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Quels effets attendre de la réduction du bilan des banques centrales ?

Author

Listed:
  • Christophe Blot

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

  • Paul Hubert

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

Abstract

Cet article discute les perspectives de normalisation des politiques monétaires de la Réserve fédérale et de la BCE et estime la réaction de différents indicateurs financiers aux annonces sur l'orientation future de la politique monétaire américaine. Ces résultats peuvent s'avérer utiles pour appréhender les conséquences des décisions futures de la BCE sur la fin de ses programmes d'assouplissement quantitatif (Quantitative Easing ou QE). Nous montrons que les annonces de la Fed signalant le ralentissement ou la fin des programmes de QE, donc à caractère moins expansionniste voire restrictif, ont dans certains cas été suivies de baisses des taux d'intérêt. La gestion par la BCE des anticipations des marchés financiers sur le rythme de normalisation est donc déterminante.

Suggested Citation

  • Christophe Blot & Paul Hubert, 2017. "Quels effets attendre de la réduction du bilan des banques centrales ?," Post-Print hal-03606244, HAL.
    • Handle: RePEc:hal:journl:hal-03606244
    DOI: 10.3917/reof.152.0215
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03606244
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    Cited by:

    1. Christophe Blot & Paul Hubert, 2018. "Central bank communication during normal and crisis time," Working Papers hal-03404315, HAL.
    2. Christophe Blot & Paul Hubert, 2018. "Central bank communication during normal and crisis time," Sciences Po publications info:hdl:2441/52p48pif509, Sciences Po.
    3. repec:hal:spmain:info:hdl:2441/52p48pif5099i9i8uilpqhgnt4 is not listed on IDEAS

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