Jean-Guillaume Sahuc

Banque de France

Head of the Financial Economics Research Division

31 rue Croix des Petits Champs

75049 Paris Cedex 01

France

http:// https://sites.google.com/site/sahuceconomics/

Université Paris Ouest - Nanterre, La Défense - EconomiX

Adjunct Professor of Economics

200 Avenue de la République

Nanterre cedex, Nanterre Cedex 92000

France

SCHOLARLY PAPERS

44

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55

CROSSREF CITATIONS

413

Scholarly Papers (44)

Optimal Monetary Policy in an Estimated Dsge Model of the Euro Area with Cross-Country Heterogeneity

Swiss Finance Institute Research Paper No. 07-36
Number of pages: 47 Posted: 15 Mar 2005
Eric Jondeau and Jean-Guillaume Sahuc
University of Lausanne - Faculty of Business and Economics (HEC Lausanne) and Banque de France
Downloads 204 (217,660)
Citation 4

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Euro area, heterogeneity, optimal monetary policy, Bayesian econometrics

Optimal Monetary Policy in an Estimated DSGE Model of the Euro Area with Cross-Country Heterogeneity

Banque de France Working Paper No. 141
Number of pages: 55 Posted: 31 Oct 2010
Eric Jondeau and Jean-Guillaume Sahuc
University of Lausanne - Faculty of Business and Economics (HEC Lausanne) and Banque de France
Downloads 134 (310,656)
Citation 42

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Euro area, heterogeneity, optimal monetary policy, Bayesian econometrics

2.

Environmental Subsidies to Mitigate Transition Risk

Swiss Finance Institute Research Paper No. 22-45
Number of pages: 62 Posted: 25 May 2022 Last Revised: 02 Jun 2022
Eric Jondeau, Gregory Levieuge, Jean-Guillaume Sahuc and Gauthier Vermandel
University of Lausanne - Faculty of Business and Economics (HEC Lausanne), Banque de France, Banque de France and Ecole Polytechnique
Downloads 236 (190,122)

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Climate change, E-DSGE model, bayesian estimation, stochastic growth, endogenous firms, environment-related products

3.

Evaluating the Macroeconomic Effects of the ECB's Unconventional Monetary Policies

Number of pages: 29 Posted: 02 Feb 2017 Last Revised: 06 Dec 2018
Sarah Mouabbi and Jean-Guillaume Sahuc
European Central Bank and Banque de France
Downloads 203 (218,893)
Citation 23

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Unconventional monetary policy, shadow policy rate, DSGE model, Euro area

Partial Indexation, Trend Inflation, and the Hybrid Phillips Curve

Number of pages: 11 Posted: 03 Feb 2005
Jean-Guillaume Sahuc
Banque de France
Downloads 91 (407,464)
Citation 35

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Phillips curve, inflation inertia, trend inflation, degree of indexation

Partial Indexation, Trend Inflation, and the Hybrid Phillips Curve

Banque de France Working Paper No. 118
Number of pages: 28 Posted: 11 Nov 2010
Jean-Guillaume Sahuc
Banque de France
Downloads 70 (475,786)
Citation 37

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Phillips curve, inflation inertia, trend inflation, degree of indexation

Debt-Stabilizing Properties of GDP-Linked Securities: A Macro-Finance Perspective

Number of pages: 55 Posted: 18 Jun 2020 Last Revised: 02 Feb 2022
Sarah Mouabbi, Jean-Paul Renne and Jean-Guillaume Sahuc
European Central Bank, University of Lausanne - School of Economics and Business Administration (HEC-Lausanne) and Banque de France
Downloads 114 (350,067)

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GDP-linked securities, term structure, consumption-based model, debt stabilization

Debt-Stabilizing Properties of GDP-Linked Securities: A Macro-Finance Perspective

Banque de France Working Paper No. 844, October 2021
Number of pages: 53 Posted: 19 Nov 2021
Sarah Mouabbi, Jean-Paul Renne and Jean-Guillaume Sahuc
European Central Bank, University of Lausanne - School of Economics and Business Administration (HEC-Lausanne) and Banque de France
Downloads 42 (609,996)

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GDP-linked securities, term structure, consumption-based model, debt stabilization

A 'Hybrid' Monetary Policy Model: Evidence from the Euro Area

Number of pages: 14 Posted: 16 Dec 2001
Jean-Guillaume Sahuc
Banque de France
Downloads 153 (279,328)

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Euro area, habit formation, IS curve, Phillips curve, rule of thumb, monetary policy rule

