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Rue de la Banque

The Rue de la Banque series is a collection of short, non-technical articles, in which Banque de France researchers sum up their work on a particular topic. Each article contains charts and a bibliography for those who want to explore the subject further.

These articles are now available in the Banque de France Bulletin in an "Economic Research" section as of the May-June 2019 issue.

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December

Publication Rue de la Banque no. 72:
Costs and consequences of a trade war: a structural analysis

Recent US policies (and announcements) and consequent retaliations have increased the threat of a global trade war. This Rue de la Banque provides an assessment of the global macroeconomic short-term implications of higher trade tariffs for the global...

By Berthou Antoine, Jardet Caroline, Siena Daniele, Szczerbowicz Urszula
  • Published on 12/20/2018
  • 6 pages
  • EN
  • PDF (555.23 KB)
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November

Publication Rue de la Banque no. 71:
Sectoral specialisation and the downturn in France’s foreign trade between 2014 and 2016

France’s foreign trade balance for non-energy goods and services deteriorated significantly between the beginning of 2014 and the end of 2016. Although on average the contribution from sectoral specialisation is more favourable in France than for its...

By Camatte Hadrien, Gaulier Guillaume
  • Published on 11/28/2018
  • 5 pages
  • EN
  • PDF (683.08 KB)
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October

Publication Rue de la Banque no. 70:
Do firms benefit equally from trade in inputs?

As intermediate inputs account for two-thirds of world trade, understanding the mechanisms driving this specific component of global trade and their implications in terms of welfare is crucial. The authors show that micro-data for foreign input...

By Blaum Joaquin, Lelarge Claire, Peters Michael
  • Published on 10/24/2018
  • 5 pages
  • EN
  • PDF (593.33 KB)
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October

Publication Rue de la Banque no. 69:
Does all firms’ productive investment benefit from real estate price increases?

An increase in real estate prices both raises the value of pledgeable assets and lowers the return on investment due to the increase in the cost of inputs. These two channels draw productive investment in opposite directions. Using a large French...

By Fougère Denis, Lecat Rémy, Ray Simon
  • Published on 10/10/2018
  • EN
  • PDF (571.83 KB)
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September

Publication Rue de la Banque no. 68:
How does a euro/dollar exchange rate shock affect inflation in France?

In this paper, we analyse the impact of an exchange rate shock on inflation in France using the Model for Analysis and Projection of Inflation (MAPI) of the Banque de France (see Working Paper, No. 637). We show that the ...

By Jardet Caroline
  • Published on 09/28/2018
  • 6 pages
  • EN
  • PDF (636.39 KB)
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September

Publication Rue de la Banque no. 67:
A DGSE model to assess the post-crisis regulation of universal banks

The 2007-08 financial crisis led to a global overhaul of prudential regulatory instruments. At an international level, the new Basel III regulation increased capital requirements and also introduced two liquidity ratios, for the short and long term....

By Chahad Mohammed, De Bandt Olivier
  • Published on 09/05/2018
  • EN
  • PDF (630.01 KB)
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July

Publication Rue de la Banque no. 66:
The evolution of wealth inequality in France from 1800 to 2014

This Rue de la Banque analyses the long-run evolution of wealth in France from 1800 to 2014, using estimates from Garbinti, Goupille-Lebret and Piketty (2017). Following a period of prolonged stability during the 19th century, inequality declined...

By Garbinti Bertrand, Goupille-Lebret Jonathan
  • Published on 07/12/2018
  • EN
  • PDF (626.34 KB)
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June

Publication Rue de la Banque no. 65:
Non-standard monetary policy: what impact on small and medium-sized enterprises financing?

Following the 2011 crisis, the European Central Bank lent massively to Eurosystem banks while extending the range of assets accepted as collateral for these loans. This Rue de la Banque shows that, by targeting a particular asset class, the easing of...

By Cahn Christophe, Duquerroy Anne
  • Published on 06/28/2018
  • EN
  • PDF (573.85 KB)
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June

Publication Rue de la Banque no. 64:
Adjustment costs and factor demand: some lessons from corporate real estate

The adjustment costs associated with a change in the quantity of production factors (labour and capital) hinder the optimal allocation of these factors and stifle corporate growth. This issue of Rue de la Banque uses the example of the tax on real...

By Bergeaud Antonin, Ray Simon
  • Published on 06/15/2018
  • 5 pages
  • EN
  • PDF (636.93 KB)
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June

Publication Rue de la Banque no. 63:
Corporate debt structure and economic recoveries: a cross-country analysis

The recovery after the 2008 crisis was faster in the United States than in the euro area. Some authors argued that the US financial system’s capacity to replace bank financing with corporate bond financing contributed to the faster recovery. This Rue...

