Monetary policy under a quasi-fixed exchange rate regime. The case of France between 1987 and 1996
Monetary policy under a quasi-fixed exchange rate regime. The case of France between 1987 and 1996
复制标题
准固定汇率制度下的货币政策。
作者：
Benoît Mojon
在本文中，我描述了1987年和1996年之间的法国银行的货币政策的执行情况。这一时期的特点是法国的准固定汇率，因为法郎从未在欧洲货币体系（EMS）内重新调整。我建立了法国货币政策立场的指标。这表明EMS约束对法国货币政策的影响。特别是，自1987年以来，纯粹国内法国货币政策的冲击（即围绕汇率机制挂钩目标规则的利率变化）对法国经济的影响非常小。关键词：法国，法国货币政策，EMS，利率
In this paper, I describe the implementation of monetary policy by the Banque de France between 1987 and 1996. This period was characterised by a quasi-fixed exchange rate for France, as the franc was never realigned within the European Monetary System (EMS). I build indicators of the stance of French monetary policy. These show the influence of the EMS constraint on French monetary policy. In particular, since 1987, the shocks of purely domestic French monetary policy (i.e. the variations of the interest rate around the rule of ERM peg target), have only had very little impact on the French economy. JEL Codes: E50, F31 Keywords: France, French monetary policy, EMS, interest rate