This article studies the impact of monetary policy on real economy in Europe through a particular transmission mechanism: the credit channel. The credit channel is based on the existence of information asymmetries in financial markets that change the agents financing conditions. According to the...

The paper provides an overview of recent asset price developments in France in the light of analytical research carried out at the Banque de France. Like in many other countries, historically low interest rates have boosted asset price dynamics in France over recent years. The paper attempts to...

Cette revue de la littérature présente les principaux outils et résultats de la recherche se situant à l intersection de la finance et de la macroéconomie. L ambition de cette littérature est de fournir une analyse conjointe du cycle économique et des fluctuations des prix d actifs...

The quantitative and dynamic consequence of a social VAT reform, i.e. a fiscal reform consisting in substituting VAT for social contributions, is assessed using two general equilibrium models. The first one is a Walrasian model with no other frictions than distortionary taxation of labor and...

In this paper, we apply the surplus accounting methodology to analyze the distribution of the fruits of growth between production factors over the period 1950-2008. Three production factors are distinguished: paid employment, self-employment and capital. The surplus distributed to capital is nil...

The goal of this paper is to gauge the impact of the expected oil price increase on the potential output growth of the French economy in the long run. This potential output exercise is conducted using CES (Constant Elasticity of Substitution) production functions featuring three factors:...