The cost-of-financing channel version of the financial accelerator proposed by Bernanke & Gertler [1989] is prominent in the literature. Yet, this particular channel has not been validated by empirical work. This paper presents an alternative version of the accelerator. This new accelerator,...

This paper presents the French country block of the ESCB Multi-Country Model for the euro area, which has been built in collaboration by the ECB and the Banque de France. The theoretical structure of the model is in line with most current macroeconometric models, i.e. supply factors determine...

This paper develops a general equilibrium model to analyze the link between financial imbalances and financial crises. The model features an interbank market subject to frictions and where two equilibria may (co-)exist. The normal times equilibrium is characterized by a deep market with highly...

[eng] The paper is devoted to a review of how are taken into account the trans- mission chanels to the real sector of monetary policy in traditional macro- econometric models, as well as their limits, especially in the case of France. In a second section, more modern theories of monetary...

This paper presents the French country block of the ESCB Multi-Country Model for the euro area, which has been built in collaboration by the ECB and the Banque de France. The theoretical structure of the model is in line with most current macroeconometric models, i.e. supply factors determine...

The BIS is launching a public, online and interactive repository of studies on the effects of financial regulations, called FRAME. The purpose of this repository is to keep track of, organise, standardise and disseminate the latest findings. FRAME currently covers 83 studies and 139 quantitative...

As the COVID-19 pandemic hits economic activity, the vulnerabilities of longer and more geographically extended trade credit chains are coming to the fore, especially those related to international trade.While risk mitigation is available from financial intermediaries, the bulk of the exposures...