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. 356:

A smoke screen theory of financial intermediation

By Breton Régis

Published on 12/01/2011
EN
PDF (558.19 KB)

Publication Working Paper Series no. 357:

Capital controls and spillover effects: evidence from Latin-American countries

By Lambert Frédéric, Ramos-Tallada Julio, Rebillard Cyril

Published on 12/01/2011
EN
PDF (1.13 MB)

Publication Working Paper Series no. 355:

Firm-Network Characteristics and Economic Robustness to Natural Disasters

By Henriet Fanny, Hallegatte Stéphane, Tabourier Lionel

Published on 12/01/2011
EN
PDF (686.89 KB)

Publication Working Paper Series no. 226:

Macroeconomic Fluctuations and Corporate Financial Fragility

By Bruneau Catherine, De Bandt Olivier, El Amri Widad

Published on 12/01/2011
EN
PDF (501.47 KB)

Publication Working Paper Series no. 358:

Market access in global and regional trade

By de Sousa José, Mayer Thierry, Zignago Soledad

Published on 12/01/2011
EN
PDF (693.23 KB)

November

Publication Working Paper Series no. 352:

Credit and liquidity risks in euro area sovereign yield curves

By Monfort Alain, Renne Jean-Paul

Published on 11/01/2011
EN
PDF (2.31 MB)

Publication Working Paper Series no. 354:

Fiscal Policy Discretion, Private Spending, and Crisis Episodes

By Agnello Luca, Furceri Davide, Sousa Ricardo M.

Published on 11/01/2011
EN
PDF (319.59 KB)

Publication Working Paper Series no. 351:

Interpreting the Hours-Technology time-varying relationship, Cristiano Cantore, Filippo Ferroni and Miguel A. León-Ledesma

By Cantore Cristiano, Ferroni Filippo, León-Ledesma Miguel A.

Published on 11/01/2011
EN
PDF (1.97 MB)

Publication Working Paper Series no. 345:

Pouvoir exécutoire des dettes et rendement de la monnaie, Mariana Rojas-Breu (en anglais)

By Rojas Breu Mariana

Published on 11/01/2011
EN
PDF (207.32 KB)

Publication Working Paper Series no. 353:

Price Stickiness and Sectoral Inflation Persistence: Additional Evidence

By Le Bihan Hervé

Published on 11/01/2011
EN
PDF (423.72 KB)

Publication Working Paper Series no. 346:

Service deregulation, competition and the performance of French and Italian firms

By Daveri Francesco, Parisi Maria Laura

Published on 11/01/2011
EN
PDF (826.34 KB)

October

Publication Working Paper Series no. 350:

Fiscal Sustainability, Default Risk and Euro Area Sovereign Bond Spreads

By Borgy Vladimir, Laubach Thomas, Renne Jean-Paul, Mésonnier Jean-Stéphane

Published on 10/01/2011
EN
PDF (712.04 KB)

Publication Working Paper Series no. 348:

How useful is the Marginal Expected Shortfall for the measurement of systemic exposure? A practical assessment

By Lamé Gildas

Published on 10/01/2011
EN
PDF (368.26 KB)

Publication Working Paper Series no. 349:

Risk aversion and Uncertainty in European Sovereign Bond Markets

By Fourel Valère

Published on 10/01/2011
EN
PDF (942.67 KB)

Publication Working Paper Series no. 347:

State-Dependent Probability Distributions in Non Linear Rational Expectations Models, Jean Barthélemy and Magali Marx (en anglais)

By Barthélemy Jean, Marx Magali

Published on 10/01/2011
EN
PDF (709.68 KB)

September

Publication Working Paper Series no. 343:

Capital Utilisation and Retirement, Antoine Bonleu, Gilbert Cette, and Guillaume Horny (en anglais)

By Bonleu Antoine, Horny Guillaume

Published on 09/01/2011
EN
PDF (349.13 KB)

Publication Working Paper Series no. 342:

