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

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  • Eleni Iliopulos

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

  • Thepthida Sopraseuth

    (CEPREMAP - Centre pour la recherche économique et ses applications - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres, THEMA - Théorie économique, modélisation et applications - UCP - Université de Cergy Pontoise - Université Paris-Seine - CNRS - Centre National de la Recherche Scientifique)

Abstract

Les contributions présentées dans cet article relèvent le défi représenté par la crise et explorent des pistes de recherche prometteuses dans le domaine de la modélisation de l'intermédiation financière et de l'interaction entre sphères réelle et financière. L'accélérateur financier est le mécanisme par lequel les contraintes de financement amplifient les fluctuations macroéconomiques. On souligne ici les apports et les limites de deux modélisations de l'accélérateur financier : Kiyotaki et Moore (1997) et Bernanke, Gertler et Gilchrist (1999). La crise financière invite à dépasser les deux modèles fondateurs car elle place le modélisateur face à plusieurs défis. Des contributions récentes visent à expliquer le choix de la structure du bilan des banques et son impact sur les fluctuations financières et macroéconomiques. Lorsque que la stabilité financière et l'inflation relèvent de la banque centrale, les modèles Megis permettent d'analyser les effets de l'usage d'une règle de Taylor augmentée, les modalités des politiques monétaires non conventionnelles et les stratégies de sortie de crise.

Suggested Citation

  • Eleni Iliopulos & Thepthida Sopraseuth, 2013. "L'intermédiation financière dans l'analyse macroéconomique : le défi de la crise," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00821532, HAL.
  • Handle: RePEc:hal:cesptp:hal-00821532
    Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-00821532
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    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • G01 - Financial Economics - - General - - - Financial Crises
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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