Banque de France : Working Papers n° 528 - Assessing the macroeconomic effects of LTROS

• 528 Assessing the macroeconomic effects of LTROS - Christophe Cahn, Julien Matheron and Jean-Guillaume Sahuc
  December 2014
• 527 An arbitrage-free Nelson-Siegel term structure model with stochastic volatility for the determination of currency risk premia - Sarah Mouabbi
  December 2014
• 526 Trade networks and colonial trade spillovers - Antoine Berthou and Hélène Ehrhart
  December 2014
• 525 How Fiscal Policy Affects the Price Level: Britain's First Experience with Paper Money - Pamfili Antipa
  November 2014
• 524 Fundamental disagreement - Philippe Andrade, Richard Crump, Stefano Eusepi and Emanuel Moench
  November 2014
• 523 How do oil price forecast errors impact inflation forecast errors? An empirical analysis from French and US inflation forecasts - Frédérique Bec and Annabelle De Gaye
  November 2014
• 522 Euro Area business cycles in turbulent times: convergence or decoupling? - Filippo Ferroni and Benjamin Klaus
  November 2014
• 521 The Term Structure of the Welfare Cost of Uncertainty - Pierlauro Lopez
  November 2014
• 520 Variable Selection in Predictive MIDAS Models - Clément Marsilli
  November 2014
• 519 Pre-crisis credit standards: monetary policy or the savings glut? - Adrian Penalver
  November 2014
• 518 Options Embedded in ECB Targeted Refinancing Operations - Jean-Paul Renne
  October 2014
• 517 Fixed-Income Pricing in a Non-Linear Interest-Rate Model - Jean-Paul Renne
  October 2014
• 516 Strategic fiscal revaluation or devaluation: why does the labor wedge matter? -  François Langot and Matthieu Lemoine
  October 2014
• 515 Nowcasting global economic growth: A factor-augmented mixed-frequency approach - Laurent Ferrara and Clément Marsilli
  October 2014
• 514 Product and Labor Market Regulations, Production Prices, Wages and Productivity - Gilbert Cette, Jimmy Lopez and Jacques Mairesse
  October 2014
• 513 False News, Informational Efficiency, and Price Reversals - Jérôme Dugast and Thierry Foucault
  October 2014
• 512 Euro Area monetary policy shocks: impact on financial asset prices during the crisis? - Caroline Jardet and Allen Monks
  October 2014
• 511 Economic Policy Uncertainty and Inflation Expectations - Klodiana Istrefi and Anamaria Piloiu
  October 2014
• 510 The Price of Stability. The balance sheet policy of the Banque de France and the Gold Standard (1880-1914). - Guillaume Bazot, Michael D. Bordo and Eric Monnet
  October 2014
• 509 Sequential Coordination, Higher-Order Belief Dynamics and E-Stability Principle - Gaetano Gaballo
  October 2014
• 508 Fiscal Devaluation and Structural Gaps - François Langot, Lise Patureau and Thepthida Sopraseuth
  September 2014
• 507 The Shimer puzzle(s) in a New Keynesian framework - Alessandra Pizzo
  September 2014
• 506 Coin Assaying and Commodity Money - Vincent Bignon and Richard Dutu
  August 2014
• 505 Financial fragility in small open economies: firm balance sheets and the sectoral structure - Yannick Kalantzis
  August 2014
• 504 How do households allocate their assets? Stylised facts from the Eurosystem Household Finance and Consumption Survey - Luc Arrondel, Laura Bartiloro, Pirmin Fessler, Peter Lindner , Thomas Y. Mathä, Cristiana Rampazzi, Frederique Savignac , Tobias Schmidt, Martin Schürz and Philip Vermeulen
  August 2014
• 503 Technological Standardization, Endogenous Productivity and Transitory Dynamics - Justus Baron and Julia Schmidt
  August 2014
• 502 International Bailouts: Why Did Banks' Collective Bet Lead Europe to Rescue Greece? - Eric Mengus
  August 2014
• 501 The European Monetary Union and Imbalances: Is it an Anticipation Story ? - Daniele Siena
  July 2014
• 500 Retirement, Early Retirement and Disability: Explaining Labor Force Participation after 55 in France - Luc Behaghel, Didier Blanchet and Muriel Roger
  July 2014
• 499 Bank Capital Adjustment Process and Aggregate Lending - Thibaut Duprey and Mathias Lé
  July 2014
• 498 Trade, Wages, and Collective Bargaining: Evidence from France - Juan Carluccio, Denis Fougère and Erwan Gautier
  July 2014
• 497 Wealth and Income in the Euro Area: Heterogeneity in Households' Behaviours? - Luc Arrondel, Muriel Roger, and Frédérique Savignac
  July 2014
• 496 Financial Shocks and the Cyclical Behavior of Skilled and Unskilled Unemployment - Jose Ignacio Lopez and Virginia Olivella Moppett
  July 2014
• 495 The Effects of Information Asymmetries on the Ex-Post Success of Stock Option Listings - Alejandro Bernales
  June 2014
• 494 Determinants of OECD countries' sovereign yields: safe havens, purgatory, and the damned - Clément Bortoli, Louis Harreau and Cyril Pouvelle
  June 2014
• 493 Heterogeneity, Unemployment Benefits and Voluntary Labor Force Participation - Antoine Devulder
  June 2014
• 492 Small and large price changes and the propagation of monetary shocks - Fernando Alvarez, Hervé Le Bihan and Francesco Lippi
  June 2014
• 491 Did the EBA Capital Exercise Cause a Credit Crunch in the Euro Area? - Jean-Stéphane Mésonnier and Allen Monks
  June 2014
• 490 Specification Analysis of International Treasury Yield Curve Factors - Fulvio Pegoraro, Andrew F. Siegel and Luca Tiozzo 'Pezzoli'
  June 2014
• 489 International Yield Curves and Principal Components Selection Techniques: An Empirical Assessment - Fulvio Pegoraro, Andrew F. Siegel and Luca Tiozzo 'Pezzoli'
  June 2014
• 488 Foreign direct investment drivers and growth in Central and Eastern Europe in the aftermath of the 2007 global financial crisis - Ramona Jimborean and Anna Kelber
  June 2014
• 487 Income Taxation, Transfers and Labour Supply at the Extensive Margin. - Péter Benczúr, Gábor Kátay, Áron Kiss and Olivér M. Rácz
  May 2014
• 486 A Quadratic Kalman Filter - Alain Monfort, Jean-Paul Renne and Guillaume Roussellet
  May 2014
• 485 Shock Transmission through International Banks - Evidence from France - Matthieu Bussière, Boubacar Camara, François-Daniel Castellani, Vincent Potier and Julia Schmidt
  May 2014
• 484 How do firms adjust production factors to the cycle? - Gilbert Cette, Rémy Lecat and Ahmed Ould Ahmed Jiddou
  April 2014
• 483 Endogenous Derivative Networks - Guillaume Vuillemey and Régis Breton
  April 2014
• 482 Credit Risk in the Euro area - Simon Gilchrist and Benoit Mojon
  April 2014
• 481 Credit Growth and Bank Capital Requirements: Binding or Not? - Claire Labonne and Gildas Lamé
  March 2014
• 480 Honoring Sovereign Debt or Bailing Out Domestic Residents: A Theory of Internal Costs of Default - Eric Mengus
  March 2014
• 479 Shipment frequency of exporters and demand uncertainty - Gabor Békès, Lionel Fontagné, Balazs Murakozy and Vincent Vicard
  March 2014
• 478 A stylized applied energy-economy model for France. - Fanny Henriet, Nicolas Maggiar and Katheline Schubert
  March 2014
• 477 Monitoring the European CDS Market through Networks: Implications for Contagion Risks - Laurent Clerc, Silvia Gabrieli, Steffen Kern and Yanis El Omari
  March 2014
• 476 Does ICT remain a powerful engine of growth? - Gilbert Cette
  February 2014
• 475 Productivity trends from 1890 to 2012 in advanced countries - Antonin Bergeaud, Gilbert Cette et Rémy Lecat
  February 2014
• 474 The efficiency of enterprise zone programs: some conflicting results? - Florian Mayneris and Loriane Py
  January 2014
• 473 New estimate of the MIBA forecasting model. Modeling first-release GDP using the Banque de France's Monthly Business Survey and the "blocking" approach. - Matteo Mogliani, Véronique Brunhes-Lesage, Olivier Darné and Bertrand Pluyaud
  January 2013

• 472 Market Shares in the Wake of the Global Crisis: the Quarterly Export Competitiveness Database. - Guillaume Gaulier, Gianluca Santoni, Daria Taglioni and Soledad Zignago
  December 2013
• 471 Network Analysis of World Trade using the BACI-CEPII dataset - Luca De Benedictis, Silvia Nenci, Gianluca Santoni, Lucia Tajoli and Claudio Vicarelli
  December 2013
• 470 Euro area structural convergence? A multi-criterion cluster analysis - Delphine Irac and Jimmy Lopez
  December 2013
• 469 Which size and evolution of the government expenditure multiplier in France (1980-2010)? - Guillaume Cléaud, Matthieu Lemoine and Pierre-Alain Pionnier
  December 2013
• 468 Assessing the losses in euro area potential productivity due to the financial crisis - Valérie Chouard, Daniel Fuentes Castro, Delphine Irac and Matthieu Lemoine
  December 2013
• 467 French firms exports during downturns: evidence from past crises - Dimitri Bellas and Vincent Vicard
  December 2013
• 466 Fiscal Sustainability and the Value of Money: Lessons from the British Paper Pound, 1797-1821 - Pamfili Antipa
  December 2013
• 465 Financial Literacy and Financial Planning in France - Luc Arrondel, Majdi Debbich and Frédérique Savignac
  December 2013
• 464 Heterogeneous Banking Efficiency: Allocative Distortions and Lending Fluctuations - Thibaut Duprey
  
