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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

655: Inflation Targeting as a Shock Absorber

Marcel Fratzscher, Christoph Grosse Steffen and Malte Rieth

654: SMEs financing: Divergence across Euro area countries?

Sébastien Roux and Frédérique Savignac

653: Price Dispersion, Private Uncertainty, and Endogenous Nominal Rigidities

Gaetano Gaballo

652: Eurosystem s asset purchases and money market rates

Wiliiam Arrata, Benoît Nguyen, Imene Rahmouni-Rousseau and Miklos Vari

651: A Quantitative Easing Experiment

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

650: Why are inflation forecasts sticky? Theory and application to France and Germany

Frédérique Bec, Raouf Boucekkine and Caroline Jardet

649: Missing Growth from Creative Destruction

Philippe Aghion, Antonin Bergeaud, Timo Boppart, Pete Klenow and Huiyu Li

648: An analytical framework to calibrate macroprudential policy

Taryk Bennani, Cyril Couaillier, Antoine Devulder, Silvia Gabrieli, Julien Idier, Pier Lopez, Thibaut Piquard and Valerio Scalone

647: Beneath the Gold Points: European Financial Market Integration, 1844-1870

Vincent Bignon, Jinzhao Chen and Stefano Ugolini

646: Corporate Debt Structure and Economic Recoveries

Thomas Grjebine, Urszula Szczerbowicz and Fabien Tripier

645: Common Factors of Commodity Prices

Simona Delle Chiaie, Laurent Ferrara and Domenico Giannone

644: Entrepreneurship and Information on Past Failures: A Natural Experiment

Christophe Cahn, Mattia Girotti and Augustin Landier

643: Time-varying fiscal spending multipliers in the UK

Christian Glocker, Giulia Sestieri and Pascal Towbin

642: Monetary Policy and Digital Currencies: Much Ado about Nothing?

Christian Pfister

641: Adjustment Costs and Factor Demand: New Evidence From Firms Real Estate

Antonin Bergeaud and Simon Ray

640: Asymmetric wage adjustment and employment in European firms

Petra Marotzke, Robert Anderton, Ana Bairrao, Clémence Berson and Peter Tóth

639: U.S. Savings Banks' Demutualization and Depositor Welfare

Mattia Girotti and Richard Meade

638: The Failure of a Clearinghouse:Empirical Evidence

Vincent Bignon and Guillaume Vuillemey

637: MAPI: Model for Analysis and Projection of Inflation in France

Louis de Charsonville, Thomas Ferrière and Caroline Jardet

636: The Interest of Being Eligible

Jean-Stéphane Mésonnier, Charles O'Donnell and Olivier Toutain

635: Communication Costs and the Internal Organization of Multi-Plant Businesses: Evidence from the Impact of the French High-Speed Rail

Pauline Charnoz, Claire Lelarge and Corentin Trevien

634: Should euro area countries cut taxes on labour or capital in order to boost their growth?

Barbara Castelletti, Pierrick Clerc and Matthieu Lemoine

633: Accounting for Wealth Inequality Dynamics: Methods, Estimates and Simulations for France (1800-2014)

Bertrand Garbinti, Jonathan Goupille-Lebret and Thomas Piketty

632: The Determinants of Consumer Price Dispersion: Evidence from French Supermarkets

Nicoletta Berardi, Patrick Sevestre and Jonathan Thébault

631: Illiquid Collateral and Bank Lending during the European Sovereign Debt Crisis

Jean Barthélemy, Vincent Bignon and Benoît Nguyen

630: Why Have Interest Rates Fallen far Below the Return on Capital

Magali Marx, Benoit Mojon and Francois Velde

629: Brands in Motion: How frictions shape multinational production

Keith Head and Thierry Mayer

628: Competition for Global Value Added: Export and Domestic Market Shares

Rafael Cezar, Adrien Duguet, Guillaume Gaulier and Vincent Vicard

627: Monetary and Fiscal Policy in England during the French Wars (1793-1821)

Pamfili Antipa and Christophe Chamley

626: Real Estate and Corporate Investmeent: Theory and Evidence of Heterogeneous Effects Across Firms

Denis Fougere, Rémy Lecat and Simon Ray

625: Can Fiscal Budget-Neutral Reforms Stimulate Growth? Model-Based Results

Matthieu Bussiere, Laurent Ferrara, Michel Juillard and Daniele Siena

624: To What Extent Can Long-Term Investment in Infrastructure Reduce Inequality?

Emma Hooper, Sanjay Peters and Patrick Pintus

623: Price impact of bond supply shocks: Evidence from the Eurosystem's asset purchase program

Wiliiam Arrata and Benoît Nguyen

622: The Joint Dynamics of U.S. and Euro-area Inflation Rates: Expectations and Time-varying Uncertainty

Olesya Grishchenko, Sarah Mouabbi and Jean-Paul Renne

621: Pandemic crises in financial systems: a simulation-model to complement stress-testing frameworks

Julien Idier and Thibaut Piquard

620: Insight from a Time-Varying VAR Model with Stochastic Volatility of the French Housing and Credit Markets

Sanvi Avouyi-Dovi, Claire Labonne, Rémy Lecat and Simon Ray

619: Subjective Interest Rate Uncertainty and the Macroeconomy: A Cross-country Analysis

Klodiana Istrefi and Sarah Mouabbi