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Chocs de Spread, liquidité du marché interbancaire et politique monétaire

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  • Cécile Bastidon
  • Philippe Gilles
  • Nicolas Huchet

Abstract

RESUME :Les crises génératrices d'effets d'amplification conduisent les banques centrales à intervenir horsdu périmètre conventionnel de la politique monétaire. Notre objet est de spécifier une règle decomportement intégrant cette mission. Notre modèle, fondé sur la prise en considération desconditions de financement de l'économie au travers des prix et des quantités, inclut l'existenced’un lien positif, en période de crise, entre hausse des spreads et demande excédentaire definancements. Cette prise en compte permet d’appréhender les modalités d’intervention au titredes « politiques monétaires non conventionnelles », et singulièrement de quantifier les achats detitres publics.

Suggested Citation

  • Cécile Bastidon & Philippe Gilles & Nicolas Huchet, 2012. "Chocs de Spread, liquidité du marché interbancaire et politique monétaire," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 55(4), pages 409-426.
    • Handle: RePEc:bxr:bxrceb:2013/156284
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    Cited by:

    1. Nicolas Moumni & Benaissa Nahhal, 2014. "Impact of Liquidity Level on the Monetary Policy Transmission Effectiveness of the Moroccan Central Bank (Bank Al Maghrib)," International Journal of Economics and Financial Issues, Econjournals, vol. 4(4), pages 801-818.

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    More about this item

    Keywords

    Politiques monétaires non conventionnelles / Unconventional monetary policies; effets d’amplification / amplification effects; banque centrale; gestion de crise / central banking; crisis management;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General

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