• 463 What has been the impact of the 2008 crisis on firms' default? - Denis Fougère, Cécile Golfier, Guillaume Horny and Elisabeth Kremp (in French)
  
• 462 The dynamics of bank loans short-term interest rates in the Euro area: what lessons can we draw from the current crisis? - Sanvi Avouyi-Dovi, Guillaume Horny and Patrick Sevestre
  November 2013
• 461 Choosing the variables to estimate singular DSGE models - Fabio Canova, Filippo Ferroni and Christian Matthes
  November 2013
• 460 The Impact of Worker Bargaining Power on the Organization of Global Firms. - Juan Carluccio and Maria Bas
  November 2013
• 459 Voting in committee: firm value vs. back scratching - Mathilde Ravanel
  October 2013
• 458 The impact of Urban Enterprise Zones on establishment location decisions: Evidence from French ZFUs. - Thierry Mayer, Florian Mayneris and Loriane Py
  October 2013
• 457 Securitization, Competition and Monitoring. - Jung-Hyun Ahn and Régis Breton
  October 2013
• 456 Regime Switching and Bond Pricing. - Christian Gouriéroux, Alain Monfort, Fulvio Pegoraro and Jean-Paul Renne
  October 2013 Published in: "Journal of Financial Econometrics" Volume 11 Issue 4 Fall 2013
• 455 Pricing Default Events: Surprise, Exogeneity and Contagion. - Christian Gouriéroux, Alain Monfort eand Jean-Paul Renne
  October 2013
• 454 Forecasting growth during the Great Recession: is financial volatility the missing ingredient? - Laurent Ferrara, Clément Marsilli and Juan-Pablo Ortega
  October 2013
• 453 Aggregate Fluctuations and International Migration. - Michel Beine, Jean-Charles Bricongne and Pauline Bourgeon
  October 2013
• 452 Optimal Exchange Rate Policy in a Growing Semi-Open Economy - Philippe Bacchetta, Kenza Benhima, and Yannick Kalantzis
  October 2013
• 451 The Discriminatory Effect of Domestic Regulations on International Trade in Services: Evidence from Firm-Level Data. - Matthieu Crozet, Emmanuel Milet and Daniel Mirza
  October 2013
• 450 Currency Union with and without Banking Union - Vincent Bignon, Régis Breton and Mariana Rojas Breu
  October 2013
• 449 Limited attention and news arrival in limit order markets. - Jérôme Dugast
  October 2013 (revised in July 2014)
• 448 Net interoffice accounts of global banks: the role of domestic funding - Carmela D'Avino
  September 2013
• 447 Big Push or Big Grab? Railways, Government Activism and Export Growth in Latin America, 1865-1913 - Vincent Bignon, Rui Esteves and Alfonso Herranz-Loncán
  September 2013
• 446 Credit and Liquidity in Interbank Rates: a Quadratic Approach - Simon Dubecq, Alain Monfort, Jean-Paul Renne and Guillaume Roussellet
  September 2013
• 445 Firms' Export Dynamics: Experience vs. Size - Antoine Berthou and Vincent Vicard
  September 2013
• 444 Procyclical Debt as Automatic Stabilizer - Dennis Wesselbaum
  September 2013
• 443 A Growth Perspective on Foreign Reserve Accumulation - Gong Cheng
  August 2013
• 442 Non-uniform wage-staggering: European evidence and monetary policy implications - Michel Juillard, Hervé Le Bihan and Stephen Millard
  August 2013
• 441 Upstream product market regulations, ICT, R&D and productivity - Gilbert Cette, Jimmy Lopez and Jacques Mairesse
  August 2013
• 440 Learning Leverage Shocks and the Great Recession - Patrick A. Pintus and Jacek Suda
  August 2013
• 439 Strict Fiscal Rules and Macroeconomic Stability: The Case of Social VAT (in French) - Patrick Fève, Julien Matheron and Jean-Guillaume Sahuc - Forthcoming in : « Revue Économique »
  August 2013
• 438 The Laffer Curve in an Incomplete-Market Economy - Patrick Fève, Julien Matheron and Jean-Guillaume Sahuc
  August 2013
• 437 The financial content of inflation risks in the euro area. - Philippe Andrade, Valère Fourel, Eric Ghysels and Julien Idier
  July 2013
• 436 Nowcasting French GDP in Real-Time from Survey Opinions: Information or Forecast Combinations? - Frédérique Bec and Matteo Mogliani
  May 2013
• 435 Policy Uncertainty Spillovers to Emerging Markets - Evidence from Capital Flows - Ludovic Gauvin, Cameron McLoughlin and Dennis Reinhardt
  May 2013
• 434 Belief shocks and the macroeconomy - Jacek Suda
  April 2013
• 433 Market-implied inflation and growth rates adversely affected by the Brent - Gilbert Cette and Marielle de Jong
  April 2013
• 432 Domino Effects when Banks Hoard Liquidity: The French network - Valère Fourel, Jean-Cyprien Héam, Dilyara Salakhova and Santiago Tavolaro
  September 2013
• 431 Age Biased Technical and Organisational Change, Training and Employment Prospects of Older Workers - Luc Behaghel, Eve Caroli and Muriel Roger
  April 2013
• 430 Dynamic Factor Models: A review of the Literature (in French) - Karim Barhoumi, Olivier Darné and Laurent Ferrara
  March 2013
• 429 Social networks and wages in Senegal's formal sector - Nicoletta Berardi
  March 2013
• 428 Fiscal Sustainability in the Presence of Systemic Banks: the Case of EU Countries - Forthcoming in: " International Tax and Public Finance " - Agnès Bénassy-quéré and Guillaume Roussellet
  March 2013
• 427 Contagion Effects in the Aftermath of Lehman's Collapse: Evidence from the US Financial Services Industry - Forthcoming in: "Journal of Financial Stability" - Nicolas Dumontaux and Adrian Pop
  March 2013
• 426 Calibrating Initial Shocks in Bank Stress Test Scenarios: An Outlier Detection Based Approach - Olivier Darne, Guy Levy-Rueff and Adrian Pop
  March 2013
• 425 More Facts about Prices: France Before and During the Great Recession - Nicoletta Berardi, Erwan Gautier and Hervé Le Bihan
  March 2013
• 424 Exchange Rate Pass-Through in the Global Economy - Matthieu Bussière, Simona Delle Chiaie and Tuomas A. Peltonen
  February 2013
• 423 Commodity price volatility and tax revenue: Evidence from developing countries - Hélène EHRHART and Samuel GUERINEAU
  February 2013
• 422 On the Evolution of Specie: Circulation and Weight Loss in 18th and 19th Century Coinage - François R. Velde
  February 2013
• 421 Commodity and Equity Markets: Some Stylized Facts from a Copula - Anne-Laure Delatte and Claude Lopez
  February 2013
• 420 In Defense of Early Warning Signals - Matthieu Bussière
  January 2013
• 419 Elections and the structure of taxation in developing countries - Hélène Ehrhart
  January 2013
• 418 Tax Revenue Instability in sub-Saharan Africa: Consequences and Remedies - Christian Ebeke and Hélène Ehrhart
  January 2013
• 417 Surplus Consumption Ratio and Expected Stock Returns - Imen Ghattassi
  January 2013
• 416 Rational Inattention to News: The Perils of Forward Guidance - Gaetano Gaballo
  January 2013

