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Dysfonctionnement bancaire, bulle du crédit et instabilité macroéconomique dans une économie monétaire dynamique et complexe

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  • Pascal Seppecher

Abstract

We present a model of a complex, dynamic economy wherein money creation and destruction result from interactions between many heterogeneous agents. This model can occur repeatedly, thereby stabilizing income distribution between wages and profits. We then modify the model by introducing an unprofitable firm to which the banking system continuously lends. Increasing risk in the banking system, beyond what is allowed by its own funds, reflects a growing disjunction between the real and monetary spheres. The credit-bubble feeds demand and economic activity and evidence of overheating increases. The profit share rises and the macroeconomic stability of the model is affected. Classification JEL : C63, E25, E27, E51

Suggested Citation

  • Pascal Seppecher, 2010. "Dysfonctionnement bancaire, bulle du crédit et instabilité macroéconomique dans une économie monétaire dynamique et complexe," Revue économique, Presses de Sciences-Po, vol. 61(3), pages 441-449.
    • Handle: RePEc:cai:recosp:reco_613_0441
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    Cited by:

    1. Seppecher, Pascal, 2012. "Flexibility Of Wages And Macroeconomic Instability In An Agent-Based Computational Model With Endogenous Money," Macroeconomic Dynamics, Cambridge University Press, vol. 16(S2), pages 284-297, September.

    More about this item

    JEL classification:

    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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