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Investissement, contraintes financières et fluctuations macroéconomiques

Author

Listed:
  • Miguel Casares

    (Departamento de Economia - UPNA - Universidad Pública de Navarra [Espagne] = Public University of Navarra)

  • Jean-Christophe Poutineau

    (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper analyses the consequences of the existence of financial frictions and of a banking system on business cycles, in a new Keynesian macroeconomics model. We contrast our conclusions with those obtained in two other existing frameworks (namely the canonical nns model of Woodford, [2003] and the " loan in advance " model of Goodfriend and McCallum [2007]). Impulse response functions from technology shocks show some attenuation effect due to the procyclical behavior of the marginal finance cost. In contrast an adverse financial shock induces sizeable declines in output, inflation and interest rates. Using the baseline calibrated model, we show how a 10% increase in banking efficiency would result in a permanent welfare gain equivalent to 0.3% of output.

Suggested Citation

  • Miguel Casares & Jean-Christophe Poutineau, 2012. "Investissement, contraintes financières et fluctuations macroéconomiques," Post-Print halshs-00739005, HAL.
    • Handle: RePEc:hal:journl:halshs-00739005
    DOI: 10.3917/reco.635.0935
    as

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    Keywords

    fluctuations macroéconomiques; contraintes financières; investissement;
    All these keywords.

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy

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