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Credit Constraints and the Cyclicality of R&D Investment: Evidence from France.
Aghion, P.; Askenazy, P.; Berman, N.; Cette, G.; Eymard, L. - Banque de France - 2008
volatility in more credit constrained firms. …
Persistent link: https://www.econbiz.de/10008528504
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Impact of research tax credit on R&D and innovation: evidence from the 2008 French reform.
Bozio, A.; Irac, D.; Py, L. - Banque de France - 2014
intensive margin and extensive margin, but a possible lower impact on innovation than could have been expected. …
Persistent link: https://www.econbiz.de/10011105998
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The Growth-Volatility Relationship: New Evidence Based on Stochastic Volatility in Mean Models
Lemoine, M.; Mougin, C. - Banque de France - 2010
This paper models the relationship between growth and volatility for G7 economies in the time period 1960-2009. It … delivers for the first time estimates of this relationship based on a logarithm variant of stochastic volatility in mean (SV … show that output volatility has increased in all countries since the beginning of the financial crisis, which illustrates …
Persistent link: https://www.econbiz.de/10008511689
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For a Few Dollars More: Reserves and Growth in Times of Crises
Bussière, M.; Cheng, G.; Chinn, M.; Lisack, N. - Banque de France - 2015
Based on a dataset of 112 emerging economies and developing countries, this paper addresses the question whether the accumulation of international reserves has effectively protected countries during the 2008-09 financial crisis. More specifically, the paper investigates the relation between...
Persistent link: https://www.econbiz.de/10011272194
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The Cross-Section of Foreign Currency Risk Premia and Consumption Growth Risk.
Lustig, H.; Verdelhan, A. - Banque de France - 2006
Aggregate consumption growth risk explains why low interest rate currencies do not appreciate as much as the interest rate differential and why high interest rate currencies do not depreciate as much as the interest rate differential. Domestic investors earn negative excess returns on low...
Persistent link: https://www.econbiz.de/10005082517
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Short Note on the Unemployment Rate of the French Overseas Regions
Hoarau, J-F.; Lopez, C.; Paul, M. - Banque de France - 2011
This article analyzes the hysteresis hypothesis in the unemployment rates of the four French overseas regions (Guadeloupe, Martinique, Guyana, Reunion) [FORs] over the period 1993-2008. We use standard univariate and panel unit root tests, among them Choi (2006) and Lopez (2009) that account for...
Persistent link: https://www.econbiz.de/10009228694
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Median-Unbiased Estimation in DF-GLS Regressions and the PPP Puzzle
Lopez, C.; Murray, C J.; Papell, D H. - Banque de France - 2011
Using median-unbiased estimation based on Augmented-Dickey-Fuller (ADF) regressions, recent research has questioned the validity of Rogoff's "remarkable consensus" of 3-5 year half-lives of deviations from PPP. The confidence intervals of these half-life estimates, however, are extremely wide,...
Persistent link: https://www.econbiz.de/10009228696
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The Exchange Rate Pass-Through in the New EU Member States
Jimborean, R. - Banque de France - 2011
This paper aims to complete our understanding of the relationship between changes in nominal effective exchange rates and prices in the new EU member states. We investigate the exchange rate pass-through to import, producer and consumer prices for ten Central and Eastern European countries with...
Persistent link: https://www.econbiz.de/10009275674
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In Defense of Early Warning Signals.
Bussière, M. - Banque de France - 2013
The 2008 financial crisis has rekindled interest in the issue of early warning signals (EWS) of financial distress. It has also triggered renewed interest in the literature on currency crises, with many countries, especially among emerging market economies, experiencing severe exchange market...
Persistent link: https://www.econbiz.de/10010815949
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Optimal Exchange Rate Policy in a Growing Semi-Open Economy.
Bacchetta, P.; Benhima, K.; Kalantzis, Y. - Banque de France - 2013
In this paper, we consider an alternative perspective to China's exchange rate policy. We study a semi-open economy where the private sector has no access to international capital markets but the central bank has full access. Moreover, we assume limited financial development generating a large...
Persistent link: https://www.econbiz.de/10010815978