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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.

December

Publication Working Paper Series no. 616:
The Inverted Leading Indicator Property and Redistribution Effect of the Interest Rate.
By Pintus Patrick, Yi Wen, Xiaochuan Xing
  • Published on 12/30/2016
  • 56 pages
  • EN
  • PDF (1001.43 KB)

December

Publication Working Paper Series no. 615:
Financial Inclusion, Bank Concentration and Firm Performance
By Chauvet Lisa, Jacolin Luc
  • Published on 12/30/2016
  • 30 pages
  • EN
  • PDF (520.46 KB)

December

Publication Working Paper Series no. 614:
Disaster Risk and Preference Shifts in a New Keynesian Model

In RBC models, “disaster risk shocks” reproduce countercyclical risk premia but generate an increase in consumption along the recession and asset price fall, through their effects on agents’ preferences (Gourio, 2012). This paper offers a solution to...

By Isore Marlene, Szczerbowicz Urszula
  • Published on 12/22/2016
  • EN
  • PDF (838.16 KB)

December

Publication Working Paper Series no. 613:
Optimal Monitoring of Long-Term Loan Contracts.
  • Published on 12/20/2016
  • EN
  • PDF (490.83 KB)

December

Publication Working Paper Series no. 612:
The Gains from Input Trade with Heterogeneous Importers
By Blaum Joaquin, Lelarge Claire, Peters Michael
  • Published on 12/19/2016
  • 83 pages
  • EN
  • PDF (1.09 MB)

December

Publication Working Paper Series no. 611:
National natural rates of interest and the single monetary policy in the Euro Area

We estimate time-varying national natural real rates of interest (r*) for the four largest economies of the euro area over 1999-2016. We further derive the associated national real interest rate gaps, which gauge the perceived monetary policy stance in...

By Mouabbi Sarah, Renne Jean-Paul, Fries Sebastien, Mésonnier Jean-Stéphane
  • Published on 12/16/2016
  • 44 pages
  • EN
  • PDF (2.83 MB)

December

Publication Working Paper Series no. 610:
Globalization, Market Structure and Inflation Dynamics
  • Published on 12/14/2016
  • 54 pages
  • FR
  • PDF (1.23 MB)

November

Publication Working Paper Series no. 609:
An Early Warning System for Macro-prudential Policy in France
  • Published on 11/01/2016
  • EN
  • PDF (1.21 MB)

November

Publication Working Paper Series no. 608:
Global Trade Flows: Revisiting the Exchange Rate Elasticities
By Bussière Matthieu, Gaulier Guillaume, Steingress Walter
  • Published on 11/01/2016
  • EN
  • PDF (1015.13 KB)

November

Publication Working Paper Series no. 607:
Does the volatility of commodity prices reflect macroeconomic uncertainty ?
By Joëts Marc, Mignon Valerie, Razafindrabe Tovonony
  • Published on 11/01/2016
  • EN
  • PDF (2.12 MB)

November

Publication Working Paper Series no. 606:
Which combination of fiscal and external imbalances to determine the long-run dynamics of sovereign bond yields ?
By Ben Salem Malika, Castelletti-Font Barbara
  • Published on 11/01/2016
  • EN
  • PDF (533.67 KB)

October

Publication Working Paper Series no. 605:
Diversity and Employment Prospects: Neighbors Matter!
By Hémet Camille, Malgouyres Clément
  • Published on 10/01/2016
  • EN
  • PDF (493.54 KB)