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Politiques monétaires : à petits pas

Author

Listed:
  • 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)

  • Christophe Blot

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

Following the decrease in oil prices, inflation went back under 2% in the euro area. But the ECB still considers that risks lie on the upside. The tightening of monetary policy has come close to an end since a last interest increase is scheduled in June 2007. The Federal reserve faced a dilemma between the growth slowdown and the upward trend in underlying inflation. Interest rates have been maintained at 5.25% so far but would been put downward as soon as inflation pressures will be tamed. The Bank of England should proceed to a last hike in 2007 but interest rates would be brought back to 5% at the end of 2008. Finally, the Bank of Japan would wait until the confirmation of the end of deflation before deciding to increase interest rates.

Suggested Citation

  • Catherine Mathieu & Christine Rifflart & Danielle Schweisguth & Christophe Blot, 2007. "Politiques monétaires : à petits pas," Post-Print hal-03459589, HAL.
    • Handle: RePEc:hal:journl:hal-03459589
    DOI: 10.3917/reof.101.0141
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03459589
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