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Sortie de taux bas en situation d’excédent de liquidité : l’expérience de la Réserve fédérale américaine

Author

Listed:
  • GROSSMANN-WIRTH, V.
  • VARI, M.

Abstract

La hausse des taux directeurs de la Réserve fédérale (Fed) décidée fin 2015 est l’une des premières expériences de resserrement de politique monétaire en situation de fort excédent de liquidité. Elle a nécessité une modification des instruments de la Fed mais confirme la capacité des banques centrales à contrôler les taux d’intérêt dans un contexte de liquidité abondante.

Suggested Citation

  • Grossmann-Wirth, V. & Vari, M., 2016. "Sortie de taux bas en situation d’excédent de liquidité : l’expérience de la Réserve fédérale américaine," Bulletin de la Banque de France, Banque de France, issue 206, pages 41-50.
    • Handle: RePEc:bfr:bullbf:2016:206:04
    as

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    References listed on IDEAS

    as
    1. Rod Garratt & Antoine Martin & James J. McAndrews & Ed Nosal, 2015. "Segregated balance accounts," Staff Reports 730, Federal Reserve Bank of New York.
    2. M. Vari, 2014. "Implementing monetary policy in a fragmented monetary union," Working papers 529, Banque de France.
    3. Sandra C. Krieger, 2002. "Recent trends in monetary policy implementation: a view from the desk," Economic Policy Review, Federal Reserve Bank of New York, vol. 8(May), pages 73-76.
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    6. Josh Frost & Lorie Logan & Antoine Martin & Patrick E. McCabe & Fabio M. Natalucci & Julie Remache, 2015. "Overnight RRP operations as a monetary policy tool: some design considerations," Staff Reports 712, Federal Reserve Bank of New York.
    7. Bech, Morten L. & Klee, Elizabeth, 2011. "The mechanics of a graceful exit: Interest on reserves and segmentation in the federal funds market," Journal of Monetary Economics, Elsevier, vol. 58(5), pages 415-431.
    8. Marc Lavoie, 2005. "Monetary base endogeneity and the new procedures of the asset-based Canadian and American monetary systems," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 27(4), pages 689-709.
    9. Bindseil, Ulrich, 2014. "Monetary Policy Operations and the Financial System," OUP Catalogue, Oxford University Press, number 9780198716907.
    10. Marc Lavoie, 2010. "Changes in Central Bank Procedures During the Subprime Crisis and Their Repercussions on Monetary Theory," International Journal of Political Economy, Taylor & Francis Journals, vol. 39(3), pages 3-23.
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    More about this item

    Keywords

    politique monétaire; Fed; Eurosystème; liquidité;
    All these keywords.

    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
    • G01 - Financial Economics - - General - - - Financial Crises

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