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. 411:

Bank Ownership and Credit Cycle: the lower sensitivity of public bank lending to the business cycle (revised in May 2013)

By Duprey Thibaut

Published on 12/01/2012
EN
PDF (616.68 KB)

Publication Working Paper Series no. 414:

Bilateral Exposures and Systemic Solvency Risk

By Gouriéroux Christian, Héam Jean-Cyprien, Monfort Alain

Published on 12/01/2012
EN
PDF (816.05 KB)

Publication Working Paper Series no. 412:

Monetary Policy and Herd Behavior: Leaning Against Bubbles

By Loisel Olivier, Pommeret Aude, Portier Franck

Published on 12/01/2012
EN
PDF (755.95 KB)

Publication Working Paper Series no. 413:

Optimal Monetary and Prudential Policies

By Collard Fabrice, Dellas Harris, Diba Behzad, Loisel Olivier

Published on 12/01/2012
EN
PDF (713.17 KB)

Publication Working Paper Series no. 415:

The impact of a `soda tax' on prices. Evidence from French micro data

By Berardi Nicoletta, Sevestre Patrick, Vigneron Alexandre

Published on 12/01/2012
EN
PDF (788.18 KB)

November

Publication Working Paper Series no. 406:

Capital Controls with International Reserve Accumulation: Can this Be Optimal?

By Bacchetta Philippe, Benhima Kenza, Kalantzis Yannick

Published on 11/01/2012
EN
PDF (568.34 KB)

Publication Working Paper Series no. 405:

Did the crisis induce credit rationing for French SMEs?

By Kremp Elisabeth, Sevestre Patrick

Published on 11/01/2012
EN
PDF (487.07 KB)

Publication Working Paper Series no. 408:

Export dynamics and sales at home

By Berthou Antoine, Berman Nicolas, Héricourt Jérôme

Published on 11/01/2012
EN
PDF (400.14 KB)

Publication Working Paper Series no. 410:

Foreign Entry and Spillovers with Technological Incompatibilities in the Supply Chain - Forthcoming in Journal of International Economics

By Carluccio Juan, Fally Thibault

Published on 11/01/2012
EN
PDF (353.45 KB)

Publication Working Paper Series no. 409:

Short-term forecasts of French GDP: a dynamic factor model with targeted predictors

By Bessec Marie

Published on 11/01/2012
EN
PDF (1017.32 KB)

Publication Working Paper Series no. 407:

Tails of Inflation Forecasts and Tales of Monetary Policy

By Andrade Philippe, Ghysels Eric, Idier Julien

Published on 11/01/2012
EN
PDF (558.59 KB)

October

Publication Working Paper Series no. 403:

Generalizing the Taylor Principle: New Comment

By Barthélemy Jean, Marx Magali

Published on 10/01/2012
EN
PDF (419.89 KB)

Publication Working Paper Series no. 402:

Good Luck or Good Policy? An Expectational Theory of Macro-Volatility Switches

By Gaballo Gaetano

Published on 10/01/2012
EN
PDF (581.25 KB)

Publication Working Paper Series no. 404:

Households Debt Restructuring: Evidence from the French Experience

By Fraisse Henri, Frouté Philippe

Published on 10/01/2012
EN
PDF (884.76 KB)

Publication Working Paper Series no. 400:

Inventory Investment Dynamics and Recoveries: A Comparison of Manufacturing and Retail Trade Sectors

By Bec Frédérique, Bessec Marie

Published on 10/01/2012
EN
PDF (234.87 KB)

Publication Working Paper Series no. 401:

Nowcasting German GDP: A comparison of bridge and factor models

By Antipa Pamfili, Barhoumi Karim, Brunhes-Lesage Véronique

Published on 10/01/2012
EN
PDF (202.83 KB)

September

Publication Working Paper Series no. 395:

A model of the euro-area yield curve with discrete policy rates

By Renne Jean-Paul

Published on 09/01/2012
EN
PDF (2.51 MB)

Publication Working Paper Series no. 397:

Asset Pricing with Second-Order Esscher Transforms

By Monfort Alain, Pegoraro Fulvio

Published on 09/01/2012
EN
PDF (547.98 KB)

Publication Working Paper Series no. 396:

Credit Ratings and Debt Crises

By Bussière Matthieu, Ristiniemi Annukka

Published on 09/01/2012
EN
PDF (578.92 KB)

