Politiques monétaires: le grand écart

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

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Abstract: The financial crisis and inflationary pressures driven by oil and food prices generated various monetary policy answers. The Fed lowered the target for the Federal Funds rate by 3 percentage points since last August to 2.25% and will lower it again to 1.75% from April to avoid a too sharp slowdown of US activity. The ECB kept interest rates unchanged and will leave them at 4%, waiting for inflation to decelerate below 2% in the euro area. The Bank of England cut the base rate by 0.75 percentage point to 5.0 and will lower it to 4.25% by early 2009, to allow inflation to decelerate without output growth falling too rapidly. The Bank of Japan will maintain interest rates at 0.5% with inflation remaining subdued and output growth prospects uncertain.

Keywords: Politique monétaire; Taux d'intérêt (search for similar items in EconPapers)
Date: 2008-04
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Published in Revue de l'OFCE, 2008, 105, pp.229 - 248. ⟨10.3917/reof.105.0249⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:spmain:hal-03459800

DOI: 10.3917/reof.105.0249

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