Author
Listed:
- Elena Stancanelli
(OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, THEMA - Théorie économique, modélisation et applications - UCP - Université de Cergy Pontoise - Université Paris-Seine - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PJSE - Paris-Jourdan Sciences Economiques - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique, IZA - Institute for the Study of Labor - Institute for the Study of Labor)
- Valerie Chauvin
(OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)
- Guillaume Chevillon
(OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)
- Odile Chagny
(OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, Centre Etudes & Prospective - Groupe ALPHA)
- Hélène Baudchon
(OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)
- Gael Dupont
(OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)
- Catherine Mathieu
(OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)
- Christine Rifflart
(OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)
- Danielle Schweisguth
(OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)
- Hervé Péléraux
(OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)
- Mathieu Plane
(OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)
- Xavier Timbeau
(OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)
- Eric Heyer
(OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)
- Matthieu Lemoine
(OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)
- Paola Veroni
(OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)
- Amel Falah
- Sabine Le Bayon
(OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)
Abstract
Strong demand is as much important as easy financing conditions. With recovery gaining momentum, the last thing central banks want to do is to take a chance with it. Firms are now in a more sound shape but households' indebtedness is still high. And financial markets have become very sensitive to the way central banks communicate. A prudent tightening will be accompanied by a small rise of long term interest rates. The Federal Reserve will start raising rates at the end of 2004 and by only 125 bp over 2005. The Bank of England, already engaged in a tightening cycle since last November, will push them up further by 100 bp. The European Central Bank will follow the move in 2005, raising rates only once by 25 bp. The Bank of Japan will make no change to its quantitative policy.
Suggested Citation
Elena Stancanelli & Valerie Chauvin & Guillaume Chevillon & Odile Chagny & Hélène Baudchon & Gael Dupont & Catherine Mathieu & Christine Rifflart & Danielle Schweisguth & Hervé Péléraux & Mathieu Plan, 2004.
"Politiques monétaires : l’immobilisme en mouvement,"
Post-Print
hal-03458741, HAL.
Handle:
RePEc:hal:journl:hal-03458741
DOI: 10.3917/reof.089.0163
Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03458741
Download full text from publisher
Other versions of this item:
- Elena Stancanelli & Valerie Chauvin & Guillaume Chevillon & Odile Chagny & Helene Baudchon & Gael Dupont & Catherine Mathieu & Christine Rifflart & Danielle Schweisguth & Hervé Péléraux & Mathieu Plan, 2004.
"Politiques monétaires : l’immobilisme en mouvement,"
Sciences Po publications
info:hdl:2441/1750, Sciences Po.
- Elena Stancanelli & Valerie Chauvin & Guillaume Chevillon & Odile Chagny & Hélène Baudchon & Gael Dupont & Catherine Mathieu & Christine Rifflart & Danielle Schweisguth & Hervé Péléraux & Mathieu Plan, 2004.
"Politiques monétaires : l’immobilisme en mouvement,"
Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers)
hal-03458741, HAL.
- Elena Stancanelli & Valerie Chauvin & Guillaume Chevillon & Odile Chagny & Hélène Baudchon & Gael Dupont & Catherine Mathieu & Christine Rifflart & Danielle Schweisguth & Hervé Péléraux & Mathieu Plan, 2004.
"Politiques monétaires : l’immobilisme en mouvement,"
SciencePo Working papers Main
hal-03458741, HAL.
- Elena Stancanelli & Valerie Chauvin & Guillaume Chevillon & Odile Chagny & Hélène Baudchon & Gael Dupont & Catherine Mathieu & Christine Rifflart & Danielle Schweisguth & Hervé Péléraux & Mathieu Plan, 2004.
"Politiques monétaires : l’immobilisme en mouvement,"
PSE-Ecole d'économie de Paris (Postprint)
hal-03458741, HAL.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-03458741. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
We have no bibliographic references for this item. You can help adding them by using this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .
Please note that corrections may take a couple of weeks to filter through
the various RePEc services.