This article proposes to insert a bank capital channel (BCC) in the theoretical framework proposed by Bernanke et al. (1999) (BGG), in order 1) to evaluate the mean features of the BCC and 2) to assess the benefits of a countercyclical prudential measure. In a costly state verification...

In this paper, we study the role of habit formation in accounting for the joint behavior of the real interest rate and consumption growth following a contractionary monetary policy shock, the real interest rate exhibits a persistent increase while consumption growth drops persitently. As the...

We first build a fair wage model in which effort varies over the business cycle. This mechanism decreases the need for other sources of sluggishness to explain the observed high inflation persistence. Second, we confront empirically our fair wage model with a New Keynesian model based on the...

We present a model of monetary policy where the policymaker faces uncertainty about wich he is learning in a Bayesian fashion. A fixed money supply levels. A fixed money supply rule is not optimal in this context since the learning leads to constant adjustments in money supply levels. We present...

The present article deals with the issue of optimal degree of exchange rate flexibility. It departs from the current literature on the subject as it does not introduce nominal rigidities nor address the question of international monetary cooperation. Instead, the argument hinges on the economic...

It is now well known that in models with imperfect competition the choice of the normalization rule may have real effects. The scope and the reason of this result are investigated. I first show that a clear distinction must be made between imperfect competition based on quantity versus nominal...

This paper examplifies in a simple general equilibrium model the important role played by the monetary policy when there are strategic interactions bearing on nominal variables. It shows that the common notion of money neutrality is misleading in this context. Indeed, linear homogeneity in the...

Cette étude revient sur la distinction établie entre deux règles de fixation irrévocable des cours de change : une règle temporelle suivant laquelle le gel de la parité est programmé à une date arbitraire; une règle d'état sous laquelle cette décision résulte de l'atteinte d'un seuil...