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Debt enforcement and the return on money

Rojas-Breu, M. - Banque de France - 2011

The rate-of-return-dominance puzzle asks why low-return assets, like fiat money, are used in actual economies given … monetary models which arbitrarily restrict the marketability properties of alternative assets to make money valuable are … difficult to assess. In this paper, I provide a framework in which fiat money has value in equilibrium, even though a higher …

Persistent link: https://www.econbiz.de/10009320820

Estimation of a Time Varying NAIRU for France.

Irac, D. - Banque de France - 2000

Among several concepts encompassed by the idea of an equilibrium rate of unemployment (labour mismatch, unemployment trend, non inflationary unemployment, structural unemployment), the NAIRU appears as the most interesting one for a central bank since it focuses directly on inflation. Thus, the...

Persistent link: https://www.econbiz.de/10005036216

Price Stability and The ECB's Monetary Policy Strategy

Bordes, C.; Clerc, L. - Banque de France - 2004

This paper focuses on the price stability objective within the framework of the single monetary policy strategy. It starts by reviewing what this objective, which is common to all central banks, means. Secondly, this paper will focus exclusively on the anchoring of short- to medium-term...

Persistent link: https://www.econbiz.de/10005056542

On the Welfare Costs of Misspecified Monetary Policy Objectives

Avouyi-Dovi, S.; Sahuc, J-G. - Banque de France - 2011

This paper quantifies the effects on welfare of misspecified monetary policy objectives in a stylized DSGE model. We show that using inappropriate objectives generates relatively large welfare costs. When expressed in terms of ‘consumption equivalent’ units, these costs correspond to...

Persistent link: https://www.econbiz.de/10008854100

Optimal Monetary Policy in an Estimated DSGE Model of the Euro Area with Cross-country Heterogeneity.

Jondeau, E.; Sahuc, J-G. - Banque de France - 2006

This paper investigates the implications of cross-country heterogeneity within the euro area for the design of optimal monetary policy. We build an optimizing-based multi-country model (MCM) describing the euro area in which differences between structural parameters across countries are allowed....

Persistent link: https://www.econbiz.de/10004998845

Inflation Target Shocks and Monetary Policy Inertia in the Euro Area

Fève, P.; Matheron, J.; Sahuc, J-G. - Banque de France - 2009

The Euro area as a whole has experienced a marked downward trend in inflation over the past decades and, concomitantly, a protracted period of depressed activity. Can permanent and gradual shifts in monetary policy be held responsible for these dynamics? To answer this question, we embed...

Persistent link: https://www.econbiz.de/10008556976

Les ajustements microéconomiques des prix : une synthèse des modèles théoriques et résultats empiriques.

Gautier, E. - Banque de France - 2008

Microeconomic price rigidity is one of the main assumptions of the neo-keynesian macroeconomic models. Firms are not able to adjust continuously their prices. In this paper, we make a synthesis of the main microeconomic price setting theoretical models and of their empirical counterparts. Price...

Persistent link: https://www.econbiz.de/10008528492