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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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May

Publication Working Paper Series no. 681:
Non-base wage components as a source of wage adaptability to shocks: Evidence from European firms, 2010-2013

Jan Babecký, Clémence Berson, Ludmila Fadejeva, Ana Lamo, Petra Marotzke, Fernando Martins and Pawel Strzelecki provide evidence on the role of non-base wage components as a channel for firms to adjust labour costs in the event of adverse shocks. They...

By Babecký Jan, Berson Clémence, Fadejeva Ludmila, Marotzke Petra, Martins Fernando, Lamo Ana, Strzelecki Pawel
  • Published on 05/18/2018
  • 23 pages
  • EN
  • PDF (1.04 MB)
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May

Publication Working Paper Series no. 680:
‘New Normal’ or ‘New Orthodoxy’? Elements of a Central Banking Framework for the After-Crisis

Christian Pfister and Natacha Valla contrast two different approaches to central banking in the aftermath of the crisis. In the first one, labelled ‘New Normal’, the monetary policy strategy is broadened to encompass such objectives as financial...

By Pfister Christian, Valla Natacha
  • Published on 05/11/2018
  • 27 pages
  • EN
  • PDF (356.23 KB)
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May

Publication Working Paper Series no. 679:
Countercyclical School Attainment and Intergenerational Mobility

Andreu Arenas & Clément Malgouyres study how economic conditions at the time of choosing post-compulsory education affect intergenerational mobility. Exploiting local variation in birthplace unemployment rate at age 16 across 23 cohorts in France,...

By Malgouyres Clément, Arenas Andreu
  • Published on 05/04/2018
  • EN
  • PDF (737.55 KB)
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April

Publication Working Paper Series no. 678:
The Impact of Exports on Innovation: Theory and Evidence

Philippe Aghion, Antonin Bergeaud, Matthieu Lequien and Marc J. Melitz investigate the effect of export shocks on innovation. On the one hand a positive shock increases market size and therefore innovation incentives for all firms. On the other hand it...

By Aghion Philippe, Bergeaud Antonin, Lequien Matthieu, Melitz Marc J.
  • Published on 04/27/2018
  • EN
  • PDF (844.73 KB)
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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)
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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)
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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...

By Pfister Christian
  • Published on 04/12/2018
  • EN
  • PDF (201.96 KB)
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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 Lopez Jimmy, Mairesse Jacques
  • Published on 04/10/2018
  • 32 pages
  • EN
  • PDF (1.59 MB)
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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)
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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...

By Carluccio Juan, Gautier Erwan, Guilloux-Nefussi Sophie
  • Published on 04/06/2018
  • EN
  • PDF (1.14 MB)
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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
  • FR
  • PDF (3.93 MB)
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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...

By Andrade Philippe, Galí Jordi, Le Bihan Hervé, Matheron Julien
  • Published on 03/26/2018
  • 62 pages
  • EN
  • PDF (2.57 MB)
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