APPROACHES TO MONETARY POLICY REVISITED - LESSONS ...

• exposé - matière potentielle : shylock
• exposé
• expression écrite

220 GEANAKOPLOS PANEL STATEMENT BY JOHN GEANAKOPLOS , YALE UN IVERS ITY , ELL INGTON CAP ITAL MANAGEMENT AND SANTA FE INST ITUTE ENDOGENOUS LEVERAGE AND DEFAULT 1 INTRODUCT ION In my view the fundamental missing ingredients in quantifiable macro models used by the Federal Reserve and the ECB are endogenous default and endogenous lending terms distinct from the interest rate. The models do not recognise that changes in the perception of potential defaults can radically alter lending conditions and therefore economic activity.

• credit cycles
• downpayment
• collateral rates
• subprime bbb abx index
• loss from the crisis stage
• leverage
• interest at a rate
• interest rate
• interest at rate
• prices
• asset prices
• crisis