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Intégration monétaire et financière dans les modèles macro­économiques : bilan et nouvelles pistes

  • Frédéric Boissay
  • Pierre Malgrange

[eng] The paper is devoted to a review of how are taken into account the trans- mission chanels to the real sector of monetary policy in traditional macro- econometric models, as well as their limits, especially in the case of France. In a second section, more modern theories of monetary transmission mechanisms are examined, more especially those deriving from rigorous foundations of credit rationing (credit chanel) and leading to the notions of flight to quality and financial accelerator. [fre] L'article est consacré à une revue de synthèse de la manière dont ont été et sont encore pris en compte les canaux de transmission à la sphère réelle de la politique monétaire dans les modèles macro-économétriques opérationnels de facture traditionnelle et en montre les limites, à l'étranger et spécialement dans le cas de la France. Il examine dans une deuxième partie les théories plus récentes des mécanismes de transmission, en particulier celles faisant émerger de fondements rigoureux les conséquences macro-économiques d'un rationnement du crédit (canal du crédit) et conduisant entre autres aux notions de fuite vers la qualité et d'accélérateur financier.

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Article provided by Programme National Persée in its journal Revue française d'économie.

Volume (Year): 12 (1997)
Issue (Month): 3 ()
Pages: 3-42

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Handle: RePEc:prs:rfreco:rfeco_0769-0479_1997_num_12_3_1025
Note: DOI:10.3406/rfeco.1997.1025
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