Working papers

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705: Relationship lending and SMEs funding costs over the cycle: why diversification of borrowing matters

Mikael Beatriz, Jerome Coffinet and Théo Nicolas

704: Real Interest Rates and Productivity in Small Open Economies

Tommaso Monacelli, Luca Sala and Daniele Siena

703: Money and Capital in a Persistent Liquidity Trap

Philippe Bacchetta and Yannick Kalantzis

702: Risk-Adjusted Linearizations of Dynamic Equilibrium Models

Pierlauro Lopez, David Lopez-Salido and Francisco Vazquez-Grande

701: Impact of the ECB Quantitative Easing on the French International Investment Position

Rafael Cezar and Maëva Silvestrini

700: Monetary Rules, Determinacy and Limited Enforcement

Jean Barthélemy and Eric Mengus

699: Taxation of Savings and Portfolio Choices of French Households

Christian Pfister

698: Flight-to-safety and the Credit Crunch: A new history of the banking crisis in France during the Great Depression

Patrice Baubeau, Eric Monnet, Angelo Riva and Stefano Ungaro

697: Monetary Policy and Corporate Debt Structure

Stéphane Lhuissier and Urszula Szczerbowicz

696: The Inverted-U Relationship Between Credit Access and Productivity Growth

Philippe Aghion, Antonin Bergeaud, Gilbert Cette, Rémy Lecat and Hélène Maghin

695: Does FDI crowd out domestic investment in transition countries?

Cristina Jude

694: Monetary Policy and Long-Run Systemic Risk-Taking

Gilbert Colletaz, Grégory Levieuge and Alexandra Popescu

693: Inefficient Short-Time Work

Pierre Cahuc and Sandra Nevoux

692: When Short-Time Work Works

Pierre Cahuc, Francis Kramarz and Sandra Nevoux

691: External Credit Ratings and Bank Lending

Christophe Cahn, Mattia Girotti and Federica Salvad

690: The Toll of Tariffs: Protectionism, Education and Fertility in Late 19th Century France

Vincent Bignon and Cecilia Garcia-Pe Alosa

689: International Spillovers of Monetary Policy: Evidence from France and Italy

Julia Schmidt, Marianna Caccavaio, Luisa Carpinelli and Giuseppe Marinelli

688: Estimating Non-Linear DSGEs with the Approximate Bayesian Computation: an application to the Zero Lower Bound

Valerio Scalone

687: Bad Sovereign or Bad Balance Sheets? Euro Interbank Market Fragmentation and Monetary Policy, 2011-2015

Silvia Gabrieli and Claire Labonne

686: Measuring Indirect Investments in ICT in OECD Countries

Gilbert Cette, Jimmy Lopez, Giorgio Presidente and Vincenzo Spiezia

685: Classifying Patents Based on their Semantic Content

Antonin Bergeaud, Yoann Potiron and Juste Raimbault

684: An Experimental Analysis Of The Effect Of Quantitative Easing

Adrian Penalver, Nobuyuki Hanaki, Eizo Akiyama, Yukihiko Funaki and Ryuichiro Ishikawa

683: Perceived FOMC: The Making of Hawks, Doves and Swingers

Michael Bordo and Klodiana Istrefi

682: Shocks vs Menu Costs: Patterns of Price Rigidity in an Estimated Multi-Sector Menu-Cost Model

Erwan Gautier and Hervé Le Bihan

681: Non-base wage components as a source of wage adaptability to shocks: Evidence from European firms, 2010 2013

Jan Babeck, Clémence Berson, Ludmila Fadejeva, Ana Lamo, Petra Marotzke, Fernando Martins and Paweł Strzelecki

680: New Normal or New Orthodoxy ? Elements of a Central Banking Framework for the After-Crisis

Christian Pfister and Natacha Valla

679: Countercyclical School Attainment and Intergenerational Mobility

Andreu Arenas and Clément Malgouyres

678: The Impact of Exports on Innovation: Theory and Evidence

Philippe Aghion, Antonin Bergeaud, Matthieu Lequien and Marc Melitz

677: Income Inequality in France, 1900-2014: Evidence from Distributional National Accounts (DINA)

Bertrand Garbinti, Jonathan Goupille-Lebret and Thomas Piketty

676: Firm Dynamics and Growth Measurement in France

Philippe Aghion, Antonin Bergeaud, Timo Boppart and Simon Bunel

675: (Real-)Time Is Money

Christian Pfister

674: Rent creation and sharing: new measures and impacts on TFP

Gilbert Cette, Jimmy Lopez and Jacques Mairesse

673: The Cost of Non-Europe, Revisited

Thierry Mayer, Vincent Vicard and Soledad Zignago

672: Dissecting the Impact of Imports from Low-Wage Countries on French Consumer Prices

Juan Carluccio, Erwan Gautier and Sophie Guilloux-Nefussi

671: Payments delay: propagation and punishment

Ben Craig, Dilyara Salakhova and Martin Saldias

670: The Optimal Inflation Target and the Natural Rate of Interest

Philippe Andrade, Jordi Galí, Hervé Le Bihan and Julien Matheron

669: Monetary Policy and Collateral Constraints since the European Debt Crisis

Jean Barthélemy, Vincent Bignon and Benoît Nguyen

668: A General Equilibrium Appraisal of Capital Shortfall

Eric Jondeau and Jean-Guillaume Sahuc

667: Stabilising virtues of central banks: (re)matching bank liquidity

Vincent Legroux, Imene Rahmouni-Rousseau, Urszula Szczerbowicz and Natacha Valla

666: Dollar Funding and Firm-Level Exports

Antoine Berthou, Guillaume Horny and Jean-Stéphane Mésonnier

665: Tax Simplicity and Heterogeneous Learning

Philippe Aghion, Ufuk Akcigit, Matthieu Lequien and Stefanie Stantcheva

664: Credit risk and bank competition in Sub-Saharan Africa

Michael Brei, Luc Jacolin and Alphonse Noah

663: Explaining and Forecasting Euro Area Inflation: the Role of Domestic and Global Factors

Sophie Béreau, Violaine Faubert and Katja Schmidt

662: Firm-level Productivity Dispersion and Convergence

Gilbert Cette, Simon Corde and Rémy Lecat

661: Global financial interconnectedness: A Non-Linear Assessment of the Uncertainty Channel

Bertrand Candelon, Laurent Ferrara and Marc Joëts

660: Exchange Rate Movements, Firm-Level Exports and Heterogeneity

Antoine Berthou and Emmanuel Dhyne

659: Unconventional Monetary Policy and Bank Lending Relationships

Christophe Cahn, Anne Duquerroy and William Mullins

658: Misallocation Before, During and After the Great Recession

Thibault Libert

657: Firm Size and the Intensive Margin of Import Demand

Joaquin Blaum, Claire Lelarge and Michael Peters

656: A Kinked-Demand Theory of Price Rigidity

Stéphane Dupraz