This paper investigates the effect of FDI on economic growth conditional on the institutional quality of host countries. We first develop several theoretical arguments to show that institutional heterogeneity may be an explanation for the mixed results of previous empirical studies. Second,...

The aim of this paper is to empirically investigate the relationship between FDI and domestic investment in a sample of 10 Central and Eastern European countries over the period 1995-2015. We find FDI to lead to a creative destruction phenomenon, with a short-term crowding out effect on domestic...

This paper constructs an annual dataset of consumption by income quintiles for France since 1989 in order to make a granular comparison of consumption inequality with the United States. First, we match consumption data from a survey run every five years with the national accounts, and then use a...

After three decades of rapid growth, the Chinese economy has been slowing; at the same time, concerns about the sustainability of its growth model are mounting, calling for urgent rebalancing. This paper provides an assessment of how, and to what extent, the rebalancing process may impact...

This paper examines the role of foreign direct investment (FDI) as a determinant of employment by using a dynamic labor demand model applied for a panel of 20 Central and Eastern European Countries during the period 1995-2012. Our results indicate that FDI leads to a phenomenon of creative...

As an extension to the literature on the risk-taking channel of monetary policy, this paper studiesthe existence of a systemic risk-taking channel (SRTC) in the Eurozone, through an originalmacroeconomic perspective based on causality measures. Because the SRTC is effective after an“incubation...

In this paper, we demonstrate that the size of the fiscal multiplier depends both oncurrency mismatch and home bias. Our demonstration is based on a real two-countrydynamic stochastic general equilibrium model with incomplete and imperfect internationalfinancial markets, external debt and...

Empirical evidence suggests that bank lending rates are downward rigid: banks tend to adjust their rates more slowly and less completely to short-term market rates decreases than to increases. We investigate the macroeconomic consequences of this downward interest rate rigidity by introducing...

This paper aims to provide a comprehensive analysis of the potential conflicts between macroprudential and monetary policies within a DGSE model with financial frictions. The identification of conflicts is conditional on different types of shocks, policy instruments, and policy objectives. We...

French Abstract: Cette étude a pour but d'évaluer la pertinence et le contenu prédictif des indicateurs de l'enquête qualitative trimestrielle auprès des banques sur la distribution du crédit (autrement dit le Bank Lending Survey ou BLS), dix ans après son lancement simultané dans tous...