Using micro price data, we document new facts on price rigidity in France: (i) each month 20.1% of prices are changed, which compares with 24.1% in the United States. Excluding sales, however, the fraction of prices modified each month is about the same in France and in the United States (around...

[eng] Break Tests : An Application to French Trend GDP by Hervé Le Bihan . This paper presents and applies to GDP recently developed tests for structural change , which allow for the endogenous statistical determination of trend growth break dates and numbers of break-points . These tests serve...

[fre] Relation de Phillips, boucle prix-salaire : une estimation par la méthode de Johansen par Eric Heyer, Hervé Le Bihan et Frédéric Lerais . Nous estimons, sur données trimestrielles françaises, une boucle prix-salaire en utilisant la méthode de Johansen, qui permet de prendre en...

This paper investigates the macroeconomic relevance of new findings regarding nominal wage stickiness, wage indexation, wage staggering and synchronisation, and downward nominal and real wage rigidity in the euro area. Quantifying the relevance of this evidence for monetary policy remains to be...

This paper documents patterns of price setting at the retail level in the euro area, summarized in six stylized facts. First, the average euro area monthly frequency of price adjustment is 15 p.c., compared to about 25 p.c. in the US. Second, the frequency of price changes is characterized by...

Many macroeconomic models (including the NKPC - "New Keynesian" Phillips Curve) involve hybrid equations, in which some variables depend on both their lags and leads. Hybrid models have produced conflicting empirical results: GMM (respectively ML) estimation find the forward- looking component...

We estimate two small macroeconomic models with forward-looking components, for the US and Germany. The models, which include a Phillips curve, an I-S curve and a monetary policy rule, are estimated using the full-information maximum-likelihood procedure. They are shown to have some robustness...

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...

This paper summarises the vast evidence on micro price-setting recently obtained for euro area countries. We consider studies with micro data on consumer and producer prices, as well as survey information. The main findings are: (1) prices in the euro area are sticky and stickier than in the US;...