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The impact of unconventional monetary policy on the market for collateral: The case of the French bond market

Avouyi-Dovi, S.; Idier, J. - Banque de France - 2011

financial institutions to market participants. In particular, we analyze liquidity and volatility premia on the French …; in the other, which we dub the unconventional regime, monetary policy operations lead to volatility and liquidity premia …

Persistent link: https://www.econbiz.de/10009275673

Central bank liquidity and market liquidity: the role of collateral provision on the French government debt securities market.

Avouyi-Dovi, S.; Idier, J. - Banque de France - 2010

We examine the effects of collateral provision as a potential channel between funding liquidity tensions and the … scarcity of market liquidity. This channel consists in transferring the credit risk associated with refinancing operations … between financial institutions to market participants that bear new liquidity risk on the market associated with collateral …

Persistent link: https://www.econbiz.de/10008516105

New-Consensus Macroeconomic Governance in a Keynesian world, and the Keynesian alternative

Asensio, Angel - HAL - 2006

The paper presents both the New Consensus and Keynesian equilibrium within the usual fourcompetitive macro-markets structure. It gives theoretical explanations of the perniciouseffects that the NCM governance, which has been designed for ergodic stationary regimes,brings about in Keynesian...

Persistent link: https://www.econbiz.de/10008789572

Monetary and budgetary-fiscal policy interactions in a Keynesian heterogeneous monetary union

Asensio, Angel - HAL - 2006

The paper studies the effects of heterogeneity upon the monetary and fiscal-budgetary policy interactions in a Keynesian monetary union. As a result of interactions, some of our results contrast sharply with the ones in studies that consider separately monetary, fiscal and budgetary policies....

Persistent link: https://www.econbiz.de/10008792215

Monetary and budgetary-fiscal policy interactions in a Keynesian context: revisiting macroeconomic governance

Asensio, Angel - HAL - 2005

Because it was designed for efficient stationary regimes, the New-Consensus Macroeconomic governance carries several drawbacks when implemented in Keynesian non-ergodic regimes. As long as Keynesian unemployment is interpreted in terms of 'natural' rate, it serves as a macroeconomic policy...

Persistent link: https://www.econbiz.de/10008792469

The macroeconomic governance of the European Monetary Union: A Keynesian perspective

Asensio, Angel - HAL - 2005

Extending Asensio's closed-economy framework (2005a,b) to a monetary union, we show that theprinciples of governance which emanate from the so called "New Consensus in Macroeconomics"(NCM), and therefore have been designed for presumed stationary regimes, may cause severedysfunctions, such as...

Persistent link: https://www.econbiz.de/10008792744

Economic consequences of the financial crisis - A Keynesian point of view

Asensio, Angel - HAL - 2008

The paper discusses the possible economic consequences of the financial crisis from a (Post)Keynesian point of view. It examines the forthcoming depressive mechanisms, including the orthodox reactions of monetary and fiscal authorities, in the vein of those inferred in Europe by the mandate of...

Persistent link: https://www.econbiz.de/10008794314

Réformes structurelles sur le marché du travail : quels enseignements peut-on tirer des études existantes ?

Fougère, D. - Banque de France - 2006

In general, empirical studies having evaluated with firm individual data the effects of structural labour market reforms in European countries do not reach unambiguous conclusions. In particular, they find that reforms increasing incentives to lower the number of temporary labour contracts do...

Persistent link: https://www.econbiz.de/10004998818

Quantitative easing works: Lessons from the unique experience in Japan 2001-2006

Girardin, Eric; Moussa, Zakaria - HAL - 2010

Japanese monetary policy during the "lost" decade and quantify the effect of quantitative easing on Japan's activity and prices …

Persistent link: https://www.econbiz.de/10008794832

The Bank of France and the Open-Market instrument: an impossible wedding?

Barbaroux, Nicolas - HAL - 2014

In the aftermath of the sovereign debt criss, open-market interventions prevailed within the central bank's policy answers known under the label unconventional monetary policy measures. During interwar period, France was an isolated case, among the leading countries, by everlastingly rejecting...

Persistent link: https://www.econbiz.de/10010933149