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. 468:

Assessing the losses in euro area potential productivity due to the financial crisis

By Chouard Valérie, Fuentes Castro Daniel, Irac Delphine, Lemoine Matthieu

Published on 12/01/2013
EN
PDF (802.42 KB)

Publication Working Paper Series no. 470:

Euro area structural convergence? A multi-criterion cluster analysis

By Irac Delphine, Lopez Jimmy

Published on 12/01/2013
EN
PDF (1.04 MB)

Publication Working Paper Series no. 465:

Financial Literacy and Financial Planning in France

By Arrondel Luc, Debbich Majdi, Savignac Frédérique

Published on 12/01/2013
EN
PDF (189.88 KB)

Publication Working Paper Series no. 466:

Fiscal Sustainability and the Value of Money: Lessons from the British Paper Pound, 1797-1821

Published on 12/01/2013
EN
PDF (696.62 KB)

Publication Working Paper Series no. 467:

French firms exports during downturns: evidence from past crises

By Bellas Dimitri, Vicard Vincent

Published on 12/01/2013
EN
PDF (433.02 KB)

Publication Working Paper Series no. 472:

Market Shares in the Wake of the Global Crisis: the Quarterly Export Competitiveness Database

By Gaulier Guillaume, Gianluca Santoni, Taglioni Daria, Zignago Soledad

Published on 12/01/2013
EN
PDF (1.13 MB)

Publication Working Paper Series no. 471:

Network Analysis of World Trade using the BACI-CEPII dataset

By De Benedictis Luca, Nenci Silvia, Gianluca Santoni, Tajoli Lucia, Vicarelli Claudio

Published on 12/01/2013
EN
PDF (2.83 MB)

Publication Working Paper Series no. 469:

Which size and evolution of the government expenditure multiplier in France (1980-2010)?

By Lemoine Matthieu, Pionnier Pierre-Alain

Published on 12/01/2013
EN
PDF (1.32 MB)

November

Publication Working Paper Series no. 461:

Choosing the variables to estimate singular DSGE models

By Canova Fabio, Ferroni Filippo, Matthes Christian

Published on 11/01/2013
EN
PDF (778.14 KB)

Publication Working Paper Series no. 464:

Heterogeneous Banking Efficiency: Allocative Distortions and Lending Fluctuations

By Duprey Thibaut

Published on 11/01/2013
EN
PDF (1.28 MB)

Publication Working Paper Series no. 462:

The dynamics of bank loans short-term interest rates in the Euro area: what lessons can we draw from the current crisis ?

By Avouyi-Dovi Sanvi, Horny Guillaume, Sevestre Patrick

Published on 11/01/2013
EN
PDF (329.44 KB)

Publication Working Paper Series no. 460:

The Impact of Worker Bargaining Power on the Organization of Global Firms

By Carluccio Juan, Bas Maria

Published on 11/01/2013
EN
PDF (666.43 KB)

Publication Working Paper Series no. 459:

Voting in committee: firm value vs. back scratching

By Ravanel Mathilde

Published on 11/01/2013
EN
PDF (697.42 KB)

Publication Working Paper Series no. 463:

What has been the impact of the 2008 crisis on firms’ default ? (in French)

By Fougère Denis, Golfier Cécile, Horny Guillaume, Kremp Elisabeth

Published on 11/01/2013
FR
PDF (1.68 MB)

October

Publication Working Paper Series no. 453:

Aggregate Fluctuations and International Migration

By Beine Michel, Bricongne Jean-Charles, Bourgeon Pauline

Published on 10/01/2013
EN
PDF (871.8 KB)

Publication Working Paper Series no. 450:

Currency Union with and without Banking Union

By Bignon Vincent, Breton Régis, Rojas Breu Mariana

Published on 10/01/2013
EN
PDF (652.42 KB)

Publication Working Paper Series no. 454:

Forecasting growth during the Great Recession: is financial volatility the missing ingredient ?

