IDEAS home Printed from https://ideas.repec.org/p/hal/spmain/hal-03459966.html
   My bibliography  Save this paper

Politique monétaire : actions concertées

Author

Listed:
  • Sabine Le Bayon

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

  • Matthieu Lemoine
  • 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)

Abstract

The deepening of the financial crisis, the sharp deterioration of short-term indicators in the real side of the economy and banks' persistent reluctance to lend have initially led central banks in industrial economies to cut drastically official interest rates. Official interest rates are close to 0% in the US, UK and Japan. The European Central Bank still has some room of manœuvre with its interest rates at 1.25%. In face of persisting strains in the interbank markets, major central banks have more recently introduced unconventional policy measures in order to increase liquidity in the Banking system. Under our assumptions of low growth and inflation, central banks' interest rates will remain close to 0% in major industrial economies at the 2010 horizon. Central banks will keep on facilitating financing conditions in credit markets.

Suggested Citation

  • Sabine Le Bayon & Matthieu Lemoine & Catherine Mathieu & Christine Rifflart & Danielle Schweisguth, 2009. "Politique monétaire : actions concertées," SciencePo Working papers Main hal-03459966, HAL.
    • Handle: RePEc:hal:spmain:hal-03459966
    DOI: 10.3917/reof.109.0290
    Note: View the original document on HAL open archive server: https://hal-sciencespo.archives-ouvertes.fr/hal-03459966
    as

    Download full text from publisher

    File URL: https://hal-sciencespo.archives-ouvertes.fr/hal-03459966/document
    Download Restriction: no
    File URL: https://libkey.io/10.3917/reof.109.0290?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Other versions of this item:

    More about this item

    Keywords

    Politique monétaire; Taux d'intérêt;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:spmain:hal-03459966. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Contact - Sciences Po Departement of Economics (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.