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The European Monetary Union and Imbalances: Is it an Anticipation Story ?
Siena, D. - Banque de France - 2014
This paper investigates the sources of current account imbalances accumulated within the European Monetary Union before the Great Recession. First, it documents that starting in 1996, before the actual introduction of the euro, countries in the euro area periphery experienced increasing current...
Persistent link: https://www.econbiz.de/10010815969
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Global Imbalances and Imported Disinflation in the Euro Area
Barthélemy, J.; Cléaud, G. - Banque de France - 2011
trends on all variables, which allow us to estimate on gross data. We first provide a theoretical balanced growth path …
Persistent link: https://www.econbiz.de/10009145707
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The Growth-Volatility Relationship: New Evidence Based on Stochastic Volatility in Mean Models
Lemoine, M.; Mougin, C. - Banque de France - 2010
This paper models the relationship between growth and volatility for G7 economies in the time period 1960-2009. It … in mean (log-GARCH-M) models, the class of time series models previously used in the literature to estimate the growth … volatility on output growth, which is not taken into account by log-GARCH-M models. …
Persistent link: https://www.econbiz.de/10008511689
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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
Monetary authorities in emerging markets are often reluctant to raise interest rates when dealing with credit booms driven by capital inflows, as they fear that an increase attracts even more capital and appreciates the currency. A number of countries therefore use reserve requirements as an...
Persistent link: https://www.econbiz.de/10010540385
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Heterogeneity, Unemployment Benefits and Voluntary Labor Force Participation.
Devulder, A. - Banque de France - 2014
In this paper, I propose a new Keynesian DSGE model with labor market search and matching frictions which replicates the low volatility and the moderate procyclicality of the labor force participation rate, that are observed in the United States at business cycle frequency. That being so,it can...
Persistent link: https://www.econbiz.de/10010816009
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Are Business and Credit Cycles Converging or Diverging? A comparison of Poland, Hungary, the Czech Republic and the Euro Area.
Avouyi-Dovi, S.; Kierzenkowski, R.; Lubochinsky, C. - Banque de France - 2006
This paper provides an analysis of co-movements between real and financial variables in three new EU member countries (the Czech Republic, Hungary and Poland) and the euro area. It focuses on the co-movement between real credit granted to firms and real industrial output on the one hand, and...
Persistent link: https://www.econbiz.de/10004998815
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Deux indicateurs probabilistes de retournement cyclique pour l’économie française.
Adanero-Donderis, M.; Darné, O.; Ferrara, L. - Banque de France - 2007
qualitative information by comparison with more classical quantitative tools aiming at estimating the GDP growth rate. …
Persistent link: https://www.econbiz.de/10004998816
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Trends and Cycles : an Historical Review of the Euro Area.
Barthélemy, J.; Marx, M.; Poissonnier, A. - Banque de France - 2009
We analyze the euro area business cycle in a medium scale DSGE model where we assume two stochastic trends: one on total factor productivity and one on the inflation target of the central bank. To justify our choice of integrated trends, we test alternative specifications for both of them. We do...
Persistent link: https://www.econbiz.de/10008556978
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Does Inflation Targeting decrease Exchange Rate Pass-through in Emerging Countries?
Coulibaly, D.; Kempf, H. - Banque de France - 2010
In this paper, we empirically examine the effect of inflation targeting on the exchange rate pass-through to prices in emerging countries. We use a panel VAR that allows us to use a large dataset on twenty-seven emerging countries (fifteen inflation targeters and twelve inflation nontargeters)....
Persistent link: https://www.econbiz.de/10008692971