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

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  • Patrick Artus

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.

Suggested Citation

  • Patrick Artus, 2004. "La dynamique de la politique monétaire, des prix d'actifs et de la dette aux États-Unis," Revue économique, Presses de Sciences-Po, vol. 55(2), pages 187-205.
    • Handle: RePEc:cai:recosp:reco_552_0187
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    JEL classification:

    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation

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