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A Two-Pillar DSGE Monetary Policy Model for the Euro Area.
Barthélemy, J.; Clerc L.; Marx, M. - Banque de France - 2008
Whereas the bulk of the literature on DSGE models provides a rationale for inflation targeting strategies, there is no … inflation, eventually accounting for structural shifts in velocity; 4) we found some evidence that the ECB has reacted …
Persistent link: https://www.econbiz.de/10005036223
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Can Financial Infrastructures Foster Economic Development?.
Amable, B.; Chatelain, J.-B. - Banque de France - 2001
In this paper, financial infrastructures increase the efficiency of the banking sector: they decrease the market power (due to horizontal differentiation) of the financial intermediaries, lower the cost of capital, increase the number of depositors and the amount of intermediated savings,...
Persistent link: https://www.econbiz.de/10005036186
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Bank risks, monetary shocks and the credit channel in Brazil: identification and evidence from panel data.
Ramos-Tallada, J. - Banque de France - 2015
Using a large database of bank financial statements, this paper investigates the determinants of the bank lending channel (BLC) of monetary transmission in Brazil between 1995 and 2012. I extend the standard empirical approach in two main ways. First, I apply a micro-founded strategy for...
Persistent link: https://www.econbiz.de/10011269008
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Determinants of OECD countries’ sovereign yields: safe havens, purgatory, and the damned.
Bortoli, C.; Harreau, L.; Pouvelle, C. - Banque de France - 2014
In this paper, we estimate the determinants of the spreads between the 10-year sovereign bond yields and the (interest rate) swap rate for a sample of 22 OECD countries over the January 1999-December 2013 period, using various models. Our main, fixed-effect, model highlights the crucial role of...
Persistent link: https://www.econbiz.de/10010815955
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Stress Testing and Corporate Finance.
De Bandt, O.; Bruneau, C.; El Amri, W. - Banque de France - 2008
The article contributes to the literature on financial fragility, studying how macro-economic shocks affect supply and demand in the corporate debt market. We take into account the effect of the competitive environment, as well as the risk level, measured by companies' default rate. The model is...
Persistent link: https://www.econbiz.de/10008528509
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Optimal Price Setting During a Currency Changeover: Theory and Evidence from French Restaurants
Berardi, N.; Eife, T. A.; Gautier, E. - Banque de France - 2012
This paper studies firms' price-setting decision during a currency changeover. Buyers' difficulties with the new nominal price level create incentives to raise prices temporarily but doing so comes at the risk of damaging a seller's reputation in the long run. We model firms' trade-off and study...
Persistent link: https://www.econbiz.de/10010534896
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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
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Debt enforcement and the return on money
Rojas-Breu, M. - Banque de France - 2011
return on assets is determined by incentives eliciting voluntary debt repayment. I show that the inflation rate or, more …, money is used in equilibrium and the optimal inflation rate is positive. …
Persistent link: https://www.econbiz.de/10009320820
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Financial Regulation in General Equilibrium
Goodhart, Ch. A. E.; Kashyap, A. K.; Tsomocos, D. P.; … - Banque de France - 2012
This paper explores how different types of financial regulation could combat many of the phenomena that were observed in the financial crisis of 2007 to 2009. The primary contribution is the introduction of a model that includes both a banking system and a “shadow banking system” that each...
Persistent link: https://www.econbiz.de/10010815967
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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
monetary policy in the United States, in particular its interaction with the formation of inflation expectations and the … linkages between monetary policy, inflation expectations and the behaviour of CPI inflation. We use Livingston Survey data for … expected inflation, measured at a bi-annual frequency, actual inflation, unemployment and a nominal interest rate to estimate …
Persistent link: https://www.econbiz.de/10010816004