Déflation et taux d’intérêt zéro: causes profondes, conséquences sur les politiques économiques et le secteur financier

Patrick Artus

Revue d'économie financière, 2016, vol. n° 121, issue 1, 187-194

Abstract: This article first describes the fundamental causes of a deflation: a situation of excess of supply of goods and services which cannot be corrected anymore by the reduction in real interest rates. It shows afterwards that, in a deflation, the economic policies which have positive effects in normal circumstances become dangerous. It examines finally the effects on the macro-financial equilibrium of the situation of interest rates at the zero bound limit. Classification JEL: E31, E44.

JEL-codes: E31 E44 (search for similar items in EconPapers)
Date: 2016
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