Sterdyniak, Henri; Villa, Pierre; Capoen, Fabrice - In: Revue de l'OFCE 50 (1994) 1, pp. 65-102
institutional considerations lead to dedicate respectively monetary policy to inflation control and fiscal policy to activity … production capacity. A situation where fiscal policy controls the demand and where monetary policy is dedicated to controlling …-mix would be better (low interest rate, restrictive fiscal policy). The point is that the monetary tool is relatively less …