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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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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...

By Barthélemy Jean, Bignon Vincent, Nguyen Benoît
  • Published on 03/20/2018
  • EN
  • PDF (2.32 MB)
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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)
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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)
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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...

By Berthou Antoine, Horny Guillaume, Mésonnier Jean-Stéphane
  • Published on 03/07/2018
  • 67 pages
  • EN
  • PDF (2.16 MB)
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March

Publication Working Paper Series no. 665:
Tax Simplicity and Heterogeneous Learning

Philippe Aghion, Ufuk Akcigit, Matthieu Lequien & Stefanie Stantcheva study how strongly individuals respond to tax simplicity and how they learn about the complexities of the tax system, using new French tax returns data on the self-employed from...

By Aghion Philippe, Akcigit Ufuk, Lequien Matthieu, Stantcheva Stefanie
  • Published on 03/01/2018
  • 74 pages
  • EN
  • PDF (2.65 MB)
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February

Publication Working Paper Series no. 664:
Credit risk and bank competition in Sub-Saharan Africa

Michael Brei, Luc Jacolin & Alphonse Noah investigate the impact of bank competition in Sub-Saharan Africa on bank non-performing loans, a measure of credit risk. Using bank-level data for a sample of 221 banks from 33 countries over the period...

By Brei Michael, Jacolin Luc, Noah Alphonse
  • Published on 02/28/2018
  • 37 pages
  • EN
  • PDF (2.17 MB)
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February

Publication Working Paper Series no. 663:
Explaining and Forecasting Euro Area Inflation: the Role of Domestic and Global Factors

In this paper, Sophie Béreau, Violaine Faubert & Katja Schmidt study the fit and the predictive performance of the Phillips curve for euro area inflation with regard to different inflation series, time periods and predictor variables, notably...

By Béreau Sophie, Faubert Violaine, Schmidt Katja
  • Published on 02/28/2018
  • 37 pages
  • EN
  • PDF (2.3 MB)
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February

Publication Working Paper Series no. 662:
Firm-level Productivity Dispersion and Convergence

The productivity slowdown has been analysed as an effect of weaker technological progress, of the digital economy or of a less efficient reallocation process. Using data on firms operating in France, we highlight that, at the technological frontier,...

By Corde Simon, Lecat Rémy
  • Published on 02/23/2018
  • 6 pages
  • EN
  • PDF (2.15 MB)
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January

Publication Working Paper Series no. 661:
Global financial interconnectedness: A Non-Linear Assessment of the Uncertainty Channel

The role of uncertainty in the global economy is now widely recognized by policy-makers but its effects on the international financial system are less understood. In this paper we assess the impact of uncertainty fluctuations on the interconnectedness...

By Candelon Bertrand, Ferrara Laurent, Joëts Marc
  • Published on 01/24/2018
  • 47 pages
  • EN
  • PDF (2.72 MB)
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January

Publication Working Paper Series no. 660:
Exchange Rate Movements, Firm-Level Exports and Heterogeneity

This paper provides an estimation of the reaction of firm-level exports consecutive to real exchange rate movements, the exchange rate elasticity of exports. Following recent theoretical works emphasizing the role played by firm heterogeneity, we test...

By Berthou Antoine, Dhyne Emmanuel
  • Published on 01/15/2018
  • 44 pages
  • EN
  • PDF (718.2 KB)
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