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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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How Fiscal Policy Affects the Price Level: Britain’s First Experience with Paper Money.
Antipa, P. - Banque de France - 2014
accompanied by large scale debt accumulation and inflation: After Napoleon’s final defeat at Waterloo in 1815, the debt to GDP …
Persistent link: https://www.econbiz.de/10011096086
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Globalization, Market Structure and the Flattening of the Phillips Curve.
Guilloux-Nefussi, S. - Banque de France - 2015
The decline in the sensitivity of inflation to domestic slack observed in developed countries over the last 25 years … also the bigger ones) enter the export market. They tend to transmit less marginal cost fluctuations into inflation because … the proportion of large firms reduces the pass-through of marginal cost into inflation. …
Persistent link: https://www.econbiz.de/10011196011
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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
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More Facts about Prices: France Before and During the Great Recession.
Berardi, N.; Gautier, E.; Le Bihan, H. - Banque de France - 2013
sales; (iv) price changes related to sales and product replacements are less driven by inflation variations than regular … price changes; (v) the monthly inflation rate is correlated to the frequencies of price decreases and increases. The …
Persistent link: https://www.econbiz.de/10010816022