https://www.nber.org/system/files/working_papers/w6254/w6254.pdf

Monetary Policy Rules in Practice: Some International Evidence

With the Treaty on European Union, or the Maastricht Treaty, into force in November 1993, the member-states of the European Community (EC) appeared to be embarking on a far-reaching enterprise to enhance the authority of Community institutions. Continuing a process that had begun with the Single European Act (SEA), into force in 1987, Maastricht increased the powers of the European Parliament. It established mechanisms whereby EC countries were to seek to improve policy coordination in such diverse areas as social affairs, high technology, border controls, immigration, and anti-crime efforts. It committed the EC members to work toward the establishment of a common foreign and security policy. Most importantly, it laid out a path and timetable for qualified EC members to achieve Economic and Monetary Union (EMU) by the end of the 1990s.

https://www.cambridge.org/core/services/aop-cambridge-core/content/view/S0260210500117504

The Maastricht Treaty, Economic and Monetary Union and the neo-realist research programme

Unit roots and Granger causality in the EMS interest rates: the German Dominance Hypothesis revisited

This paper presents evidence on the lag between monetary policy actions and the response of inflation in the euro area as a whole as well as in some of its core countries, notably Germany, Italy and France. In line with previous findings for the US and the UK, results here show that it takes over a year before monetary policy actions have their maximum effect on inflation both in the euro area and in individual countries and that a lag of this length has existed in Europe at least since the collapse of the Bretton Woods system, despite the numerous changes in European monetary policy regime thereafter. Results based on alternative definitions of inflation persistence support these findings and indicate, if any, that transmission lags could be in fact much longer for individual countries and the euro area as a whole, although, at the country level, there is strong evidence over time of a drop in German inflation persistence and a sizeable shift in the mean of inflation – particularly in Italy and France. An examination based on results from this paper reveals that euro area inflation persistence could well be an intrinsic phenomenon rather than a ‘statistical fluke’ due to aggregation.

/pdf/euro-area-inflation-persistence-57eio703xj.pdf

Euro area inflation persistence

Volatility Transmission along the Money Market Yield Curve. - The authors model the volatility of money market interest rates — and the transmission of volatility - along the money market yield curve in the UK, Germany, France and Spain. They find a significant volatility transmission from overnight to longer-term money market rates in France, Spain and the U.K. They also find that the countries with lower (higher) reserve requirements tend to have higher (lower) interbank interest rate volatility. However, reserve requirements generate a perverse seasonal effect at the end of the maintenance period.

Volatility transmission along the money market yield curve

Transmission of U.S. monetary policy to Europe and asymmetry in the European monetary system

Epargne des menages choix de portefeuille et fiscalite en France ; ; On analyse les determinants des comportements de consommation et de choix de portefeuille des menages francais. On s'interesse en particulier aux consequences des differentes mesures fiscales, a l'hypothese de neutralite ricardienne et a la prise en compte du risque. Les implications des resultats pour les politiques monetaires et fiscales sont examinees. Le taux d'epargne des menages depend apparemment fort peu des incitations fiscales ou reglementaires, du developpement des moyens nouveaux de gestion de la tresorerie des particuliers (OPCVM), du developpement du credit a court terme ou de la politique monetaire. Il repond aux developpements macro-economiques (croissance de la richesse et des revenus, inflation). Le partage du patrimoine des menages ne depend pas non plus des mesures incitatives ou de la fiscalite. Il varie avec les taux de rendement des actifs, le poids accorde aux plus- ou moins-values en capital etant different d'un actif a l'autre.

Épargne des ménages, choix de portefeuille et fiscalité en France

Apres avoir expose le modele theorique de choix de portefeuille en avenir incertain, nous essayons de comprendre les choix de portefeuille des menages en France de 1970 a 1986, en explicitant les divergences par rapport au modele theorique. Nous retenons une agregation en trois actifs: liquidites, obligations et actions, en supposant donnee l’epargne financiere des menages. Les principales questions auxquelles l’etude apporte des elements de reponse sont: (i) Quelle perception ont les menages de rendements des actions, en particulier des plus-ou moins-values potentielles? (ii) Quelles sont les motivations des menages dans leur detention de parts OPCVM (organismes de placement collectif en valeurs mobilieres: fonds communs de placement)? Ces parts d’OPCVM sont-elles un actif bien distinct des autres en terme de rendement et de risque? (iii) Quels sont les couts d’ajustement percus par les menages? Portent-ils sur la richesse accumulee et/ou l’epargne nouvelle? (iv) Quel est le poids des variables institutionnelles?

Les choix de portefeuille des ménages en France

Apres avoir expose le modele theorique de choix de portefeuille en avenir incertain, nous essayons de comprendre les choix de portefeuille des menages en France de 1970 a 1986, en explicitant les divergences par rapport au modele theorique. Nous retenons une agregation en trois actifs : liquidites, obligations et actions, en supposant donnee l'epargne financiere des menages. Les principales questions auxquelles l'etude apporte des elements de reponse sont: (i) Quelle perception ont les menages de rendements des actions, en particulier des plusou moins-values potentielles? (ii) Quelles sont les motivations des menages dans leur detention de parts OPCVM (organismes de placement collectif en valeurs mobilieres : fonds communs de placement) ? Ces parts d'OPCVM sont-elles un actif bien distinct des autres en terme de rendement et de risque? (iii) Quels sont les couts d'ajustement percus par les menages? Portent-ils sur la richesse accumulee et/ou l'epargne nouvelle? (iv) Quel est le poids des variables institutionnelles ?

Deficit del comercio industrial en Francia y capacidad de produccion : examen sectorial - El desequilibrio exterior se acentuo en la mayoria de las ramas industriales desde el inicio de la decada de los ochenta, asi como lo testimonia la baja de las tasas de cobertura de nuestras compras en el exterior a traves de nuestras ventas en concepto de exportacion. Si los analisis de esas evoluciones no conducen a un unico diagnostico, estos ponen de relieve, frecuentemente, la escasez de la oferta Dicha explicacion se ve confirmada en la mayoria de las ramas industriales, precisamente lo que este en tela de juicio es el crecimiento insuficiente de la capacidad de produccion y no los beneficios de la exportacion. La prosecucion del esfuerzo de inversion surge como un elemento fundamental para el restablecimiento de una balanza comercial equilibrada.

Déficit du commerce industriel de la France et capacités de production : un examen sectoriel

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Transmission of U.S. monetary policy to Europe and asymmetry in the European monetary system

Épargne des ménages, choix de portefeuille et fiscalité en France

Les choix de portefeuille des ménages en France

Les choix de portefeuille des ménages en France

Déficit du commerce industriel de la France et capacités de production : un examen sectoriel