Publication Working Paper Series no. 398:

Too-connected versus too-big-to-fail: banks’ network centrality and overnight interest rates

By Gabrieli Silvia

Published on 09/01/2012
EN
PDF (980.69 KB)

Publication Working Paper Series no. 399:

Wage and Productivity differentials in Japan. The Role of Labor Market Mechanisms

By Kalantzis Yannick, Kambayashi Ryo, Lechevalier Sébastien

Published on 09/01/2012
EN
PDF (524.61 KB)

August

Publication Working Paper Series no. 394:

Bank leverage shocks and the macroeconomy: a new look in a data-rich environment

By Mésonnier Jean-Stéphane, Stevanovic Dalibor

Published on 08/01/2012
EN
PDF (509.06 KB)

Publication Working Paper Series no. 393:

European Export Performance

By Cheptea Angela, Fontagné Lionel, Zignago Soledad

Published on 08/01/2012
EN
PDF (876.96 KB)

Publication Working Paper Series no. 392:

Funding for green growth

By Fuentes Castro Daniel

Published on 08/01/2012
EN
PDF (611.08 KB)

July

Publication Working Paper Series no. 391:

Equilibrium Risk Shifting and Interest Rate in an Opaque Financial System

By Challe Edouard, Mojon Benoït, Ragot Xavier

Published on 07/01/2012
EN
PDF (375.72 KB)

Publication Working Paper Series no. 388:

Financial Integration and External Sustainability

By Towbin Pascal

Published on 07/01/2012
EN
PDF (1.07 MB)

Publication Working Paper Series no. 389:

Labour relations quality and productivity: An empirical analysis on French firms

By Dromel Nicolas, Lecat Rémy, Paret Anne-Charlotte

Published on 07/01/2012
EN
PDF (525.44 KB)

Publication Working Paper Series no. 390:

Macro-Prudential Policy and the Conduct of Monetary Policy

By Beau Denis, Clerc Laurent, Mojon Benoït

Published on 07/01/2012
EN
PDF (1.18 MB)

Publication Working Paper Series no. 387:

Private Uncertainty and Multiplicity

By Gaballo Gaetano

Published on 07/01/2012
EN
PDF (465.41 KB)

Publication Working Paper Series no. 385:

Public debt ratio and its determinants in France since 1890 Does econometrics support the historical evidence ?

By Dufrénot Gilles, Triki Karim

Published on 07/01/2012
EN
PDF (462.64 KB)

Publication Working Paper Series no. 386:

Why have governments succeeded in reducing French public debt historically and can these successes inspired us for the future? An historical perspective since 1890

By Dufrénot Gilles, Triki Karim

Published on 07/01/2012
EN
PDF (285.98 KB)

June

Publication Working Paper Series no. 384:

Forecasting GDP over the business cycle in a multi-frequency and data-rich environment

By Bessec Marie, Bouabdallah Othman

Published on 06/01/2012
EN
PDF (767.34 KB)

May

Publication Working Paper Series no. 382:

How does Fiscal Consolidation Impact on Income Inequality ?

By Agnello Luca, Sousa Ricardo M.

Published on 05/01/2012
EN
PDF (260.96 KB)

Publication Working Paper Series no. 383:

Macroeconomic forecasting during the Great Recession: The return of non-linearity ?

By Ferrara Laurent, Marcellino Massimiliano, Mogliani Matteo

Published on 05/01/2012
EN
PDF (935.26 KB)

Publication Working Paper Series no. 381:

Price as a choice under nonstochastic randomness in finance (English)

By Ivanenko Yaroslav, Munier Bertrand

Published on 05/01/2012
EN
PDF (832.8 KB)

April

Publication Working Paper Series no. 374:

The Macroeconomic Effects of Reserve Requirements

By Glocker Christian, Towbin Pascal

Published on 04/02/2012
EN
PDF (920.92 KB)

April

Publication Working Paper Series no. 378:

A mathematical treatment of bank monitoring incentives

By Pagès Henri, Possamai Dylan

Published on 04/01/2012
EN
PDF (337.94 KB)

Publication Working Paper Series no. 379:

A Pitfall with DSGE-Based, Estimated, Government Spending Multipliers

By Fève Patrick, Matheron Julien, Sahuc Jean-Guillaume

Published on 04/01/2012
EN
PDF (1006.63 KB)

Publication Working Paper Series no. 377:

