[eng] This text is a slightly revised version of the opening lecture to the “ Journées de l’Association Française de Science Économique ” (Rennes , 2004). In keeping with the rules of the exercise, the article provides a broad assessment of the difficulties and usefulness of...

The quality of the coordination of expectations, a key issue for monetary policy, obtains from different, but interrelated, channels: both the credibility of the central bank intervention and the ability of decentralized agents to coordinate on a dynamical equilibrium matter. For both purposes,...