{"id":12177,"date":"2020-08-14T00:00:00","date_gmt":"2020-08-13T22:00:00","guid":{"rendered":"https:\/\/libinst.detail-digital.ch\/denkanstoesse\/politique-monetaire\/"},"modified":"2020-08-14T00:00:00","modified_gmt":"2020-08-13T22:00:00","slug":"politique-monetaire","status":"publish","type":"denkanstoesse","link":"https:\/\/www.libinst.ch\/fr\/publications\/politique-monetaire\/","title":{"rendered":"Les fausses promesses des politiques de relance"},"content":{"rendered":"<p class=\"first\"><span class=\"first-letter\">L<\/span>a crise sanitaire de l&rsquo;ann\u00e9e actuelle a \u00e9t\u00e9 \u00e0 l&rsquo;origine d&rsquo;une crise \u00e9conomique dans la plupart des pays du monde. Pour essayer de surmonter cette crise et de revenir \u00e0 une situation \u00e9conomique normale, on a g\u00e9n\u00e9ralement r\u00e9agi en invoquant, plus ou moins explicitement, les pr\u00e9jug\u00e9s habituels consistant \u00e0 penser que la relance \u00e9conomique n\u00e9cessite l&rsquo;adoption de ce qu&rsquo;on appelle pr\u00e9cis\u00e9ment des politiques de relance, en particulier une augmentation des d\u00e9penses publiques et une politique mon\u00e9taire expansionniste.<\/p>\n<p>Ces r\u00e9ponses sont des fausses promesses. Car pour un niveau de production donn\u00e9, s&rsquo;il y a un changement dans la structure de la demande, par exemple l&rsquo;augmentation de la demande d&rsquo;un bien donn\u00e9 et la diminution correspondante de la demande d&rsquo;un autre bien, certains individus devront s&rsquo;adapter \u00e0 ce changement. Mais si l&rsquo;\u00c9tat augmente de mani\u00e8re artificielle sa demande de biens et services \u2014 par exemple en vendant des bons du Tr\u00e9sor \u00e0 une banque centrale qui augmente ainsi sa production de monnaie \u2014 cela ne provoque pas une augmentation de la production, mais un changement dans la structure productive.<\/p>\n<p>Par son action l&rsquo;\u00c9tat n&rsquo;augmente pas la demande globale, mais il introduit des distorsions dans les structures productives, et donc dans les structures de consommation. Dans son briefing, Pascal Salin d\u00e9montre en quoi ces mesures sont peu efficaces pour r\u00e9pondre aux d\u00e9fis actuels.<\/p>\n<p class=\"center\"><b>Lire le briefing:<br \/>\n<a href=\"https:\/\/www.libinst.ch\/publications\/IL-Salin-politique-monetaire.pdf\" rel=\"external\">Les fausses promesses des politiques de relance<\/a><br \/>\n(6 pages, PDF)<\/b><\/p>\n","protected":false},"featured_media":9597,"template":"","tag":[599,567,172],"class_list":["post-12177","denkanstoesse","type-denkanstoesse","status-publish","has-post-thumbnail","hentry","tags-banques-centrales","tags-inflation","tags-monnaie-et-marches-financiers"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Les fausses promesses des politiques de relance - Institut Lib\u00e9ral<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.libinst.ch\/fr\/publications\/politique-monetaire\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Les fausses promesses des politiques de relance - Institut Lib\u00e9ral\" \/>\n<meta property=\"og:description\" content=\"La crise sanitaire de l&rsquo;ann\u00e9e actuelle a \u00e9t\u00e9 \u00e0 l&rsquo;origine d&rsquo;une crise \u00e9conomique dans la plupart des pays du monde. 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