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Sortie de taux bas en situation d’excédent de liquidité : l’expérience de la Réserve fédérale américaine

Author

Listed:
  • GROSSMANN-WIRTH, V.
  • VARI, M.

Abstract

La hausse des taux directeurs de la Réserve fédérale (Fed) décidée fin 2015 est l’une des premières expériences de resserrement de politique monétaire en situation de fort excédent de liquidité. Elle a nécessité une modification des instruments de la Fed mais confirme la capacité des banques centrales à contrôler les taux d’intérêt dans un contexte de liquidité abondante.

Suggested Citation

  • Grossmann-Wirth, V. & Vari, M., 2016. "Sortie de taux bas en situation d’excédent de liquidité : l’expérience de la Réserve fédérale américaine," Bulletin de la Banque de France, Banque de France, issue 206, pages 41-50.
  • Handle: RePEc:bfr:bullbf:2016:206:04
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    File URL: https://publications.banque-france.fr/sites/default/files/medias/documents/bulletin-de-la-banque-de-france_206_2016-07-08.pdf
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    References listed on IDEAS

    as
    1. Marc Lavoie, 2005. "Monetary base endogeneity and the new procedures of the asset-based Canadian and American monetary systems," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 27(4), pages 689-709.
    2. Frost, Joshua & Logan, Lorie & Martin, Antoine & McCabe, Patrick E. & Natalucci, Fabio M. & Remache, Julie, 2015. "Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations," Finance and Economics Discussion Series 2015-10, Board of Governors of the Federal Reserve System (U.S.).
    3. Garratt, Rod & Martin, Antoine & McAndrews, James J. & Nosal, Ed, 2015. "Segregated balance accounts," Staff Reports 730, Federal Reserve Bank of New York, revised 01 Aug 2015.
    4. Bindseil, Ulrich, 2014. "Monetary Policy Operations and the Financial System," OUP Catalogue, Oxford University Press, number 9780198716907.
    5. M. Vari, 2014. "Implementing monetary policy in a fragmented monetary union," Working papers 529, Banque de France.
    6. Sandra C. Krieger, 2002. "Recent trends in monetary policy implementation: a view from the desk," Economic Policy Review, Federal Reserve Bank of New York, issue May, pages 73-76.
    7. Huberto M. Ennis & Todd Keister, 2008. "Understanding monetary policy implementation," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 235-263.
    8. Aleksander Berentsen & Sébastien Philippe Kraenzlin & Benjamin Müller, 2015. "Exit Strategies and Trade Dynamics in Repo Markets," Working Papers 2015-09, Swiss National Bank.
    9. Bech, Morten L. & Klee, Elizabeth, 2011. "The mechanics of a graceful exit: Interest on reserves and segmentation in the federal funds market," Journal of Monetary Economics, Elsevier, vol. 58(5), pages 415-431.
    10. Marc Lavoie, 2010. "Changes in Central Bank Procedures During the Subprime Crisis and Their Repercussions on Monetary Theory," International Journal of Political Economy, Taylor & Francis Journals, vol. 39(3), pages 3-23.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    politique monétaire; Fed; Eurosystème; liquidité;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G01 - Financial Economics - - General - - - Financial Crises

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