Quels sont les enseignements des politiques monétaires non conventionnelles ?

Désiré Kanga

Revue française d'économie, 2017, vol. XXXII, issue 2, 3-36

Abstract: The aim of this paper is to draw some lessons on unconventional policies from the literature. There are two forms of unconventional monetary policies (qualitative and quantitative) that may be substitutes or complements to the interest rate policy. They are characterized by the quality of assets, the nature of the counterparties and the market in which the central bank intervenes. They transmit to the economy mainly by expectations and asset prices. By increasing in asset prices, they have on the one hand, lowered the lending and interbank market rates and on the other hand, reduced risk and liquidity premiums and long-term rates. Despite having limited the collapse of the bank credit market, the effects of unconventional policies do not live up to the liquidity injection objectives. Especially, their effects on growth, unemployment and inflation are slow.

Date: 2017
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