This paper documents patterns of price setting at the retail level in the euro area. A set of stylized facts on the frequency and size of price changes is presented along with an econometric investigation of their main determinants. Price adjustment in the euro area can be summarized in six...

Using an original micro-dataset from France, we investigate nominal wage stickiness. Nominal wage changes are found to occur at a quarterly frequency of around 38 percent over our sample period, and to be to a large extent staggered across establishments, and very synchronized within...

We document the presence of both small and large price changes in individual price records from the CPI in France and the US. After correcting for measurement error and cross-section heterogeneity, the size-distribution of price changes has a positive excess kurtosis. We propose an analytical...

The specific rule governing the increases in the French minimum wage (SMIC) can lead to a change in the minimum wage which is larger than the change of the workers hourly base wage (SHBO), as did happen in 1985, 1987 and 2008. In this note we show that the probability of such an event depends on...

[eng] Phillips curve and WS-PS model, a restatement. . Breaking with the empirical practice of Phillips Curves characterised by a negative influence of the unemployment rate on growth rate of nominal wages, the « new unemployment theories » have tried to restate the concept of equilibrium rate...

The Generalized Calvo and the Generalized Taylor model of price and wage-setting are, unlike the standard Calvo and Taylor counter-parts, exactly consistent with the distribution of durations observed in the data. Using price and wage micro-data from a major euro-area economy (France), we...

[eng] Mimosa, a macroeconomic model of the world economy, jointly built by the CEPII and the OFCE, is now reestimated. This article presents its main features and describes some monetary and fiscal multipliers. The economies of the six bigger industrialised countries are described in great...

[eng] This article reviews macroeconomic developments in Italy and the United Kingdom after the 1992 EMS crisis. We show that these experiences are not competitive devaluations ; they are parts of successful policy mix strategies. We exhibit the contributions of various shocks (fiscal policies,...

[fre] Les mesures de réduction du coût du travail, et notamment celles ciblées sur les bas salaires, ont pris depuis le début des années quatre-vingt-dix une place importante dans les politiques économiques en Europe. Cet article rappelle les expériences les plus notables (au Royaume- Uni...

[eng] In each country, there exists an equilibrium rate of unemployment, determined by wage bargaining features and labour market functioning, below which the rate of inflation accelerates. Two alternative approaches have been developed to define and to evaluate this equilibrium rate. According...