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The art of central banking of the ECB and the separation principle.
Clerc, L.; Bordes, C. - Banque de France - 2010
This paper examines the art of central banking as practised by the European Central Bank (ECB) through the prism of Goodfriend's (2009) determination of the three policies that fall within the remit of a central bank: monetary policy, which consists in varying the size of the balance sheet,...
Persistent link: https://www.econbiz.de/10008548998
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Price Stability and The ECB's Monetary Policy Strategy
Bordes, C.; Clerc, L. - Banque de France - 2004
exclusively on the anchoring of short- to medium-term inflation expectations (Part 2). Several measures show that this anchoring … expectations has on the determination of the short- to medium-term inflation rate. From this point of view, observed inflation in … on the other aspect of monetary stability: the degree of price-level uncertainty and the anchoring of inflation …
Persistent link: https://www.econbiz.de/10005056542
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Assessing GMM Estimates of the Federal Reserve Reaction Function.
Florens, C.; Jondeau, E.; Le Bihan, H. - Banque de France - 2001
Estimating a forward-looking monetary policy rule by the Generalized Method of Moments (GMM) has become a popular approach since the influential paper by Clarida, Gali, and Gertler (1998). However, an abundant econometric literature underlines the unappealing small-samples properties of GMM...
Persistent link: https://www.econbiz.de/10005671910
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Macro-prudential policy and the conduct of monetary policy.
Beau, D.; Clerc, L.; Mojon, B. - Banque de France - 2011
In this paper, we analyse the interactions between monetary and macro-prudential policies and the circumstances under which such interactions call for their coordinated implementation. We start with a review of the interdependencies between monetary and macro-prudential policies. Then, we use a...
Persistent link: https://www.econbiz.de/10010815922
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Macro-Prudential Policy and the Conduct of Monetary Policy.
Beau, D.; Clerc, L.; Mojon, B. - Banque de France - 2012
inflation dynamics across four “policy regimes” depending on: (a) the monetary policy objectives – that is, whether the policy …
Persistent link: https://www.econbiz.de/10010816001
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Is There a Bank lending Channel in France? Evidence From Bank Panel Data.
Loupias, C.; Savignac, F.; Sevestre, P. - Banque de France - 2002
The aim of this paper is to check the possible existence of a bank lending channel in France. For that purpose, we have estimated a dynamic reduced form model allowing for asymmetries in loan supply across banks, depending on their size, liquidity and capitalization. We have used a panel of 312...
Persistent link: https://www.econbiz.de/10005056537
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Estimation of a Time Varying NAIRU for France.
Irac, D. - Banque de France - 2000
bank since it focuses directly on inflation. Thus, the paper considers the reduced Phillips equation, assuming a stable … relationship between inflation and some kind of demand disequilibrium index, as the most promising starting point to estimate an …
Persistent link: https://www.econbiz.de/10005036216
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Implementing monetary policy in a fragmented monetary union.
Vari, M. - Banque de France - 2014
This paper shows how interbank market fragmentation disrupts monetary policy implementation. Fragmentation is defined as the situation where some banks are cut from the interbank loan market. The paper incorporates fragmentation in an otherwise standard theoretical model of monetary policy...
Persistent link: https://www.econbiz.de/10011099532
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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
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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