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Reformulation du modèle macroéconomique de la nouvelle synthèse : crédits, politique monétaire et écarts de taux
[A reformulation of the new synthesis macroeconomic model : credits, monetary policy and interest rates gaps]

Author

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  • Landais, Bernard

Abstract

This paper intends to watch and teach the macroeconomic processes with a joint view on monetary policy. It endorses the main ideas expressed by the three equations model of the New Neo-Keynesian Synthesis and to which it adds one loanable funds equation.This widening to credit questions has concrete implications for the role played by the interest gap value and yields curve as a special indicator for effective monetary policy implementation.Besides we emphasize also the non orthodox forms of the central banks' policy. This new four equations model is convenient to make clear the macroeconomic relations for the short run and "normal" periods .It also be a good starting point for studying economic and financial crisis.

Suggested Citation

  • Landais, Bernard, 2012. "Reformulation du modèle macroéconomique de la nouvelle synthèse : crédits, politique monétaire et écarts de taux
    [A reformulation of the new synthesis macroeconomic model : credits, monetary policy
    ," MPRA Paper 38665, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:38665
    as

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    File URL: https://mpra.ub.uni-muenchen.de/38665/1/MPRA_paper_38665.pdf
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    References listed on IDEAS

    as
    1. Otmar Issing, 2009. "Asset Prices and Monetary Policy," Cato Journal, Cato Journal, Cato Institute, vol. 29(1), pages 45-51, Winter.
    2. Gert Peersman, 2011. "Macroeconomic Effects of Unconventional Monetary Policy in the Euro Area," CESifo Working Paper Series 3589, CESifo Group Munich.
    3. Stephen Cecchetti & Madhusudan Mohanty & Fabrizio Zampolli, 2011. "The real effects of debt," BIS Working Papers 352, Bank for International Settlements.
    4. John C. Williams, 2011. "Unconventional monetary policy: lessons from the past three years," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue oct3.
    5. Laurence H. Meyer, 2001. "Does money matter?," Review, Federal Reserve Bank of St. Louis, issue May, pages 1-16.
    6. Hyman P. Minsky, 1992. "The Financial Instability Hypothesis," Economics Working Paper Archive wp_74, Levy Economics Institute.
    7. Bernard LANDAIS, 2010. "The Monetary Origins Of The Economic And Financial Crisis," Journal of Applied Economic Sciences, Spiru Haret University, Faculty of Financial Management and Accounting Craiova, vol. 5(3(13)/Fal), pages 280-291.
    8. Urszula Szczerbowicz, 2011. "Are Unconventional Monetary Policies Effective?," Working Papers CELEG 1107, Dipartimento di Economia e Finanza, LUISS Guido Carli.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Ensignement de l'économie ; Nouvelle synthèse néokeynésienne ; fonds prêtables ; politique monétaire ; écarts de taux ; équilibre macroéconomique ; crises économiques et financières;

    JEL classification:

    • A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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