Economie et Statistique最新文献_第4页

Stagnation of productivity in France: a legacy of the crisis or a structural slowdown ? 法国生产率停滞:危机遗留问题还是结构性放缓?

Economie et Statistique Pub Date : 2017-10-11 DOI: 10.24187/ECOSTAT.2017.494T.1916

G. Cette, Simon Corde, R. Lecat

引用次数: 20

Comment - Monetary policies and financial crisis: Towards a new central banking 评论-货币政策和金融危机:走向一个新的中央银行

Economie et Statistique Pub Date : 2017-10-11 DOI: 10.24187/ECOSTAT.2017.494T.1923

A. Cartapanis

引用次数: 0

Crisis adjustment strategies in France: The contribution of establishment-level data 法国的危机调整策略:机构层面数据的贡献

Economie et Statistique Pub Date : 2017-10-11 DOI: 10.24187/ecostat.2017.494t.1926

Delphine Brochard, Corinne Perraudin

引用次数: 0

Can better capitalised banks be more profitable? An analysis of large French banking groups before and after the financial crisis 资本状况更好的银行能更赚钱吗?对金融危机前后法国大型银行集团的分析

Economie et Statistique Pub Date : 2017-10-11 DOI: 10.24187/ECOSTAT.2017.494T.1922

Olivier de Bandt, Boubacar Camara, P. Pessarossi, M. Rose

引用次数: 5

Comment - Productivity slowdown and loss of allocative efficiency: A French disease? 评论-生产力放缓和配置效率下降:法国病?

Economie et Statistique Pub Date : 2017-10-11 DOI: 10.24187/ECOSTAT.2017.494T.1917

Flora Bellone

{"title":"Comment - Productivity slowdown and loss of allocative efficiency: A French disease?","authors":"Flora Bellone","doi":"10.24187/ECOSTAT.2017.494T.1917","DOIUrl":"https://doi.org/10.24187/ECOSTAT.2017.494T.1917","url":null,"abstract":"[eng] The article by Cette, Corde and Lecat presented in this special issue brings new stylised facts and a rich and fruitful discussion on the causes of the slowdown of productivity growth observed in France over the last decade. The facts established are solid. They back up the hypothesis that this slowdown is not a cyclical phenomenon, linked to the crisis of 2008, but is a structural phenomenon whose causes remain difficult to pin down. The authors put forward as a possible explanation the difficulties in reallocating resources between companies, linked . notably to rigidities on labour markets and to regulations on goods markets. This comment aims to explain why the facts highlighted by Cette, Corte and Lecat are not sufficient to exclude other, alternative explanations which bring, in a more direct way, the shocks of globalisation and digitalisation into play. It draws conclusions from them in the perspective of future lines of research and recommendations of economic policy, in particular keeping aggregate productivity, not productivity at the frontier, as a target of policy action, and also considering, for each action, the risk of impoverishing reallocations.","PeriodicalId":38830,"journal":{"name":"Economie et Statistique","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2017-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87243657","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Foreword ‒ The crisis, ten years after : Lessons learnt for monetary and financial research 前言:十年后的危机:货币和金融研究的经验教训

Economie et Statistique Pub Date : 2017-10-11 DOI: 10.24187/ECOSTAT.2017.494T.1918

A. Beyer, B. Coeuré, Caterina Mendicino

{"title":"Foreword ‒ The crisis, ten years after : Lessons learnt for monetary and financial research","authors":"A. Beyer, B. Coeuré, Caterina Mendicino","doi":"10.24187/ECOSTAT.2017.494T.1918","DOIUrl":"https://doi.org/10.24187/ECOSTAT.2017.494T.1918","url":null,"abstract":"[eng] Ten years after the global and European financial crises, significant progress has been made both in financial and economic research to address the shortcomings of mainstream modelling frameworks used to inform monetary and financial policymaking. This article first reviews the progress made in the field of econometric modelling, namely more elaborated financial sectors, partial non-linearity, addressing the effective lower bound for interest rates, and dealing with heterogeneity across countries and economic agents. We then describe how such progress has helped assessing the impact of unconventional monetary policy and the interaction between monetary and prudential policies, also building on the extensive use of micro‑data. We conclude that more research remains needed on the transmission of negative rates and their financial stability repercussions, and to understand better central bank communication (including forward guidance on monetary policy) by introducing elements of bounded rationality. Research remains also needed on building models with more heterogeneous agents, given the relevance of heterogeneity for the transmission of monetary policy and the rising importance of inequality in the broader policy discussion.","PeriodicalId":38830,"journal":{"name":"Economie et Statistique","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2017-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91167775","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 12

