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Les interventions de crise de la FED et de la BCE diffèrent-elles ?

Anne-Marie Rieu-Foucault ()

No 2018-31, EconomiX Working Papers from University of Paris Nanterre, EconomiX

Abstract: In the context of the 2007-2009 financial crisis, central banks innovated in the form of multiple unconventional measures. Due to a different history, different mandates and monetary policy implementations, the first crisis measures, mainly for financial stability, differed between the Fed and the ECB, resulting in a balance sheet size and structure of the assets specific to each. After 2015, the ECB's large-scale asset purchase transactions marked a convergence of the unconventional policies of the two central banks, which resulted in the ECB renouncing the principle of separation between monetary policy and stability financial.In addition, the risk-taker of last resort function of the two central banks has increased, although differences persist in their risk management policies (scope of counterparties and securities eligible).

Keywords: Central Banks; Unconventional measures (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, nep-mac and nep-mon
Date: 2018
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