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Rue de la Banque

The Rue de la Banque series is a collection of short, non-technical articles, in which Banque de France researchers sum up their work on a particular topic. Each article contains charts and a bibliography for those who want to explore the subject further.

These articles are now available in the Banque de France Bulletin in an "Economic Research" section as of the May-June 2019 issue.


Publication Rue de la Banque no. 72:
Costs and consequences of a trade war: a structural analysis

Recent US policies (and announcements) and consequent retaliations have increased the threat of a global trade war. This Rue de la Banque provides an assessment of the global macroeconomic short-term implications of higher trade tariffs for the global...

  • Published on 12/20/2018
  • 6 pages
  • EN
  • PDF (555.23 KB)


Publication Rue de la Banque no. 71:
Sectoral specialisation and the downturn in France’s foreign trade between 2014 and 2016

France’s foreign trade balance for non-energy goods and services deteriorated significantly between the beginning of 2014 and the end of 2016. Although on average the contribution from sectoral specialisation is more favourable in France than for its...

  • Published on 11/28/2018
  • 5 pages
  • EN
  • PDF (683.08 KB)


Publication Rue de la Banque no. 70:
Do firms benefit equally from trade in inputs?

As intermediate inputs account for two-thirds of world trade, understanding the mechanisms driving this specific component of global trade and their implications in terms of welfare is crucial. The authors show that micro-data for foreign input...

By Blaum Joaquin, Lelarge Claire, Peters Michael
  • Published on 10/24/2018
  • 5 pages
  • EN
  • PDF (593.33 KB)


Publication Rue de la Banque no. 69:
Does all firms’ productive investment benefit from real estate price increases?

An increase in real estate prices both raises the value of pledgeable assets and lowers the return on investment due to the increase in the cost of inputs. These two channels draw productive investment in opposite directions. Using a large French...

By Fougère Denis, Lecat Rémy, Ray Simon
  • Published on 10/10/2018
  • EN
  • PDF (571.83 KB)


Publication Rue de la Banque no. 68:
How does a euro/dollar exchange rate shock affect inflation in France?

In this paper, we analyse the impact of an exchange rate shock on inflation in France using the Model for Analysis and Projection of Inflation (MAPI) of the Banque de France (see Working Paper, No. 637). We show that the ...

  • Published on 09/28/2018
  • 6 pages
  • EN
  • PDF (636.39 KB)


Publication Rue de la Banque no. 67:
A DGSE model to assess the post-crisis regulation of universal banks

The 2007-08 financial crisis led to a global overhaul of prudential regulatory instruments. At an international level, the new Basel III regulation increased capital requirements and also introduced two liquidity ratios, for the short and long term....

By Chahad Mohammed, De Bandt Olivier
  • Published on 09/05/2018
  • EN
  • PDF (630.01 KB)


Publication Rue de la Banque no. 66:
The evolution of wealth inequality in France from 1800 to 2014

This Rue de la Banque analyses the long-run evolution of wealth in France from 1800 to 2014, using estimates from Garbinti, Goupille-Lebret and Piketty (2017). Following a period of prolonged stability during the 19th century, inequality declined...

By Garbinti Bertrand, Goupille-Lebret Jonathan
  • Published on 07/12/2018
  • EN
  • PDF (626.34 KB)


Publication Rue de la Banque no. 65:
Non-standard monetary policy: what impact on small and medium-sized enterprises financing?

Following the 2011 crisis, the European Central Bank lent massively to Eurosystem banks while extending the range of assets accepted as collateral for these loans. This Rue de la Banque shows that, by targeting a particular asset class, the easing of...

By Cahn Christophe, Duquerroy Anne
  • Published on 06/28/2018
  • EN
  • PDF (573.85 KB)


Publication Rue de la Banque no. 64:
Adjustment costs and factor demand: some lessons from corporate real estate

The adjustment costs associated with a change in the quantity of production factors (labour and capital) hinder the optimal allocation of these factors and stifle corporate growth. This issue of Rue de la Banque uses the example of the tax on real...

By Bergeaud Antonin, Ray Simon
  • Published on 06/15/2018
  • 5 pages
  • EN
  • PDF (636.93 KB)


Publication Rue de la Banque no. 63:
Corporate debt structure and economic recoveries: a cross-country analysis

The recovery after the 2008 crisis was faster in the United States than in the euro area. Some authors argued that the US financial system’s capacity to replace bank financing with corporate bond financing contributed to the faster recovery. This Rue...

By Grjebine Thomas, Szczerbowicz Urszula, Tripier Fabien
  • Published on 06/01/2018
  • EN
  • PDF (622.21 KB)


Publication Rue de la Banque no. 62:
Dollar funding and French exports to the United States: lessons from the 2011 dollar crunch

This Rue de la Banque analyses the effects of a lesser availability of dollar funding on the export performance of French companies on the US market. It shows that the sudden drying up of cross-border dollar funding of French banks in the summer of...

  • Published on 05/17/2018
  • EN
  • PDF (539.31 KB)


Publication Rue de la Banque no. 61:
Uncertainty and macroeconomics: transmission channels and policy implications

There has been a strong focus in recent policy debates on the various types of uncertainty surrounding the global economy, from economic policy uncertainty to financial volatility. This Rue de la Banque presents the key challenges raised by this...

By Ferrara Laurent, Lhuissier Stéphane, Tripier Fabien
  • Published on 04/27/2018
  • 5 pages
  • EN
  • PDF (515.42 KB)