REGS Outils de lecture

By studying monetary authorities’ missions and analyzing the oretical contributions on the role of monetary policy, this paper brings critical analysis of central banks’ mandates that’s werve full employment objective from their main missions and that place the price stability on top of their objectives. These so-called "hierarchical" mandates, which predominate both in practice and in the literature, have shown their weakness since the financial crisis of 2008. Wethen develop in this article, arguments drawn both from the economic and monetary reality and from the litterature, in favor of the adoption of a "dual" mandate which gives the goal of full employment the same weight as the control of inflation within the the central bank’s statutes in general, and within Bank Al-Maghrib statutes in particular.