BDF paper presents model for larger stress-tests


A Banque de France working paper sets out a new model that its authors say could be particularly useful for policy-makers conducting larger stress-test exercises.

In Alienor, a macrofinancial model for macroprudential policy, Cyril Couaillier, Thomas Ferrière and Valerio Scalone say their model pays “particular attention to the link between financial variables and the real economy”. The authors also look at the impact of the real economy on financial variables, focusing on the credit of

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