This article assesses monetary policy’s performances in the Euro zone in the face of supply shocks. We determine the responses of output, inflation, labor share and the nominal interest rate to a supply shock as identified through a structural var model. We then develop a dsge model with...

The euro area as a whole has experienced a marked downward trend in inflation over the past decades and, concomitantly, a protracted period of depressed activity. Can permanent and gradual shifts in monetary policy be held responsible for these dynamics? To answer this question, we embed...

Depuis 2003, la Turquie a entrepris de restaurer ses fondamentaux macro-économique en mettant en place, sous la houlette du FMI, un programme de lutte contre l’inflation, tendon d’Achille traditionnel du pays et une politique budgétaire d’austérité, caractérisée par le dégagement de...

Central Banker’s Behaviour in an Uncertain EnvironmentSeveral recent papers are devoted to the examination of the central banker’s behaviour in an uncertain economic environment. This paper proposes, from a central banker’s point of view, a synthesis of the main sources of uncertainty as...

When countries decide to coordinate and form a coalition, an outsider country can take advantage of the situation and gain more than an insider, hence creating a free-rider problem that could threaten the stability of the coalition. But as far as the Euro zone is concerned, the emphasis put on...

Dans les débats sur la zone Euro et son élargissement, l’accent est souvent mis sur le problème de l’hétérogénéité entre les pays. Mais les difcultés à se coordonner ne provi- ennent pas nécessairement de la disparité entre les pays, tout au moins si le nombre de pays est...

Would the U.S. economy's dynamic response to permanent technology shocks have been different from the actual responses if monetary authorities' systematic response to these shocks had been optimal ? To answer this question, we characterize the dynamic effects of permanent technology shocks and...

This paper analyses the effects of money shocks on macroeconomic aggregates in a tractable flexible-price, incomplete-markets environment that generates persistent wealth inequalities amongst agents. In this framework, current inflation redistribute wealth from the cash-rich employed to the...

La crise mondiale et celle, plus récente, dans la zone euro ont eu tendance à raccourcir l’horizon prévisionnel et décisionnel de nombreux agents économiques. Dans le même temps, les incertitudes (sur l’emploi, les retraites…) poussent plutôt à la remontée du taux d’épargne des...