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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.

January

Publication Working Paper Series no. 801:
Aggregate Implications of Credit Relationship Flows: a Tale of Two Margins

This paper documents the aggregate properties of credit relationship flows within the commercial loan market in France from 1998 through 2018. Using detailed bank-firm level data from the French Credit Register, we show that banks actively and...

By Boualam Yasser, Mazet-Sonilhac Clément
  • Published on 01/15/2021
  • 77 pages
  • EN
  • PDF (2.98 MB)

January

Publication Working Paper Series no. 800:
Showing off cleaner hands: mandatory climate-related disclosure by financial institutions and the financing of fossil energy

We investigate the real effects of mandatory climate-related disclosure by financial institutions on the funding of carbon-intensive industries. Our impact metric is the amount invested into securities, bonds and stocks, issued by fossil fuel companies...

  • Published on 01/08/2021
  • 39 pages
  • EN
  • PDF (2.16 MB)

January

Publication Working Paper Series no. 799:
Fiscal Stimulus in Liquidity Traps: Conventional or Unconventional Policies?

Recent influential work argue that a gradual increase in sales tax stimulates economic activity in a liquidity trap by boosting inflation expectations. Higher public infrastructure investment should also be more expansive in a liquidity trap than in...

By Lemoine Matthieu, Lindé Jesper
  • Published on 01/06/2021
  • 67 pages
  • EN
  • PDF (850.63 KB)

January

Publication Working Paper Series no. 798:
Structural Estimation of Time-Varying Spillovers: An Application to International Credit Risk Transmission

We propose a novel approach to quantify spillovers on financial markets based on a structural version of the Diebold-Yilmaz framework. Key to our approach is a SVAR-GARCH model that is statistically identified by heteroskedasticity, economically...

By Boeckelmann Lukas, Stalla-Bourdillon Arthur
  • Published on 01/05/2021
  • 61 pages
  • EN
  • PDF (2.07 MB)

January

Publication Working Paper Series no. 797:
Global Value Chains and the transmission of exchange rate shocks to consumer prices

Following the 2008 financial crisis, inflation rates in advanced economies have been at odds with the prediction of a standard Phillips curve. This puzzle has triggered a debate on the global determinants of domestic prices. We contribute to this...

By Camatte Hadrien, Faubert Violaine, Lalliard Antoine, Daudin Guillaume, Rifflart Christine
  • Published on 01/04/2021
  • 47 pages
  • EN
  • PDF (5.53 MB)