Politiques économiques et dynamiques du taux de change et du prix des actions avec effets de “pass-through”

Dai, Meixing and Sidiropoulos, Moïse (1999): Politiques économiques et dynamiques du taux de change et du prix des actions avec effets de “pass-through”. Published in: Économie Appliquée , Vol. 1, No. LV (2002): pp. 195-221.

Abstract

Dans cet article, nous étudions l’efficacité de politiques économiques dans un cadre d’une petite économie ouverte où la relation entre le taux de change, le prix des actions et le niveau d’activité est soumise à des interactions entre l’effet de “pass-through” incomplet et l’effet de richesse. Ces derniers influencent d’une manière cruciale, d’une part, l’efficacité des politiques budgétaire et monétaire et, d’autre part, la relation entre les mouvements du taux de change et ceux du prix des actions. Les effets des politiques budgétaire et monétaire se différencient en fonction de l’intensité de ces deux effets et peuvent devenir dans certains cas différents de effets obtenus précédemment. En outre, la relation entre le taux de change et le prix des actions nationales devient ambiguë.

(English) In this paper, we study the effectiveness of economic policies in a framework of a small open economy where the relationship between the exchange rate, the stock price and the level of output under various interactions due to the incomplete pass-through and the wealth effects. It follows that, at the one hand, the effectiveness of fiscal and monetary policies changes according to the intensity of these effects and, at the other hand, the relationship between the exchange rate and the national stock price becomes more ambiguous than the results obtained by the traditional models.

• Item Type: MPRA Paper
• English Title: Economic policies, exchange rate dynamics and asset prices under the effects of "pass-through"
• Language: French
• Keywords: Taux de change, prix des actions, “pass-through”. Echange rate, asset prices, pass-through
• Subjects: E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E52 - Monetary Policy; E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E44 - Financial Markets and the Macroeconomy; F - International Economics > F3 - International Finance > F31 - Foreign Exchange

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