[fre] Transmission de la politique monétaire et crédit bancaire. Une application à trois pays de l'OCDE. . Le débat sur les canaux de transmission de la politique monétaire s'est situé récemment sur la question du canal par le crédit bancaire. Nous utilisons ici des modèles VAR pour...

[eng] Interest rates, banking spreads and credit supply : the real effects. In a standard ISLM model, the effects of monetary policy work through the demand for money and the (unique) interest rate. In fact, shocks of monetary policy will affect the relative structure of interest rates. In this...

This paper first shows that the forecast error incurred when assuming that future inflation will be equal to the inflation target announced by the central bank is typically at least as small and often smaller than forecast errors of model-based and published inflation forecasts. It then shows...

This paper shows that inflation in industrialized countries is largely a global phenomenon. First, inflations of (22) OECD countries have a common factor that alone account for nearly 70% of their variance. This large variance share that is associated to Global Inflation is not only due to the...

This paper shows how US monetary policy contributed to the drop in the volatility of US output fluctuations and to the decoupling of household investment from the business cycle. I estimate a model of household investment, an aggregate of non durable consumption and corporate sector investment,...

We revisit recent evidence on how monetary policy affects output and prices in the U.S. and in the euro area. The response patterns to a shift in monetary policy are similar in most respects, but differ noticeably as to the composition of output changes. In the euro area investment is the...