• 415 The impact of a `soda tax' on prices. Evidence from French micro data - Nicoletta Berardi, Patrick Sevestre, Marine Tepaut and Alexandre Vigneron
  December 2012
• 414 Bilateral Exposures and Systemic Solvency Risk - Christian Gourieroux, Jean-Cyprien Heam and Alain Monfort
  December 2012
• 413 Optimal Monetary and Prudential Policies - Fabrice Collard, Harris Dellas, Behzad Diba and Olivier Loisel
  December 2012
• 412 Monetary Policy and Herd Behavior: Leaning Against Bubbles - Olivier Loisel, Aude Pommeret and Franck Portier
  December 2012
• 411 Bank Ownership and Credit Cycle: the lower sensitivity of public bank lending to the business cycle (revised in May 2013) - Thibaut Duprey
  December 2012 (revised in May 2013)
• 410 Foreign Entry and Spillovers with Technological Incompatibilities in the Supply Chain - Forthcoming in Journal of International Economics - Juan Carluccio and Thibault Fally
  November 2012
• 409 Short-term forecasts of French GDP: a dynamic factor model with targeted predictors - Marie Bessec
  November 2012
• 408 Export dynamics and sales at home - Nicolas Berman, Antoine Berthou and Jérôme Héricourt
  November 2012
• 407 Tails of Inflation Forecasts and Tales of Monetary Policy - Philippe Andrade, Eric Ghysels and Julien Idier
  November 2012
• 406 Capital Controls with International Reserve Accumulation: Can this Be Optimal? - Philippe Bacchetta, Kenza Benhima, and Yannick Kalantzis
  November 2012
• 405 Did the crisis induce credit rationing for French SMEs? - Elizabeth Kremp and Patrick Sevestre
  November 2012
• 404 Households Debt Restructuring: Evidence from the French Experience - Henri Fraisse and Philippe Frouté
  October 2012
• 403 Generalizing the Taylor Principle: New Comment - Jean Barthélemy and Magali Marx
  October 2012
• 402 Good Luck or Good Policy? An Expectational Theory of Macro-Volatility Switches - Gaetano Gaballo
  October 2012
• 401 Nowcasting German GDP: A comparison of bridge and factor models - Pamfili Antipa, Karim Barhoumi, Véronique Brunhes-Lesage and Olivier Darné - To be published in "The Journal of Policy Modeling"
  October 2012
• 400 Inventory Investment Dynamics and Recoveries: A Comparison of Manufacturing and Retail Trade Sectors - Frédérique BEC and Marie BESSEC
  October 2012
• 399 Wage and Productivity differentials in Japan. The Role of Labor Market Mechanisms - Yannick KALANTZIS, Ryo KAMBAYASHI and Sébastien LECHEVALIER
  September 2012
• 398 Too-connected versus too-big-to-fail: banks' network centrality and overnight interest rates - Silvia Gabrieli
  September 2012
• 397 Asset Pricing with Second-Order Esscher Transforms - Alain Monfort and Fulvio Pegoraro - Published in 'The Journal of Banking and Finance', 2012, Vol. 36, 1678-1687
  September 2012
• 396 Credit Ratings and Debt Crises - Matthieu Bussière and Annukka Ristiniemi
  September 2012
• 395 A model of the euro-area yield curve with discrete policy rates -  Jean-Paul Renne
  September 2012
• 394 Bank leverage shocks and the macroeconomy: a new look in a data-rich environment - Jean-Stéphane Mésonnier and Dalibor Stevanovic
  August 2012
• 393 European Export Performance - Angela Cheptea, Lionel Fontagné and Soledad Zignago
  August 2012 Forthcoming in "Review of World Economics"
• 392 Funding for green growth - Daniel Fuentes Castro
  August 2012
• 391 Equilibrium Risk Shifting and Interest Rate in an Opaque Financial System - Edouard Challe, Benoit Mojon and Xavier Ragot
  July 2012
• 390 Macro-Prudential Policy and the Conduct of Monetary Policy - Denis Beau, Laurent Clerc and Benoit Mojon
  July 2012
• 389 Labour relations quality and productivity: An empirical analysis on French firms - Gilbert Cette, Nicolas Dromel, Rémy Lecat and Anne-Charlotte Paret
  July 2012
• 388 Financial Integration and External Sustainability - Pascal Towbin
  July 2012
• 387 Private Uncertainty and Multiplicity - Gaetano Gaballo
  July 2012 (revised version november 2012)
• 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 - Gilles Dufrénot and Karim Triki
  July 2012
• 385 Public debt ratio and its determinants in France since 1890 Does econometrics support the historical evidence? - Gilles Dufrénot and Karim Triki
  July 2012
• 384 Forecasting GDP over the business cycle in a multi-frequency and data-rich environment - Marie Bessec and Othman Bouabdallah
  June 2012
• 383 Macroeconomic forecasting during the Great Recession: The return of non-linearity? - Laurent Ferrara, Massimiliano Marcellino, Matteo Mogliani
  May 2012
• 382 How does Fiscal Consolidation Impact on Income Inequality? - Luca Agnello and Ricardo M. Sousa
  May 2012
• 381 Price as a choice under nonstochastic randomness in finance - Yaroslav Ivanenko and Bertrand Munier (English)
  Revised version, January 2013
• 380 Disintermediation or financial diversification? The case of developed countries - Michel Boutillier and Jean-Charles Bricongne
  April 2012
• 379 A Pitfall with DSGE-Based, Estimated, Government Spending Multipliers - Patrick Fève, Julien Matheron et Jean-Guillaume Sahuc
  April 2012
• 378 A mathematical treatment of bank monitoring incentives. - Henri Pagès and Dylan Possamai
  April 2012
• 377 Bank monitoring incentives and optimal ABS. - Henri Pagès
  April 2012
• 376 The changing role of expectations in US monetary policy: A new look using the Livingston Survey. - Anindya Banerjee and Sheheryar Malik
  April 2012
• 375 The Dynamics of Gasoline Prices: Evidence from Daily French Micro Data - Erwan Gautier and Ronan Le Saout
  April 2012
• 374 The Macroeconomic Effects of Reserve Requirements - Christian Glocker and Pascal Towbin
  April 2012
• 373 Commonality in hedge fund returns: driving factors and implications - Matthieu Bussière, Marie Hoerova and Benjamin Klaus
  March 2012
• 372 Financial Regulation in General Equilibrium - Charles A. E. Goodhart, Anil K Kashyap, Dimitrios P. Tsomocos and Alexandros P. Vardoulakis
  March 2012
• 371 Optimal Price Setting During a Currency Changeover: Theory and Evidence from French Restaurants. - Nicoletta Berardi, Thomas A. Eife and Erwan Gautier
  March 2012
• 370 Changes In Wage Inequality In France: The Impact Of Composition Effects (in French) - Gregory Verdugo, Henri Fraisse and Guillaume Horny
  March 2012
• 369 Rent building, rent sharing - A panel country-industry empirical analysis - Philippe Askenazy, Gilbert Cette and Paul Maarek
  March 2012
• 368 Shock on Variable or Shock on Distribution with Application to Stress-Tests - Simon Dubecq and Christian Gourieroux
  March 2012
• 367 Breakeven inflation rates and their puzzling correlation relationships - Gilbert Cette and Marielle de Jong
  February 2012
• 366 The Effect of the Minimum Wage on the Average Wage in France (in French) - Gilbert Cette, Valérie Chouard and Grégory Verdugo
  February 2012
• 365 Global versus local shocks in micro price dynamics - Philippe Andrade and Marios Zachariadis
  February 2012
• 364 Global Value Chains during the Great Trade Collapse: A Bullwhip Effect? - Carlo Altomonte, Filippo Di Mauro, Gianmarco Ottaviano, Armando Rungi and Vincent Vicard
  February 2012
• 363 Reserve Requirements for Price and Financial Stability - When Are They Effective? - Christian Glocker and Pascal Towbin
  February 2012
• 362 The determinants of intrafirm trade: Evidence from French firms - Gregory Corcos, Delphine Irac, Giodano Mion and Thierry Verdier
  February 2012
• 361 How do anticipated changes to short-term market rates influence banks' retail interest rates? Evidence from the four major euro area economies - Anindya Banerjee, Victor Bystrov and Paul Mizen
  February 2012 (revised in May 2013)
• 360 The European way out of recession - Frédérique Bec, Othman Bouabdallah and Laurent Ferrara
  January 2012
• 359 A term structure model with level factor cannot be realistic and arbitrage free - Simon Dubecq and Christian Gourieroux
  January 2012

• 358 Market access in global and regional trade - José de Sousa, Thierry Mayer and Soledad Zignago
  Published in "Regional Science and Urban Economics", N°42 (6)
• 357 Capital controls and spillover effects: evidence from Latin-American countries - Frederic Lambert, Julio Ramos-Tallada and Cyril Rebillard
  
• 356 A smoke screen theory of financial intermediation - Régis Breton
  
• 355 Firm-Network Characteristics and Economic Robustness to Natural Disasters. - Fanny Henriet, Stéphane Hallegatte, and Lionel Tabourier
  
• 354 Fiscal Policy Discretion, Private Spending, and Crisis Episodes. - Luca Agnello, Davide Furceri and Ricardo M. Sousa
  
• 353 Price Stickiness and Sectoral Inflation Persistence: Additional Evidence. - Hervé Le Bihan and Julien Matheron
  
• 352 Credit and liquidity risks in euro area sovereign yield curves - Alain Monfort et Jean-Paul Renne
  
• 351 Interpreting the Hours-Technology time-varying relationship, Cristiano Cantore, Filippo Ferroni and Miguel A. León-Ledesma - Cristiano Cantore, Filippo Ferroni and Miguel A. León-Ledesma
  
• 350 Fiscal Sustainability, Default Risk and Euro Area Sovereign Bond Spreads - Vladimir Borgy, Thomas Laubach, Jean-Stéphane Mésonnier and Jean-Paul Renne
  (revised in July 2012)
• 349 Risk aversion and Uncertainty in European Sovereign Bond Markets, Valère Fourel and Julien Idier - Valère Fourel and Julien Idier
  
• 348 How useful is the Marginal Expected Shortfall for the measurement of systemic exposure? A practical assessment. - Julien Idier, Gildas Lamé and Jean-Stéphane Mésonnier (Revised version: August 2012)
  
