Investissement, contraintes financières et fluctuations macroéconomiques

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. Classification JEL : E32, E43, E44