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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.

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August

Publication Working Paper Series no. 635:
Communication Costs and the Internal Organization of Multi-Plant Businesses: Evidence from the Impact of the French High-Speed Rail

We document the impact of travel time between headquarters and affiliates of geographically dispersed corporate groups on the management of such business organizations. Theory suggests that the easier circulation of managers might facilitate the...

By Charnoz Pauline, Lelarge Claire, Trevien Corentin
  • Published on 08/18/2017
  • 59 pages
  • EN
  • PDF (5.71 MB)
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July

Publication Working Paper Series no. 634:
Should euro area countries cut taxes on labour or capital in order to boost their growth?

The large imbalances within euro area have led to renew interest in tax policies that could reduce labour costs and thus improve competitiveness and growth. In this paper, we consider whether it would be more growth-enhancing for euro area countries to...

By Castelletti-Font Barbara, Clerc Pierrick, Lemoine Matthieu
  • Published on 07/10/2017
  • EN
  • PDF (1.32 MB)
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July

Publication Working Paper Series no. 633:
Accounting for Wealth Inequality Dynamics: Methods, Estimates and Simulations for France (1800-2014)

This paper combines different sources and methods (income tax data, inheritance registers, national accounts, wealth surveys) in order to deliver consistent, unified wealth distribution series for France over the 1800-2014 period. We find a large...

By Garbinti Bertrand, Goupille-Lebret Jonathan, Piketty Thomas
  • Published on 07/03/2017
  • EN
  • PDF (4.19 MB)
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June

Publication Working Paper Series no. 632:
The Determinants of Consumer Price Dispersion: Evidence from French Supermarkets

We characterize the dispersion of grocery prices in France based on a large original data set of prices in more than 1500 supermarkets. On average across products, the 90th percentile of relative prices is 17 percentage points higher than the 10th and...

By Berardi Nicoletta, Sevestre Patrick, Thébault Jonathan
  • Published on 06/23/2017
  • 26 pages
  • EN
  • PDF (2.69 MB)
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June

Publication Working Paper Series no. 631:
Illiquid Collateral and Bank Lending during the European Sovereign Debt Crisis

We assess the effect of accepting illiquid assets as collateral at the central bank on banks’ lending activity. We study the lending activity of the 177 largest banks in the Euro area between 2011m1 and 2014m12 and the composition of their pool of...

By Barthélemy Jean, Bignon Vincent, Nguyen Benoît
  • Published on 06/02/2017
  • 30 pages
  • EN
  • PDF (2.35 MB)
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May

Publication Working Paper Series no. 630:
Why Have Interest Rates Fallen far Below the Return on Capital

Risk-free rates have been falling since the 1980s. The return on capital, defined here as the profits over the stock of capital, has not. We analyze these trends in a calibrated OLG model designed to encompass many of the "usual suspects"...

By Marx Magali, Mojon Benoït
  • Published on 05/19/2017
  • 29 pages
  • EN
  • PDF (1.85 MB)
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May

Publication Working Paper Series no. 629:
Brands in Motion: How frictions shape multinational production

We use disaggregated data on car assembly and trade to estimate a model of multinational production. Our framework delineates four theory-based specifications under which all frictions relevant to multinational production can be structurally estimated....

By Head Keith, Mayer Thierry
  • Published on 05/05/2017
  • 70 pages
  • EN
  • PDF (3.82 MB)
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April

Publication Working Paper Series no. 628:
Competition for Global Value Added: Export and Domestic Market Shares

We propose a new “global” market share indicator that complements the traditional export market share analysis by accounting for the foreign value added embodied in the production process and for the performance of national firms on their domestic...

By Cezar Rafaël, Duguet Adrien, Gaulier Guillaume, Vicard Vincent
  • Published on 04/28/2017
  • EN
  • PDF (1.95 MB)
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April

Publication Working Paper Series no. 627:
Monetary and Fiscal Policy in England during the French Wars (1793-1821)

The French Wars (1793-1815) exerted unprecedented pressures on Britain's fiscal and monetary policy settings. Policy makers had to constantly adjust the policy mix as events unfolded. This meant implementing monetary and fiscal policy innovations,...

By Antipa Pamfili, Chamley Christophe
  • Published on 04/27/2017
  • 43 pages
  • EN
  • PDF (2.4 MB)
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April

Publication Working Paper Series no. 626:
Real estate prices and corporate investment: Theory and evidence of heterogeneous effects across firms
By Fougère Denis, Lecat Rémy, Ray Simon
  • Published on 04/21/2017
  • 43 pages
  • EN
  • PDF (2.33 MB)
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April

Publication Working Paper Series no. 625:
Can Fiscal Budget-Neutral Reforms Stimulate Growth? Model-Based Results
By Bussière Matthieu, Ferrara Laurent, Siena Daniele, Juillard Michel
  • Published on 04/14/2017
  • 35 pages
  • EN
  • PDF (493.62 KB)
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March

Publication Working Paper Series no. 624:
To What Extent Can Long-Term Investment in Infrastructure Reduce Inequality?
By Hooper Emma, Sanjay Peters, Pintus Patrick
  • Published on 03/27/2017
  • EN
  • PDF (2.96 MB)
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