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Politique monétaire : actions concertées

Abstract : The deepening of the financial crisis, the sharp deterioration of short-term indicators in the real side of the economy and banks’ persistent reluctance to lend have initially led central banks in industrial economies to cut drastically official interest rates. Official interest rates are close to 0% in the US, UK and Japan. The European Central Bank still has some room of manœuvre with its interest rates at 1.25%. In face of persisting strains in the interbank markets, major central banks have more recently introduced unconventional policy measures in order to increase liquidity in the Banking system. Under our assumptions of low growth and inflation, central banks’ interest rates will remain close to 0% in major industrial economies at the 2010 horizon. Central banks will keep on facilitating financing conditions in credit markets.
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Sabine Le Bayon, Matthieu Lemoine, Catherine Mathieu, Christine Rifflart, Danielle Schweisguth. Politique monétaire : actions concertées. Revue de l'OFCE, Presses de Sciences Po, 2009, pp.291 - 312. ⟨10.3917/reof.109.0290⟩. ⟨hal-03459966⟩

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