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Chapitre d'ouvrage Année : 2004

A Growth Cycles Interaction with Imperfect Credit Market

Résumé

Within the Endogenous Growth paradigm, this paper studies the relationship between cycles and growth. The paper questions the positive influence that recessions may have on growth. Instead of paying attention to the innovation – market structure relationship, it focuses on the innovation – financial markets imperfections relationship. A model is developed where all investment is financed via credit extension characterised by credit rationing due to the asymmetric information hypothesis. In that context, we show that monetary policy is not neutral anymore and that finance may boost growth in smoothing intertemporal fluctuations through the credit channel.
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Dates et versions

halshs-00484086, version 1 (17-05-2010)

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  • HAL Id : halshs-00484086 , version 1

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Muriel Dal-Pont Legrand. A Growth Cycles Interaction with Imperfect Credit Market. Edited by C. Hausen, M. Resinek, N. Schürmann and M. Stierle. Determinants of Growth and Business Cycles: Theory, Empirical Evidences and Policy Implications, INFER Research Edition, 2004. ⟨halshs-00484086⟩
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