• 347 State-Dependent Probability Distributions in Non Linear Rational Expectations Models, Jean Barthélemy and Magali Marx - Jean Barthélemy and Magali Marx (en anglais)
  
• 346 Service deregulation, competition and the performance of French and Italian firms, Francesco Daveri, Rémy Lecat and Maria Laura Parisi - Francesco Daveri, Rémy Lecat and Maria Laura Parisi (en anglais)
  
• 345 Pouvoir exécutoire des dettes et rendement de la monnaie, Mariana Rojas-Breu - Mariana Rojas-Breu (en anglais)
  
• 344 Wealth Effects on Consumption Plans: French Households in the Crisis, Luc Arrondel, Frédérique Savignac and Kevin Tracol - Luc Arrondel, Frédérique Savignac and Kevin Tracol (en anglais)
  
• 343 Capital Utilisation and Retirement, Antoine Bonleu, Gilbert Cette, and Guillaume Horny - Antoine Bonleu, Gilbert Cette et Guillaume Horny (en anglais)
  
• 342 Measuring the NAIRU: a complementary approach, Marie-Elisabeth de la Serve and Matthieu Lemoine - Marie-Elisabeth de la Serve et Matthieu Lemoine (en anglais)
  
• 341 The Exchange Rate Pass-Through in the New EU Member States - Ramona Jimborean
  
• 340 Default, liquidity and crises: an econometric framework - Alain Monfort and Jean-Paul Renne
  
• 339 The impact of unconventional monetary policy on the market for collateral: The case of the French bond market - Sanvi Avouyi-Dovi and Julien Idier
  
• 338 Median-Unbiased Estimation in DF-GLS Regressions and the PPP Puzzle - Claude Lopez, Christian J. Murray and David H. Papell
  
• 337 Short Note on the Unemployment Rate of the French Overseas regions - Jean François Hoarau, Claude Lopez and Michel Paul
  
• 336 How have global shocks impacted the real effective exchange rates of individual euro area countries since the euro's creation? - Matthieu Bussière, Alexander Chudik and Arnaud Mehl
  
• 335 Immigration and the Occupational Choice of Natives: a Factor Proportions Approach - Javier Ortega and Grégory Verdugo
  
• 334 Unit Roots, Level Shifts and Trend Breaks in Per Capita Output: A Robust Evaluation - Mohitosh Kejriwal and Claude Lopez
  
• 333 Macroeconomic consequences of global endogenous migration: a general equilibrium analysis - Vladimir Borgy, Xavier Chojnicki, Gilles Le Garrec and Cyrille Schwellnus
  
• 332 The Stability of Macroeconomic Systems with Bayesian Learners - James B. Bullard and Jacek Suda
  
• 331 Impact of the crisis on potential growth: An approach based on unobserved component models - Matthieu Lemoine, Marie-Elisabeth de la Serve And Mabrouk Chetouane (in french)
  
• 330 Stock Prices and Monetary Policy Shocks: A General Equilibrium Approach - Edouard Challe and Chryssi Giannitsarou
  
• 329 Global Imbalances and Imported Disinflation in the Euro Area - Jean Barthélemy and Guillaume Cléaud
  
• 328 Financial Constraints and Foreign Market Entries or Exits: Firm-Level Evidence from France - Philippe Askenazy, Aida Caldera, Guillaume Gaulier and Delphine Irac
  
• 327 Has Europe Been Catching Up? An Industry Level Analysis of Venture Capital Success over 1985 - 2009 - Roman Kraeussl and Stefan Krause
  
• 326 Convergence of Euro Area Inflation Rates - Claude Lopez and David H. Papell
  
• 325 Can Fiscal Policy Stimulus Boost Economic Recovery? - Luca Agnello and Ricardo Sousa
  
• 324 Generalized Taylor and Generalized Calvo price and wage-setting: micro evidence with macro implications - Huw Dixon and Hervé Le Bihan
  
• 323 BASEL III: Long-term impact on economic performance and fluctuations - Paolo Angelini, Laurent Clerc, Vasco Cúrdia, Leonardo Gambacorta, Andrea Gerali, Alberto Locarno, Roberto Motto, Werner Roeger, Skander Van den Heuvel and Jan Vlček
  
• 322 Carbon price and optimal extraction of a polluting fossil fuel with restricted carbon capture - Renaud Coulomb and Fanny Henriet
  
• 321 The possible shapes of recoveries in Markov-switching models - Frédérique Bec, Othman Bouabdallah and Laurent Ferrara
  
• 320 On the Welfare Costs of Misspecified Monetary Policy Objectives - Sanvi Avouyi-Dovi and Jean-Guillaume Sahuc
  
• 319 Protectionist Responses to the Crisis: Global Trends and Implications - Matthieu Bussière, Emilia Pérez-Barreiro, Roland Straub and Daria Taglioni
  
• 318 Modelling Stochastic Volatility with Leverage and Jumps: A Simulated Maximum Likelihood Approach via Particle Filtering - Sheheryar Malik and Michael K Pitt
  
• 317 Production factor returns: the role of factor utilisation - Gilbert Cette, Nicolas Dromel, Rémy Lecat, and Anne-Charlotte Paret
  
• 316 Two-way interplays between capital buffers, credit and output: evidence from French banks - Jérôme Coffinet, Virginie Coudert, Adrian Pop and Cyril Pouvelle
  
• 315 The decreasing returns on working time: An empirical analysis on panel country data - Gilbert Cette, Samuel Chang and Maty Konte
  
• 314 The confidence channel for the transmission of shocks - Suzanne Fei
  
• 313 The Predictive Information Content of External Imbalances for Exchange Rate Returns: How Much Is It Worth? - Pasquale Della Corte, Lucio Sarno and Giulia Sestieri
  
• 312 Global Sourcing under Imperfect Capital Markets - Juan Carluccio and Thibault Fally
  

• 311 Predicting Financial Distress in a High-Stress Financial World: The Role of Option Prices as Bank Risk Metrics - Jérôme Coffinet, Adrian Pop and Muriel Tiesset
  
• 310 Bigger, Stronger, Farther… Relative performances of French exporting firms. - Matthieu Crozet, Isabelle Méjean and Soledad Zignago (in French)
  Published in «Revue d'Économie Politique», N°62 (4)
• 309 The changing role of house price dynamics over the business cycle - Gilles Dufrénot and Sheheryar Malik
  
• 308 To be or not to be in monetary union: A synthesis - Laurent Clerc, Harris Dellas and Olivier Loisel
  
• 307 Inattentive professional forecasters - Philippe Andrade and Hervé Le Bihan
  
• 306 Stress testing banks' profitability: the case of French banks - Jérôme Coffinet and Surong Lin
  
• 305 Wage and price joint dynamics at the firm level: an empirical analysis - Guillaume Horny and Patrick Sevestre
  
• 304 Pension entitlements of French and american households: a first comparison. - Julien Matheron (in French)
  
• 303 Does Inflation Targeting decrease Exchange Rate Pass-through in Emerging Countries? - Dramane Coulibaly and Hubert Kempf
  
• 302 Prices and volumes of options: A simple theory of risk sharing when markets are incomplete - François Le Grand and Xavier Ragot
  
• 301 Incomplete markets, liquidation risk, and the term structure of interest rates - Edouard Challe, François Le Grand and Xavier Ragot
  
• 300 The Case for a Financial Approach to Money Demand - Xavier Ragot
  
• 299 Qui mène la conEndogenizing leadership in tax competition: a timing game perspective currence fiscale ? Une approche par la théorie des jeux de calendrier - Hubert Kempf and Grégoire Rota Graziosi
  
• 298 Produce or speculate? Asset bubbles, occupational choice and efficiency - Pierre Cahuc and Edouard Challe
  
• 297 Fiscal Policy in a Tractable Liquidity-Constrained Economy - Edouard Challe and Xavier Ragot
  
• 296 Did Tax Policies mitigate US Business Cycles? - Filippo Ferroni
  
• 295 Is there Evidence of Shift-Contagion in International Housing Markets? - Olivier de Bandt and Sheheryar Malik
  
• 294 Compensation in the Financial Sector: Are all Bankers Superstars? - Claire Célérier
  
• 293 Insulation impossible: monetary policy and regional fiscal spillovers in a federation - Russell Cooper, Hubert Kempf and Dan Peled
  
• 292 Fiscal developments in the euro area beyond the crisis: some lessons drawn from fiscal reaction functions - Gilles Dufrénot and Laurent Paul
  
• 291 Banks' financial conditions and the transmission of monetary policy: a FAVAR approach - Ramona Jimborean and Jean-Stéphane Mésonnier
  
• 290 The art of central banking of the ECB and the separation principle - Christian Bordes and Laurent Clerc
  
• 289 The French Regions' Borrowing Behaviours. How heterogeneous are they? - Gilles Dufrénot, Philippe Frouté and Christophe Schalck
  
• 288 Distance Selling, Internet and Price Dynamics - Phillipe Askenazy, Claire Célérier and Delphine Irac (in French)
  
• 287 Wage rigidity, collective bargaining and the minimum wage: evidence from French agreement data - Sanvi Avouyi-Dovi, Denis Fougère and Erwan Gautier
  
