Banque de France (BdF)
Fed’s QE programme changed US corporate financing – BdF paper
Conventional monetary policy and QE have very different transmission mechanisms – researchers
BdF paper looks at ‘hawks, doves and swingers’
Education and economic conditions at birth shape the views of FOMC members, argues the paper
Foreign monetary policy affects French and Italian lending – researchers
US policy especially significant, Banque de France paper finds
Banque de France paper analyses sovereign debt crisis
High NPL and sovereign debt holdings affected banks’ interbank funding access, paper finds
Banque de France paper finds ‘behavioural channel’ to QE
Repeat lab experiments imply people do not converge towards rational expectations
QE boosts bond prices above ‘fundamental’ level, Banque de France paper finds
Paper uses experimental techniques to simulate QE’s effects on bond markets
French government raises counter-cyclical buffers for first time
“Economic and political uncertainty” call for hike to “moderate level” of 0.25%, council says
Banque de France paper sketches policy routes for post-crisis central banks
“New orthodoxy” would see unchanged policy goals, but more freedom to lower interest rates
De Galhau: EU needs to stress test non-bank liquidity
Banque de France will examine risk of pension schemes redeeming fund assets, says governor
Brexit will hit Irish economy hard, Banque de France paper finds
Researchers look at cost of undoing European Union’s single market
Major central banks call for concerted action on climate change
“Transition risks” are the most challenging for financial institutions, Carney says
ECB’s open market operations often raise banks’ liquidity – paper
Asset “haircuts” imposed by ECB often smaller than those in repo markets – researchers
Global uncertainty increases financial interconnections – paper
Researchers use a network approach to evaluate financial interconnectedness
Germany should consider fiscal expansion, French and German governors say
But Bundesbank's Weidmann warns against pro-cyclical impact of “debt-financed public spending”
People: Banque de France deputies named
Sylvie Goulard and Denis Beau take positions at Banque de France; second deputy governor at Bank of Ghana vacates post; Bolivian central bank’s board gets new vice-chair; and more
Policymakers should increase credit to ‘single-bank firms’ – paper
Researchers examine “unique natural experiment” of 2012 change to ECB’s QE policies
Central banks and supervisors launch green finance group
Seven central banks and two supervisory authorities found network to tackle climate risks and promote green finance
ECB’s public sector asset purchases pushed down repo rate, BdF paper finds
Effect was particularly strong before January 2017, researchers say
Global factor playing bigger role in commodity prices, researchers say
“Single global factor” likely to be linked to demand, Banque de France paper finds
Tax cuts should focus on income from capital, French paper argues
Cutting taxation on labour is less effective in boosting growth, researchers say
People: French deputy takes on stock market oversight; Myanmar set for change
French deputy made chairman of stock market regulator; new board and three deputies appointed at Myanmar central bank; Svein Andresen to depart the FSB
France should broaden macro-prudential oversight – FSB report
Country should widen its outlook to include asset managers and other risky areas, a peer review finds; report recommends action to boost communication and disclosure
Madagascar launches high-denomination banknote
New banknote series will use new security features on a number of substrates, one of which has been created by Banque de France
French paper looks at impact of budget-neutral fiscal changes
Benefits and costs of budget-neutral changes “not equally distributed across agents”