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Financial Stability Review no. 21

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Bulletin de la Banque

Quarterly Selection of Articles n°45: Spring 2017

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Rue de la Banque

Rue de la Banque n°48

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Latest publications

Economic and financial publications Rue de la Banque

Subjective interest rate uncertainty and the macroeconomy : a cross-country analysis

  • Published on 09/19/2017
  • 6 pages
  • en
Economic and financial publications Working Paper Series

Monetary Policy and Digital Currencies: Much Ado about Nothing?

  • Published on 09/14/2017
  • 17 pages
  • en
Site Publications

Adjustment Costs and Factor Demand: New Evidence From Firms’ Real Estate

  • Published on 09/13/2017
  • 66 pages
  • en


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Highlighted publications

Rue de la Banque

Rue de la Banque No. 48, September 2017

Subjective interest rate uncertainty and the macroeconomy : a cross-country analysis

We present a measure of subjective interest rate uncertainty and explore its effects on the economy for G7 countries and Spain, during the period 1993-2015. This measure is a summary of uncertainty among professional forecasters over the future level of interest rates. We find that subjective interest rate uncertainty is harmful to the economy, with both recessionary and deflationary effects. These effects vary across countries in terms of magnitude and persistence. Differences in economic structures and institutional frameworks can explain this heterogeneity. Central banks can play an important role in mitigating interest rate uncertainty by designing strategies to enhance transparency and communication.

Rapport annuel
Banque de France Annual Report

Annual Report Banque de France 2015


- The Governor’s Foreword
- 2015 in figures
- Monetary strategy
- Financial stability
- Provision of services to the economy
- Transformation strategy
- Governance
- Corporate social responsibility
- Financial management and the accounts
- Organisation of the Banque de France at 1 March 2016
- The recycling of euro banknotes and coins by private operators in 2015
- Summary of the Household Debt Commissions’ activity reports

Bulletin de la Banque de France
Quarterly Selection of Articles

Quarterly Selection of Articles n°46: Summer 2017

Main articles:

-  Measuring excess credit using the “Basel gap”: relevance for setting the countercyclical capital buffer and limitations

-  The cost of deficiencies in euro area economic policy coordination

-  Secular stagnation and growth measurement. Summary of the conference held on 16 January 2017 in Paris, organised by the Banque de France and the Collège de France

-  A slight rebound in France’s national economic wealth in 2015

évaluation des risques du système financier français
Assessment of Risks to the French Financial System

Assessment of risks to the French financial system December 2016

The following report seeks to identify the risks and vulnerabilities present in the French financial system along with the system’s strengths and sources of resilience. This analysis is used in particular to inform the deliberations of the Banque de France’s governing authorities and of the HCSF. It seeks to provide support for proposals on macroprudential policy made by the governor of the Banque de France to the HCSF and, where appplicable, to assess the impact of these prudential proposals or measures on financial stability.