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Are the effects of fiscal changes different in times of crisis and non-crisis? The French Case
Bouthevillain, C.; Dufrénot, G. - Banque de France - 2010
magnitude in times of crisis and non-crisis in France. We find that these nonlinearities are both frequent (as they exist on all … show that if one considers the aggregate GDP, public expenditure has a stronger impact during crisis and the expenditure … taxes changes induce a (stimulus) effect in the investment rate only during non-crisis periods. A rise in subsidies has a …
Persistent link: https://www.econbiz.de/10008606459
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Heterogeneous Banking Efficiency: Allocative Distortions and Lending Fluctuations.
Duprey, T. - Banque de France - 2013
This paper is a first attempt to connect the heterogeneity in bank efficiency with lending fluctuations and allocation efficiency : there is a trade-off between the two in the presence of heterogeneity in bank monitoring efficiency. The mechanism at hand is twofold. (a) First the rent extracted...
Persistent link: https://www.econbiz.de/10010726923
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Impact of Fiscal Policy on Residential Investment in France.
Antipa, P.; Schalck, C. - Banque de France - 2009
The present paper assesses the impact of fiscal policy on residential investment in France. The analysis is conducted in the framework of a VECM, since this allows accounting for endogeneity between the variables. Our results imply that a long term relationship between investment and subsidies...
Persistent link: https://www.econbiz.de/10008503194
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Can Fiscal Policy Stimulus Boost Economic Recovery?
Agnello, L.; Sousa, R. - Banque de France - 2011
We assess the role played by fiscal policy in explaining the dynamics of asset markets. Using a panel of ten industrialized countries, we show that a positive fiscal shock has a negative impact in both stock and housing prices. However, while stock prices immediately adjust to the shock and the...
Persistent link: https://www.econbiz.de/10008921763
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Euro Area monetary policy shocks: impact on financial asset prices during the crisis?
Jardet, C.; Monks, A. - Banque de France - 2014
certain asset classes since the onset of the crisis, notably the sovereign bonds of stressed euro area countries. These … sovereign debt crisis. …
Persistent link: https://www.econbiz.de/10010938544
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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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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 whose return is uncertain. To that aim, we build a simple general-equilibrium model whose agents are households, entrepreneurs, and a central bank. Entrepreneurs receive private...
Persistent link: https://www.econbiz.de/10010815962
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Tails of Inflation Forecasts and Tales of Monetary Policy
Andrade, P.; Ghysels, E.; Idier, J. - Banque de France - 2012
We introduce a new measure called Inflation-at-Risk (I@R) associated with (left and right) tail inflation risk. We estimate I@R using survey-based density forecasts. We show that it contains information not covered by usual inflation risk indicators which focus on inflation uncertainty and do...
Persistent link: https://www.econbiz.de/10010815970
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The changing role of expectations in US monetary policy: A new look using the Livingston Survey
Banerjee, A.; Malik, S. - Banque de France - 2012
Using a Bayesian structural vector autoregression (TVP-SVAR) with time-varying parameters and volatility we investigate monetary policy in the United States, in particular its interaction with the formation of inflation expectations and the linkages between monetary policy, inflation...
Persistent link: https://www.econbiz.de/10010816004