Monetary policy without interest rates: Evidence from France (1948 to 1973) using a narrative approach

Eric Monnet 05 July 2014

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Recent central bank interventions following the Global Crisis have raised new interest in quantitative measures as instruments of monetary or macroprudential policy (Borio 2011, Galati and Moessner 2013). In fact, quantitative controls – especially credit controls – have been used as primary tools of monetary policy for decades in western Europe and east Asia, usually during periods when these countries were experiencing their highest ever rates of growth. Many countries, including Brazil, India, and China, still use them today.

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Topics:  Europe's nations and regions Monetary policy

Tags:  France, monetary policy, credit controls

Can history leave towns struck in places with bad locational fundamentals?

Guy Michaels, Ferdinand Rauch 08 December 2013

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The world is urbanising rapidly (World Urbanization Prospects, the 2011 Revision). Some of its rapidly growing cities, however, seem to be misplaced. They are located in places hampered by poor access to world markets, shortages of water, or vulnerability to flooding, earthquakes, and volcanoes.

This outcome – cities being stuck in the wrong places – has dire economic and social consequences. When thinking about policy responses, a key research question is whether historical events can leave towns trapped in suboptimal places.

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Topics:  Development Economic history Frontiers of economic research

Tags:  France, England, city locations, Roman Empire

High-end variety exporters defying distance: Macro implications

Julien Martin, Florian Mayneris 04 December 2013

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Vox columns by Peter Schott (2007) and Fontagné et al. (2008) have argued that developed countries specialise in the production of high-end varieties – expensive varieties of a product which have specific attributes such as reputation, branding, or quality that make them appealing to consumers in spite of their higher price. A few papers have examined the implications of such a specialisation for the labour market (e.g. Verhoogen 2008). However, while policymakers and academics encourage specialisation in high-end varieties, the macroeconomic consequences have not yet been examined.

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Topics:  International trade

Tags:  France, trade, exports, luxury goods

Exports and property prices: Are they connected?

Balázs Égert, Rafał Kierzenkowski 02 October 2013

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A marked decline in France’s export-market shares

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Topics:  Europe's nations and regions International trade

Tags:  France, housing, exports, real estate

Accounting for the ethnic unemployment gap in France and the US

Laurent Gobillon, Peter Rupert, Étienne Wasmer 23 July 2013

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The unemployment rate in France is roughly six percentage points higher for African immigrants than for natives. In the US, the unemployment rate is approximately nine percentage points higher for black people than for white people. The gap between the minority (African immigrants or black people) and the majority (natives or white people) remains important even after controlling for individual attributes such as education, age or other demographic characteristics.

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Topics:  Europe's nations and regions Labour markets

Tags:  France, unemployment, race, ethnicity, commuting

Do large departments make academics more productive? Agglomeration and peer effects in research

Clément Bosquet, Pierre-Philippe Combes 21 June 2013

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Every academic has an opinion about what makes a good department. Surprisingly, there are few hard studies quantifying this precisely, although possible implications for an optimal design of education and research policies are numerous. Aghion et al. (2010) is an example of the general recent concern about the optimal design and governance of universities.

In our recent work, we try to start filling this gap and study the effect on individual publication records of a large set of department characteristics (Bosquet and Combes 2013).

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Topics:  Education Productivity and Innovation

Tags:  France, Peer Effects, agglomeration

Small isn’t always beautiful: The cost of French regulation

Luis Garicano, John Van Reenen 30 May 2013

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Slow growth in Europe has led to a debate over whether structural reforms can be used to raise productivity (see Costello et al. 2009, Crafts 2012). Many countries have tough labour regulations which may be a barrier to growth. Quantifying the welfare costs of such regulations has proven elusive, however, and policymakers are reluctant to spend scarce political capital reforming labour laws when the benefits are uncertain and vociferous opposition is assured.

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Topics:  Europe's nations and regions Labour markets

Tags:  France, Labour Markets, Eurozone crisis

France’s weak economic performance: Sick of taxation?

Balázs Égert 10 May 2013

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France is often labelled these days as one of Europe’s problem children (The Daily Telegraph 2013, Handelsblatt 2013). Indeed, France is one of the OECD countries which has recorded the weakest real per capita income growth over the last two decades or so (Figure 1). This weak economic performance can be explained by the country’s structural weaknesses in many areas, including taxation. The high tax burden (43% of GDP in 2010) and the structure of the tax system weigh heavily on the economy.

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Topics:  Europe's nations and regions

Tags:  France, reform, taxation, Eurozone crisis

Wine tasting: Is 'terroir' a joke and/or are wine experts incompetent?

Orley Ashenfelter, Olivier Gergaud, Victor Ginsburgh, Karl Storchmann 01 March 2013

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In a paper on terroir, an elusive word coined by French wine growers and traders that means something along the lines of ‘sense of place’, Gergaud and Ginsburgh (2008) show that the differences between natural endowments – region, type of soil and its chemical composition, exposure of vineyards – in the Pauillac, Margaux, Saint-Estèphe, Saint-Julien, and Haut-Médoc regions have no effect on the quality of wines.

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Topics:  Frontiers of economic research

Tags:  US, France, wine, terroir

‘No gain without pain’: Antidumping protection hurts exports

Hylke Vandenbussche, Jozef Konings 30 January 2013

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Protection is often viewed as a powerful instrument to help domestic firms to raise their sales at the expense of foreign importers. But this view is now being challenged by recent research showing that the effects of protection really depend on the international orientation of the firms i.e. whether they are exporters or not. Protected firms that are well integrated in global value chains may actually lose sales whenever the imports of inputs are subject to protection.

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Topics:  International trade

Tags:  France, EU, trade, tariffs, protectionism, global value chains

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