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Measuring the NAIRU: a complementary approach

De la Serve, M-E.; Lemoine, M. - Banque de France - 2011

assumption improves the fit of the inflation equation. Third, this assumption is necessary for getting an important reduction of …

Persistent link: https://www.econbiz.de/10009293540

Some Preliminary Evidence on the Globalization-Inflation Nexus.

Guilloux, S.; Kharroubi, E. - Banque de France - 2008

This paper aims at evaluating the impact of globalization, if any, on inflation and the inflation process. We estimate … commodity import price inflation on CPI inflation depends on the volume of commodity imports while the impact of non …-commodity import price inflation is independent of the volume of non-commodity imports. Second, focusing on the role of intra …

Persistent link: https://www.econbiz.de/10008528501

Euro Area monetary policy shocks: impact on financial asset prices during the crisis?

Jardet, C.; Monks, A. - Banque de France - 2014

We use high-frequency intraday interest rate data to measure euro area monetary policy shocks on the days of ECB interest rate announcements between 2002 and 2013. In line with Gürkaynak et al. (2005), we look at monetary policy shocks along two time dimensions: one related to the current level...

Persistent link: https://www.econbiz.de/10010938544

Comportement du banquier central en environnement incertain

Avouyi-Dovi, S.; Sahuc, J-G. - Banque de France - 2009

Several recent papers are devoted to the examination of the central banker's behaviour in an uncertain economic environment. This paper proposes, from a central banker's point of view, a synthesis of the main sources of uncertainty as well as an illustration of their effects within an analytical...

Persistent link: https://www.econbiz.de/10008479237

Bubble-free interest-rate rules.

Loisel, O. - Banque de France - 2006

This paper designs, for a broad class of rational-expectations dynamic stochastic general-equilibrium models, interest-rate rules which not only ensure the local determinacy of the targeted equilibrium within the neighbourhood of the targeted steady state, but also prevent the economy from...

Persistent link: https://www.econbiz.de/10004998843

Central Bank Reputation in a Forward-Looking Model.

Loisel, O. - Banque de France - 2005

to the possible inflation bias; second, it enables us to model more satisfactorily the reputation of the central bank by … accounting for the coordination of the private agents on the punishment length. Our results suggest that the inflation bias and …

Persistent link: https://www.econbiz.de/10005056519

BASEL III: Long-term impact on economic performance and fluctuations

Angelini, P.; Clerc, L.; Cúrdia, V.; Gambacorta, L.; … - Banque de France - 2011

We assess the long-term economic impact of the new regulatory standards (the Basel III reform), answering the following questions. (1) What is the impact of the reform on long-term economic performance? (2) What is the impact of the reform on economic fluctuations? (3) What is the impact of the...

Persistent link: https://www.econbiz.de/10008873321

The Term Structure of the Welfare Cost of Uncertainty

Lopez, P. - Banque de France - 2014

The marginal cost of aggregate fluctuations has a term structure that is a simple transformation of the term structures of equity and interest rates. I extract evidence from index option markets to infer a downward-sloping, volatile and procyclical term structure of welfare costs. On average,...

Persistent link: https://www.econbiz.de/10010961063

The Shimer puzzle(s) in a New Keynesian framework.

Pizzo, A. - Banque de France - 2014

In this paper I shed light on the issues of the (low) volatilities of labor market variables implied by the search and matching model and the (high) values of the correlations between these variables and labor productivity. On the one hand, Shimer (2005) claims that “Not only there is little...

Persistent link: https://www.econbiz.de/10010933106

Trends in "structural" productivity levels in the major industrialized countries.

Bourlès, R.; Cette, G. - Banque de France - 2006

Estimating returns to hours worked and the employment rate provides us with an original interpretation of changes in US productivity and other industrialized countries' catch-up with US productivity levels over recent decades.

Persistent link: https://www.econbiz.de/10005082519