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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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December

Publication Working Paper Series no. 161:
Bubble-free interest-rate rules
By Loisel Olivier
  • Published on 12/01/2006
  • EN
  • PDF (563.67 KB)
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Publication Working Paper Series no. 159:
Stock exchanges industry consolidation and shock transmission
By Idier Julien
  • Published on 12/01/2006
  • EN
  • PDF (1.28 MB)
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Publication Working Paper Series no. 160:
The Behaviour of Producer Prices: some Evidence from the French PPI Micro Data
By Gautier Erwan
  • Published on 12/01/2006
  • EN
  • PDF (447.83 KB)
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October

Publication Working Paper Series no. 158:
Convergence in Household Credit Demand Across Euro Area Countries: Evidence from Panel Data
By De Bandt Olivier, Bruneau Catherine, El Amri Widad
  • Published on 10/01/2006
  • EN
  • PDF (445.75 KB)
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Publication Working Paper Series no. 157:
The Reliability of Macroeconomic Forecasts based on Real Interest Rate Gap Estimates in Real Time: an Assessment for the Euro Area
By Mésonnier Jean-Stéphane
  • Published on 10/01/2006
  • EN
  • PDF (569.05 KB)
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September

Publication Working Paper Series no. 156:
Trends in "structural" productivity levels in the major industrialized countries
By Bourlès Renaud
  • Published on 09/01/2006
  • EN
  • PDF (317.36 KB)
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August

Publication Working Paper Series no. 151:
Declining Valuations and Equilibrium Bidding Central Bank Refinancing Operations (en anglais)
By Ewerhart Christian, Cassola Nuno, Valla Natacha
  • Published on 08/01/2006
  • EN
  • PDF (571.87 KB)
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Publication Working Paper Series no. 152:
Labour Market Structural Reforms: some Lessons from the Recent Studies
By Fougère Denis
  • Published on 08/01/2006
  • EN
  • PDF (604.52 KB)
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Publication Working Paper Series no. 153:
Revisiting the proximity-concentration trade-off: Distance and Horizontal Foreign Direct Investment in OECD countries
By Irac Delphine
  • Published on 08/01/2006
  • EN
  • PDF (513.05 KB)
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Publication Working Paper Series no. 154:
Risk Insurance in a Transition Economy: Evidence from Rural Romania
By Irac Delphine, Minoiu Camelia
  • Published on 08/01/2006
  • EN
  • PDF (451.62 KB)
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Publication Working Paper Series no. 155:
The Cross-Section of Foreign Currency Risk Premia and Consumption Growth Risk
By Lustig Hanno, Verdelhan Adrien
  • Published on 08/01/2006
  • EN
  • PDF (610.25 KB)
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July

Publication Working Paper Series no. 149:
Financial (Dis)Integration
By Kharroubi Enisse
  • Published on 07/01/2006
  • EN
  • PDF (511.53 KB)
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Publication Working Paper Series no. 148:
How Well Does a Small Structural Model with Sticky Prices and Wages Fit Postwar U.S. Data?
By Matheron Julien, Poilly Céline
  • Published on 07/01/2006
  • EN
  • PDF (621.8 KB)
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Publication Working Paper Series no. 150:
Monetary Policy Inertia or Persistent Shocks?
By Carillo Julio, Fève Patrick, Matheron Julien
  • Published on 07/01/2006
  • EN
  • PDF (747.02 KB)
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June

Publication Working Paper Series no. 145:
Assessing Aggregate Comovements in France, Germany and Italy. Using a Non Stationary Factor Model of the Euro Area
By De Bandt Olivier, Bruneau Catherine, Flageollet Alexis
  • Published on 06/01/2006
  • EN
  • PDF (605.31 KB)
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Publication Working Paper Series no. 146:
Estimating Potential Output with a Production Function for France, Germany and Italy.
By Baghli Mustapha, Cahn Christophe, Villetelle Jean-Pierre
  • Published on 06/01/2006
  • EN
  • PDF (530.54 KB)
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Publication Working Paper Series no. 147:
Seasonal Adjustment of Monetary Aggregates and Loans Series at the Banque de France: Theoretical Background and Implementation. (in French)
By Fonteny Élisabeth-Claire
  • Published on 06/01/2006
  • EN
  • PDF (555.21 KB)
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May

Publication Working Paper Series no. 144:
Are Business and Credit Cycles Converging or Diverging? A comparison of Poland, Hungary, the Czech Republic and the Euro Area
By Avouyi-Dovi Sanvi, Kierzenkowski Rafal, Lubochinsky Catherine
  • Published on 05/01/2006
  • EN
  • PDF (4.63 MB)
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Publication Working Paper Series no. 142:
Revisiting the money demand function in the euro area (in French)
By Avouyi-Dovi Sanvi, Brun Matthieu, Dreyfus Alain, Drumetz Françoise, Oung Vichett, Sahuc Jean-Guillaume
  • Published on 05/01/2006
  • EN
  • PDF (1.44 MB)
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Publication Working Paper Series no. 143:
Term Structure Anomalies: Term Premium or Peso problem?
By Jardet Caroline
  • Published on 05/01/2006
  • EN
  • PDF (356.89 KB)
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April

Publication Working Paper Series no. 141:
Optimal Monetary Policy in an Estimated DSGE Model of the Euro Area with Cross-country Heterogeneity
By Jondeau Eric, Sahuc Jean-Guillaume
  • Published on 04/01/2006
  • EN
  • PDF (1.57 MB)
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March

Publication Working Paper Series no. 140:
Is the Inflation-Output Nexus Asymmetric in the Euro Area?
By Baghli Mustapha, Cahn Christophe, Fraisse Henri
  • Published on 03/01/2006
  • EN
  • PDF (384.76 KB)
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February

Publication Working Paper Series no. 139:
Illiquidity, Financial Development and the Growth-Volatility Relationship
By Kharroubi Enisse
  • Published on 02/01/2006
  • EN
  • PDF (529.56 KB)
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