Politique monétaire: des interventions centrales plus en finesse

Sabine Le Bayon (), Catherine Mathieu (), Christine Rifflart () and Danielle Schweisguth ()
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Sabine Le Bayon: 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 2007-2008 crisis has first led central banks to cut drastically their interest rates, bringing them close to 0% in the US and Japan, 0.5% in the UK and 1% in the euro area since Spring 2009. In a second step central banks have implemented unconventional policy measures in order to provide sufficient liquidity in the banking system. We expect a moderate economic recovery in 2010, while inflation would remain subdued. This would lead central banks to keep their interest rates unchanged in the US, Japan and the euro area until the end of 2010, albeit progressively unwinding quantitative easing. In the UK, the base interest rate could rise by 0.25% in the fourth quarter of 2010, signalling the return to a normal functioning of the banking system and improved economic conditions.

Keywords: Politique monétaire; Taux d'intérêt (search for similar items in EconPapers)
Date: 2009-10
Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03460034
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Published in Revue de l'OFCE, 2009, 111, pp.277 - 302. ⟨10.3917/reof.111.0275⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:spmain:hal-03460034

DOI: 10.3917/reof.111.0275

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