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Common business and housing market cycles in the Euro area from a multivariate decomposition.

Ferrara, L.; Koopman, S J. - Banque de France - 2010

The 2007 sub-prime crisis in the United States, prolonged by a severe economic recession spread over many countries around the world, has led many economic researchers to focus on the recent fluctuations in housing prices and their relationships with macroeconomics and monetary policies. The...

Persistent link: https://www.econbiz.de/10008503197

Partial Indexation, Trend Inflation, and the Hybrid Phillips Curve

Sahuc, J-G. - Banque de France - 2004

the interaction between partial indexation and trend inflation. We show that using a hybrid version of the Phillips curve … partly decreases the risks of overestimate due to the omission of trend inflation. We also provide new evidence on the fit of …) forgetting trend inflation induces overestimating by approximately 3-4 percent of the probability to not change the price, for …

Persistent link: https://www.econbiz.de/10005056511

Rent building, rent sharing - A panel country-industry empirical analysis

Askenazy, P.; Cette, G.; Maarek, P. - Banque de France - 2012

Through panel estimates using OECD country-industry statistics, this paper aims to clarify the determinants of rent creation and the mechanisms of rent sharing, and the role of market regulations in these processes. It uses a panel database of 4,136 observations, comprising industry-level data...

Persistent link: https://www.econbiz.de/10010533728

A Time-Varying Natural Rate for the Euro Area

Mésonnier, J-S.; Renne, J-P. - Banque de France - 2004

In this article we estimate a time-varying " natural " rate of interest (TVNRI) for a synthetic euro area over the period 1979Q1-2002Q4 using a small backward-looking macroeconomic model, broadly following a methodology developed by Laubach and Williams (2003) for the United States. The Kalman...

Persistent link: https://www.econbiz.de/10005056544

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

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

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

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

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

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