Politique monétaire: actions concertées

Sabine Le Bayon (), Matthieu Lemoine, Catherine Mathieu (), Christine Rifflart () and Danielle Schweisguth ()
Additional contact information
Sabine Le Bayon: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Catherine Mathieu: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Christine Rifflart: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Danielle Schweisguth: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po

SciencePo Working papers Main from HAL

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.

Keywords: Politique monétaire; Taux d'intérêt (search for similar items in EconPapers)
Date: 2009-04
Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03459966
References: Add references at CitEc
Citations:

Published in Revue de l'OFCE, 2009, 109, pp.291 - 312. ⟨10.3917/reof.109.0290⟩

Downloads: (external link)
https://hal-sciencespo.archives-ouvertes.fr/hal-03459966/document (application/pdf)

Related works:
Working Paper: Politique monétaire: actions concertées (2009)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:spmain:hal-03459966

DOI: 10.3917/reof.109.0290

Access Statistics for this paper

More papers in SciencePo Working papers Main from HAL
Bibliographic data for series maintained by Contact - Sciences Po Departement of Economics ().