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Politiques monétaires : le grand écart

Author

Listed:
  • 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)

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.

Suggested Citation

  • Christophe Blot & Catherine Mathieu & Christine Rifflart & Danielle Schweisguth, 2008. "Politiques monétaires : le grand écart," SciencePo Working papers Main hal-03459800, HAL.
    • Handle: RePEc:hal:spmain:hal-03459800
    DOI: 10.3917/reof.105.0249
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03459800
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    Keywords

    Politique monétaire; Taux d'intérêt;

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