This paper presents the main features of macroprudential policy with a focus on the French case. We first recall the ultimate objective of this policy, which is to prevent and to mitigate systemic risk, i.e. the risk of “widespread disruptions to the provision of financial services that have...

In order to assess the effect of fiscal rules in Stage Three of EMU for France and Germany, Bayoumi and Eichengreen's (1992) structural VAR analysis is extended by including the general government financial surplus and conditioning by external variables. This allows a distinction between fiscal...

Ce papier presente une modelisation de l'indice des prix francais. L'objectif est de permettre une analyse rapide et detaillee des tendances de court terme de l'inflation ainsi que de realiser des previsions a intervalles rapproches. Les caracteristiques de cet outil sont les suivantes: un petit...

In order to assess the effect of fiscal rules in Stage Three of EMU for France and Germany, Bayoumi and Eichengreen's (1992) structural V.A.R. analysis is extended by including the general government financial surplus and conditioning by external variables. This allows a distinction between...

Ce papier presente une modelisation de l'indice des prix francais. L'objectif est de permettre une analyse rapide et detaillee des tendances de court terme de l'inflation ainsi que de realiser des previsions a intervalles rapproches. Les caracteristiques de cet outil sont les suivantes: un petit...

The paper characterizes the optimal tax scheme in an open economy with structural inefficiencies on the labor market and on government size. On analytical grounds first, we show that the economy can use fiscal revaluation to exploit the terms of trade externality and to dampen the impact of an...

We propose two methods to choose the variables to be used in the estimation of the structural parameters of a singular DSGE model. The first selects the vector of observables that optimizes parameter identification; the second the vector that minimizes the informational discrepancy between the...

Over the last decade, France and Spain have experienced property price and residential investment increases which were among the strongest and the lengthiest in the euro area. Although the quality of the underlying data limits the precision of the estimates, the present paper aims at analysing...

In many countries, wage changes tend to be clustered in the beginning of the year, with wages being set for fixed durations of typically one year. This has been, in particular, documented in recent years for European countries using microeconomic data. Motivated by this evidence we build a model...