LE HÉRON, Edwin

Métadonnées

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Licence d’utilisation du document

LE HÉRON, Edwin
CERVL - Pouvoir, Action publique, Territoire

Langue

Article de revue

Ce document a été publié dans

Investigación económica. 2004, vol. 63, n° 249, p. 13-54

Résumé en anglais

By analyzing the documents issued by the Bank of Canada, a new, original, monetary policy begins to emerge. The Canadian monetary policy tries to maintain its autonomy, while at the same time respecting floating exchange rates. The numerous innovations are the foundations of a New Consensus on monetary policy. Far from the dilemma of rule versus discretion of the former Monetarist and Keynesian methods, a new dilemma will be the focal point, that of credibility versus confidence. Here, the anticipations of the economic agents, the behavior of financial markets and the price of assets play a dominant role. Based on the innovative experiment of the Bank of Canada during the 1990s, the characteristics of the New Consensus is explained. Far from making independent central banks some high-powered institutions, it shows them instead to be "statues with feet of clay".< Réduire

Mots clés en anglais

Confidence strategy

Economy

Finance

monetary policy

Politics

Power

Organisation

credibility strategy

fedspeak

uncertainty

Taylor rule

Inflation

Canada

Origine

Importé de hal

Unités de recherche

Centre Emile Durkheim - Science politique et sociologie comparatives (CED) - UMR 5116