By Grjebine Thomas, Szczerbowicz Urszula, Tripier Fabien
  • Published on 06/01/2018
  • EN
  • PDF (622.21 KB)
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May

Publication Rue de la Banque no. 62:
Dollar funding and French exports to the United States: lessons from the 2011 dollar crunch

This Rue de la Banque analyses the effects of a lesser availability of dollar funding on the export performance of French companies on the US market. It shows that the sudden drying up of cross-border dollar funding of French banks in the summer of...

By Berthou Antoine, Mésonnier Jean-Stéphane, Horny Guillaume
  • Published on 05/17/2018
  • EN
  • PDF (539.31 KB)
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April

Publication Rue de la Banque no. 61:
Uncertainty and macroeconomics: transmission channels and policy implications

There has been a strong focus in recent policy debates on the various types of uncertainty surrounding the global economy, from economic policy uncertainty to financial volatility. This Rue de la Banque presents the key challenges raised by this...

By Ferrara Laurent, Lhuissier Stéphane, Tripier Fabien
  • Published on 04/27/2018
  • 5 pages
  • EN
  • PDF (515.42 KB)
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April

Publication Rue de la Banque no. 60:
Eurosystem asset purchases and portfolio rebalancing in the euro area

Who holds and sells the assets purchased by the Eurosystem? And how do these counterparties rebalance their portfolio? This Rue de la Banque shows that the major end-counterparty of the Eurosystem’s purchases is the non-resident sector, followed by...

By Koijen Ralph S.J., Koulischer François, Nguyen Benoît, Yogo Motohiro
  • Published on 04/17/2018
  • 6 pages
  • EN
  • PDF (620.5 KB)
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March

Publication Rue de la Banque no. 59:
The effects of monetary policy on the composition of bank deposits and on loan supply

Using US bank level data, this Rue de la Banque shows that when monetary policy tightens, banks with a larger proportion of zero-interest deposits on their balance sheet experience larger increases in their interest-bearing deposit rate. A larger...

By Girotti Mattia
  • Published on 03/30/2018
  • 4 pages
  • EN
  • PDF (548.86 KB)
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March

Publication Rue de la Banque no. 58:
What risk sharing and macroeconomic policy instruments in the Economic and Monetary Union?

The slowness and setbacks of the euro area financial integration process prevent it from playing a stabilising role, or even contributing to economic convergence. The priority is therefore to accelerate the emergence of a financing union, via pan...

By Jaillet Pierre, Vidon Édouard
  • Published on 03/21/2018
  • EN
  • PDF (591.35 KB)
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February

Publication Rue de la Banque no. 57:
The impact of Chinese import competition on the local structure of employment and wages in France

How has competition from Chinese exports affected the French labour market? This article aims to answer this question by exploiting the variation in exposure to competition from China across employment zones. The results suggest that around 13% of the...

By Malgouyres Clément
  • Published on 02/26/2018
  • EN
  • PDF (1.21 MB)
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February

Publication Rue de la Banque no. 56:
Does the Phillips curve still exist?

Estimates from the Banque de France show that the slope of the Phillips curve in the euro area has remained weak but stable and significantly different from zero since the crisis. In the G7 countries, the coefficient of past inflation has become...

By Berson Clémence, Diev Pavel, Faubert Violaine, Ferrara Laurent, Guilloux-Nefussi Sophie, Kalantzis Yannick, Lalliard Antoine, Matheron Julien, Mogliani Matteo
  • Published on 02/12/2018
  • 5 pages
  • EN
  • PDF (665.75 KB)
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January

Publication Rue de la Banque no. 55:
The role of real estate in euro area wealth inequality: lessons from the Household Finance and Consumption Survey

We analyse the role of real estate in wealth inequality within the euro area using data from the Eurosystem’s Household Finance and Consumption Survey. We demonstrate that the level of inequality declines with the homeownership rate. Furthermore, the...

By Garbinti Bertrand, Savignac Frédérique
  • Published on 01/25/2018
  • 5 pages
  • EN
  • PDF (637.58 KB)
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January

Publication Rue de la Banque no. 54:
Is price dispersion a concern for French consumers?

Deviations from ‘optimal prices’ may imply that monetary policy is not efficiently transmitted to inflation, hindering central banks’ objective of price stability. But is price dispersion also a concern for consumers? This Rue de la Banque describes...

By Berardi Nicoletta
  • Published on 01/08/2018
  • 5 pages
  • EN
  • PDF (623.84 KB)
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