Monetary policy, illiquid collateral and bank lending during the European sovereign debt crisis 欧洲主权债务危机期间的货币政策、非流动性抵押品和银行贷款

Economie et Statistique Pub Date : 2017-10-11 DOI: 10.24187/ECOSTAT.2017.494T.1921

J. Barthélemy, V. Bignon, Benoît Nguyen

引用次数: 7

Introduction – Ten long years of crisis 导言——漫长的十年危机

Economie et Statistique Pub Date : 2017-10-11 DOI: 10.24187/ecostat.2017.494t.1915

Daniel Cohen

引用次数: 0

The individual dynamics of wage income in France during the crisis 危机期间法国工资收入的个人动态

Economie et Statistique Pub Date : 2017-10-11 DOI: 10.24187/ECOSTAT.2017.494T.1925

Pierre Pora, L. Wilner

{"title":"The individual dynamics of wage income in France during the crisis","authors":"Pierre Pora, L. Wilner","doi":"10.24187/ECOSTAT.2017.494T.1925","DOIUrl":"https://doi.org/10.24187/ECOSTAT.2017.494T.1925","url":null,"abstract":"[eng] The uncertain nature of future income limits the ability of agents to smooth their consumption over time. Variation in this uncertainty can thus bring about variation in well-being. We study the evolutions of the uncertainty on wage income in France before and over the course of the crisis of 2008 drawing on longitudinal administrative data. Using a non-parametric method, we estimate the magnitude and form of this uncertainty and show that they depend on past wage income. This uncertainty is broken down into wage and working time, and according to the mobility of the wage earners. During the crisis, the magnitude of this uncertainty on future wage income increases slightly, and its downward asymmetry is stronger at both ends of the wage income scale : with this uncertainty, unfavourable evolutions have a bigger impact during the crisis than in the preceding period. This is explained by a heightened probability of unfavourable individual evolutions in terms of working time for the lowest-paid workers, and in terms of wage for the highest-paid. Mobility is more frequent during the crisis but the uncertainty associated with it is lower than over the preceding years.","PeriodicalId":38830,"journal":{"name":"Economie et Statistique","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2017-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91018083","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Fiscal policy coordination in a monetary union at the zero lower bound 零下限下货币联盟的财政政策协调

Economie et Statistique Pub Date : 2017-10-11 DOI: 10.24187/ECOSTAT.2017.494T.1919

J. Boussard, B. Campagne

{"title":"Fiscal policy coordination in a monetary union at the zero lower bound","authors":"J. Boussard, B. Campagne","doi":"10.24187/ECOSTAT.2017.494T.1919","DOIUrl":"https://doi.org/10.24187/ECOSTAT.2017.494T.1919","url":null,"abstract":"[eng] Following the 2008 Financial Crisis, Euro Area governments faced adverse economic environments: high ratios of public debt to GDP, depressed outputs and the prospect of monetary policy hitting the zero lower bound (ZLB). This article assesses to what extent the conduct of fiscal policy differs within a monetary union at the ZLB. Using a fiscal DSGE model with two regions (North and South) calibrated to replicate the conditions where, absent any additional shock, the Euro Area economy would have been stuck at the ZLB for three years starting in 2013, we show that cross-border spillovers from fiscal policy are substantially higher without monetary offset and increase with the extent of fiscal consolidation measures. Spillovers can amount up to half (resp. one sixth) of the domestic impact in the case of VAT-based (resp. spending-based) consolidations. Outside the ZLB, fiscal expansion in one region triggers monetary tightening which has negative effect in the whole union, and gives rise to gains from fiscal cooperation. At the ZLB however, national objectives tend to be closer and the coordinated policy is less consolidating. Moreover, cooperation encourages symmetric rather than asymmetric policies.","PeriodicalId":38830,"journal":{"name":"Economie et Statistique","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2017-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87164811","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0