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Beggar-thy-neighbour QE?
[Assouplissement quantitatif : la politique du chacun pour soi ?]

Author

Listed:
  • Christoph Grosse Steffen
  • Adriana Lojschova
  • Adrian Penalver

Abstract

The risk of currency wars is a recurrent theme, given an extra twist with unconventional monetary policy. The US Fed has begun normalising its balance sheet, raising concerns about cross-border spillovers. But the effects of conventional and unconventional policies are too similar for the spillovers to be very different. Greater international coordination is therefore no more or less appropriate with two instruments than one. La politique monétaire non conventionnelle a rouvert le débat sur la guerre des monnaies. La Réserve fédérale américaine a commencé la normalisation de son bilan; ceci a suscité la crainte de répercussions internationales. Toutefois, les effets des politiques conventionnelles et non conventionnelles sont peu différents. Une plus grande coordination internationale n’est donc ni plus ni moins appropriée avec deux instruments qu’avec un seul.

Suggested Citation

  • Christoph Grosse Steffen & Adriana Lojschova & Adrian Penalver, 2018. "Beggar-thy-neighbour QE? [Assouplissement quantitatif : la politique du chacun pour soi ?]," Eco Notepad 45, Banque de France.
    • Handle: RePEc:bfr:econot:45
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