %) et de banquiers centraux (73 %) approuve cette évolution. BANQUES CENTRALES

l'étalon or de fait en 1879, légalement en 1900, n'a apporté aucune solution à ce problème récurrent depuis le début du XIXe siècle. La réforme bancaire est devenue une urgence nationale. Un intense débat s'organise autour des travaux de la National Monetary Commission mandatée par le Congrès pour étudier les expériences étrangères, analyser les dysfonctionnements du système national et faire des propositions de réforme. Les vingt-quatre volumes qui forment son rapport publié en 1910 constituent à cet

of Economics, London Business School.Résumé court Politiques optimales en macroéconomie internationale par Zineddine ALLA Peu après le déclenchement de la crise, Olivier Blanchard souligne dans son article fondateur ”Re- thinking Macroeconomic Policy” (Blanchard and Paolo, 2010), que ”la grande modération a bercé les macroéconomistes et les décideurs politiques, en les convainquant qu’ils savaient conduire la politique macroéconomique.” Il était en effet très tentant pour les macroéconomistes

rate has gradually become an option for ending the crisis recommended by experts and international financial institutions, particularly in countries in trouble . Dollarization can be full or partial. Ultimate, it involves the abandonment of national monetary sovereignty and the adoption of a foreign currency. Partially, it involves the simultaneous use of the national currency and a currency in the currency practices of different countries. Thus, dollarization is not only the exclusive use of the dollar

Discuss about it The single currency has been mentioned for the first time during the Maastricht treaty on the 7th of February in 1992 and was finally established the 1st of January 1999, this date is also the final step of the European monetary Union. The main objectives of this currency were to avoid the speculation and risks of instability of currencies between different member states; to increase the exchange between the different members of the Eurozone; to have a minimized inflation;

emprunter des fonds à faible taux dans une monnaie pour effectuer des placements dans d’autres devises afin de tirer parti des gains liés aux différentiels de taux d’intérêt. 4 G. Sellon, « The Changing US Financial System: Some Implications for the Monetary Transmission mechanism», Economic Review, First quarter, Federal Reserve Bank of Kansas City, 2002, p. 5-35. 3 12 INTRODUCTION GENERALE Dès lors, à bien observer la structure et l’architecture des systèmes financiers des économies des

sovereignty over monetary policy but also in the loss of many fiscal policy instruments. It is a severe problem for the weakest countries like Greece, Spain, Portugal etc. because their ability to deal with shocks decreased and it is thus still more difficult for them to remain competitive in this dynamic business environment. Another problem is the interconnection between countries; when a country is in trouble that has consequences on the others. Moreover the monetary policy is not appropriate

257-276. Bernanke, Ben S., and Mark Gertler, 'Inside the Black Box: The Credit Channel of Monetary Policy Transmission,' Journal of Economic Perspectives, Fall 1995, n° 9, p. 27-48. Bryant, Ralph, Peter Hooper, and Catherine Mann, Evaluating Policy Regimes: New Empirical Research in Empirical Macroeconomics, Washington, D.C.: Brookings Institution, 1993. Cecchetti, Stephan G., 'Distinguishing Theories of the Monetary Transmission Mechanism,' Federal Reserve Bank of St. Louis Review, May-June 1995, p.

harder to win than a Nobel Prize. One of the measures of his greatness is that when he got it, he still had not done any of the work for which he would become most famous. Still to come were the permanent-income hypothesis, his groundbreaking “A Monetary History of the United States” (co-written with Anna Schwartz) and the proposal of a natural rate of unemployment. These works revolutionised the conduct of central banks around the world. But to noneconomists Mr Friedman’s great achievement is not

processus de formulation de la politique monétaire, consulter Duguay et Longworth (1998, partie 5). • Le présent article constitue une version revue et condensée d'un document de travail de la Banque du Canada intitulé « The Quantity of Money and Monetary Policy ». Je sais gré à Charleen Adam, Richard Anderson, Joseph Atta-Mensah, Jean-Pierre Aubry, Kevin Clinton, Jim Dingle, Pierre Duguay, Walter Engert, Charles Freedman, Paul Jenkins, Seamus Hogan, Kim McPhail, Loretta Nott, Brian O'Reilly, Jack Selody