• 286 Are the effects of fiscal changes different in times of crisis and non-crisis? The French Case - Carine Bouthevillain and Gilles Dufrénot
  
• 285 The Growth-Volatility Relationship: New Evidence Based on Stochastic Volatility in Mean Models - Matthieu Lemoine and Christophe Mougin
  
• 284 Innovation and Advertising: Theory and Evidence - Philippe Askenazy, Thomas Breda and Delphine Irac
  
• 283 Do product market regulations in upstream sectors curb productivity growth? Panel data evidence for OECD countries. - Renaud Bourlès, Gilbert Cette, Jimmy Lopez, Jacques Mairesse and Giuseppe Nicoletti
  
• 282 Wage-setting Behavior in France: Additional Evidence from an Ad-hoc Survey. - Jérémi Montornès and Jacques-Bernard Sauner-Leroy
  
• 281 Price, Wage and Employment Response to Shocks: Evidence from the WDN Survey - Giuseppe Bertola, Aurelijus Dabusinskas, Marco Hoeberichts, Mario Izquierdo, Claudia Kwapil, Jeremi Montornès and Daniel Radowski
  
• 280 Pension entitlements of French and american households: a first comparison. - Dominique Durant and Laure Frey (in French)
  
• 279 Liquidity problems in the FX liquid market: Ask for the "BIL" - Vladimir Borgy, Julien Idier, and Gaëlle Le Fol
  
• 278 Central bank liquidity and market liquidity: the role of collateral provision on the French government debt securities market - Sanvi Avouyi-Dovi and Julien Idier
  
• 277 Financial Shocks and Optimal Policy - Harris Dellas, Behzad Diba and Olivier Loisel
  
• 276 Wealth effects: the French case - Valérie Chauvin and Olivier Damette
  
• 275 Common business and housing market cycles in the Euro area from a multivariate decomposition - Laurent Ferrara and Siem Jan Koopman
  
• 274 The international transmission of house price shocks - Olivier de Bandt, Karim Barhoumi and Catherine Bruneau
  
• 273 Costs, demand, and producer price changes - Claire Loupias and Patrick Sevestre
  
• 272 National borders matter... where one draws the lines too - Emmanuelle Lavallée and Vincent Vicard
  
• 271 Productivity Growth and Levels in France, Japan, the United Kingdom and the United States in the Twentieth Century - Gilbert Cette, Yusuf Kocoglu and Jacques Mairesse
  

• 270 Impact of Fiscal Policy on Residential Investment in France - Pamfili Antipa and Christophe Schalck
  
• 269 Housing cycles in the major euro area countries - Luis.J Álvarez, Guido Bulligan, Alberto Cabrero, Laurent Ferrara and Harald Stahl
  
• 268 Cyclical relationships between GDP and housing market in France: Facts and factors at play - Laurent Ferrara and Olivier Vigna
  
• 267 The "housing bubble" and financial factors: Insights from a structural model of the French and Spanish residential markets - Pamfili Antipa and Rémy Lecat
  
• 266 Stockholding: Does housing wealth matter? - Luc Arrondel and Frédérique Savignac
  
• 265 Firms and the global crisis: French exports in the turmoil - Jean-Charles Bricongne, Lionel Fontagné, Guillaume Gaulier, Daria Taglioni and Vincent Vicard
  
• 264 Consumption-Wealth Ratio and Housing Prices - Simon Dubecq and Imen Ghattassi
  
• 263 Asset-price boom-bust cycles and credit: what is the scope of macro-prudential regulation? - Vladimir Borgy, Laurent Clerc and Jean-Paul Renne
  
• 262 Forecasting inflation in France. - Claire Célérier
  
• 261 Frequency-domain analysis of debt service in a macro-finance model for the euro area. - Jean-Paul Renne
  
• 260 Identification of lagged duration dependence in multiple-spell competing risks models - Guillaume Horny and Matteo Picchio
  
• 259 Forecasting Euro-area recessions using time-varying binary response models for financial. - Christophe Bellégo and Laurent Ferrara
  
• 258 Trends and Cycles : an Historical Review of the Euro Area. - Jean Barthélemy, Magali Marx and Aurélien Poissonnier
  
• 257 A unified framework for understanding and comparing dynamic wage and price-setting models. - Huw D. Dixon
  
• 256 Labor Court Inputs, Judicial Cases Outcomes and Labor Flows: Identifying Real EPL - Henri Fraisse, Francis Kramarz and Corinne Prost
  
• 255 The housing price boom of the late '90s: did inflation targeting matter? - Sébastien Frappa and Jean-Stéphane Mésonnier
  
• 254 Risk-Shifting, Fuzzy Capital Constraint, and the Risk-Taking Channel of Monetary Policy - Simon Dubecq, Benoît Mojon and Xavier Ragot
  
• 253 Bank incentives and optimal CDOs - Henri Pagès
  
• 252 ICT Demand Behaviour: an International Comparison - Gilbert Cette and Jimmy Lopez
  
• 251 Optimal Portfolio Allocation under Asset and Surplus VaR Constraints - Alain Monfort
  
• 250 A sequential modelling of the VaR - Alain Monfort (in French)
  
• 249 Bayesian estimation of Cox models with non-nested random effects: an application to the ratification of ILO conventions by developing countries - Bernhard Boockmann, Dragana Djurdjevic, Guillaume Horny and François Laisney
  
• 248 Inference in Mixed Proportional Hazard Models with K Random Effects - Guillaume Horny
  
• 247 Disinflation and unemployment in the euro area : A SVAR-based analysis - Patrick Fève, Julien Matheron and Jean-Guillaume Sahuc (in French)
  
• 246 Estimating the implicit inflation target in the Euro area - Patrick Fève, Julien Matheron and Jean-Guillaume Sahuc (in French)
  
• 245 Minimum Distance Estimation and Testing of DSGE Models from Structural VARs - Patrick Fève, Julien Matheron and Jean-Guillaume Sahuc (in French)
  
• 244 Social VAT : Good or bad idea? - Patrick Fève, Julien Matheron and Jean-Guillaume Sahuc (in French)
  
• 243 Inflation Target Shocks and Monetary Policy Inertia in the Euro Area - Patrick Fève, Julien Matheron and Jean-Guillaume Sahuc
  
• 242 Stress testing French banks' income subcomponents - J. Coffinet, S. Lin and C. Martin
  
• 241 Central Banker's Behaviour in an Uncertain Environment - Sanvi Avouyi-Dovi et Jean-Guillaume Sahuc (in French)
  Revue d'Economie Politique en 2009, numéro 119, pp. 119-142.
• 240 Leadership in Public Good Provision: a Timing Game Perspective - Hubert Kempf and Grégoire Rota Graziosi
  
• 239 Identification of slowdowns and accelerations for the euro area economy. - Olivier Darné and Laurent Ferrara
  
• 238 Macro stress testing with a macroeconomic credit risk model: Application to the French manufacturing sector. - Sanvi Avouyi-Dovi, Mireille Bardos, Caroline Jardet, Ludovic Kendaoui and Jérémy Moquet
  
• 237 Convergence of firm-level productivity, globalisation, information technology, and competition: evidence from France. - Paul-Antoine Chevalier, Rémy Lecat and Nicholas Oulton
  
• 236 Simulations under Uncertainty - Stéphane Adjemian, Christophe Cahn, Antoine Devulder and Nicolas Maggiar (in French)
  
• 235 New Information Response Functions. - Caroline Jardet, Alain Monfort and Fulvio Pegoraro
  
• 234 No-arbitrage Near-Cointegrated VAR(p) Term Structure Models, Term Premia and GDP Growth. - Caroline Jardet, Alain Monfort et Fulvio Pegoraro - Revised - Forthcoming in "The Journal of Banking and Finance"
  
• 233 Monetary rules and the spillover of regional fiscal policies in a federation. - Russell Cooper, Hubert Kempf and Dan Peled
  
• 232 Are disaggregate data useful for factor analysis in forecasting French GDP? - Karim Barhoumi, Olivier Darné and Laurent Ferrara
  
• 231 Time-varying (S, s) band models: empirical properties and interpretation - Erwan Gautier and Hervé Le Bihan
  
• 230 The Rocky Ride of Break-even-inflation rates - Gilbert Cette and Marielle de Jong
  
• 229 Education, Market Rigidities and Growth - Philippe Aghion, Philippe Askenazy, Renaud Bourlès, Gilbert Cette and Nicolas Dromel
  

• 228 Institutional features of wage bargaining in 23 European countries, the US and Japan - Philip Du Caju, Erwan Gautier, Daphne Momferatou and Melanie Ward-Warmedinger
  
• 227 Liquidity, Moral Hazard and Inter-Bank Market Collapse - Enisse Kharroubi and Edouard Vidon
  
• 226 Macroeconomic Fluctuations and Corporate Financial Fragility - Catherine Bruneau, Olivier de Bandt and Widad El Amri
  
• 225 Fiscal sustainability and policy implications for the euro area - Fabrizio Balassone, Jorge Cunha, Geert Langenus, Bernhard Manzke, Jeanne Pavot, Doris Prammer and Pietro Tommasino
  