Measuring the NAIRU: a complementary approach, Marie-Elisabeth de la Serve and Matthieu Lemoine (en anglais)

By De la Serve Marie-Elisabeth, Lemoine Matthieu

Published on 09/01/2011
EN
PDF (957.45 KB)

Publication Working Paper Series no. 344:

Wealth Effects on Consumption Plans: French Households in the Crisis, Luc Arrondel, Frédérique Savignac and Kevin Tracol (en anglais)

By Arrondel Luc, Savignac Frédérique, Tracol Kevin

Published on 09/01/2011
EN
PDF (530.93 KB)

August

Publication Working Paper Series no. 340:

Default, liquidity and crises: an econometric framework

By Monfort Alain, Renne Jean-Paul

Published on 08/01/2011
EN
PDF (1.47 MB)

Publication Working Paper Series no. 339:

L’impact de la politique monétaire conventionnelle sur le marché du collatéral : le cas du marché des titres français (en anglais)

Published on 08/01/2011
EN
PDF (748.06 KB)

Publication Working Paper Series no. 341:

The Exchange Rate Pass-Through in the New EU Member States

By Jimborean Ramona

Published on 08/01/2011
EN
PDF (689.68 KB)

July

Publication Working Paper Series no. 336:

How have global shocks impacted the real effective exchange rates of individual euro area countries since the euro's creation?

By Mehl Arnaud, Chudik Alexander, Bussière Matthieu

Published on 07/01/2011
EN
PDF (475.6 KB)

Publication Working Paper Series no. 335:

Immigration and the Occupational Choice of Natives: a Factor Proportions Approach

By Ortega Javier, Verdugo Gregory

Published on 07/01/2011
EN
PDF (403.54 KB)

Publication Working Paper Series no. 333:

Macroeconomic consequences of global endogenous migration: a general equilibrium analysis

By Borgy Vladimir, Chojnicki Xavier, Le Garrec Gilles, Schwellnus Cyrille

Published on 07/01/2011
EN
PDF (679.76 KB)

Publication Working Paper Series no. 338:

Median-Unbiased Estimation in DF-GLS Regressions and the PPP Puzzle

By Lopez Claude, Murray Christian J., Papell David H.

Published on 07/01/2011
EN
PDF (381 KB)

Publication Working Paper Series no. 337:

Short Note on the Unemployment Rate of the French Overseas regions

By Hoarau Jean François, Lopez Claude, Paul Michel

Published on 07/01/2011
EN
PDF (431.83 KB)

Publication Working Paper Series no. 332:

The Stability of Macroeconomic Systems with Bayesian Learners

By Bullard James B., Suda Jacek

Published on 07/01/2011
EN
PDF (413.53 KB)

Publication Working Paper Series no. 334:

Unit Roots, Level Shifts and Trend Breaks in Per Capita Output: A Robust Evaluation

By Kejriwal Mohitosh, Lopez Claude

Published on 07/01/2011
EN
PDF (718.56 KB)

June

Publication Working Paper Series no. 329:

Global Imbalances and Imported Disinflation in the Euro Area

By Barthélemy Jean

Published on 06/01/2011
EN
PDF (1.72 MB)

Publication Working Paper Series no. 331:

Impact of the crisis on potential growth: An approach based on unobserved component models (in french)

By Lemoine Matthieu, De la Serve Marie-Elisabeth, Chetouane Mabrouk

Published on 06/01/2011
EN
PDF (454.59 KB)

Publication Working Paper Series no. 330:

Stock Prices and Monetary Policy Shocks: A General Equilibrium Approach

By Challe Edouard, Giannitsarou Chryssi

Published on 06/01/2011
EN
PDF (396.36 KB)

April

Publication Working Paper Series no. 326:

Convergence of Euro Area Inflation Rates

By Lopez Claude, Papell David H.

