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Quels effets attendre de la réduction du bilan des banques centrales ?

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  • Christophe Blot
  • Paul Hubert

Abstract

Cet article discute les perspectives de normalisation des politiques monétaires de la Réserve fédérale et de la BCE et estime la réaction de différents indicateurs financiers aux annonces sur l'orientation future de la politique monétaire américaine. Ces résultats peuvent s'avérer utiles pour appréhender les conséquences des décisions futures de la BCE sur la fin de ses programmes d'assouplissement quantitatif (Quantitative Easing ou QE). Nous montrons que les annonces de la Fed signalant le ralentissement ou la fin des programmes de QE, donc à caractère moins expansionniste voire restrictif, ont dans certains cas été suivies de baisses des taux d'intérêt. La gestion par la BCE des anticipations des marchés financiers sur le rythme de normalisation est donc déterminante.
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Suggested Citation

  • Christophe Blot & Paul Hubert, 2017. "Quels effets attendre de la réduction du bilan des banques centrales ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 215-232.
    • Handle: RePEc:cai:reofsp:reof_152_0215
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    Cited by:

    1. Christophe Blot & Paul Hubert, 2018. "Central bank communication during normal and crisis time," Sciences Po publications info:hdl:2441/52p48pif509, Sciences Po.
    2. Christophe Blot & Paul Hubert, 2018. "Central bank communication during normal and crisis time," SciencePo Working papers Main hal-03404315, HAL.
    3. repec:hal:spmain:info:hdl:2441/52p48pif5099i9i8uilpqhgnt4 is not listed on IDEAS

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