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La réduction du bilan de la Réserve fédérale : quand, à quel rythme et quel impact ?

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  • Paul Hubert

    (Observatoire français des conjonctures économiques)

Abstract

La politique monétaire américaine a commencé de se resserrer en décembre 2015, le taux directeur de la Fed passant d’une fourchette cible de 0 – 0,25% à 0,75 – 1% en 15 mois. Un élément complémentaire de sa politique monétaire concerne la gestion de la taille de son bilan, conséquence des programmes d’achat de titres financiers (aussi appelés programmes d’assouplissement quantitatif ou QE). Le bilan de la Fed pèse aujourd’hui 4 400 milliards de dollars (soit 26% du PIB), contre 900 milliards de dollars en août 2008 (6% du PIB). L’amélioration de la situation conjoncturelle aux Etats-Unis et les potentiels risques associés au QE posent les questions du calendrier, du rythme et des conséquences de la normalisation de cet outil non-conventionnel. [Premier paragraphe]

Suggested Citation

  • Paul Hubert, 2017. "La réduction du bilan de la Réserve fédérale : quand, à quel rythme et quel impact ?," Sciences Po publications info:hdl:2441/2jmrekfd8u9, Sciences Po.
    • Handle: RePEc:spo:wpmain:info:hdl:2441/2jmrekfd8u9dvbru6j5dqtfrv7
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