[eng] Credit money and private loans. . We analyze the causes of money circulation when the issuance ofprivate debts allows agents to transact with each other. We show in general equilibrium that credit money enables agents to transfer their costs of debt management to the banking System. If the...

[fre] Transmission de la politique monétaire et crédit bancaire. Une application à trois pays de l'OCDE. . Le débat sur les canaux de transmission de la politique monétaire s'est situé récemment sur la question du canal par le crédit bancaire. Nous utilisons ici des modèles VAR pour...

[eng] Interest rates, banking spreads and credit supply : the real effects. In a standard ISLM model, the effects of monetary policy work through the demand for money and the (unique) interest rate. In fact, shocks of monetary policy will affect the relative structure of interest rates. In this...