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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. 924:
International sanctions and the dollar: Evidence from trade invoicing

This paper shows that international sanctions can undermine the role of the US dollar in trade invoicing. The analysis is based on the episode of international sanctions targeting Russia after the invasion of regions of Ukraine in 2014. While European...

  • Published on 09/14/2023
  • 41 pages
  • EN
  • PDF (863.8 KB)


Publication Working Paper Series no. 923:
The Impossible Love of Fossil Fuel Companies for Carbon Taxes

Economists agree that carbon taxes are the most effective solution for climate change mitigation. But where do fossil fuel companies stand on carbon taxes? I analyse how the 100 largest oil and gas companies communicate on carbon taxes. Surprisingly, I...

By Naef Alain
  • Published on 09/12/2023
  • 47 pages
  • EN
  • PDF (1005.02 KB)


Publication Working Paper Series no. 922:
Using Short-Term Scenarios to Assess the Macroeconomic Impacts of Climate Transition

This paper proposes a set of short-term scenarios that reflect the diversity of climate transition shocks -- increase in carbon and energy prices, increase in public or private investment in the low-carbon transition, increase in the cost of capital...

By Allen Thomas, Boullot Mathieu, Dees Stéphane, De Gaye Annabelle, Lisack Noëmie, Thubin Camille, Wegner Oriane
  • Published on 09/06/2023
  • 55 pages
  • EN
  • PDF (2.07 MB)


Publication Working Paper Series no. 921:
Using the Press to Construct a New Indicator of Inflation Perceptions in France

The paper applies Natural Language Processing techniques (NLP) to the quasi-universe of newspaper articles for France, concentrating on the period 2004-2022, in order to measure inflation attention as well as perceptions by households and firms for...

By De Bandt Olivier, Bricongne Jean-Charles, Denes Julien, Dhenin Alexandre, De Gaye Annabelle, Robert Pierre-Antoine
  • Published on 08/25/2023
  • 62 pages
  • EN
  • PDF (3.69 MB)


Publication Working Paper Series no. 920:
Stochastic Simulation of the FR-BDF Model and an Assessment of Uncertainty around Conditional Forecasts

This paper presents a framework to introduce uncertainty into the FR-BDF model, used for macroeconomic projections and policy analysis at the Banque de France. Belonging to the semi-structural class of large-scale macroeconomic models, it is only fair...

By Turunen Harry, Zhutova Anastasia, Lemoine Matthieu
  • Published on 08/10/2023
  • 28 pages
  • EN
  • PDF (2.04 MB)


Publication Working Paper Series no. 919:
Forecasting Euro Banknotes in Circulation with Structural Time Series Models in Times of the COVID-19 Pandemic

As part of the Eurosystem’s annual banknote production planning, the national central banks draw up forecasts estimating the volumes of national-issued banknotes in circulation for the three years ahead. As at the end of 2021, more than 80 per cent of...

By Bartzsch Nikolaus, Brandi Marco, Devigne Lucas, De Pastor Raymond, Maddaloni Gianluca, Posada Restrepo Diana, Sene Gabriele
  • Published on 07/21/2023
  • 81 pages
  • EN
  • PDF (5.22 MB)


Publication Working Paper Series no. 918:
Information Salience and Credit Supply: Evidence from Payment Defaults on Trade Bills

This paper provides novel evidence that information salience shapes banks’ lending decisions. We use a setting in which information about a borrower’s payment default on trade bills is available to all banks, but it appears more prominently to the bank...

By Baros Aleksandra, Croci Ettore, Girotti Mattia, Salvadè Federica
  • Published on 07/18/2023
  • 46 pages
  • EN
  • PDF (1.06 MB)


Publication Working Paper Series no. 917:
Nowcasting World Trade with Machine Learning: a Three-Step Approach

We nowcast world trade using machine learning, distinguishing between tree-based methods (random forest, gradient boosting) and their regression-based counterparts (macroeconomic random forest, linear gradient boosting). While much less used in the...

By Chinn Menzie, Meunier Baptiste, Stumpner Sebastian
  • Published on 07/12/2023
  • 49 pages
  • EN
  • PDF (982.73 KB)


Publication Working Paper Series no. 916:
Satellites Turn “Concrete”: Tracking Cement with Satellite Data and Neural Networks

The Covid crisis has demonstrated the need for alternative data, in real-time and with global coverage. This paper exploits daily infrared images from satellites to track economic activity in advanced and emerging countries. We first develop a...

By d’Aspremont Alexandre, Ben Arous Simon, Bricongne Jean-Charles, Lietti Benjamin, Meunier Baptiste
  • Published on 06/27/2023
  • 36 pages
  • EN
  • PDF (1.42 MB)


Publication Working Paper Series no. 915:
US Monetary Policy Spillovers to Emerging Markets: the Trade Credit Channel

We analyze the effects of exogenous US monetary policy shocks on trade credit towards emerging markets, using a proprietary database on trade credit amounts. We show that a US monetary tightening leads to an increase in foreign-supplied trade credit in...

By London Mélina, Silvestrini Maéva
  • Published on 06/20/2023
  • 41 pages
  • EN
  • PDF (1.82 MB)


Publication Working Paper Series no. 914:
Swing Pricing and Flow Dynamics in Light of the Covid-19 Crisis

Swing pricing is a recent liquidity management tool designed to reallocate the liquidity cost from remaining to transacting investors, by adjusting share prices of investment funds. Based on unique text-mining data, we observe that its use is spreading...

By Baena Antoine, Garcia Thomas
  • Published on 06/19/2023
  • 64 pages
  • EN
  • PDF (1.31 MB)


Publication Working Paper Series no. 913:
Monetary Policy and Labor Income Inequality: the Role of Extensive and Intensive Margins

Using French matched administrative-survey data, we quantify the distributional effects of monetary policy on labor income and decompose the extensive and intensive margins of these effects. We find that the effects of ECB monetary policy shocks on...

  • Published on 06/07/2023
  • 49 pages
  • EN
  • PDF (1.42 MB)