Bank monitoring incentives and optimal ABS

By Pagès Henri

Published on 04/01/2012
EN
PDF (604.31 KB)

Publication Working Paper Series no. 373:

Commonality in hedge fund returns: driving factors and implications

By Bussière Matthieu, Hoerova Maria, Klaus Benjamin

Published on 04/01/2012
EN
PDF (396.46 KB)

Publication Working Paper Series no. 380:

Disintermediation or financial diversification? The case of developed countries

By Boutillier Michel, Bricongne Jean-Charles

Published on 04/01/2012
EN
PDF (844.62 KB)

Publication Working Paper Series no. 376:

The changing role of expectations in US monetary policy: A new look using the Livingston Survey

By Banerjee Anindya, Sheheryar Malik

Published on 04/01/2012
EN
PDF (537.25 KB)

Publication Working Paper Series no. 375:

The Dynamics of Gasoline Prices: Evidence from Daily French Micro Data

By Gautier Erwan, Le Saout Ronan

Published on 04/01/2012
EN
PDF (738.39 KB)

March

Publication Working Paper Series no. 370:

Changes In Wage Inequality In France: The Impact Of Composition Effects (in French)

By Verdugo Gregory, Fraisse Henri, Horny Guillaume

Published on 03/01/2012
FR
PDF (478.21 KB)

Publication Working Paper Series no. 372:

Financial Regulation in General Equilibrium

By Goodhart Charles, K. Kashyap Anil, P. Tsomocos Dimitrios, P. Vardoulakis Alexandros

Published on 03/01/2012
EN
PDF (500.64 KB)

Publication Working Paper Series no. 371:

Optimal Price Setting During a Currency Changeover: Theory and Evidence from French Restaurants.

By Berardi Nicoletta, A. Eife Thomas, Gautier Erwan

Published on 03/01/2012
EN
PDF (259.85 KB)

Publication Working Paper Series no. 369:

Rent building, rent sharing - A panel country-industry empirical analysis

By Askenazy Philippe, Maarek Paul

Published on 03/01/2012
EN
PDF (452.6 KB)

Publication Working Paper Series no. 368:

Shock on Variable or Shock on Distribution with Application to Stress-Tests

By Dubecq Simon, Gouriéroux Christian

Published on 03/01/2012
EN
PDF (1.13 MB)

February

Publication Working Paper Series no. 367:

Breakeven inflation rates and their puzzling correlation relationships

By de Jong Marielle

Published on 02/01/2012
EN
PDF (269.79 KB)

Publication Working Paper Series no. 364:

Global Value Chains during the Great Trade Collapse: A Bullwhip Effect ?

By Altomonte Carlo, Di Mauro Filippo, Gianmarco Ottaviano, Rungi Armando, Vicard Vincent

Published on 02/01/2012
EN
PDF (634.19 KB)

Publication Working Paper Series no. 365:

Global versus local shocks in micro price dynamics

By Andrade Philippe, Zachariadis Marios

Published on 02/01/2012
EN
PDF (370.15 KB)

Publication Working Paper Series no. 361:

How do anticipated changes to short-term market rates influence banks' retail interest rates? Evidence from the four major euro area economies

By Banerjee Anindya, Bystrov Victor, Mizen Paul

Published on 02/01/2012
EN
PDF (378.26 KB)

Publication Working Paper Series no. 363:

Reserve Requirements for Price and Financial Stability - When Are They Effective ?

By Glocker Christian, Towbin Pascal

Published on 02/01/2012
EN
PDF (704.14 KB)

Publication Working Paper Series no. 362:

The determinants of intrafirm trade: Evidence from French firms

By Corcos Gregory, Irac Delphine, Mion Giodano, Verdier Thierry

Published on 02/01/2012
EN
PDF (447.92 KB)

Publication Working Paper Series no. 366:

The Effect of the Minimum Wage on the Average Wage in France (in French)

By Verdugo Gregory

Published on 02/01/2012
FR
PDF (638.36 KB)

January

Publication Working Paper Series no. 359:

A term structure model with level factor cannot be realistic and arbitrage free

By Dubecq Simon, Gouriéroux Christian

Published on 01/01/2012
EN
PDF (369.23 KB)

Publication Working Paper Series no. 360:

The European way out of recession

By Bec Frédérique, Bouabdallah Othman, Ferrara Laurent

Published on 01/01/2012
EN
PDF (1.21 MB)

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