This paper assesses the transmission of ECB monetary policies, conventional and unconventional, to both interest rates and lending volumes for the money market, sovereign bonds at 6-month, 5-year and 10-year horizons, loans inferior and superior to 1M€ to non-financial corporations, cash and...

Depuis le début des années quatre-vingt-dix, et la grave crise économique qui a frappé les économies européennes, l'aggravation des déficits et des dettes publics a jeté le trouble sur l'incidence et les fondements mêmes des politiques budgétaires actives menées par les gouvernements....

Stability-oriented European institutions correspond to the general prescriptions of the ‘new macroeconomics consensus’. This contribution provides an assessment of the pros and cons of these institutions in terms of macro stabilisation and exchange-rate swings drawing on different scenarios....

Since 1999, France and Germany share the same money and have monetary policy interest rates determined commonly by the ECB. But this is far from being the end of the story (...).

We use a two-country dynamic model in a monetary union in which we introduce a wealth private behaviour. We study the implications of public debt on monetary and fiscal policies in the short and the long run. We analyse the effects of asymmetric fiscal policies in Euroland: the first country has...

The literature on currency crisis has generally not answered to the following question: which economic policies may reduce the contagion effects of a speculative shock? We use a dynamic Mundell-Fleming model extended to four countries and compute three time-consistent equilibria: a Nash...

The fiscal theory of the price level has recently received important attention as an alternative theory of price determination. Empirical tests of the FTPL have been rare, and have undergone forceful criticism by Cochrane [Cochrane, J., 1998. A frictionless view of US inflation. NBER...

This paper addresses the issue of whether and by how much public investment or public capital can enhance economic performance. In comparison with the literature on the subject, we apply many different methodologies to answer these questions. A VAR model (for France, Italy, Germany, the UK and...

La théorie budgétaire du niveau des prix distingue deux types de régimes pour les politiques économiques : Ricardien et Non-Ricardien. Nous analysons dans quelle mesure ces deux régimes peuvent s'appliquer à des sous-périodes dans l'histoire économique d'un pays. Le cas du Liban, passé...

A partir de 1991, le déficit public s’était creusé, sous l’effet du ralentissement économique (responsable d’un creusement du déficit de 2,4 points de PIB entre 1991 et 1993) et de la hausse des charges d’intérêt (1 point de déficit supplémentaire de 1991 à 1995). Dès 1993,...