Jeremy Stein Jeremy Stein/IMF Photo/Stephen Jaffe

Oppositions autour des excès de la finance

OSLO – Jeremy Stein étant retourné à son poste d’universitaire à Harvard à la fin du mois de mai, le conseil d’administration de la Réserve fédérale américaine a vu partir l’un de ses principaux partisans d’une vision selon laquelle la politique monétaire devrait être utilisée selon une démarche consistant à contrer les excès de la finance.

Selon Stein, qui a officiellement exprimé ce point de vue au cours du printemps, il appartiendrait aux banques centrales d’être moins agressives dans la poursuite du plein emploi au sein d’un environnement caractérisé par un risque financier accru. Sa position s’inscrit en opposition avec la doctrine du président de la Fed Alan Greenspan, selon laquelle la banque centrale ne devrait pas ajuster sa politique en réaction aux excès du secteur financier, mais se concentrer davantage ultérieurement sur la résolution des problèmes lorsqu’ils se présentent.

La question est de savoir si la nouvelle vision de Stein se révèle ou non justifiée. La réponse apparaît en principe simple. Lorsqu’une banque centrale se fixe deux objectifs de politiques, il lui faut alors pouvoir utiliser deux instruments : une politique monétaire destinée à influencer la demande globale, et une politique réglementaire visant à limiter les risques financiers.

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