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Money in a DSGE framework with an application to the Euro Zone

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  • André Fourçans

    (Economics Department - ESSEC Business School)

  • Jonathan Benchimol

    (Economics Department - ESSEC Business School)

Abstract

Le «nouveau keynésianisme» actuel néglige le rôle des aggrégats monétaires dans la détermination de l¿équilibre économique. On peut se poser des questions sur cette vision tant il est difficile d¿admettre que la monnaie serait une variable «passive» du système économique. En introduisant les balances réelles dans une fonction d¿utilité non-séparable, cet article incorpore explicitement le rôle de la monnaie dans un modèle du type DSGE. Cette spécification débouche sur des équations d¿inflation et d¿output gap dans lesquelles les encaisses monétaires jouent un rôle significatif. Le modèle DSGE est calibré par la General Method of Moments (GMM) appliqué aux données de la zone Euro. Les résultats et l¿analyse démontrent que dans la mesure où la croissance monétaire joue un rôle significatif, la BCE devrait réagir plus vigoureusement aux chocs économiques qu¿elle ne le fait généralement.

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Bibliographic Info

Paper provided by HAL in its series Post-Print with number hal-00553495.

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Date of creation: Sep 2009
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Handle: RePEc:hal:journl:hal-00553495

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Keywords: BCE ; Inflation ; Monnaie ; Politique monétaire;

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Cited by:
  1. Benchimol, Jonathan & Fourçans, André, 2012. "The role of money and monetary policy in crisis periods: the Euro area case," ESSEC Working Papers WP1201, ESSEC Research Center, ESSEC Business School, revised 27 Feb 2012.
  2. Patricia Crifo & Nicolas Mottis, 2010. "SRI analysis and asset management : independent or convergent ? : A field study on the French market," Post-Print hal-00572379, HAL.
  3. Jonathan Benchimol, 2012. "Risk Aversion in the Euro area," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00713669, HAL.
  4. Jonathan Benchimol, 2013. "Money in the Production Function : A New Keynesian DSGE Perspective," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00795547, HAL.
  5. Jonathan Benchimol, 2011. "Money in the production function: a New Keynesian DSGE perspective," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00800539, HAL.
  6. Benchimol, Jonathan, 2014. "Risk aversion in the Eurozone," Research in Economics, Elsevier, vol. 68(1), pages 39-56.
  7. repec:hal:wpaper:hal-00800539 is not listed on IDEAS

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  1. Nominal income target in Wikipedia English ne '')
  2. Demand for money in Wikipedia English ne '')
  3. Robert E. Lucas in Wikipedia French ne '')
  4. New Keynesian economics in Wikipedia English ne '')
  5. McCallum rule in Wikipedia English ne '')
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  7. Monnaie in Wikipedia French ne '')
  8. Monetary policy in Wikipedia English ne '')
  9. Regla de Taylor in Wikipedia Spanish ne '')
  10. Пари in Wikipedia Bulgarian ne '')
  11. Taylor rule in Wikipedia English ne '')
  12. André Fourçans in Wikipedia French ne '')

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