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

  • Eleni Iliopulos

    (CEPREMAP - Centre pour la recherche économique et ses applications, EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics - Ecole d'Économie de Paris)

  • Thepthida Sopraseuth

    (CEPREMAP - Centre pour la recherche économique et ses applications, GAINS - Groupe d'Analyse des Itinéraires et des Niveaux Salariaux - Université du Maine, TEPP - Travail, Emploi et Politiques Publiques - CNRS : FR3435 - Université Paris-Est Marne-la-Vallée (UPEMLV))

Dans cet article, nous présentons la modélisation du secteur financier dans la littérature des MEGIS. Ces maquettes de l'économie visent à quantifier l'impact sur les variables d'intérêt (inflation, prix des actifs, PIB, taux d'intérêt par exemple) de l'ensemble des interactions des agents économiques présents dans le modèle. Cet accent sur l'équilibre général implique une modélisation lourde intégrant non seulement le comportement de tous les agents, mais également l'impact de l'ensemble de ces comportements sur le prix de chaque marché modélisé dans la maquette. Un économiste raisonnant en équilibre partiel ne s'intéresserait qu'aux comportements individuels sans rechercher à quantifier l'impact des interactions individuelles sur l'économie. L'approche en équilibre général s'impose en particulier dans l'analyse de la crise récente au cours de laquelle les choix des agents économiques ont affecté les prix de marché, lesquels viennent, dans un effet retour, modifier les actions des agents.

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