The aim of this paper is to identify French monetary policy shocks over the last decade. France undertook reforms of financial markets in the middle of the eighties. The two major changes of financial markets with respect to monetary policy were the end of its implementation through " encadrement du credit " and the move toward complete free circulation of capital. Two major macroeconomic achievements could be observed since these changes took place. First, the French franc has not been devalued against the D-Mark since the 12th of January 1987. Second, inflation has remained stable and low since the mid-eighties. Hence the interest in a better understanding of French monetary policy during this particular period.
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Paper provided by CEPII research center in its series Working Papers with number
1997-10.
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Matthew Shapiro & Mark Watson, 1988.
"Sources of Business Cycles Fluctuations,"
NBER Chapters,
in: NBER Macroeconomics Annual 1988, Volume 3, pages 111-156
National Bureau of Economic Research, Inc.
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