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Price Stability and The ECB's Monetary Policy Strategy
Bordes, C.; Clerc, L. - Banque de France - 2004
exclusively on the anchoring of short- to medium-term inflation expectations (Part 2). Several measures show that this anchoring … expectations has on the determination of the short- to medium-term inflation rate. From this point of view, observed inflation in … on the other aspect of monetary stability: the degree of price-level uncertainty and the anchoring of inflation …
Persistent link: https://www.econbiz.de/10005056542
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Macro-prudential policy and the conduct of monetary policy.
Beau, D.; Clerc, L.; Mojon, B. - Banque de France - 2011
In this paper, we analyse the interactions between monetary and macro-prudential policies and the circumstances under which such interactions call for their coordinated implementation. We start with a review of the interdependencies between monetary and macro-prudential policies. Then, we use a...
Persistent link: https://www.econbiz.de/10010815922
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Macro-Prudential Policy and the Conduct of Monetary Policy.
Beau, D.; Clerc, L.; Mojon, B. - Banque de France - 2012
inflation dynamics across four “policy regimes” depending on: (a) the monetary policy objectives – that is, whether the policy …
Persistent link: https://www.econbiz.de/10010816001
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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 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
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Les ajustements microéconomiques des prix : une synthèse des modèles théoriques et résultats empiriques.
Gautier, E. - Banque de France - 2008
on the inflation process. …
Persistent link: https://www.econbiz.de/10008528492
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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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Determinants of OECD countries’ sovereign yields: safe havens, purgatory, and the damned.
Bortoli, C.; Harreau, L.; Pouvelle, C. - Banque de France - 2014
In this paper, we estimate the determinants of the spreads between the 10-year sovereign bond yields and the (interest rate) swap rate for a sample of 22 OECD countries over the January 1999-December 2013 period, using various models. Our main, fixed-effect, model highlights the crucial role of...
Persistent link: https://www.econbiz.de/10010815955
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Differences in Interest Rate Policy at the ECB and the Fed: An Investigation with a Medium-Scale DSGE Model.
Smets, F.; Sahuc, J-G. - Banque de France - 2007
Using two estimated models for the euro area and the United States, this paper investigates whether the observed difference in the amplitude of the interest rate cycle since 1999 in both areas is due to differences in the estimated monetary policy reaction function, differences in the structure...
Persistent link: https://www.econbiz.de/10004998810
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Optimal Portfolio Allocation under Asset and Surplus VaR Constraints
Monfort, A. - Banque de France - 2009
In this paper we propose an approach to Asset Liability Management of various institutions, in particular insurance companies, based on a dual VaR constraint for the asset and the surplus. A key ingredient of this approach is a flexible modelling of the term structure of interest rates leading...
Persistent link: https://www.econbiz.de/10008531413