Over the past decade, productivity growth in the euro area has suffered from a series of sectoral adjustments. As these adjustments appear to be temporary, we expect a structural acceleration of productivity growth.

There have been sharp movements in productivity growth in the euro area and in the United States recently, upwards in the former and downwards in the latter, which seem to be partly due to structural developments.

This article explores the determinants of price level fluctuations in Britain during the first suspension of the gold standard over the 1797-1821 period. I find that the contemporary price level was determined by world gold prices and expectations regarding the resumption of the gold standard at...

La croissance de la productivité dans la zone euro et aux États-Unis a connu sur la période récente des inflexions significatives, respectivement à la hausse et à la baisse, qui sembleraient relever en partie d’évolutions structurelles.

The present paper assesses the impact of fiscal policy on residential investment in France. The analysis is conducted in the framework of a VECM, since this allows accounting for endogeneity between the variables. Our results imply that a long term relationship between investment and subsidies...

Over the last decade, France and Spain have experienced property price and residential investment increases which were among the strongest and the lengthiest in the euro area. Although the quality of the underlying data limits the precision of the estimates, the present paper aims at analysing...

This article reviews the potential tensions between monetary and macroprudential policies and tries to quantitatively evaluate their importance. Both types of policies have overlapping transmission mechanisms, since they primarily work through the financial system. One policy shapes the playing...

Governments and central banks need to have an accurate and timely assessment of Gross Domestic Product's (GDP) growth rate for the current quarter, as this is essential for providing a reliable and early analysis of the current economic situation. This paper presents a series of models conceived...

Between 1797 and 1821, Britain suspended the gold standard in order to finance the Napoleonic Wars. This measure was accompanied by large scale debt accumulation and inflation: After Napoleon’s final defeat at Waterloo in 1815, the debt to GDP ratio had climbed to 226%; the price level...