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L'intermédiation financière dans l'analyse macroéconomique : le défi de la crise

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In this paper, we review the macroeconomic literature on financial frictions and banking in a dynamic general equilibrium framework. Our work focuses first on the pioneer articles that have analyzed the amplification effects associated to the financial accelerator. We then shift our attention towards the recent literature that flourished in the aftermath of the financial crisis. Indeed, the crisis has challenged several assumptions and modeling tools that were commonly used in the DSGE literature. We thus review the main recent contributions that have tried to overcome the limits of old models.

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Paper provided by Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne in its series Documents de travail du Centre d'Economie de la Sorbonne with number 11046.

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Length: 53 pages
Date of creation: Jul 2011
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Handle: RePEc:mse:cesdoc:11046

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Keywords: Financial frictions; banking; monetary policy; business cycle.;

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