| Titre | Taux d'intérêt, politique monétaire et activité économique en France : un examen empirique | |
|---|---|---|
| Auteur | Jean-Olivier Hairault, Frédérique Bec | |
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Revue | Economie et prévision |
| Numéro | no 109, 1993/3 | |
| Page | 13-24 | |
| Résumé anglais |
Interest Rates, Monetary Policy and Economic Activity in France: An Empirical Investigation,
by Frédérique Bec and Jean-Olivier Hairault.
The properties of these elements are studied in terms of the cointegration of product in volume, a monetary aggregate, a price index and a nominal interest rate taken from French data. This approach reveals a continuous and specific interest rate shock linked to the level of foreign interest rates. Amodel with common trends is used to make an analysis of the weight of this shock in economic activity fluctuations in France. This empirical work shows that variations in real interest rates have a sizeable negative effect on the supply of goods. Moreover, shocks in the money supply would appear to temporarily stimulate economic activity via a different channel than changes in interest rates. Source : Éditeur (via Persée) |
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| Article en ligne | http://www.persee.fr/web/revues/home/prescript/article/ecop_0249-4744_1993_num_109_3_5617 |
