Credit market balance and the business cycle: a new financial gas pedal.

Summary With the return of financial cycles and the subprime crisis, the literature has re-emphasized the macroeconomic influence of financial factors. Starting with the credit market, it has essentially developed with the financial gas pedal theory (Bernanke and Gertler [1989], Bernanke, Gertler and Gilchrist [1999]) based on the hypothesis of asymmetric information. This thesis proposes to complete this literature by considering the case in which the supply of credit is expressed in a situation of radical uncertainty and to revisit this theory by proposing, based on some of its limitations, another financial acceleration mechanism that is more macroeconomic in nature. This mechanism then allows us to improve our understanding of the role of the credit market in explaining economic fluctuations and to reinterpret economic policy recommendations.