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Working papers

The Working Paper Series showcases research work being conducted at the Banque de France on the development of analytical tools for use in macroeconomic forecasting, monetary policy conduct and the safeguarding of financial stability. The papers do not necessarily reflect the position of the Banque de France or the Eurosystem.


Publication Working Paper Series no. 684:
An Experimental Analysis Of The Effect Of Quantitative Easing

In this paper Adrian Penalver, Nobuyuki Hanaki, Eizo Akiyama, Yukihiko Funaki and Ryuichiro Ishikawa report the results of a repeated experiment in which a central bank buys bonds for cash in a quantitative easing (QE) operation in an otherwise...

By Penalver Adrian, Hanaki Nobuyuki, Akiyama Eizo, Funaki Yukihiko, Ishikawa Ryuichiro
  • Published on 06/11/2018
  • 34 pages
  • EN
  • PDF (1.94 MB)


Publication Working Paper Series no. 683:
Perceived FOMC: The Making of Hawks, Doves and Swingers

Narrative records in US newspapers reveal that about 70 percent of Federal Open Market Committee (FOMC) members who served during the last 55 years are perceived to have had persistent policy preferences over time, as either inflation-fighting hawks or...

By Bordo Michael D., Istrefi Klodiana
  • Published on 06/08/2018
  • EN
  • PDF (1.23 MB)


Publication Working Paper Series no. 682:
Shocks vs Menu Costs: Patterns of Price Rigidity in an Estimated Multi-Sector Menu-Cost Model

Relying on a menu-cost model augmented with a time-dependent (Calvo) component, Erwan Gautier and Hervé Le Bihan investigate the structural sources of cross-sectoral heterogeneity in patterns of price setting. They use a large micro dataset of French...

  • Published on 05/24/2018
  • EN
  • PDF (927.68 KB)


Publication Working Paper Series no. 681:
Non-base wage components as a source of wage adaptability to shocks: Evidence from European firms, 2010-2013

Jan Babecký, Clémence Berson, Ludmila Fadejeva, Ana Lamo, Petra Marotzke, Fernando Martins and Pawel Strzelecki provide evidence on the role of non-base wage components as a channel for firms to adjust labour costs in the event of adverse shocks. They...

By Babecký Jan, Berson Clémence, Fadejeva Ludmila, Marotzke Petra, Martins Fernando, Lamo Ana, Strzelecki Pawel
  • Published on 05/18/2018
  • 23 pages
  • EN
  • PDF (1.04 MB)


Publication Working Paper Series no. 680:
‘New Normal’ or ‘New Orthodoxy’? Elements of a Central Banking Framework for the After-Crisis

Christian Pfister and Natacha Valla contrast two different approaches to central banking in the aftermath of the crisis. In the first one, labelled ‘New Normal’, the monetary policy strategy is broadened to encompass such objectives as financial...

By Pfister Christian, Valla Natacha
  • Published on 05/11/2018
  • 27 pages
  • EN
  • PDF (356.23 KB)


Publication Working Paper Series no. 679:
Countercyclical School Attainment and Intergenerational Mobility

Andreu Arenas & Clément Malgouyres study how economic conditions at the time of choosing post-compulsory education affect intergenerational mobility. Exploiting local variation in birthplace unemployment rate at age 16 across 23 cohorts in France,...

By Malgouyres Clément, Arenas Andreu
  • Published on 05/04/2018
  • EN
  • PDF (737.55 KB)


Publication Working Paper Series no. 678:
The Impact of Exports on Innovation: Theory and Evidence

Philippe Aghion, Antonin Bergeaud, Matthieu Lequien and Marc J. Melitz investigate the effect of export shocks on innovation. On the one hand a positive shock increases market size and therefore innovation incentives for all firms. On the other hand it...

By Aghion Philippe, Bergeaud Antonin, Lequien Matthieu, Melitz Marc J.
  • Published on 04/27/2018
  • EN
  • PDF (844.73 KB)


Publication Working Paper Series no. 677:
Income Inequality in France, 1900-2014: Evidence from Distributional National Accounts (DINA)

Bertrand Garbinti, Jonathan Goupille-Lebret & Thomas Piketty combine national accounts, tax and survey data in a comprehensive and consistent manner for France, to build homogenous annual series on the distribution of national income by percentiles...

By Garbinti Bertrand, Goupille-Lebret Jonathan, Piketty Thomas
  • Published on 04/18/2018
  • 88 pages
  • EN
  • PDF (3.44 MB)


Publication Working Paper Series no. 676:
Firm Dynamics and Growth Measurement in France

Statistical agencies typically impute inflation for disappearing products based on surviving products, which may result in overstated inflation and understated growth. Philippe Aghion, Antonin Bergeaud, Timo Boppart & Simon Bunel use the theory and...

By Aghion Philippe, Bergeaud Antonin, Boppart Timo, Bunel Simon
  • Published on 04/13/2018
  • 35 pages
  • EN
  • PDF (1018 KB)


Publication Working Paper Series no. 675:
(Real-)Time Is Money

In the age of high-frequency trading in financial markets and faster payment services in account-to-account (A2A) transactions of bank retail customers, it may seem odd that the shortest maturity that is traded in the money market is overnight. This...

  • Published on 04/12/2018
  • EN
  • PDF (201.96 KB)


Publication Working Paper Series no. 674:
Rent creation and sharing: new measures and impacts on TFP

Gilbert Cette, Jimmy Lopez & Jacques Mairesse propose an analysis of new measures of rent creation or (notional) mark-up and workers’ share of rents on cross-country-industry panel data. While the usual measures of mark-up rate implicitly assume...

By Cette Gilbert, Lopez Jimmy, Mairesse Jacques
  • Published on 04/10/2018
  • 32 pages
  • EN
  • PDF (1.59 MB)


Publication Working Paper Series no. 673:
The Cost of Non-Europe, Revisited

Thierry Mayer, Vincent Vicard & Soledad Zignago quantify the cost of Non-Europe, i.e. the trade-related welfare losses that would occur under different scenarios of undoing the European Union. Thirty years after the terminology of Non-Europe was...

By Mayer Thierry, Vicard Vincent, Zignago Soledad
  • Published on 04/09/2018
  • 47 pages
  • EN
  • PDF (1.46 MB)