This paper quantifies the effects on welfare of misspecified monetary policy objectives in a stylized DSGE model. We show that using inappropriate objectives generates relatively large welfare costs. When expressed in terms of 'consumption equivalent' units, these costs correspond to permanent...

[eng] target zones and stabilizing expectations : theory and application to the european monetary system. . A target zone system constrains member countries to keep their bilateral exchange rates inside fixed ban s. The theory of exchange rate under such a regime bas known major developments for...

[fre] Les effets de la réunification sur les taux d'intérêt allemands. . Les modèles traditionnels de prévision des taux d'intérêt sont devenus inadéquats après la réunification. Cet article tente de prendre en compte un effet d'offre de titres qui pourrait expliquer la hausse...

Several recent papers are devoted to the examination of the central banker?s behaviour in an uncertain economic environment. This paper proposes, from a central banker?s point of view, a synthesis of the main sources of uncertainty as well as an illustration of their effects within an analytical...

After a summary of the main achievements in microfinance, the thesis provides an overview of microfinance institutions (MFIs) in developing countries between 2000 and 2009. A thorough study of microfinance in sub-Saharan Africa is also proposed. It serves as a prelude to the econometric analysis...

We examine the effects of collateral provision as a potential channel between funding liquidity tensions and the scarcity of market liquidity. This channel consists in transferring the credit risk associated with refinancing operations between financial institutions to market participants that...

Commodity prices, especially oil prices, peaked in the aftermath of the financial crisis of 2007 and they have remained highly volatile. All things being equal, the increase in commodity prices may induce a similar tendency of inflation and hence become a monetary policy issue. However, the...

The credit risk on the bond market is characterized by the possible default of a counterparty, but also by changes in the spread following a perceived deterioration, by the market, of the credit quality of the issuer. This thesis focuses on credit spreads on corporate bond market in euros....