Investissement, contraintes financières et fluctuations macroéconomiques

Miguel Casares and Jean-Christophe Poutineau ()
Additional contact information
Jean-Christophe Poutineau: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique

Post-Print from HAL

Abstract: This paper analyses the consequences of the existence of financial frictions and of a banking system on business cycles, in a new Keynesian macroeconomics model. We contrast our conclusions with those obtained in two other existing frameworks (namely the canonical nns model of Woodford, [2003] and the " loan in advance " model of Goodfriend and McCallum [2007]). Impulse response functions from technology shocks show some attenuation effect due to the procyclical behavior of the marginal finance cost. In contrast an adverse financial shock induces sizeable declines in output, inflation and interest rates. Using the baseline calibrated model, we show how a 10% increase in banking efficiency would result in a permanent welfare gain equivalent to 0.3% of output.

Keywords: fluctuations macroéconomiques; contraintes financières; investissement (search for similar items in EconPapers)
Date: 2012
References: Add references at CitEc
Citations:

Published in Revue Economique, 2012, 63, pp.935-951. ⟨10.3917/reco.635.0935⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Journal Article: Investissement, contraintes financières et fluctuations macroéconomiques (2012)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00739005

DOI: 10.3917/reco.635.0935

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().