Financial Stability and Inflation Stabilization

Joelle CHAR / CEA SACLAY, NIMBE,CEA, CNRS, UNIVERSITY PARIS-SACLAY, GIF SUR YVETTE Xavier FROGNEUX / CEA SACLAY, NIMBE,CEA, CNRS, UNIVERSITY PARIS-SACLAY, GIF SUR YVETTE Thibault

Unité de recherche INRIA Sophia Antipolis 2004, route des Lucioles - BP 93 - 06902 Sophia Antipolis Cedex France Unité de recherche INRIA Lorraine : LORIA, Technopôle de Nancy-Brabois

Madame de Merteuil a bien compris toute la force pathétique de persuasion qu'elle peut tirer du thème de l'expiation : elle récupère ainsi un pathos chrétien,

So, we agree with the idea of Ravenna (2002), who proves a structural break between the time of monetary policy shift and inflation targeting. Indeed, he explains that

The objective of these reforms is to bring back the inflation level close to the initial target that caused a structural break point in this period.. These institutional reforms

It is a type of Instrument Rule adopted by the central bank for an open economy, where the current nominal interest rate ( i t) is a positive function of inflation deviation, that

In the long run, the official primary objective of both central banks merely amounts to ensure price stability, as recommended by the 'New Consensus' principles of

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