[eng] Which objective for a central bank ?. . Most Central Banks have an intermediate money growth objective. However, some of them have abandoned this objective to control directly inflation. We com­pare, from a theoretical point of view, the different objectives or intervention methods of a...

[eng] Real wages and employment . . The purpose of this article is to evaluate the effects of real wages on employment in France using varions econometric models : simple employment demand equations ; statistical time series models permitting to perform causality tests ; production functions,...

[eng] Financing the economy with high real interest rates. . The possible causes of high real interest rates in the 80's are first analysed : ex-ante excess of investment over savings, restrictive monetary policies in Europe, increased interest rates risk, effects on equilibrium returns of the...

[eng] Credit rationing and firms reactions . Patrick Artus. In that article, a complete rnodel of firms' behaviour is estimated in order to analyse their reactions when they are rationed on the domestic credit market. In that situation, they can reduce their inventories, investment, money...

[fre] Possibilités de stabilisation en union monétaire ou en changes flexibles. . Une des critiques les plus fortes faites de la décision de passer à l'union monétaire en Europe porte sur l'impossibilité de réagir à des aléas nationaux spécifiques dans la situation d'union, puisque les...

[fre] Défauts de coordination des activités. Principes et exemples. . L'économie peut se trouver dans une situation d'équilibre de sous-emploi, de sous-activité, comme résultat des différences entre les décisions qui sont favorables individuellement et les décisions qui sont favorables...

[eng] rates, prices of crude-oil and raw materials) and in the economic policy on the economic crisis of 1974-1975. One of the main conclusions of the study is the fact that, even if there had been no disturbance coming from the foreign countries, the french economy would heve moved towards a...

[eng] How can the creation of a futures marketincrease the volathjty of the spot price ?. . We build a simple model to analyse the joint functioning of the spot and futures markets of a given commodity. We center the analysis on the change in the volatility of the spot price following the...

[fre] Spéculateurs hétérogènes et chocs monétaires. . Après avoir analysé, sur données quotidiennes, le mode de formation du taux d'intérêt à long terme en France durant la période perturbée de la fin de 1988 et du début de 1989 en s'attachant au lien avec la politique monétaire,...