• 224 Business surveys modelling with Seasonal-Cyclical Long Memory models - Laurent Ferrara and Dominique Guégan
  
• 223 Econometric Asset Pricing Modelling - Henri Bertholon, Alain Monfort and Fulvio Pegoraro
  
• 222 Monthly forecasting of French GDP: A revised version of the OPTIM model. - Karim Barhoumi, Véronique Brunhes-Lesage, Olivier Darné, Laurent Ferrara, Bertrand Pluyaud and Béatrice Rouvreau
  
• 221 On the Role of a Stock Market: A Study of France, Germany, and thez Euro Area - Robert Krainer
  
• 220 Macroeconomic Surprises and the Inflation Compensation Curve in the Euro Area - Jérôme Coffinet and Sébastien Frappa
  
• 219 A Two-Pillar DSGE Monetary Policy Model for the Euro Area. - Jean Barthélemy, Laurent Clerc and Magali Marx
  
• 218 Long term vs. short term comovements in stock markets: the use of Markov-switching multifractal models. - Julien Idier
  
• 217 Portfolio and financing adjustments for U.S.Banks: some empirical evidence - Robert Krainer
  
• 216 Restaurant Prices and the Minimum Wage - Denis Fougère, Erwan Gautier and Hervé Le Bihan
  
• 215 Short-term forecasting of GDP using large monthly datasets: a pseudo real-time forecast evaluation exercise. - Karim Barhoumi, Gerhard Rünstler, Riccardo Cristadoro, Ard Den Reijer, Audrone Jakaitiene, Piotr Jelonek, Antonio Rua, Karsten Ruth, Szilard Benk and Christophe Van Nieuwenhuyze
  
• 214 Dynamic voluntary contributions to a discrete public good: Experimental evidence. - Pavel Diev and Walid Hichri
  
• 213 Revisiting the Decline in the Exchange Rate Pass-Through: Further Evidence from Developing Countries. - Karim Barhoumi and Jamel Jouini
  
• 212 Domestic Savings and Foreign Capital: the Complementarity Channel - Enisse Kharroubi
  
• 211 Microeconomic price adjustments: a survey of theoretical models and empirical results. - Erwan Gautier (in French)
  
• 210 Short term analysis of raw data and business cycle estimation. Part 2 : empirical implementation. - Renaud Lacroix (in French)
  
• 209 Short term analysis of raw data and business cycle estimation. Part 1 : estimation and tests. - Renaud Lacroix (in French)
  
• 208 Sticky Wages. Evidence from Quarterly Microeconomic Data - Thomas Heckel, Hervé Le Bihan and Jérémi Montornès
  
• 207 Seasonal adjustment of monetary aggregates: implementation of new procedures - Renaud Lacroix et Laurent Maurin (in French)
  
• 206 Assessing the shape of the distribution of interest rates: lessons from French individual data - Renaud Lacroix
  
• 205 Total factor productivity and the decision to serve foreign markets: Firm level evidence from France. - Delphine Irac
  
• 204 Access to new imported varieties and total factor productivity: Firm level evidence from France. - Delphine Irac
  
• 203 Stress Testing and Corporate Finance - Olivier de Bandt, Catherine Bruneau and Widad El Amri
  
• 202 Financing Constraints and a Firm's Decision and Ability to Innovate: Establishing Direct and Reverse Effects - Vassilis Hajivassiliou and Frédérique Savignac
  
• 201 Simultaneous tests for non-stationarity and non-linearity: an application to the US real interest rate - Nicolas MILLION (in French)
  
• 200 Supply Shocks and Optimal Monetary Policy in the Euro Zone - Patrick Fève, Julien Matheron and Jean-Guillaume Sahuc (in French)
  
• 199 Welfare Implications of Heterogeneous Labor Markets in a Currency Area - Céline Poilly and Jean-Guillaume Sahuc
  
• 198 Credit Constraints and the Cyclicality of R&D Investment: Evidence from France - Philippe Aghion, Philippe Askenazy, Nicolas Berman, Gilbert Cette and Laurent Eymard
  
• 197 Competition, R&D, and the Cost of Innovation. - Philippe Askenazy, Christophe Cahn and Delphine Irac
  
• 196 On policy interactions among nations: when do cooperation and commitment matter ? - Hubert Kempf and Leopold von Thadden
  
• 195 Some Preliminary Evidence on the Globalization-Inflation Nexus - Sophie Guilloux and Enisse Kharroubi
  
• 194 Bank interest rate pass-through: new evidence from French individual data. - Anne Barbier de la Serre, Sébastien Frappa, Jérémi Montornès and Michèle Murez (in French)
  
• 193 Forecasting interest rates with futures contracts using macroeconomic and financial variables - Jérôme Coffinet (in French)
  
• 192 An Inflation Forecasting Model For The Euro Area. - Valérie Chauvin and Antoine Devulder
  

• 191 Switching VARMA Term Structure Models - Extended Version - Alain Monfort and Fulvio Pegoraro
  
• 190 The Dynamic Effects of Disinflation Policies. - Fabrice Collard, Patrick Fève and Julien Matheron
  
• 189 Multi-Lag Term Structure Models with Stochastic Risk Premia - Alain Monfort and Fulvio Pegoraro
  
• 188 Pricing and Inference with Mixtures of Conditionally Normal Processes - Henri Bertholon, Alain Monfort and Fulvio Pegoraro
  
• 187 Two probabilistic cyclical turning point indicators for the French economy - Marie Adanero-Donderis, Olivier Darné and Laurent Ferrara (in French)
  
• 186 Regional Debt in Monetary Unions: Is it Inflationary? - Russell Cooper, Hubert Kempf and Dan Peled
  
• 185 Lumpy Price Adjustments: A Microeconometric Analysis. - Emmanuel Dhyne, Catherine Fuss, Hashem Pesaran and Patrick Sevestre
  
• 184 Does Money Matter for the Identification of Monetary Policy Shocks: A DSGE Perspective - Céline Poilly
  
• 183 Euro Area Market Reactions to the Monetary Developments Press Release - Jérôme Coffinet and Sylvain Gouteron
  
• 182 Differences in Interest Rate Policy at the ECB and the Fed: An Investigation with a Medium-Scale DSGE Model - Frank Smets and Jean-Guillaume Sahuc
  
• 181 Testing heterogeneity within the euro area - Eric Jondeau and Jean-Guillaume Sahuc
  
• 180 Indirect ICT Investment - Paul-Antoine Beretti and Gilbert Cette
  
• 179 Forced Portfolio Liquidation - Christian Ewerhart and Natacha Valla
  
• 178 Financial Market Liquidity and the Lender of Last Resort - Christian Ewerhart and Natacha Valla
  
• 177 Time-Varying Coefficients in a GMM Framework: Estimation of a Forward Looking Taylor Rule for the Federal Reserve - Harry Partouche
  
• 176 Probability of informed trading: an empirical application to the euro overnight market rate. - Julien Idier and Stefano Nardelli
  
• 175 Does uncertainty make a time-varying natural rate of interest irrelevant for the conduct of monetary policy? - Jean-Stéphane Mésonnier and Jean-Paul Renne
  
• 174 Global Ageing and Macroeconomic Consequences of Demographic Uncertainty in a Multi-regional Model - Juha Alho and Vladimir Borgy
  
• 173 Measuring Long-Run Exchange Rate Pass-Through. - Olivier de Bandt, Anindya Banerjee and Tomasz Kozluk (en anglais)
  
• 172 Housing loans' development in France: an analysis in terms of cycles. - Rafal Kierzenkowski and Vichett Oung (in French)
  
• 171 The Monthly Index of Business Activity (MIBA): A revision - Olivier Darné and Véronique Brunhes-Lesage (in French)
  
• 170 Determinants of long-term interest rates in the United States and the euro area: A multivariate approach - Julien Idier, caroline Jardet and Aymeric de Loubens
  
• 169 The impact of financial constraints on innovation: What can be learned from a direct measure? - Frédérique Savignac
  
• 168 Understanding Asset Prices: Determinants and Policy Implications - Laurent Clerc
  
• 167 Euro money market interest rates dynamics and volatility: How they respond to recent changes in the operational framework. - Caroline Jardet and Gaëlle Le Fol
  
• 166 Microeconometric evaluation methods - Denis Fougère (in French)
  
• 165 Is there a structural break in equilibrium velocity in the euro area? - Christian Bordes, Laurent Clerc and Vêlayoudom Marimoutou
  
• 164 Price setting in the euro area: Some stylised facts from Individual Producer Price - Philip Vermeulen, Daniel Dias, Maarten Dossche, Erwan Gautier, Ignacio Hernando, Roberto Sabbatini, Harald Stahl
  
• 163 Structural Assessment of the Sacrifice Ratio and the Euro Area - Jérôme Coffinet, Julien Matheron and Céline Poilly (in French)
  
• 162 DSGE Models in a Data-Rich Environment - Jean Boivin and Marc Giannoni
  

• 161 Bubble-free interest-rate rules - Olivier Loisel
  
• 160 The Behaviour of Producer Prices: some Evidence from the French PPI Micro Data - Erwan Gautier
  
• 159 Stock exchanges industry consolidation and shock transmission - Julien Idier
  
