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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. 15:
Euro area external adjustment and real exchange rate movements :the role of firm productivity distribution

External imbalances in the euro area require real exchange rate adjustments. This Rue de la Banque explores the consequences of the euro area external adjustment in a framework where (i) the extensive margin (new exporting firms) contributes to...

  • Published on 12/01/2015
  • EN
  • PDF (454.9 KB)


Publication Rue de la Banque no. 14:
Land prices, lending to companies and job creations

The fluctuations of the value of land held by French firms present a very similar pattern to the ones of both investment and employment. This Rue de la Banque presents a model explaining those joint dynamics by a collateral channel; access to credit...

By Kaas Leo, Pintus Patrick, Ray Simon
  • Published on 11/03/2015
  • EN
  • PDF (547.21 KB)


Publication Rue de la Banque no. 13:
How fiscal policy affects the price level: lessons from a not so distant past

The last decade has witnessed large-scale debt accumulation in a number of developed countries. Such increases in debt levels raise questions about the sustainability of public finances and risks of debt monetisation. Using Britain during the...

  • Published on 11/02/2015
  • EN
  • PDF (494.66 KB)


Publication Rue de la Banque no. 12:
The fall in oil prices in 2014: the role of supply and demand components

The price of oil plunged in the second half of 2014, falling by more than 40% from June to December 2014. Within this oil price fall, the author disentangles effects stemming from oil supply shocks and global demand shocks, as well as effects due to...

By Delle Chiaie Simona
  • Published on 10/02/2015
  • EN
  • PDF (464.09 KB)


Publication Rue de la Banque no. 11:
Gross domestic product per capita in France and in advanced economies : the role of productivity and employment

Between 1890 and 2012, living standards rose by a factor of 9 in France, 11 in the United States, 6 in the United Kingdom and 23 in Japan. The catch-up of the United States by the euro area’s three largest countries was interrupted over 1995-2013 as US...

By Bergeaud Antonin, Lecat Rémy
  • Published on 10/01/2015
  • EN
  • PDF (740.73 KB)


Publication Rue de la Banque no. 10:
Did the Eurosystem’s LTROs of 2011 and 2012 help to avert a credit crunch in the euro area?

The two 3-year longer-term refinancing operations (LTROs) implemented by the Eurosystem in December 2011 and February 2012 had a positive impact on loan supply in France; the opportunity to substitute long-term central bank borrowing for short-term...

By Andrade Philippe, Mésonnier Jean-Stéphane, Cahn Christophe, Fraisse Henri
  • Published on 09/02/2015
  • EN
  • PDF (431.63 KB)


Publication Rue de la Banque no. 9:
How can the rise in the French household saving ratio since the start of the crisis be explained?

Lower growth in purchasing power and the rise in unemployment do not provide a sufficient explanation for the weakness observed in consumer spending since the beginning of the crisis. Beside various theories put forward as an explanation (impact of the...

By Faubert Violaine, Moppett Virginia Olivella
  • Published on 09/01/2015
  • EN
  • PDF (877.45 KB)


Publication Rue de la Banque no. 8:
Heightened bank capital requirements and bank credit in a crisis : the case of the 2011 EBA Capital Exercise in the euro area
  • Published on 07/01/2015
  • EN
  • PDF (412.74 KB)


Publication Rue de la Banque no. 7:
Productivity trends from 1890 to 2012 in advanced countries
By Bergeaud Antonin, Lecat Rémy
  • Published on 06/01/2015
  • EN
  • PDF (724.13 KB)


Publication Rue de la Banque no. 6:
Low inflation in the euro area: import prices and domestic slack

By Chatelais Nicolas, De Gaye Annabelle, Kalantzis Yannick
  • Published on 05/01/2015
  • EN
  • PDF (567.79 KB)


Publication Rue de la Banque no. 5:
Interconnectedness and contagion risk in the European banking sector

By Gabrieli Silvia, Salakhova Dilyara, Vuillemey Guillaume
  • Published on 04/01/2015
  • EN
  • PDF (459.54 KB)


Publication Rue de la Banque no. 4:
How to measure interconnectedness between banks, insurers and financial conglomerates?

By Hauton Gaël, Héam Jean-Cyprien
  • Published on 03/02/2015
  • EN
  • PDF (461.31 KB)