Comment expliquer la faiblesse durable des taux directeurs dans la zone euro ?

Frank Smets

Revue d'économie financière, 2021, vol. N° 144, issue 4, 47-60

Abstract: Short-term rates have been negative in the eurozone since 2014. This paper demonstrates that the central bank has been constrained in its responses to a disinflationary environment after the financial crisis. The ECB's new strategy, adopted in July 2021, emphasizes a disinflation control objective. Will interest rates, which are in fact directed by the ECB, be able to evolve naturally at a level consistent with potential growth and the inflation target of around 2%? Classification JEL: E40, E50, E52, E58, E60

JEL-codes: E40 E50 E52 E58 E60 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (1)

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