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Comparer les mesures non conventionnelles de la FED et de la BCE : ce que disent les bilans des banques centrales

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  • Anne-Marie Rieu-Foucault

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

Dans le contexte de la crise financière de 2007-2009, les banques centrales ont innové sous la forme de multiples mesures non conventionnelles, mises en œuvre dans le cadre opérationnel existant de la politique monétaire. Ces innovations soulèvent deux questions en 2016 : la catégorisation au sein des mesures existantes, et l'homogénéité entre les mesures prise par la FED et celles prises par la BCE. Ce papier démontre l'existence de deux faits stylisés importants : une rupture structurelle dans les modalités d'allocation de liquidité, et une convergence apparente des mesures qui cache en fait des différences fondamentales entre le mode opérationnel de la FED et celui de la BCE, différences qui relèvent de l'histoire et des institutions. Les deux faits stylisés amènent alors à se questionner sur le type et sur la forme du mandat de la BCE en lien avec les orientations de l'économie politique des sociétés européennes.

Suggested Citation

  • Anne-Marie Rieu-Foucault, 2017. "Comparer les mesures non conventionnelles de la FED et de la BCE : ce que disent les bilans des banques centrales," Working Papers hal-04141665, HAL.
    • Handle: RePEc:hal:wpaper:hal-04141665
    Note: View the original document on HAL open archive server: https://hal.science/hal-04141665
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    References listed on IDEAS

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    Cited by:

    1. Anne-Marie Rieu-Foucault, 2017. "Point sur la fourniture de liquidié publique," Working Papers hal-04141643, HAL.
    2. Anne-Marie Rieu-Foucault, 2017. "Point sur la fourniture de liquidié publique," EconomiX Working Papers 2017-27, University of Paris Nanterre, EconomiX.

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    More about this item

    Keywords

    Banques centrales – Mesures non conventionnelles;

    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

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