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Comparer les mesures non conventionnelles de la FED et de la BCE : ce que disent les bilans des banques centrales

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  • Anne-Marie Rieu-Foucault

Abstract

In the context of the 2007–2009 financial crisis, central banks have innovated in the form of multiple unconventional measures implemented within the existing operational framework for monetary policy. These innovations raise two issues in 2016: the categorisation of these new measures and the consistency between measures taken by the Fed and those taken by the ECB. This paper shows the existence of two important stylised facts: a structural break in the allocation of liquidity conditions and an apparent convergence of measures that actually conceals the fundamental differences between the operational mode of the Fed and that of the ECB, within the history and institutions. These two observations then lead to question the type and shape of the ECB mandate in line with the orientations of the political economy of European countries.

Suggested Citation

  • Anne-Marie Rieu-Foucault, 2017. "Comparer les mesures non conventionnelles de la FED et de la BCE : ce que disent les bilans des banques centrales," EconomiX Working Papers 2017-8, University of Paris Nanterre, EconomiX.
    • Handle: RePEc:drm:wpaper:2017-8
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    References listed on IDEAS

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    1. Barro, Robert J. & Gordon, David B., 1983. "Rules, discretion and reputation in a model of monetary policy," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 101-121.
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    Cited by:

    1. Anne-Marie Rieu-Foucault, 2017. "Point sur la fourniture de liquidié publique," Working Papers hal-04141643, HAL.
    2. Anne-Marie Rieu-Foucault, 2017. "Point sur la fourniture de liquidié publique," EconomiX Working Papers 2017-27, University of Paris Nanterre, EconomiX.

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    More about this item

    Keywords

    Banques centrales – Mesures non conventionnelles.;

    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

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