• 158 Convergence in Household Credit Demand Across Euro Area Countries: Evidence from Panel Data - Olivier de Bandt, Catherine Bruneau and Widad El Amri
  
• 157 The Reliability of Macroeconomic Forecasts based on Real Interest Rate Gap Estimates in Real Time: an Assessment for the Euro Area - Jean-Stéphane Mésonnier
  
• 156 Trends in "structural" productivity levels in the major industrialized countries - Renaud Bourlès and Gilbert Cette
  
• 155 The Cross-Section of Foreign Currency Risk Premia and Consumption Growth Risk - Hanno Lustig and Adrien Verdelhan
  
• 154 Risk Insurance in a Transition Economy: Evidence from Rural Romania - Delphine Irac and Camelia Minoiu
  
• 153 Revisiting the proximity-concentration trade-off: Distance and Horizontal Foreign Direct Investment in OECD countries - Delphine Irac
  
• 152 Labour Market Structural Reforms: some Lessons from the Recent Studies - Denis Fougère
  
• 151 Declining Valuations and Equilibrium Bidding Central Bank Refinancing Operations - Christian Ewerhart, Nuno Cassola and Natacha Valla (en anglais)
  
• 150 Monetary Policy Inertia or Persistent Shocks? - Julio Carrillo, Patrick Fève and Julien Matheron
  
• 149 Financial (Dis)Integration - Enisse Kharroubi
  
• 148 How Well Does a Small Structural Model with Sticky Prices and Wages Fit Postwar U.S. Data? - Julien Matheron, and Céline Poilly
  
• 147 Seasonal Adjustment of Monetary Aggregates and Loans Series at the Banque de France: Theoretical Background and Implementation. - Élisabeth Fonteny (in French)
  
• 146 Estimating Potential Output with a Production Function for France, Germany and Italy. - Mustapha Baghli, Christophe Cahn and Jean-Pierre Villetelle
  
• 145 Assessing Aggregate Comovements in France, Germany and Italy. Using a Non Stationary Factor Model of the Euro Area - Olivier de Bandt, Catherine Bruneau, Alexis Flageollet
  
• 144 Are Business and Credit Cycles Converging or Diverging? A comparison of Poland, Hungary, the Czech Republic and the Euro Area - Sanvi Avouyi-Dovi, Rafal Kierzenkowski, Catherine Lubochinsky
  
• 143 Term Structure Anomalies: Term Premium or Peso problem? - Caroline JARDET
  
• 142 Revisiting the money demand function in the euro area - Sanvi Avouyi-Dovi, Matthieu Brun, Alain Dreyfus, Françoise Drumetz, Vichett Oung and Jean-Guillaume Sahuc (in French)
  
• 141 Optimal Monetary Policy in an Estimated DSGE Model of the Euro Area with Cross-country Heterogeneity - Eric Jondeau and Jean-Guillaume Sahuc
  
• 140 Is the Inflation-Output Nexus Asymmetric in the Euro Area? - Mustapha Baghli, Christophe Cahn and Henri Fraisse
  
• 139 Illiquidity, Financial Development and the Growth-Volatility Relationship - Enisse Kharroubi
  

• 138 Sticky Prices in the Euro Area: A Summary of New Micro Evidence - Luis J. Álvarez, Emmanuel Dhyne, Marco Hoeberichts, Claudia Kwapil, Hervé Le Bihan, Patrick Lünnemann, Fernando Martins, Roberto Sabbatini, Harald Stahl, Philip Vermeulen and Jouko Vilmunen
  
• 137 Heterogeneity in Consumer Price Stickiness: A Microeconometric Investigation - Denis Fougère, Hervé Le Bihan and Patrick Sevestre
  
• 136 Price Setting in the Euro Area: Some Stylized Facts from Individual Consumer Price Data - Emmanuel Dhyne, Luis J. Álvarez, Hervé Le Bihan, Giovanni Veronese, Daniel Dias, Johannes Hoffmann, Nicole Jonker, Patrick Lünnemann, Fabio Rumler, Jouko Vilmunen
  
• 135 The Pricing Behaviour of Firms in the Euro Area: New Survey Evidence - Silvia Fabiani, Martine Druant, Ignacio Hernando, Claudia Kwapil, Bettina Landau, Claire Loupias, Fernando Martins, Thomas Mathä, Roberto Sabbatini, Harald Stahl and Ad Stockman
  
• 134 The Fed and the Question of Financial Stability: An Empirical Investigation - Thierry Grunspan
  
• 133 A comparison of Structural Productivity Levels in the Major Industrialised Countries - Renaud Bourlès and Gilbert Cette
  
• 132 The Impact of Stock Market Shocks on Credit in France since the mid-1990s - John Baude
  
• 131 Excess Monetary Liquidity and Asset Prices - Sylvain Gouteron and Daniel Szpiro
  
• 130 Opportunity Costs of Having a Child, Financial Constraints and Fertility - Gilbert Cette, Nicolas Dromel and Dominique Méda
  
• 129 Dynamic macroeconometric modelling - Patrick Fève
  
• 128 Do financial markets forecast economic turning points? - Benoît Bellone, Erwan Gautier and Sébastien Le Coent
  
• 127 Central Bank Reputation in a Forward-Looking Model - Olivier Loisel
  
• 126 Technology Shocks and Monetary Policy in an Estimated Sticky Price Model of the Euro Area - Sanvi Avouyi-Dovi and Julien Matheron (en anglais)
  
• 125 Can the Kydland--Prescott Model Pass the Cogley--Nason Test? - Patrick Fève and Julien Matheron (en anglais)
  
• 124 Technology Shock and Employment: Do We Really Need DSGE Models with a Fall in Hours? - Martial Dupaigne, Patrick Fève and Julien Matheron
  
• 123 Technology Shocks and Monetary Policy in an Estimated Sticky Price Model of the US Economy - Sanvi Avouyi-Dovi and Julien Matheron
  
• 122 Break in the Mean and Persistence of Inflation: a Sectoral Analysis of French CPI - Laurent Bilke
  
• 121 Interactions between Business Cycles, stock Market Cycles and Interest Rates: the Stylised Facts - Sanvi Avouyi-Dovi and Julien Matheron
  

• 120 Price Setting in France: new Evidence from Survey Data - Claire Loupias and Roland Ricart
  
• 119 Pension Schemes and Falling Birth-rates: Change in Customs or Microeconomic Optimization? - Claire Loupias and Bertrand Wigniolle
  
• 118 Partial Indexation, Trend Inflation, and the Hybrid Phillips Curve - Jean-Guillaume Sahuc
  
• 117 The Taylor Rule and Monetary Policy in the Euro Area - Jean-Stéphane Mésonnier and Jean-Paul Renne
  
• 116 Investment in Information and Communication Technologies: an Empirical Analysis - Gilbert Cette, Jimmy Lopez and Pierre-Alexandre Noual
  
• 115 A Time-Varying Natural Rate for the Euro Area - Jean-Stéphane Mésonnier and Jean-Paul Renne
  
• 114 Inflation and the Markup in the Euro Area - Catherine Bruneau, Olivier De bandt and Alexis flageollet
  
• 113 Price Rigidity. Evidence from the French CPI Macro-Data - Laurent Baudry, Hervé Le Bihan, patrick Sevestre and Sylvie Tarrieu
  
• 112 ICT Diffusion and Potential Output Growth - Gilbert Cette, Jacques Mairesse and Yusuf Kocoglu
  
• 111 The Breaks in per Capita Productivity Trends in a Number of Industrial Countries - Tristan-Pierre Maury and Bertrand Pluyaud
  
• 110 Determinants of Productivity per Employee: an Empirical Estimation Using Panel Data - Nicolas Belorgey, Rémy Lecat and Tristan-Pierre Maury
  
• 109 Price Stability and The ECB's Monetary Policy Strategy - Christian Bordes and Laurent Clerc (en anglais)
  
• 108 Optimal Portfolio Allocation Under Higher Moments - Eric Jondeau and Michael Rockinger (en anglais)
  
• 107 The Bank Bias: Segmentation of French Fund Families - Eric Jondeau and Michael Rockinger
  
• 106 Model for AnalySing and foreCasting shOrT TErm developments - Mustapha Baghli, Véronique Brunhes-Lesage, Olivier De bandt, Henri Fraisse et Jean-Pierre Villetel
  
• 105 Incorporating Labour Market Frictions into an Optimising-Based Monetary Policy Model - Stéphane Moyen and Jean-Guillaume Sahuc
  
• 104 Evaluating the Fit of Sticky Price Models - Julien Matheron and Tristan-Pierre Maury
  

• 99 Profit Share in France and a Number of Major Industrialised Countries: Empirical Analysis over the Period 1970-2000 - Mustapha Baghli, Gilbert Cette and Arnaud Sylvain
  
• 103 ML vs GMM Estimates of Hybrid Macroeconomic Models (With an Application to the New Phillips Curve) - Éric Jondeau and Hervé Le Bihan
  
• 102 Forecasting Inflation in the Euro Area - Catherine Bruneau, Olivier De Bandt and Alexis Flageollet
  
• 101 Forecasting Inflation using Economic Indicators: the Case of France - Catherine Bruneau, Olivier De Bandt, Alexis Flageollet and Emmanuel Michaux
  
