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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. 912:
Euro Area Monetary Policy Effects. Does the Shape of the Yield Curve Matter?

This paper investigates the effects of monetary policy in the euro area. We make three main contributions to the literature. First, we use the information from movements in the entire yield curve around monetary policy events to shed light on the...

By Odendahl Florens, Pagliari Maria Sole, Penalver Adrian, Rossi Barbara, Sestieri Giulia
  • Published on 06/01/2023
  • 43 pages
  • EN
  • PDF (2.43 MB)


Publication Working Paper Series no. 911:
Blowing against the Wind? A Narrative Approach to Central Bank Foreign Exchange Intervention

Most countries in the world use foreign exchange interventions, but measuring the success of the policy is difficult. By using a narrative approach, I identify interventions when the central bank manages to reverse the exchange rate based on pure luck....

By Naef Alain
  • Published on 04/26/2023
  • 43 pages
  • EN
  • PDF (995.61 KB)


Publication Working Paper Series no. 910:
Environmental Subsidies to Mitigate Net-Zero Transition Costs

We explore the role of public subsidies in mitigating the transition costs associated with achieving a climate-neutral objective by 2060. To this end, we develop and estimate a quantitative macro-climate model for the world economy featuring an...

By Jondeau Eric, Levieuge Grégory, Sahuc Jean-Guillaume, Vermandel Gauthier
  • Published on 03/17/2023
  • 48 pages
  • EN
  • PDF (3.08 MB)


Publication Working Paper Series no. 909:
How Can Technology Significantly Contribute to Climate Change Mitigation?

This paper highlights how technology can contribute to reaching the COP21 goals of net zero CO2 emissions and global warming below 2°C at the end of the century. It uses the ACCL model, particularly adapted to quantify the consequences of energy price...

By Alestra Claire, Cette Gilbert, Chouard Valérie, Lecat Rémy
  • Published on 02/20/2023
  • 22 pages
  • EN
  • PDF (1.3 MB)


Publication Working Paper Series no. 908:
Stablecoins and the Financing of the Real Economy

Stablecoins are crypto-assets that aim to maintain a stable value relative to a fiat currency. This paper documents one implication of their massive growth since 2020 for the financing of the real economy. The largest stablecoins manage their peg with...

  • Published on 02/14/2023
  • 64 pages
  • EN
  • PDF (2.39 MB)


Publication Working Paper Series no. 907:
The Stumbling Block in ‘the Race of our Lives’: Transition-Critical Materials, Financial Risks and the NGFS Climate Scenarios

Several ‘critical’ raw materials, including metals, minerals and Rare Earth Elements (REEs), play a central role in the low-carbon transition and are needed to expand the deployment of low-carbon technologies. The reliable and affordable supply of...

By Miller Hugh, Dikau Simon, Svartzman Romain, Dees Stéphane
  • Published on 02/10/2023
  • 64 pages
  • EN
  • PDF (2.98 MB)


Publication Working Paper Series no. 906:
International Commodity Prices Transmission to Consumer Prices in Africa

Global commodity prices spikes can have strong macroeconomic effects, particularly in developing countries. This paper estimates the global commodity prices pass-through to consumer price inflation in Africa. Our sample includes monthly data for 48...

By Lemaire Thibault, Vertier Paul
  • Published on 02/08/2023
  • 47 pages
  • EN
  • PDF (1.42 MB)


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)