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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. 905:
The Dynamic IS Curve when there is both Investment and Savings

The dynamic IS curve of New-Keynesian models captures the dependence of aggregate demand on future interest rates, but only in the case where there is no investment and the interest rate channel only originates in the savings decisions of households....

  • Published on 01/25/2023
  • 43 pages
  • EN
  • PDF (2.38 MB)


Publication Working Paper Series no. 904:
Measuring and Comparing Consumption Inequality between France and the United States

This paper constructs an annual dataset of consumption by income quintiles for France since 1989 in order to make a granular comparison of consumption inequality with the United States. First, we match consumption data from a survey run every five...

  • Published on 01/24/2023
  • 44 pages
  • EN
  • PDF (3.35 MB)