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Déflation et taux d’intérêt zéro : causes profondes, conséquences sur les politiques économiques et le secteur financier

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  • Patrick Artus

Abstract

This article first describes the fundamental causes of a deflation: a situation of excess of supply of goods and services which cannot be corrected anymore by the reduction in real interest rates. It shows afterwards that, in a deflation, the economic policies which have positive effects in normal circumstances become dangerous. It examines finally the effects on the macro-financial equilibrium of the situation of interest rates at the zero bound limit. Classification JEL: E31, E44.

Suggested Citation

  • Patrick Artus, 2016. "Déflation et taux d’intérêt zéro : causes profondes, conséquences sur les politiques économiques et le secteur financier," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 187-194.
    • Handle: RePEc:cai:refaef:ecofi_121_0187
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    More about this item

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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