Abstract:[eng] The monetary policies debate regarding the European Monetary Union considers the "Barro-Gordon" framework as a main reference. This argues that the credibility of monetary commitments in the fight against inflation could be strengthened either by tying one's hands in the EMS or by appointing a "conservative" central banker. The paper first sets out the general coherence of these approaches, which renew the rational expectations and natural rate theory, thanks to an application of repeated games between t… Show more
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