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La politique monétaire crée-t-elle des bulles ?

Listed author(s):
  • Christophe Blot
  • Paul Hubert
  • Fabien Labondance

La mise en place par les banques centrales de politiques monétaires très expansionnistes depuis quelques années fait craindre que ces liquidités alimentent des bulles spéculatives sur différents prix d’actifs. Plutôt que d’évaluer l’effet de la politique monétaire sur les prix d’actifs, qui constitue l’un de ses canaux de transmission habituels, nous estimons la composante «bulle», c’est-à-dire la partie non-expliquée par des déterminants macroéconomiques et financiers, de trois prix d’actifs: actions, obligations et immobiliers, au niveau de la zone euro. Nous évaluons ensuite l’impact de la politique monétaire de la BCE sur ces trois composantes «bulle» et trouvons que leur processus n’est pas déterminé par la politique menée par la banque centrale, qu’elle soit expansionniste ou restrictive.

(This abstract was borrowed from another version of this item.)

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Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): N° 144 (2015)
Issue (Month): 8 ()
Pages: 257-286

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Handle: RePEc:cai:reofsp:reof_144_0257
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