Many central banks in emerging and advanced economies have adopted an inflation-forecast targeting (IFT) approach to monetary policy, in order to successfully establish a stable, low-inflation environment. To support policy making, each has developed a structured system of forecasting and policy...

In many countries, wage changes tend to be clustered in the beginning of the year, with wages being set for fixed durations of typically one year. This has been, in particular, documented in recent years for European countries using microeconomic data. Motivated by this evidence we build a model...

We develop and estimate a stylized micro-founded model of the US economy. Next we compute the parameters of a simple interest rate policy rule that maximizes the unconditional mean of utility. We show that such a welfare-based rule lies close to the Taylor efficiency frontier. A counterfactual...

[eng] This paper presents the numerical methods commonly used today to solve dynamic stochastic general equilibrium (DSGE) models. We begin by introducing a canonical model of dynamic optimization, which is the crucial element in this approach. We then review value-function iteration, the...

This appendix provides further details on the data and the modeling strategy used in the chapter to analyze the global economic impact of demographic change (....).

We investigate the long-run growth of Europe in the world economy. The research covers the first half of the XXI° century. The basic trends that will shape the growth regime in the global economy are the demographic transition and the diffusion of technological progress. We use the framework of...

Les perspectives démographiques françaises qui ont été retracées dans la première partie doivent être replacées dans un contexte mondial qui se caractérise par une certaine diversité des évolutions attendues au moins à l'horizon du prochain demi-siècle. Concernant les conséquences...