Working papers

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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

618: Economic Crises and the Eligibility for the Lender of Last Resort: Evidence from 19th century France

Vincent Bignon and Clemens Jobst

617: Long-term growth and productivity projections in advanced countries

Gilbert Cette, Rémy Lecat and Carole Ly-Marin

616: The Inverted Leading Indicator Property and Redistribution Effect of the Interest Rate

Patrick Pintus, Yi Wen and X. Xing

615: Financial Inclusion, Bank Concentration and Firm Performance

Lisa Chauvet and Luc Jacolin

614: Disaster Risk and Preference Shifts in a New Keynesian Model

M. Isor and Urszula Szczerbowicz

613: Optimal Monitoring of Long-Term Loan Contracts

Adrian Penalver

612: The Gains from Input Trade with Heterogeneous Importers

Joaquin Blaum, Claire Lelarge and Michael Peters

611: National natural rates of interest and the single monetary policy in the Euro Area

Sebastien Fries, Jean-Stéphane Mésonnier, Sarah Mouabbi and Jean-Paul Renne

610: Globalization, Market Structure and Inflation Dynamics

Sophie Guilloux-Nefussi

609: An Early Warning System for Macro-prudential Policy in France

Virginie Coudert and Julien Idier

608: Global Trade Flows: Revisiting the Exchange Rate Elasticities

Matthieu Bussiere, Guillaume Gaulier and Walter Steingress

607: Does the volatility of commodity prices reflect macroeconomic uncertainty ?

Marc Joëts, Valérie Mignon and Tovonony Razafindrabe

606: Which combination of fiscal and external imbalances to determine the long-run dynamics of sovereign bond yields?

Melika Ben Salem and Barbara Castelletti