L'impact de la bourse sur la consommation des ménages est-il aussi faible que ce que la plupart des études récentes suggèrent ? Plusieurs éléments permettent d'en douter, notamment en cas de crise boursière.

This paper attempts to model the relationship between monetary policy and financial asset prices. We develop an aggregative model under forward-looking rational expectations to analyse the optimal monetary policy response to stock prices and exchange rates shocks. We first demonstrate that a...