By Ferrara Laurent, Marsilli Clément, Ortega Juan-Pablo

Published on 10/01/2013
EN
PDF (929.11 KB)

Publication Working Paper Series no. 449:

Limited attention and news arrival in limit order markets

By Dugast Jérôme

Published on 10/01/2013
EN
PDF (730.88 KB)

Publication Working Paper Series no. 452:

Optimal Exchange Rate Policy in a Growing Semi-Open Economy

By Bacchetta Philippe, Benhima Kenza, Kalantzis Yannick

Published on 10/01/2013
EN
PDF (359.02 KB)

Publication Working Paper Series no. 455:

Pricing Default Events: Surprise, Exogeneity and Contagion

By Gouriéroux Christian, Monfort Alain, Renne Jean-Paul

Published on 10/01/2013
EN
PDF (655.8 KB)

Publication Working Paper Series no. 456:

Regime Switching and Bond Pricing

By Gouriéroux Christian, Monfort Alain, Pegoraro Fulvio, Renne Jean-Paul

Published on 10/01/2013
EN
PDF (955.8 KB)

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Publication Working Paper Series no. 457:

Securitization, Competition and Monitoring

By Jung-Hyun Ahn, Breton Régis

Published on 10/01/2013
EN
PDF (1006.78 KB)

Publication Working Paper Series no. 451:

The Discriminatory Effect of Domestic Regulations on International Trade in Services: Evidence from Firm-Level Data

By Crozet Matthieu, Milet Emmanuel, Mirza Daniel

Published on 10/01/2013
EN
PDF (589.55 KB)

Publication Working Paper Series no. 458:

The impact of Urban Enterprise Zones on establishment location decisions: Evidence from French ZFUs

By Mayer Thierry, Mayneris Florian, Py Loriane

Published on 10/01/2013
EN
PDF (1.59 MB)

September

Publication Working Paper Series no. 432:

Domino Effects when Banks Hoard Liquidity: The French network

By Fourel Valère, Héam Jean-Cyprien, Salakhova Dilyara, Tavolaro Santiago

Published on 09/30/2013
EN
PDF (537.04 KB)

September

Publication Working Paper Series no. 446:

Credit and Liquidity in Interbank Rates: a Quadratic Approach

By Dubecq Simon, Monfort Alain, Renne Jean-Paul, Roussellet Guillaume

Published on 09/02/2013
EN
PDF (1.25 MB)

September

Publication Working Paper Series no. 447:

Big Push or Big Grab? Railways, Government Activism and Export Growth in Latin America, 1865-1913

By Bignon Vincent, Rui Esteves, Herranz-Loncán Alfonso

Published on 09/01/2013
EN
PDF (455.02 KB)

Publication Working Paper Series no. 445:

Firms' Export Dynamics: Experience vs. Size

By Berthou Antoine, Vicard Vincent

Published on 09/01/2013
EN
PDF (733.6 KB)

Publication Working Paper Series no. 448:

Net interoffice accounts of global banks: the role of domestic funding

By D’Avino Carmela

Published on 09/01/2013
EN
PDF (412.85 KB)

Publication Working Paper Series no. 444:

Procyclical Debt as Automatic Stabilizer

By Wesselbaum Dennis

Published on 09/01/2013
EN
PDF (733.79 KB)

August

Publication Working Paper Series no. 440:

Learning Leverage Shocks and the Great Recession

By Pintus Patrick, Suda Jacek

Published on 08/31/2013
EN
PDF (1.48 MB)

Publication Working Paper Series no. 439:

Strict Fiscal Rules and Macroeconomic Stability: The Case of Social VAT (in French)

By Fève Patrick, Matheron Julien, Sahuc Jean-Guillaume

Published on 08/31/2013
FR
PDF (246.86 KB)

Publication Working Paper Series no. 438:

The Laffer Curve in an Incomplete-Market Economy

By Fève Patrick, Matheron Julien, Sahuc Jean-Guillaume

Published on 08/31/2013
EN
PDF (550.56 KB)

August

Publication Working Paper Series no. 443:

A Growth Perspective on Foreign Reserve Accumulation

By Cheng Gong

Published on 08/01/2013
EN
PDF (587.81 KB)

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Publication Working Paper Series no. 442:

Non-uniform wage-staggering: European evidence and monetary policy implications

By Juillard Michel, Le Bihan Hervé, Millard Stephen

Published on 08/01/2013
EN
PDF (640.12 KB)

Publication Working Paper Series no. 441:

Upstream product market regulations, ICT, R&D and productivity

By Lopez Jimmy, Mairesse Jacques

Published on 08/01/2013
EN
PDF (2.83 MB)

July

Publication Working Paper Series no. 437:

The financial content of inflation risks in the euro area

By Andrade Philippe, Fourel Valère, Ghysels Eric, Idier Julien

Published on 07/31/2013
EN
PDF (438.65 KB)

May

Publication Working Paper Series no. 436:

Nowcasting French GDP in Real-Time from Survey Opinions: Information or Forecast Combinations ?

