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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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File URL: http://dx.doi.org/doi:10.3406/rfeco.1997.1025
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File URL: http://www.persee.fr/doc/rfeco_0769-0479_1997_num_12_3_1025
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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
Contact details of provider: Web page: http://www.persee.fr/collection/rfeco

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  1. Steven Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1987. "Financing Constraints and Corporate Investment," NBER Working Papers 2387, National Bureau of Economic Research, Inc.
  2. Toni M. Whited, 1990. "Debt, liquidity constraints, and corporate investment: evidence from panel data," Finance and Economics Discussion Series 114, Board of Governors of the Federal Reserve System (U.S.).
  3. Brayton, Flint & Mauskopf, Eileen, 1985. "The federal reserve board MPS quarterly econometric model of the US economy," Economic Modelling, Elsevier, vol. 2(3), pages 170-292, July.
  4. Kiyotaki, Nobuhiro & Moore, John, 1997. "Credit Cycles," Journal of Political Economy, University of Chicago Press, vol. 105(2), pages 211-48, April.
  5. Shiller, Robert J, 1973. "Rational Expectations and the Term Structure of Interest Rates: Comment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 5(3), pages 856-60, August.
  6. Gertler, M. & Gilchrist, S., 1993. "Monetary Policy, Business Cycles and the Behavior of Small Manufacturing Firms," Working Papers 93-02, C.V. Starr Center for Applied Economics, New York University.
  7. Fuerst, Timothy S, 1995. "Monetary and Financial Interactions in the Business Cycle," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(4), pages 1321-38, November.
  8. King, Robert G & Plosser, Charles I, 1984. "Money, Credit, and Prices in a Real Business Cycle," American Economic Review, American Economic Association, vol. 74(3), pages 363-80, June.
  9. Modigliani, Franco & Shiller, Robert J, 1973. "Inflation, Rational Expectations and the Term Structure of Interest Rates," Economica, London School of Economics and Political Science, vol. 40(157), pages 12-43, February.
  10. Charles W. Calomiris & R. Glenn Hubbard, 1988. "Firm Heterogeneity, Internal Finance, and `Credit Rationing'," NBER Working Papers 2497, National Bureau of Economic Research, Inc.
  11. Gertler, Mark, 1988. "Financial Structure and Aggregate Economic Activity: An Overview," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 20(3), pages 559-88, August.
  12. van Erp, F. A. M. & Hasselman, B. H. & Nibbelink, A. G. H. & Timmer, H. R., 1989. "A monetary model of the Dutch economy : A quarterly submodel of Freia-Kompas," Economic Modelling, Elsevier, vol. 6(1), pages 56-93, January.
  13. Gertler, Mark & Gilchrist, Simon, 1993. " The Role of Credit Market Imperfections in the Monetary Transmission Mechanism: Arguments and Evidence," Scandinavian Journal of Economics, Wiley Blackwell, vol. 95(1), pages 43-64.
  14. Harnett, Ian & Robinson, Gary & Ryding, John & Patterson, Kerry, 1987. "The Bank of England quarterly model of the UK economy," Economic Modelling, Elsevier, vol. 4(4), pages 398-528, October.
  15. Marc-Olivier Strauss-Kahn, 1986. "Mécanismes de transmission et effets macro-économiques de la politique monétaire en France : Les principaux enseignements économétriques," OECD Economics Department Working Papers 33, OECD Publishing.
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