You are here

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.

Share links

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)
Read

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)
Read

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)
Read

December

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

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)
View online

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)
View online

December

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

November

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

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)
Read

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)
Read

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)
Read

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)
Read
Publication Working Paper Series no. 604:
Labour market regulations and capital labour substitution.
By Lopez Jimmy, Mairesse Jacques
  • Published on 10/01/2016
  • EN
  • PDF (1.15 MB)
Read

September

Publication Working Paper Series no. 603:
The Impact of Chinese Import Competition on the Local Structure of Employment and Wages: Evidence from France.
By Malgouyres Clément
  • Published on 09/01/2016
  • EN
  • PDF (1.65 MB)
Read

September

Publication Working Paper Series no. 602:
A DGSE Model to Assess the Post-Crisis Regulation of Universal Banks.
By Chahad Mohammed, De Bandt Olivier
  • Published on 09/01/2016
  • EN
  • PDF (969.61 KB)
Read

September

Publication Working Paper Series no. 601:
Inspecting the Mechanism of Quantitative Easing in the Euro Area

Using new data on security-level portfolio holdings by investor type and across countries in the euro area, Ralph S.J. Koijen, François Koulischer, ...

By Koijen Ralph S.J., Koulischer François, Nguyen Benoît, Yogo Motohiro
  • Published on 09/01/2016
  • 47 pages
  • EN
  • PDF (538.52 KB)
Read

September

Publication Working Paper Series no. 600:
Rationality of announcements, business cycle asymmetry, and predictability of revisions. The case of French GDP
By Mogliani Matteo, Ferrière Thomas
  • Published on 09/01/2016
  • EN
  • PDF (553.32 KB)
Read

August

Publication Working Paper Series no. 599:
International Banking and Cross-Border Effects of Regulation: Lessons from France
By Bussière Matthieu, Schmidt Julia, Vinas Frédéric
  • Published on 08/01/2016
  • EN
  • PDF (504 KB)
Read

July

Publication Working Paper Series no. 598:
The Information Contained in Money Market Interactions: Unsecured vs. Collateralized Lending
By Bernales Alejandro, di Filippo Mario
  • Published on 07/01/2016
  • EN
  • PDF (712.86 KB)
Read

June

Publication Working Paper Series no. 597:
Immigration to the U.S.: A problem for the Republicans or the Democrats?
By Mayda Anna Maria, Peri Giovanni, Steingress Walter
  • Published on 06/01/2016
  • EN
  • PDF (3.24 MB)
Read
Publication Working Paper Series no. 596:
The PRISME model: can disaggregation on the production side help to forecast GDP?
By Thubin Camille, Ferrière Thomas, Monnet Eric, Marx Magali, Oung Vichett
  • Published on 06/01/2016
  • EN
  • PDF (896.93 KB)
Read

May

Publication Working Paper Series no. 595:
Fiscal Consolidation Under Imperfect Credibility
By Lemoine Matthieu, Lindé Jesper
  • Published on 05/01/2016
  • EN
  • PDF (894.96 KB)
Read

May

Publication Working Paper Series no. 594:
Bailouts, Moral Hazard and Banks' Home Bias for Sovereign Debt
By Gaballo Gaetano, Zetlin-Jones Ariel
  • Published on 05/01/2016
  • EN
  • PDF (713.88 KB)
Read

May

Publication Working Paper Series no. 593:
The Collateral Channel of Open Market Operations
By Cassola Nuno, Koulischer François
  • Published on 05/01/2016
  • EN
  • PDF (3.04 MB)
Read

April

Publication Working Paper Series no. 592:
Has Globalization Really Increased Business Cycle Synchronization?
By Monnet Eric, Puy Damien
  • Published on 04/01/2016
  • EN
  • PDF (1.59 MB)
Read

April

Publication Working Paper Series no. 591:
Demographic Cycle, Migration and Housing Investment: a Causal Examination
By Monnet Eric, Wolf Clara
  • Published on 04/01/2016
  • EN
  • PDF (1.24 MB)
Read

April

Publication Working Paper Series no. 590:
How Monetary Policy Changes Bank Liability Structure and Funding Cost.
By Girotti Mattia
  • Published on 04/01/2016
  • EN
  • PDF (600.51 KB)
Read

April

Publication Working Paper Series no. 589:
UK term structure decompositions at the zero lower bound.
By Carriero Andrea, Mouabbi Sarah, Vangelista Elisabetta
  • Published on 04/01/2016
  • EN
  • PDF (497.54 KB)
Read

April

Publication Working Paper Series no. 588:
The role of production factor quality and technology diffusion in 20th century productivity growth.
By Bergeaud Antonin, Lecat Rémy
  • Published on 04/01/2016
  • EN
  • PDF (2.41 MB)
Read

April

Publication Working Paper Series no. 587:
The Impact of the National Minimum Wage on Industry-Level Wage Bargaining in France.
By Gautier Erwan, Fougère Denis, Roux Sébastien
  • Published on 04/01/2016
  • EN
  • PDF (841.99 KB)
Read

March

Publication Working Paper Series no. 586:
The Pre-Great Recession Slowdown in Productivity.
By Fernald John, Mojon Benoït
  • Published on 03/01/2016
  • EN
  • PDF (1.13 MB)
Read

March

Publication Working Paper Series no. 585:
In Search of the Transmission Mechanism of Fiscal Policy in the Euro Area.
By Fève Patrick, Sahuc Jean-Guillaume
  • Published on 03/01/2016
  • EN
  • PDF (535.14 KB)
Read

March

Publication Working Paper Series no. 584:
Accounting for Labor Gaps
By Langot François, Pizzo Alessandra
  • Published on 03/01/2016
  • EN
  • PDF (4.44 MB)
Read

March

Publication Working Paper Series no. 583:
Credit frictions and the cleansing effect of recessions.
By Osotimehin Sophie, Pappadà Francesco
  • Published on 03/01/2016
  • EN
  • PDF (579.86 KB)
Read

February

Publication Working Paper Series no. 582:
Measuring Financial Fragmentation in the Euro Area Corporate Bond Market.
By Horny Guillaume, Manganelli Simone, Mojon Benoït
  • Published on 02/01/2016
  • EN
  • PDF (1.55 MB)
Read

February

Publication Working Paper Series no. 581:
Margin rate and the cycle: the role of trade openness.
By Lecat Rémy, Ould Ahmed Jiddou Ahmed
  • Published on 02/01/2016
  • EN
  • PDF (278.16 KB)
Read