Assuming that private agents need to learn inflation dynamics to form their inflation expectations and that they believe a hybrid New-Keynesian Phillips Curve (NKPC) is the true data generating process of inflation, we aim at establishing the role of forward-looking information in inflation...

The problem of weak identification has recently attracted attention in the analysis of structural macroeconomic models. Using robust methods can result in large confidence sets making precise inference difficult. We overcome this problem in the analysis of the hybrid New Keynesian Phillips Curve...

The problem of weak identification has recently attracted attention in the analysis of structural macroeconomic models. Using robust methods can result in large confidence sets making inference difficult. We overcome this problem in the analysis of a forward-looking Taylor rule by seeking...

Using descriptive evidence, this paper contributes to the debate on French public finances’ consolidation by examining the long-term sustainability of France’s fiscal position. We trace the historical trends of government’s tax receipts and expenditures. We illustrate that...

We aim at investigating how two different types of central bank communication affect the private inflation expectations formation process. The effects of ECB inflation projections and Governing Council members’ speeches on private inflation forecasts are identified through an...

Le système bancaire de la zone euro a été fortement touché par deux crises : celle des subprime puis celle des dettes souveraines. Il s'en est suivi un processus de fragmentation du système bancaire qui s'est traduit par des difficultés de financement pour les banques des pays en crise et...

The prevailing consensus on the role of central banks has eroded. The pursuit of the goal of price stability only is now insufficient to ensure macroeconomic and financial stability. A new paradigm emerges in which central banks should ensure price stability, growth and financial stability....

Le consensus qui prévalait sur le rôle des banques centrales s’est fissuré. La poursuite du seul objectif de stabilité des prix est aujourd’hui insuffisante pour assurer la stabilité macroéconomique et financière. Un nouveau paradigme émarge dans lequel les banques centrales doivent...

Depuis 2009, les principales banques centrales mettent en oeuvre des politiques monétaires expansionnistes afin de stimuler l'activité économique, réduire les risques de spirale déflationniste et soutenir le système financier. Ces politiques se sont traduites par des taux d'intérêt...

Since Romer and Romer (2000), a large literature has dealt with the relative forecasting performance of Greenbook macroeconomic forecasts of the Federal Reserve. This paper empirically reviews the existing results by comparing the different methods, data and samples used previously. The sample...