Politique de bilan des banques centrales et stagnation séculaire : réflexions autour de Wicksell et Keynes

Abstract

The unconventional monetary policies of the European Central Bank, often qualified of balance sheet policies, are commonly analyzed in the literature with a neowicksellian approach based on the natural real rate of interest. The article inspects this neo-wicksellian approach, and highlights its limitations. In particular, the article advances the idea that this neo-wicksellian approach confines monetary policy to stabilization policies, not allowing for integrating medium term and structural issues, such as secular stagnation, highlighted by the current crisis. In this article is developed a Keynesian approach of European Central Bank's balance sheet policies permitting notably to deal with the structural questions of the European economy such as secular stagnation and ecological transition; but also concerns about global demand, redistribution and inequalities which are considered to be at the roots of the crisis. The ultimate goal of this Keynesian approach of balance sheet policies is to contribute to exit from the current crisis, and trying to prevent future crises.