This paper proposes an analytical framework to quantify the impacts of climate policy and transition narratives on economic and financial variables necessary for financial risk assessment. Focusing on transition risks, the scenarios considered include unexpected increases in carbon prices and...

The aim of the present article is twofold. Firstly, to put the German Federal Constitutional Court (i.e., the BverfG) judgment into the context of a drawn-out conflict between the German Republic and the European Union regarding the setting up of a crisis management tool in the area of monetary...

We present a comparable set of results on the monetary transmission channels on firm investment for the four largest euro-area countries (Germany, France, Italy and Spain). With particularly rich micro datasets for each country containing over 215,000 observations from 1985 to 1999, we ex-plore...

This paper explores the dynamic relationship between stock market implied credit spreads, CDS spreads, and bond spreads. A general VECM representation is proposed for changes in the three credit spread measures which accounts for zero, one, or two independent cointegration equations, depending...

Les banques avaient saisi l'occasion du passage à l'euro pour moderniser le traitement des chèques. Un système de traitement dématérialisé remplaça alors le traditionnel échange des chèques en chambre de compensation. Le traitement des chèques s'en trouva moins couteux et plus rapide....

Under the classical gold standard (1880-1914), the Bank of France maintained a stable discount rate while the Bank of England changed its rate very frequently. Why did the policies of these central banks, the two pillars of the gold standard, differ so much? How did the Bank of France manage to...

In this paper, I describe the implementation of monetary policy by the Banque de France between 1987 and 1996. This period was characterized by a quasi-fixed exchange rate for France, as the franc was never realigned within the European Monetary System (EMS). I build indicators of the stance of...