Politiques monétaires: à petits pas

Catherine Mathieu (), Christine Rifflart (), Danielle Schweisguth () and Christophe Blot ()
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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
Christophe Blot: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po

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Abstract: Following the decrease in oil prices, inflation went back under 2% in the euro area. But the ECB still considers that risks lie on the upside. The tightening of monetary policy has come close to an end since a last interest increase is scheduled in June 2007. The Federal reserve faced a dilemma between the growth slowdown and the upward trend in underlying inflation. Interest rates have been maintained at 5.25% so far but would been put downward as soon as inflation pressures will be tamed. The Bank of England should proceed to a last hike in 2007 but interest rates would be brought back to 5% at the end of 2008. Finally, the Bank of Japan would wait until the confirmation of the end of deflation before deciding to increase interest rates.

Keywords: Zone euro; Politiques monétaires; Inflation (search for similar items in EconPapers)
Date: 2007-04
Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03459589
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Published in Revue de l'OFCE, 2007, 101, pp.143 - 163. ⟨10.3917/reof.101.0141⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03459589

DOI: 10.3917/reof.101.0141

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