Monetary policy under a quasi-fixed exchange rate regime. The case of France between 1987 and 1996
In this paper, I describe the implementation of monetary policy by the Banque de France between 1987 and 1996. This period was characterised by a quasi-fixed exchange rate for France, as the franc was never realigned within the European Monetary System (EMS). I build indicators of the stance of French monetary policy. These show the influence of the EMS constraint on French monetary policy. In particular, since 1987, the shocks of purely domestic French monetary policy (i.e. the variations of the interest rate around the rule of ERM peg target), have only had very little impact on the French economy.
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.:
- Grilli, Vittorio & Roubini, Nouriel, 1996.
"Liquidity models in open economies: Theory and empirical evidence,"
European Economic Review,
Elsevier, vol. 40(3-5), pages 847-859, April.
- Vittorio Grilli & Nouriel Roubini, 1995. "Liquidity Models in Open Economies: Theory and Empirical Evidence," Working Papers 95-16, New York University, Leonard N. Stern School of Business, Department of Economics.
- Nouriel Roubini & Vittorio Grilli, 1995. "Liquidity Models in Open Economies: Theory and Empirical Evidence," NBER Working Papers 5313, National Bureau of Economic Research, Inc.
- Gerlach, Stefan & Smets, Frank, 1995.
"The Monetary Transmission Mechanism: Evidence from the G-7 Countries,"
CEPR Discussion Papers
1219, C.E.P.R. Discussion Papers.
- Stefan Gerlach & Frank Smets, 1995. "The monetary transmission mechanism: Evidence from the G-7 countries," BIS Working Papers 26, Bank for International Settlements.
- Cushman, David O. & Zha, Tao, 1997.
"Identifying monetary policy in a small open economy under flexible exchange rates,"
Journal of Monetary Economics,
Elsevier, vol. 39(3), pages 433-448, August.
- David O. Cushman & Tao Zha, 1995. "Identifying monetary policy in a small open economy under flexible exchange rates," FRB Atlanta Working Paper 95-7, Federal Reserve Bank of Atlanta.
- David B. Gordon & Eric M. Leeper, 1993.
"The dynamic impacts of monetary policy: an exercise in tentative identification,"
FRB Atlanta Working Paper
93-5, Federal Reserve Bank of Atlanta.
- Gordon, David B & Leeper, Eric M, 1994. "The Dynamic Impacts of Monetary Policy: An Exercise in Tentative Identification," Journal of Political Economy, University of Chicago Press, vol. 102(6), pages 1228-47, December.
- David B. Gordon & Eric M. Leeper, 1992. "The dynamic impacts of monetary policy: an exercise in tentative identification," FRB Atlanta Working Paper 92-13, Federal Reserve Bank of Atlanta.
- Jérôme Henry & Jens Weidmann, 1995.
"Asymmetry in the EMS revisited: Evidence from the Causality Analysis of Daily Eurorates,"
Annals of Economics and Statistics,
GENES, issue 40, pages 125-160.
- Henry, Jerome & Jens Weidmann, 1994. "Asymmetry in the EMS revisited: Evidence from the causality analysis of daily Eurorates," Discussion Paper Serie B 280, University of Bonn, Germany.
- Etsuro Shioji & José García-Montalvo, 1997. "Monetary policy transmission in the EMS: A VAR approach," Working Papers. Serie EC 1997-11, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
- Ben S. Bernanke & Ilian Mihov, 1996.
"What Does the Bundesbank Target?,"
NBER Working Papers
5764, National Bureau of Economic Research, Inc.
- Christopher A. Sims, 1992.
"Interpreting the Macroeconomic Time Series Facts: The Effects of Monetary Policy,"
Cowles Foundation Discussion Papers
1011, Cowles Foundation for Research in Economics, Yale University.
- Sims, Christopher A., 1992. "Interpreting the macroeconomic time series facts : The effects of monetary policy," European Economic Review, Elsevier, vol. 36(5), pages 975-1000, June.
- Soyoung Kim, 1998. "Identifying European Monetary Policy Interactions: French and Spanish System with German Variables," Working Papers 9811, Banco de España;Working Papers Homepage.
- Ben Bernanke, 1990.
"The Federal Funds Rate and the Channels of Monetary Transnission,"
NBER Working Papers
3487, National Bureau of Economic Research, Inc.
- Bernanke, Ben S & Blinder, Alan S, 1992. "The Federal Funds Rate and the Channels of Monetary Transmission," American Economic Review, American Economic Association, vol. 82(4), pages 901-21, September.
- Ben S. Bernanke & Alan S. Blinder, 1989. "The federal funds rate and the channels of monetary transmission," Working Papers 89-10, Federal Reserve Bank of Philadelphia.
- Richard Clarida & Mark Gertler, 1996.
"How the Bundesbank Conducts Monetary Policy,"
NBER Working Papers
5581, National Bureau of Economic Research, Inc.
- Christopher A. Sims, 1986. "Are forecasting models usable for policy analysis?," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 2-16.
- Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
- Etsuro Shioji, 1997. "Spanish monetary policy: A structural VAR analysis," Economics Working Papers 215, Department of Economics and Business, Universitat Pompeu Fabra.
- Bernanke, Ben S. & Mihov, Ilian, 1995.
"Measuring Monetary Policy,"
10, Institute for Advanced Studies.
- Sims, Christopher A, 1972. "Money, Income, and Causality," American Economic Review, American Economic Association, vol. 62(4), pages 540-52, September.
- Frank Smets, 1997.
"Measuring monetary policy shocks in France, Germany and Italy: The role of the exchange rate,"
BIS Working Papers
42, Bank for International Settlements.
- Fank Smets, 1997. "Measuring Monetary Policy Shocks in France, Germany and Italy: The Role of The Exchange Rate," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 133(III), pages 597-616, September.
- Artus, P. & Avouyi-Dovi, S. & Bleuze, E. & Lecointe, F., 1991. "Transmission of U.S. monetary policy to Europe and asymmetry in the European monetary system," European Economic Review, Elsevier, vol. 35(7), pages 1369-1384, October.
- Joaquim Vieira Ferreira Levy & Ioannis Halikias, 1997. "Aspects of the Monetary Transmission Mechanism Under Exchange Rate Targeting; The Case of France," IMF Working Papers 97/44, International Monetary Fund.
- Strongin, Steven, 1995. "The identification of monetary policy disturbances explaining the liquidity puzzle," Journal of Monetary Economics, Elsevier, vol. 35(3), pages 463-497, June.
- Vittorio Grilli & Nouriel Roubini, 1995. "Liquidity and Exchange Rates: Puzzling Evidence from the G-7 Countries," Working Papers 95-17, New York University, Leonard N. Stern School of Business, Department of Economics.
- Fernando Barran & Virginie Coudert & Benoît Mojon, 1996. "The Transmission of Monetary Policy in the European Countries," Working Papers 1996-03, CEPII research center.
When requesting a correction, please mention this item's handle: RePEc:psl:bnlaqr:1999:43. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Carlo D'Ippoliti)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.