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>L'« atterrissage en douceur » de l'économie américaine : vers un nouveau mode de conduite de la politique monétaire ?
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L'« atterrissage en douceur » de l'économie américaine : vers un nouveau mode de conduite de la politique monétaire ?
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机译:美国经济的“软着陆”:迈向实施货币政策的新方式?
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The « Soft Landing » of the Americain Economy : Toward a New Regulation Scheme of the Monetary Policy Anton Brender, Florence Pisani Looking at US monetary policy from 1950 onwards shows it has seldom been pre-emptive. Without any visible inflationary pressures the Fed, howerer, raised its rates in February 1994 — an rather unusual move. The sought of pre- emptive action is justified by lags inherent in monetary policy : inflation being affected by growth with a lag and growth reacting to monetary policy with another lag, the latter has to be conducted in a pre-emptive way. This « new » approach implies a gradual adjustment of policy to the actual state of the economy. Such was the case in 1994 and at the begignning of 1995 : despite incorrect initial forecasts, the Fed finally managed to slow the US economy. It did so with a succession of rate increases that pragmatically took into account he very sharp rise financial markets imposed to long-term rates.
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