• 100 The Challenges of the "New Economy" for Monetary Policy - Gilbert Cette and Christian Pfister
  

• 98 Central Banking, the Discount Rate and Monetary Policy in the Works of Henry Thornton (1760-1815) - Jean-Stéphane Mésonnier
  
• 97 Firm Investment and Monetary Policy Transmission in the Euro Area - Jean-Bernard Chatelain, Andrea Generale, Ignacio Hernando, Ulf von Kalckreuth and Philip Vermeulen (en anglais)
  
• 96 Investment, the Cost of Capital and Monetary Policy in the Nineties in France: A Panel Data Investigation - Jean-Bernard Chatelain and André Tiomo
  
• 95 What is the Best Approach to Measure the Interdependence between Different Markets? - Sanvi Avouyi-Dovi, Dominique Guégan and Sophie Ladoucette
  
• 94 An Assessment of Persistence in Stock Markets - Sanvi Avouyi-Dovi, Dominique Guégan and Sophie Ladoucette
  
• 93 Financial Systems and the Role of Banks in Monetary Policy Transmission in the Euro Area - Michael Ehrmann, Leonardo Gambacorta, Jorge Martínez-Pagés, Patrick sevestre and Andrea Worms
  
• 92 Is There a Bank lending Channel in France? Evidence From Bank Panel Data - Claire Loupias, Frédérique Savignac and Patrick Sevestre
  
• 91 Optimal Supervisory Policies and Depositor-Preferences Laws - Henri Pagès and João A.C. Santos
  
• 90 Asset Allocation in Transition Economies - Eric Jondeau and Michael Rockinger
  
• 89 Potential Output and Output Gap : Some estimates for France - Mustapha Baghli, Carine Bouthevilain, Olivier De Bandt, Henri Fraisse, Hervé Le Bihan, Philippe Rousseaux (In French)
  
• 88 Short-Run Assessment of French Economic Activity Using OPTIM - Delphine Irac and Franck Sédillot (In English)
  

• 87 The effects on GDP growth of ICT: the case of France over a long period (1980-2000) - Gilbert Cette, Jacques Mairesse and Yusuf Kocoglu (In French)
  
• 86 Testing for a Forward-Looking Phillips Curve. Additional Evidence from European and US Data - Eric Jondeau and Hervé Le Bihan (In English)
  
• 85 Optimal Capacity in the Banking Sector and Economic Growth - Bruno Amable, Jean-Bernard Chatelain, and Olivier De Bandt (In English)
  
• 84 Mark-up and Capital Structure of the Firm facing Uncertainty - Jean-Bernard Chatelain (In English)
  
• 83 Evaluation de l'estimation par les GMM de la fonction de réaction de la Federal Reserve Bank - Clémentine Florens, Eric Jondeau and Hervé Le Bihan (In English)
  
• 82 Dépendance conditionnelle entre les séries financières : Une application des copulas - Michael Rockinger and Eric Jondeau (In English)
  
• 81 Pitfalls in Investment Euler Equations - Jean-Bernard Chatelain and Jean-Christophe Teurlai (In English)
  
• 80 Can Financial Infrastructures Foster Economic Development? - Bruno Amable and Jean-Bernard Chatelain (In English)
  
• 79 Entropy densities: with an application to autoregressive conditional skewness and kurtosis - Eric Jondeau and Michael Rockinger (In English)
  

• 78 Modèle à Anticipations Rationnelles de la ConjonctureSimulée : MARCOS - Pascal Jacquinot and Ferhat Mihoubi (In French)
  
• 77 Conditional Volatility, Skewness, and Kurtosis: Existence and Persistence - Eric Jondeau and Michael Rockinger (In English )
  
• 76 Evaluating Monetary Policy Rules in Estimated Forward-Looking Models: A Comparison of US and German Monetary Policies - Eric Jondeau and Hervé Le Bihan (In English )
  
• 75 Estimation of a time varying NAIRU for France - Delphine Irac (In English)
  
• 74 Leading Indicators of Currency Crises in Emerging Economies - Olivier Burkart and Virginie Coudert (In English )
  
• 73 Does correlation between stock returns really increase during turbulent period? - François Chesnay and Eric Jondeau (In English)
  

• 72 Testing the null hypothesis of stationarity in fractionally integrated models - Renaud Lacroix (In English)
  
• 71 Testing for zeros in the spectrum of an univariate stationary process: Part II - Renaud Lacroix (In English )
  
• 70 Testing for zeros in the spectrum of an univariate stationary process: Part I - Renaud Lacroix (In English)
  
• 69 Implementing and interpreting indicator of core inflation: the case of France - Hervé Le Bihan and Franck Sédillot
  
• 68 Modeling and Forecasting the French Consumer Price Index Components - Éric Jondeau, Hervé Le Bihan and Franck Sédillot (in English)
  
• 67 Does the Yield Spread Content any Information about Future Economic Activity? - Franck Sédillot (In French)
  
• 66 The Tail Behavior of Stock Returns: Emerging versus Mature Markets - Eric Jondeau and Michael Rockinger (in English)
  
• 65 Modelling the Swap Spread - Sanvi Avouyi-Dovi and Eric Jondeau (in English)
  
• 64 Labour Share Income in France and in Germany - Ferhat Mihoubi (In French)
  
• 63 Investment in France since the Beginning of the Eighties - Delphine Irac and Pascal Jacquinot (In French)
  
• 62 Coûts et bénéfices du passage d'une faible inflation à la stabilité des prix. Une comparaison internationale - Jean-Bernard Chatelain et Patrick Sevestre
  
• 61 The Information Content of the French and German Government Bond Yield Curves: Why such Differences? - Eric Jondeau and Roland Ricart (in English)
  
• 60 Fiscal Policy in the Transition to Monetary Union: A Structural VAR Model - Catherine Bruneau and Olivier De Bandt
  
• 59 Measuring the Reward-to-Risk Ratio from the Euro-Currency Market - Eric Jondeau (In French)
  
• 58 Modelling Asian Stock-Market Volatility - Sanvi Avouyi-Dovi and Eric Jondeau (In French)
  
• 57 Interest Rate Transmission and Volatility Transmission along the Yield Curve - Sanvi Avouyi-Dovi and Eric Jondeau (in English)
  
• 56 Gram-Charlier Densities - Eric Jondeau and Michael Rockinger (In English)
  

• 55 Forecasting French and German Long-Term Rates Using a Rational-Expectation Model - Eric Jondeau and Franck Sédillot (In French)
  
• 54 Reading Interest Rate and Bond Futures Options' Smiles: How PIBOR and Notional Operators Appreciated the 1997 French Snap Election - Sophie Coutant, Eric Jondeau and Michael Rockinger
  
• 53 Long-Run Causality, with an Application to International Links between Long-Term Interest Rates - Catherine Bruneau and Eric Jondeau (in English)
  June 1998 - October 1998 (Revised draft)
• 52 Structural VAR Modeling: Application to France's Monetary Policy - Catherine Bruneau and Olivier De Bandt (In French)
  
• 51 Measuring Core Inflation Using a Structural VAR Approach: An Application to France, Germany and the UK - Pascal Jacquinot (In French)
  
• 50 Threat of a Capital Levy, Expected Devaluation and Interest Rates in France during the Interwar Period - Pierre-Cyrille Hautcoeur and Pierre Sicsic
  
• 49 On the Use of Banks Balance Sheet Data in Loan Market Studies: A Note - Patrick Sevestre (in English)
  
• 48 La relation entre le taux des crédits et le coût des ressources bancaires. Modélisation et estimation sur données individuelles de banques. - Laurent Baumel et Patrick Sevestre
  

• 47 Reading the Smile: The Message Conveyed by Methods Which Infer Risk Neutral Densities - Eric Jondeau and Michael Rockinger (In French and in English)
  
• 46 VAR Model and the Test of the Expectations Hypothesis of the Term Structure - Eric Jondeau (in French )
  
• 45 The Expectations Hypothesis of the Term Structure: A Test Using French Government Bonds - Eric Jondeau and Roland Ricart (in French)
  
• 43 The Information Content of the Term Structure: An Application to French Government Bonds - Eric Jondeau and Roland Ricart (in French)
  
• 42 Volume Effect, Volatility, and International Transmission between Stock Markets - Sanvi Avouyi-Dovi, Eric Jondeau and Charles Lai Tong (in French)
  
• 41 Widening of the social security basis : from a wage to a value added basis - impact on french non financial firms - Gilbert Cette and Elisabeth Kremp (in French)
  

• 36 « Stop-Loss » Strategies: Theory and Application to the MATIF Bond Future Contract - Bernard Bensaid and Olivier De Bandt (En français et en anglais)
  
• 35 The Expectations Hypothesis of the Term Structure: Tests on US, German, French, and UK Euro-rates - Eric Jondeau and Roland Ricart (En français et en anglais)
  June 1996 revised December 1998

• 44 The French Futures Bonds Market: Efficiency and Causality - Bernard Bensaid and Michel Boutillier (in French)
  
• 30 Competition among financial intermediaries and the risk of contagious failures - Olivier De Bandt (en anglais)