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Comparer les mesures non conventionnelles de la FED et de la BCE: ce que disent les bilans des banques centrales

Anne-Marie Rieu-Foucault ()

No 2017-8, EconomiX Working Papers from University of Paris Nanterre, EconomiX

Abstract: In the context of the 2007–2009 financial crisis, central banks have innovated in the form of multiple unconventional measures implemented within the existing operational framework for monetary policy. These innovations raise two issues in 2016: the categorisation of these new measures and the consistency between measures taken by the Fed and those taken by the ECB. This paper shows the existence of two important stylised facts: a structural break in the allocation of liquidity conditions and an apparent convergence of measures that actually conceals the fundamental differences between the operational mode of the Fed and that of the ECB, within the history and institutions. These two observations then lead to question the type and shape of the ECB mandate in line with the orientations of the political economy of European countries.

Keywords: Banques; centrales; ; Mesures; non; conventionnelles. (search for similar items in EconPapers)
JEL-codes: E52 E58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba and nep-mac
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:drm:wpaper:2017-8

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