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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]

  • Landais, Bernard
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    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.

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    File URL: http://mpra.ub.uni-muenchen.de/38665/1/MPRA_paper_38665.pdf
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    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 38665.

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    Date of creation: Feb 2012
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    Handle: RePEc:pra:mprapa:38665
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    1. Urszula Szczerbowicz, 2011. "Are Unconventional Monetary Policies Effective?," Working Papers CELEG 1107, Dipartimento di Economia e Finanza, LUISS Guido Carli.
    2. Peersman, Gert, 2011. "Macroeconomic effects of unconventional monetary policy in the euro area," Working Paper Series 1397, European Central Bank.
    3. Laurence H. Meyer, 2001. "Does money matter?," Review, Federal Reserve Bank of St. Louis, issue May, pages 1-16.
    4. Stephen Cecchetti & Madhusudan Mohanty & Fabrizio Zampolli, 2011. "The real effects of debt," BIS Working Papers 352, Bank for International Settlements.
    5. Hyman P. Minsky, 1992. "The Financial Instability Hypothesis," Economics Working Paper Archive wp_74, Levy Economics Institute.
    6. Otmar Issing, 2009. "Asset Prices and Monetary Policy," Cato Journal, Cato Journal, Cato Institute, vol. 29(1), pages 45-51, Winter.
    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.
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