Le premier semestre 2014 est marqué par le regain de faveur des ménages pour l’assurance-vie alors que la collecte des livrets d’épargne réglementée s’amenuise après son gonflement induit fin 2012-début 2013 par les relèvements de plafonds.

Nominal and real interest rates in advanced economies have been decreasing since the mid-1980s and reached historical low levels in the aftermath of the global financial crisis. Understanding why interest rates have fallen is essential for both monetary policy and financial stability. This paper...

We study the impact of the publication of central bank's macroeconomic projections on the dynamic properties of an economy where: (i) private agents have incomplete information and form their expectations using recursive learning algorithms, (ii) the short-term nominal interest rate is set as a...

The paper analyzes developments in TARGET2 imbalances within the euro area since 2007, from two perspectives: national central banks' balance sheets and countries' balance of payments (BoP). We examine the relationship between TARGET2 balances and the Eurosystem liquidity provision, analyzing...