2019
DOI: 10.3917/rfe.183.0201
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Hétérogénéité des agents, interconnexions financières et politique monétaire : une approche non conventionnelle

Abstract: Dans cet article, nous réexaminons les fondements des modèles théoriques qui soustendent le consensus de politique monétaire prévalant avant la Grande Récession. Nous soulignons en quoi l'échec de ces modèles à prévenir la crise et à fournir un guide d'action pendant la récession était dû à l'excès de confiance dans la capacité d'autorégulation des marchés et à la négligence du rôle joué par la finance dont ils témoignaient. Nous présentons, ensuite, les bases d'une approche alternative de la politique monétai… Show more

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“…After the 2007-2008 crises, the echo of economic news suggested the consolidation of financial stabilisation policies, specifically those directed at the banking sector as an approach to contain the negative effect of financial development. The main motivation behind this choice is that tools provided by this prudential policy can play an important role to reduce perverse choices of financial actors toward liquidity (Boissay et al, 2021) as, the connection and permeability between different actors in the financial sector inhibit central bank from anticipating deviant choices that are a source of risk and monetary instability (Gaffard and Napoletano, 2018).…”
Section: Introductionmentioning
confidence: 99%
“…After the 2007-2008 crises, the echo of economic news suggested the consolidation of financial stabilisation policies, specifically those directed at the banking sector as an approach to contain the negative effect of financial development. The main motivation behind this choice is that tools provided by this prudential policy can play an important role to reduce perverse choices of financial actors toward liquidity (Boissay et al, 2021) as, the connection and permeability between different actors in the financial sector inhibit central bank from anticipating deviant choices that are a source of risk and monetary instability (Gaffard and Napoletano, 2018).…”
Section: Introductionmentioning
confidence: 99%