Hétérogénéité des agents, interconnexions financières et politique monétaire: une approche non conventionnelle

Jean-Luc Gaffard and Mauro Napoletano

Revue française d'économie, 2018, vol. XXXIII, issue 3, 201-231

Abstract: In this paper, we revisit the main building blocks of the theoretical models underlying the monetary policy consensus before the Great Recession. We highlight how the failure of these models to prevent the crisis and to provide guidance during the recession were due to the excessive confidence in the ability of markets to coordinate demand and supply, and to the neglect of the role of finance. Furthermore, we outline the main elements of an alternative approach to monetary policy that put emphasis on the market processes driving the coordination between heterogeneous agents, and on the externalities transmitted by financial inter-linkages. New classes of models, namely, agent-based and financial network models, capture many elements of this new approach. We discuss some new insights from these models for the conduct of monetary policy, and for its interactions with fiscal and macroprudential policies.

Date: 2018
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Related works:
Working Paper: Hétérogénéité des agents, interconnexions financières et politique monétaire: une approche non conventionnelle (2018)
Working Paper: Hétérogénéité des agents, interconnexions financières et politique monétaire: une approche non conventionnelle (2018)
Working Paper: Hétérogénéité des agents, interconnexions financières et politique monétaire: une approche non conventionnelle (2018)
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