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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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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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Evaluating Monetary Policy Rules in Estimated Forward-Looking Models: A Comparison of US and German Monetary Policies.
Jondeau, E.; Le Bihan, H. - Banque de France - 2000
In this paper, we estimate two small, forward-looking, macroeconomic models for the US and Germany and we compare the implied optimal monetary policy rules.
Persistent link: https://www.econbiz.de/10005781184
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Monetary Policy and Herd Behavior: Leaning Against Bubbles.
Loisel, O.; Pommeret, A.; Portier, T. - Banque de France - 2012
We study the role of monetary policy when asset-price bubbles may form due to herd behavior in investment in an asset … investment decision reveal their private signal, and therefore prevents herd behavior and the asset-price bubble. We also show …
Persistent link: https://www.econbiz.de/10010815962
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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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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
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A Growth Perspective on Foreign Reserve Accumulation.
Cheng, G. - Banque de France - 2013
that foreign reserve accumulation is part and parcel of a growth strategy based on strong capital investment in a …
Persistent link: https://www.econbiz.de/10010815992
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Assessing the losses in euro area potential productivity due to the financial crisis.
Chouard, V.; Fuentes Castro, D.; Irac, D.; Lemoine, M. - Banque de France - 2013
In this paper, we show that the recent financial crisis has significantly affected the potential total factor productivity (TFP) of the four largest euro area economies, as well as that of the rest of the euro area. We used a reduced-form equation of TFP, based on an approach recently developed...
Persistent link: https://www.econbiz.de/10010815948
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Credit Constraints and the Cyclicality of R&D Investment: Evidence from France.
Aghion, P.; Askenazy, P.; Berman, N.; Cette, G.; Eymard, L. - Banque de France - 2008
&D investment over total investment is countercyclical without credit constraints, but it becomes more procyclical as firms face …; (iii) in more credit constrained firms, R&D investment share plummets during recessions but does not increase … proportionally during upturns; (iv) average R&D investment and productivity growth are more negatively correlated with sales …
Persistent link: https://www.econbiz.de/10008528504