This paper assesses the transmission of ECB monetary policies, conventional and unconventional, to both interest rates and lending volumes for the money market, sovereign bonds at 6-month, 5-year and 10-year horizons, loans inferior and superior to 1M€ to non-financial corporations, cash and...

This paper contributes to the debate on the French public finances’ consolidation by investigating the long-term sustainability of France’s fiscal position. We trace the historical trends of government’s tax receipts and expenditures. We find that while the level of public expenditure in...

This paper aims at establishing the link between economic performance, financial depth and financial stability in the European Union from 1998 to 2011. We use the standard framework – both in terms of variables and econometric method – of Beck and Levine (2004) to estimate these...

We estimate a structural vector autoregressive (SVAR) model of the French economy. The econometric method originates in Blanchard and Perotti [Quarterly Journal of Economics, 2002] but owes also extensively to the fiscal theory of the price level (FTPL) that investigates the interactions between...

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La crise amorcée en 2007 à partir d’un segment du marché hypothécaire américain s’est propagée à l’ensemble des marchés financiers, entraînant un risque systémique majeur du système financier international aux conséquences graves sur l’économie réelle. De financière, la...

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This paper addresses the issue of whether and by how much public investment or public capital can enhance economic performance. In comparison with the literature on the subject, we apply many different methodologies to answer these questions. A VAR model (for France, Italy, Germany, the UK and...

Réunifiée en droit mais profondément divisée en fait, parcourue de fractures nouvelles du fait même de son unité retrouvée, l’Union européenne ressemble en cette fin d’année 2006 à la ville de Berlin. Mais un élément décisif distingue la capitale fédérale allemande...