Chocs de spread, liquidité du marché interbancaire et politique monétaire

Cécile Bastidon (), Philippe Gilles () and Nicolas Huchet ()
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Philippe Gilles: LEAD - Laboratoire d'Économie Appliquée au Développement - UTLN - Université de Toulon

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Abstract: Global financial crisis trigger off amplification effects. Therefore, the range of central banks policies is now widening beyond conventional monetary policies. The aim of this paper is to define a rule for this practice. The model is based on the formalization of the financial conditions (prices and amounts) of various types of markets. When the crisis occurs there is a positive relationship between a rise in spreads and an excess demand of financing. We show that taking these market mechanisms into account allows to have a comprehensive analysis of the "unconventional monetary policies", and especially to quantify publics bonds buyouts

Date: 2012-07-02
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Published in 61° Congrès de l'AFSE, Jul 2012, Paris, France

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Journal Article: Chocs de Spread, liquidité du marché interbancaire et politique monétaire (2012)
Working Paper: Chocs de spread, liquidité du marché interbancaire et politique monétaire (2012)
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