Sterdyniak, Henri; Creel, Jérôme - In: Revue de l'OFCE 70 (1999) 1, pp. 111-153
[eng] The vanishing of the gap between monetary and financial assets prevent central Banks from fixing the interest … rate according to the evolution of a monetary aggregate. Central banks fix the short-term nominal interest rate each period … must give up LM curve. Fixing the interest rate according to the final targets of monetary policy (inflation, output) is …