Published on 04/01/2011
EN
PDF (669.98 KB)

Publication Working Paper Series no. 328:

Financial Constraints and Foreign Market Entries or Exits: Firm-Level Evidence from France

By Askenazy Philippe, Caldera Aida, Gaulier Guillaume, Irac Delphine

Published on 04/01/2011
EN
PDF (522.11 KB)

Publication Working Paper Series no. 327:

Has Europe Been Catching Up? An Industry Level Analysis of Venture Capital Success over 1985 - 2009

By Kraeussl Roman, Krause Stefan

Published on 04/01/2011
EN
PDF (504.55 KB)

March

Publication Working Paper Series no. 323:

BASEL III: Long-term impact on economic performance and fluctuations

By Angelini Paolo, Clerc Laurent, Gambacorta Leonardo, Gerali Andrea, Locarno Alberto, Motto Roberto, Roeger Werner, Van den Heuvel Skander, Vlček Jan

Published on 03/01/2011
EN
PDF (267.57 KB)

Publication Working Paper Series no. 325:

Can Fiscal Policy Stimulus Boost Economic Recovery?

By Agnello Luca, Sousa Ricardo M.

Published on 03/01/2011
EN
PDF (776.58 KB)

Publication Working Paper Series no. 322:

Carbon price and optimal extraction of a polluting fossil fuel with restricted carbon capture

By Coulomb Renaud, Henriet Fanny

Published on 03/01/2011
EN
PDF (476.44 KB)

Publication Working Paper Series no. 324:

Generalized Taylor and Generalized Calvo price and wage-setting: micro evidence with macro implications

By Dixon Huw D., Le Bihan Hervé

Published on 03/01/2011
EN
PDF (394.06 KB)

Publication Working Paper Series no. 321:

The possible shapes of recoveries in Markov-switching models

By Bec Frédérique, Bouabdallah Othman, Ferrara Laurent

Published on 03/01/2011
EN
PDF (378.42 KB)

February

Publication Working Paper Series no. 318:

Modelling Stochastic Volatility with Leverage and Jumps: A Simulated Maximum Likelihood Approach via Particle Filtering

By Sheheryar Malik, Pitt Michael K

Published on 02/01/2011
EN
PDF (1.39 MB)

Publication Working Paper Series no. 320:

On the Welfare Costs of Misspecified Monetary Policy Objectives

Published on 02/01/2011
EN
PDF (531.45 KB)

Publication Working Paper Series no. 319:

Protectionist Responses to the Crisis: Global Trends and Implications

By Bussière Matthieu, Pérez-Barreiro Emilia, Straub Roland, Taglioni Daria

Published on 02/01/2011
EN
PDF (641.05 KB)

January

Publication Working Paper Series no. 312:

Global Sourcing under Imperfect Capital Markets

By Carluccio Juan, Fally Thibault

Published on 01/01/2011
EN
PDF (883.75 KB)

Publication Working Paper Series no. 317:

Production factor returns: the role of factor utilisation

By Dromel Nicolas, Paret Anne-Charlotte

Published on 01/01/2011
EN
PDF (304.11 KB)

Publication Working Paper Series no. 314:

The confidence channel for the transmission of shocks

By Fei Suzanne

Published on 01/01/2011
EN
PDF (703.68 KB)

Publication Working Paper Series no. 315:

The decreasing returns on working time: An empirical analysis on panel country data

By Chang Samuel, Konte Maty

Published on 01/01/2011
EN
PDF (283.81 KB)

Publication Working Paper Series no. 313:

The Predictive Information Content of External Imbalances for Exchange Rate Returns: How Much Is It Worth?

By Sestieri Giulia, Lucio Sarno, Pasquale Della Corte

Published on 01/01/2011
EN
PDF (413.71 KB)

Publication Working Paper Series no. 316:

Two-way interplays between capital buffers, credit and output: evidence from French banks

By Coffinet Jérôme, Pop Adrian, Pouvelle Cyril

Published on 01/01/2011
EN
PDF (410 KB)

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