En raison d'un mouvement de grève à Air France, la présentation initialement prévue ne pourra être assurée
Céline Gimet (Institut d'Études Politiques, Sciences Po Aix), en collaboration avec Marie-Hélène Gagnon (Université Laval, Canada)
Résumé : This paper analyses how unconventional fiscal and monetary policies have been perceived by consumers and investors during the last decade. Using Bayesian structural VAR and Global VAR, we estimate the impulse response functions of several sentiment measures following shocks to credit easing, quantitative-easing monetary policies and fiscal consolidation. The domestic responses as well as international spillovers for the United States, Eurozone countries and Canada point to the fact that consumers' and investors’ perceptions of innovative economic measures are new parameters that need to be considered to study the impact of economic policies on the real sector, particularly in a time of crisis. Moreover, our results show that a new policy-mix coordinated at an international level is a prerequisite for ensuring short-term growth recovery after a significant global negative shock.