By Bec Frédérique, Mogliani Matteo

Published on 05/31/2013
EN
PDF (481.39 KB)

Publication Working Paper Series no. 435:

Policy Uncertainty Spillovers to Emerging Markets - Evidence from Capital Flows

By McLoughlin Cameron, Reinhardt Dennis

Published on 05/31/2013
EN
PDF (945.65 KB)

April

Publication Working Paper Series no. 431:

Age Biased Technical and Organisational Change, Training and Employment Prospects of Older Workers

By Behaghel Luc, Caroli Eve, Roger Muriel

Published on 04/30/2013
EN
PDF (189.3 KB)

Publication Working Paper Series no. 434:

Belief shocks and the macroeconomy

By Suda Jacek

Published on 04/30/2013
EN
PDF (727.63 KB)

Publication Working Paper Series no. 433:

Market-implied inflation and growth rates adversely affected by the Brent

By de Jong Marielle

Published on 04/30/2013
EN
PDF (304.45 KB)

March

Publication Working Paper Series no. 426:

Calibrating Initial Shocks in Bank Stress Test Scenarios: An Outlier Detection Based Approach

By Levy-Rueff Guy, Pop Adrian

Published on 03/31/2013
EN
PDF (458.64 KB)

Publication Working Paper Series no. 430:

Dynamic Factor Models: A review of the Literature (in French)

By Barhoumi Karim, Ferrara Laurent

Published on 03/31/2013
FR
PDF (713.44 KB)

Publication Working Paper Series no. 428:

Fiscal Sustainability in the Presence of Systemic Banks: the Case of EU Countries - Forthcoming in: " International Tax and Public Finance "

By Bénassy-Quéré Agnès, Roussellet Guillaume

Published on 03/31/2013
EN
PDF (592.72 KB)

Publication Working Paper Series no. 425:

More Facts about Prices: France Before and During the Great Recession

By Berardi Nicoletta, Gautier Erwan, Le Bihan Hervé

Published on 03/31/2013
EN
PDF (1.48 MB)

Publication Working Paper Series no. 429:

Social networks and wages in Senegal’s formal sector

By Berardi Nicoletta

Published on 03/31/2013
EN
PDF (544.6 KB)

March

Publication Working Paper Series no. 427:

Contagion Effects in the Aftermath of Lehman’s Collapse: Evidence from the US Financial Services Industry - Forthcoming in: "Journal of Financial Stability"

By Dumontaux Nicolas, Pop Adrian

Published on 03/01/2013
EN
PDF (435.64 KB)

February

Publication Working Paper Series no. 421:

Commodity and Equity Markets: Some Stylized Facts from a Copula

By Delatte Anne-Laure, Lopez Claude

Published on 02/28/2013
EN
PDF (1.18 MB)

Publication Working Paper Series no. 423:

Commodity price volatility and tax revenue: Evidence from developing countries

By Ehrhart Hélène, Guerineau Samuel

Published on 02/28/2013
EN
PDF (559.38 KB)

View online

Publication Working Paper Series no. 424:

Exchange Rate Pass-Through in the Global Economy

By Bussière Matthieu, Delle Chiaie Simona, Peltonen Tuomas A.

Published on 02/28/2013
EN
PDF (704.32 KB)

Publication Working Paper Series no. 422:

On the Evolution of Specie: Circulation and Weight Loss in 18th and 19th Century Coinage

Published on 02/28/2013
EN
PDF (671.25 KB)

January

Publication Working Paper Series no. 419:

Elections and the structure of taxation in developing countries

By Ehrhart Hélène

Published on 01/31/2013
EN
PDF (335.99 KB)

Publication Working Paper Series no. 420:

In Defense of Early Warning Signals

By Bussière Matthieu

Published on 01/31/2013
EN
PDF (254.78 KB)

Publication Working Paper Series no. 416:

Rational Inattention to News: The Perils of Forward Guidance

By Gaballo Gaetano

Published on 01/31/2013
EN
PDF (382.48 KB)

Publication Working Paper Series no. 417:

Surplus Consumption Ratio and Expected Stock Returns

By Ghattassi Imen

Published on 01/31/2013
EN
PDF (484.63 KB)

Publication Working Paper Series no. 418:

Tax Revenue Instability in sub-Saharan Africa: Consequences and Remedies

By Ebeke Christian, Ehrhart Hélène

Published on 01/31/2013
EN
PDF (495.84 KB)

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