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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.

April

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)

April

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)

April

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)

April

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)

April

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)

April

Publication Working Paper Series no. 672:
Dissecting the Impact of Imports from Low-Wage Countries on French Consumer Prices

Juan Carluccio, Erwan Gautier and Sophie Guilloux-Nefussi provide a quantitative assessment of the impact of imports from low-wage countries (LWCs) on CPI inflation in France during 1994-2014, using detailed micro data on imports and exports. The share...

  • Published on 04/06/2018
  • EN
  • PDF (1.14 MB)

March

Publication Working Paper Series no. 671:
Payments delay: propagation and punishment

Ben Craig, Dilyara Salakhova, Martin Saldias use a unique dataset of transactions from the real-time gross settlement system TARGET2 to analyze the behavior of banks with respect to the settlement of interbank claims. They focus on the time that passes...

By Craig Ben, Salakhova Dilyara, Saldias Martin
  • Published on 03/27/2018
  • 27 pages
  • EN
  • PDF (3.9 MB)

March

Publication Working Paper Series no. 670:
The Optimal Inflation Target and the Natural Rate of Interest

Philippe Andrade, Jordi Galí, Hervé Le Bihan & Julien Matheron study how changes in the value of the steady-state real interest rate affect the optimal inflation target, both in the U.S. and the euro area, using an estimated New Keynesian DSGE...

  • Published on 03/26/2018
  • 62 pages
  • EN
  • PDF (2.57 MB)

March

Publication Working Paper Series no. 669:
Monetary Policy and Collateral Constraints since the European Debt Crisis

With the European debt crisis, the role of assets accepted by the Eurosystem as collateral for refinancing operations took on a new place in the public debate, as, against a backdrop of shifting demand for refinancing, movements in European bond prices...

  • Published on 03/20/2018
  • EN
  • PDF (2.32 MB)

March

Publication Working Paper Series no. 668:
A General Equilibrium Appraisal of Capital Shortfall

Eric Jondeau & Jean-Guillaume Sahuc quantify the capital shortfall that results from a global financial crisis by using a macro-finance dynamic stochastic general equilibrium model that captures the interactions between the financial and real...

By Jondeau Eric, Sahuc Jean-Guillaume
  • Published on 03/08/2018
  • 66 pages
  • EN
  • PDF (2.29 MB)

March

Publication Working Paper Series no. 667:
Stabilising virtues of central banks: (re)matching bank liquidity

The liquidity of financial system plays a central role in systemic crises. In this paper, we show that the ECB haircut policies provided an important liquidity support to distressed financial institutions during the euro area sovereign debt turmoil....

By Legroux Vincent, Rahmouni-Rousseau Imène, Szczerbowicz Urszula, Valla Natacha
  • Published on 03/07/2018
  • 19 pages
  • EN
  • PDF (2.27 MB)

March

Publication Working Paper Series no. 666:
Dollar Funding and Firm-Level Exports

How do financial frictions in currency markets affect firm-level exports? Antoine Berthou, Guillaume Horny & Jean-Stéphane Mésonnier bring new answer to this question by looking at a recent episode in the summer of 2011 when the cost of US dollar...

  • Published on 03/07/2018
  • 67 pages
  • EN
  • PDF (2.16 MB)