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Crise financière : conséquences pour la politique monétaire et la pratique monétaire

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  • Benjamin M. Friedman

Abstract

This article argues that quantitative easing, one of the two new monetary policy tools, is likely to last but that the other one, forward guidance, is not so successful since transparency will never be sufficient in speculation driven markets. The use of these new monetary tools will also have a significant impact on the theory of monetary policy with their integration in the classical framework. Actually it is now obvious that in an economy relying on well-developed capital markets a central bank can use at least two policy tools, one of them resting on the asset side of its balance sheet. Classification JEL: E52, E58, G01.

Suggested Citation

  • Benjamin M. Friedman, 2016. "Crise financière : conséquences pour la politique monétaire et la pratique monétaire," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 59-78.
    • Handle: RePEc:cai:refaef:ecofi_121_0059
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    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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