Energy and money in new frameworks for macro-dynamics.

Summary Since the stagflation observed following the sharp rise in the price of oil in 1973 and 1979, oil shocks have been considered one of the most potentially important sources of fluctuations in the United States as well as in many industrialized countries. Many articles have studied the role of oil shocks in the fluctuation of the main macroeconomic variables, namely growth, unemployment, inflation and wages. However, this work has not yet led to a consensus. The debate has even intensified over the past decade, due to a lack of a strong response from the real economy during the period of rising oil prices between 2002 and 2007. In effet, the recession that such a price increase should have caused was not observed until the subprime crisis in 2008. Several hypotheses were put forward to explain the difference between the crises of the 1970s and 2000s. Blanchard & Gali (2009) and Blanchard & Riggi (2013) mention, for example, the reduction in the amount of oil used in production, greater flexibility in real wages and greater credibility of monetary policy. Hamilton (2009) and Kilian (2008), on the other hand, suggest that it can be explained by the different origins of the two oil shocks: a supply shock during the 1970s and a demand shock during the 2000s. The original objective of the thesis was to re-examine the impact of oil shocks on the real economy through the debt channel. [The development of this work initiated in the thesis may lead to an alternative modeling framework that is decisive for the intelligence of macroeconomics. It should allow a better understanding of the evaluation of the reciprocal relations between the financial sphere, the reality of real macroeconomic cycles, energy and climate in what is undoubtedly the challenge of our generation: the ecological transition.