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Angelloz-Nicoud Alexandre

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ED SEG 486, Doctoral School of Economics & Management, France
GATE Lyon Saint-Etienne UMR 5824, CNRS, Écully, 69130, France
Université Lumière Lyon 2, France


Quantitative Easing, a reconsideration of the Quantity Theory of Money ?

Camille Cornand

In 2015, in order to struggle the threat of deflation, the European Central Bank (ECB) decided to come up a new monetary policy : Quantitative Easing. The objective was to increase money supply in order to increase inflation, according to the quantity theory of money. Six years after this decision, what can we say ? Even if deflation has been avoided, the level of inflation is far smaller from what the theory predicted. The objective of my work is to understand why inflation during the 2015-2021 period was so low, and why the link between inflation and money supply seems to be weakened. Firstly, I am going to construct a theoretical model which introduce central bank credibility as a factor which could reduce inflation, and I would test (if it is possible) the results in a laboratory experiment. Then, I will realize an econometric study in order to quantify the different causes of inflation. Finally, I will study in a laboratory experiment how can emerge speculative bubbles.

Research interests

  • Monetary Economics
  • Macroeconomics
  • Econometrics
  • Experimental Economics

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