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Politique monétaire : des interventions centrales plus en finesse

Abstract : The 2007-2008 crisis has first led central banks to cut drastically their interest rates, bringing them close to 0% in the US and Japan, 0.5% in the UK and 1% in the euro area since Spring 2009. In a second step central banks have implemented unconventional policy measures in order to provide sufficient liquidity in the banking system. We expect a moderate economic recovery in 2010, while inflation would remain subdued. This would lead central banks to keep their interest rates unchanged in the US, Japan and the euro area until the end of 2010, albeit progressively unwinding quantitative easing. In the UK, the base interest rate could rise by 0.25% in the fourth quarter of 2010, signalling the return to a normal functioning of the banking system and improved economic conditions.
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Submitted on : Wednesday, December 1, 2021 - 4:39:09 AM
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Sabine Le Bayon, Catherine Mathieu, Christine Rifflart, Danielle Schweisguth. Politique monétaire : des interventions centrales plus en finesse. Revue de l'OFCE, Presses de Sciences Po, 2009, pp.277 - 302. ⟨10.3917/reof.111.0275⟩. ⟨hal-03460034⟩



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