La dynamique de la politique monétaire, des prix d'actifs et de la dette aux États-Unis

Patrick Artus

Revue économique, 2004, vol. 55, issue 2, 187-205

Abstract: We develop a theoretical model to explain output, prices, the value of assets, credit and default risk. This model explains rather well the dynamic evolutions observed in the United States. Expansionnary monetary policies lead first to an increase in asset prices, which then implies an increase in credit supply, in output, and a small increase in prices if the supply of goods is very price-elastic. Afterwards, the solvency of borrowers deteriorates, risk premia appear, and demand and output decline. Classification JEL : E51 ; G33.

JEL-codes: G33 (search for similar items in EconPapers)
Date: 2004
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