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Rational Inattention to News: The Perils of Forward Guidance.
Gaballo, G. - Banque de France - 2013
foresight about the future T shocks and releases this information to rationally inattentive agents. At the unique REE …
Persistent link: https://www.econbiz.de/10010815968
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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
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Understanding Asset Prices: Determinants and Policy Implications.
Clerc, L. - Banque de France - 2007
The paper provides an overview of recent asset price developments in France in the light of analytical research carried out at the Banque de France. Like in many other countries, historically low interest rates have boosted asset price dynamics in France over recent years. The paper attempts to...
Persistent link: https://www.econbiz.de/10004998854
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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 … policy shocks on euro-denominated financial asset prices and confirm that shocks related to the future path of monetary …
Persistent link: https://www.econbiz.de/10010938544
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Reserve Requirements for Price and Financial Stability - When Are They Effective?
Glocker, C.; Towbin, P. - Banque de France - 2012
Reserve requirements are a prominent policy instrument in many emerging countries. The present study investigates the circumstances under which reserve requirements are an appropriate policy tool for price or financial stability. We consider a small open economy model with sticky prices,...
Persistent link: https://www.econbiz.de/10009651278
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The Macroeconomic Effects of Reserve Requirements
Glocker, Ch.; Towbin P. - Banque de France - 2012
macroeconomic effects. We estimate a vector autoregressive (VAR) model for the Brazilian economy and identify interest rate and … reserve requirement shocks. For both instruments a discretionary tightening leads to a decline in domestic credit. We find …
Persistent link: https://www.econbiz.de/10010540385
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Monetary Policy and Herd Behavior: Leaning Against Bubbles.
Loisel, O.; Pommeret, A.; Portier, T. - Banque de France - 2012
We study the role of monetary policy when asset-price bubbles may form due to herd behavior in investment in an asset whose return is uncertain. To that aim, we build a simple general-equilibrium model whose agents are households, entrepreneurs, and a central bank. Entrepreneurs receive private...
Persistent link: https://www.econbiz.de/10010815962
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Tails of Inflation Forecasts and Tales of Monetary Policy
Andrade, P.; Ghysels, E.; Idier, J. - Banque de France - 2012
We introduce a new measure called Inflation-at-Risk (I@R) associated with (left and right) tail inflation risk. We estimate I@R using survey-based density forecasts. We show that it contains information not covered by usual inflation risk indicators which focus on inflation uncertainty and do...
Persistent link: https://www.econbiz.de/10010815970
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The changing role of expectations in US monetary policy: A new look using the Livingston Survey
Banerjee, A.; Malik, S. - Banque de France - 2012
the VAR and show the significant changes that have occurred in the responses of these variables to monetary policy shocks … or to shocks to expected and actual inflation. In so doing, we generalize the analysis undertaken by Leduc, Sill and …
Persistent link: https://www.econbiz.de/10010816004
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Optimal Monetary and Prudential Policies.
Collard, F.; Dellas, H.; Diba, B.; Loisel, O. - Banque de France - 2012
The recent financial crisis has highlighted the interconnectedness between macroeconomic and financial stability and has raised the question of whether and how to combine the corresponding main policy instruments (interest rate and bank-capital requirements). This paper offers a characterization...
Persistent link: https://www.econbiz.de/10010816018