We study the effects of the US Federal Reserve's large-scale asset purchase programs during 2008-2014 on bank liquidity creation. Banks create liquidity when they transform the liquid reserves resulted from quantitative easing into illiquid assets. As the composition of banks' loan portfolio...

We study the effects of the US Federal Reserve's large-scale asset purchase programs during 2008-2014 on bank liquidity creation. Banks create liquidity when they transform the liquid reserves resulted from quantitative easing into illiquid assets. As the composition of banks' loan portfolio...

Small and medium sized enterprises (SMEs) account for majority of employment and economic growth, which makes them a priority for the transmission of monetary policy to the real economy. However, SMEs experienced a credit crunch following the sovereign debt crisis. Since 2014, the ECB engaged in...

We analyse the dynamics of the pass-through of banks’ marginal cost to bank lending rates over the 2008 crisis and the euro area sovereign debt crisis in France, Germany, Greece, Italy, Portugal and Spain. We measure banks’ marginal cost by their rate on new deposits, contrary to the...

This paper investigates the recent changes in the French wage structure from 1990 to 2008. To do so, we disentangle the impact of changes in employment probability, changes in the levels of education and experience and changes in the price of labor. Unlike other developped countries, we find...

Deux enquêtes spécifiques conduites en 2007 et 2009 suggèrent que les salaires de base sont relativement rigides en France et qu’en réaction à la chute de l’activité, les entreprises ont ajusté les effectifs et les éléments variables des salaires.

This empirical analysis aims at assessing the effect of the economic climate and the intensity of capital utilisation on companies’ capital retirement behaviour. It is conducted using individual company data, as well as original data on the degree of utilisation of production factors. The...

Two surveys on wage-setting practices conducted in 2007 and 2009 suggest that base wages are relatively sticky in France and that, in response to the signifi cant decline in activity, firms have adopted strategies aimed mainly at reducing labour costs and the variable components of compensation.

We analyze the dynamics of the bank interest rates on the new short-term loans granted to non-financial corporations in seven countries of the euro area (France, Germany, Greece, Ireland, Italy, Portugal and Spain). Our specification is based on a multivariate diffusion model, involving factors...

The acceleration of the firm failure rate in France between 2008 and 2010 was preceded by a surge in the number of firms’ creations in 2003-2004. Therefore, identifying the impact of the 2008 crisis requires to distinguish, among the failures occurring over the period, those resulting from the...