Suchergebnisse

Target inflation is a monetary policy's strategy which is characterized by pronounced inflation in terms of a rate. The operationalization of monetary policy gives a major role for forecasting inflation and a high level of transparency. Target inflation was introduced in New-Zeeland in 1990; it gave very satisfied results in terms of inflation stability and reel economy. Later than, roughly 25 industrialized and emergent countries have adopted this strategy. This paper aims to develop and give definition, history, conditions and effects of target inflation's strategy ; Le ciblage d'inflation est une stratégie de politique monétaire qui se caractérise par une cible d'inflation chiffrée annoncée, une mise en œuvre de la politique monétaire qui donne un rôle majeur à la prévision de l'inflation et un degré élevé de transparence. Le ciblage d'inflation a été introduit en Nouvelle-Zélande en 1990 et a été couronné par des résultats satisfaisants en termes de stabilisation de l'inflation et de l'économie réelle. Par la suite, environ 25 pays industrialisés et émergents l'ont adopté. Cet article aborde la définition, l'histoire, les conditions ainsi que les effets d'un ciblage de l'inflation

The analysis of monetary policy has always been a privileged field of research in the field of economic policy. The evolution of the institutional environment; economic, financial and social always encourages the renewal and rethinking of research in this field; one of the fields of interest at this level is the study of the effectiveness of monetary policy instruments with regard to price stability Price instability has often been the cause of many economic turbulence, generally this instability resulted from inflation. It is a phenomenon that is both disturbing and worrying and constitutes signals or rather symptoms of economic crisis. Since it weakens economic agents who become irrational, due to a high level of uncertainty, distorts the decision-making process and hinders growth. The purpose of this article is to provide some answers to a widely debated question. This is the robustness of monetary policy in terms of inflation stability. In this logic, we are particularly concerned about the effectiveness of the system currently implemented by the Moroccan central bank to ensure the objective of price stability. Inflation is represented by the consumer price index (CPI), as for the instruments of monetary policy, we have chosen in the context of this work, the key interest rate (TD), the reserve rate mandatory (RO), and money supply (M). The results obtained by Granger causality tests and the approach of cointegrated VAR models show that monetary policy instruments are cointegrated with inflation and that there is a causal effect between the money supply and inflation , the money supply and the mandatory reserves and inflation, in addition to the mandatory reserves and the key rate are explanatory of inflation in the error correction model. It can be understood from these results that the monetary policy of inflation targeting causes a change in the behavior of inflation during the period studied. JEL Classification : E31, E42, G23. Paper type : Empirical research. ; L'analyse de la politique monétaire a ...

This thesis analyzes the inflation targeting policy in emerging economies. To be more specific, the developments of this thesis aimed to investigate the conduct, efficiency and performance of the policy of monetary strategy in an instability context. Therefore, we proceed in two steps. First, we study the conduct rule of the inflation targeting policy (Chapter 1), showing how this notion of optimal rule should guide the behaviour of the Central Bank in its decisions of monetary policy, in order to achieve the inflation goal, by emphasizing the role of transparency and credibility of the monetary policy, as a performance criterion, by evaluating the different experiences of the emerging countries that have adopted an inflation targeting and have been able to strengthen the effectiveness of the monetary regime (Chapter 2). Then, in a second step, we distinguish periods of pre-targeting and post-targeting to evaluate the performance of this policy. Thus, we show that inflation targeting is economically efficient if it generates an environmental stability of monetary policy (Chapter 3). Finally, we analyze the efficiency and performance of the inflation targeting policy in emerging economies in times of crisis, taking into account the financial crisis of 2008 and 2009 that produced the worst global recession since the 1930s (Chapter 4). We are developing an econometric approach based on a dynamic panel data in order to study the degree of stability of the economic environment targeted countries in a context of instability. Our results show a significant difference in inflation performance with macro-economic performances in a global economic environment characterized by a global financial crisis, and that these differences are generally attributable to the choice of the strategy of monetary policy. ; La présente thèse analyse la politique de ciblage de l'inflation au sein des économies émergentes. Plus précisément, les développements de cette thèse visent à étudier la conduite, l'efficacité et la performance de ...

This thesis analyzes the inflation targeting policy in emerging economies. To be more specific, the developments of this thesis aimed to investigate the conduct, efficiency and performance of the policy of monetary strategy in an instability context. Therefore, we proceed in two steps. First, we study the conduct rule of the inflation targeting policy (Chapter 1), showing how this notion of optimal rule should guide the behaviour of the Central Bank in its decisions of monetary policy, in order to achieve the inflation goal, by emphasizing the role of transparency and credibility of the monetary policy, as a performance criterion, by evaluating the different experiences of the emerging countries that have adopted an inflation targeting and have been able to strengthen the effectiveness of the monetary regime (Chapter 2). Then, in a second step, we distinguish periods of pre-targeting and post-targeting to evaluate the performance of this policy. Thus, we show that inflation targeting is economically efficient if it generates an environmental stability of monetary policy (Chapter 3). Finally, we analyze the efficiency and performance of the inflation targeting policy in emerging economies in times of crisis, taking into account the financial crisis of 2008 and 2009 that produced the worst global recession since the 1930s (Chapter 4). We are developing an econometric approach based on a dynamic panel data in order to study the degree of stability of the economic environment targeted countries in a context of instability. Our results show a significant difference in inflation performance with macro-economic performances in a global economic environment characterized by a global financial crisis, and that these differences are generally attributable to the choice of the strategy of monetary policy. ; La présente thèse analyse la politique de ciblage de l'inflation au sein des économies émergentes. Plus précisément, les développements de cette thèse visent à étudier la conduite, l'efficacité et la performance de ...

Le modèle de Leontief utilise en fait deux périodes, les périodes de base et courantes. Le modèle est résolu avec les indices de prix courants et les coefficients techniques de base. Le modèle physique correspondant est monopériodique: il est résolu avec les prix courants et les coefficients courants. Le modèle de Leontief n'est pas cohérent – les deux modèles divergent généralement – à moins que la matrice interindustrielle des quantités directes et indirectes de travail ne soit stable dans le temps. Cela implique que les coefficients de travail verticalement intégrés sont stables. Cette hypothèse est satisfaite lorsque les coefficients de production physiques et les coefficients de travail physiques sont stables dans le temps, deux hypothèses très fortes.