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Déséquilibres macro-économiques et rationnement du crédit

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  • Michel Guillard

Abstract

[eng] Macroeconomic disequilibria and credit rationing. . This paper analyses the consequences of financial rationing on temporary and stationary equilibria. We suppose that central bank policy bas direct influence on activity by controlling the nominal supply of credit. The hypothesis of imperfect (slow) priee adjustment allows us to distinguish different macroeconomic regimes. We reinterpret the phenomenon of effective supply failures, developped by.Blinder [1987], as the resuit of the dynamic instability of the classical unemployment regime when the steady-state investment demand of producers is financially rationed. [fre] Déséquilibres macro-économiques et rationnement du crédit. . Cet article étudie les conséquences sur les équilibres macro-économiques de court et de moyen termes d'un rationnement financier provenant d'une règle d'encadrement du crédit exprimée en termes nominaux. Une distinction est effectuée entre les différents régimes possibles, lorsque les prix s'ajustent avec retard. Elle permet de réinterpréter le processus de dépression inflationniste décrit par Blinder [1987] comme résultant de l'instabilité patente du régime de chômage classique, lorsque les entreprises, financièrement contraintes sur leur demande d'investissement, sont dans l'impossibilité de remplacer leur capital usagé.

Suggested Citation

  • Michel Guillard, 1992. "Déséquilibres macro-économiques et rationnement du crédit," Revue Économique, Programme National Persée, vol. 43(6), pages 1071-1105.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1992_num_43_6_409414
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    References listed on IDEAS

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    1. Abel, Andrew B & Blanchard, Olivier J, 1983. "An Intertemporal Model of Saving and Investment," Econometrica, Econometric Society, vol. 51(3), pages 675-692, May.
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    4. Jean-Marc Tallon, 1988. "Taux d'intérêt, rationnement du crédit et déséquilibres macroéconomiques," Revue de l'OFCE, Programme National Persée, vol. 24(1), pages 125-161.
    5. Blinder, Alan S, 1987. "Credit Rationing and Effective Supply Failures," Economic Journal, Royal Economic Society, vol. 97(386), pages 327-352, June.
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    7. Fumio Hayashi, 1985. "Tests for Liquidity Constraints: A Critical Survey," NBER Working Papers 1720, National Bureau of Economic Research, Inc.
    8. Michel Guillard, 1992. "Diversification incomplète et rationnements financiers," Revue Économique, Programme National Persée, vol. 43(2), pages 327-362.
    9. Douglas Gale & Martin Hellwig, 1985. "Incentive-Compatible Debt Contracts: The One-Period Problem," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 52(4), pages 647-663.
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