A 'Hybrid' Monetary Policy Model: Evidence from the Euro Area

Posted: 16 Jan 2003
Jean-Guillaume Sahuc
Banque de France

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Euro area, habit formation, IS curve, Phillips curve, rule of thumb, monetary policy rule

Incorporating Labour Market Frictions into an Optimising-Based Monetary Policy Model

Number of pages: 35 Posted: 29 Apr 2003
Jean-Guillaume Sahuc and Stephane Moyen
Banque de France and Deutsche Bundesbank - Research Centre
Downloads 126 (325,510)
Citation 3

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Incorporating Labour Market Frictions into an Optimising-Based Monetary Policy Model

Banque de France Working Paper No. 105
Number of pages: 50 Posted: 19 Dec 2010
Stephane Moyen and Jean-Guillaume Sahuc
Deutsche Bundesbank - Research Centre and Banque de France
Downloads 26 (712,364)
Citation 74

Abstract:

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DSGE models, Nominal rigidities, Real rigidities, Labour market search, Endogenous persistence, Euro area

8.
Downloads 145 (291,128)

A New Indicator of Bank Funding Cost

Swiss Finance Institute Research Paper No. 20-20
Number of pages: 42 Posted: 15 Apr 2020
Eric Jondeau, Benoît Mojon and Jean-Guillaume Sahuc
University of Lausanne - Faculty of Business and Economics (HEC Lausanne), Bank for International Settlements (BIS) and Banque de France
Downloads 92 (404,623)

Abstract:

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Bank funding risk, bank credit spreads, liquidity supply regimes, multi- curve environment, economic activity predictability.

A New Indicator of Bank Funding Cost

BIS Working Paper No. 854
Number of pages: 43 Posted: 15 Apr 2020
Eric Jondeau, Benoît Mojon and Jean-Guillaume Sahuc
University of Lausanne - Faculty of Business and Economics (HEC Lausanne), Bank for International Settlements (BIS) and Banque de France
Downloads 53 (547,194)

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bank funding risk, bank credit spreads, liquidity supply regimes, multicurve environment, economic activity predictability

9.

Do Yield Curve Inversions Predict Recessions in the Euro Area?

Finance Research Letters, Forthcoming
Number of pages: 16 Posted: 13 May 2022 Last Revised: 17 Oct 2022
David Sabes and Jean-Guillaume Sahuc
Banque de France - Business Cycle Analysis and Forecasting division and Banque de France
Downloads 136 (306,168)

Abstract:

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Recessions, yield curve, AUROC, euro area, risk premia

10.

Social VAT: Good or Bad Idea? (La TVA Sociale: Bonne ou Mauvaise Idée?) (French)

Banque de France Working Paper No. 244
Number of pages: 31 Posted: 25 Jun 2010
Patrick Fève, Julien Matheron and Jean-Guillaume Sahuc
University of Toulouse 1 - Toulouse School of Economics (TSE), Banque de France and Banque de France
Downloads 119 (337,827)

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Social VAT, DGE, Pre-Announced Fiscal Reform

A General Equilibrium Appraisal of Capital Shortfall

Swiss Finance Institute Research Paper No. 18-12
Number of pages: 65 Posted: 20 Feb 2018 Last Revised: 27 Feb 2018
Eric Jondeau and Jean-Guillaume Sahuc
University of Lausanne - Faculty of Business and Economics (HEC Lausanne) and Banque de France
Downloads 79 (447,611)

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Capital Shortfall, Systemic Risk, Leverage, Financial system, Euro Area, DSGE Model

A General Equilibrium Appraisal of Capital Shortfall

Banque de France Working Paper No. 668
Number of pages: 66 Posted: 12 Mar 2018
Eric Jondeau and Jean-Guillaume Sahuc
University of Lausanne - Faculty of Business and Economics (HEC Lausanne) and Banque de France
Downloads 33 (659,851)

Abstract:

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capital shortfall, systemic risk, leverage, financial system, euro area, DSGE model.

12.

Assessing the Macroeconomic Effects of LTROs During the Great Recession

Journal of Money, Credit, and Banking, Forthcoming
Number of pages: 39 Posted: 01 Feb 2017
Christophe Cahn, Julien Matheron and Jean-Guillaume Sahuc
Banque de France, Banque de France and Banque de France
Downloads 106 (366,029)
Citation 4

Abstract:

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Financial Frictions, Unconventional Monetary Policy, Longer-Term Refinancing Operations, DSGE Model

13.

Lost in Negative Territory? Search for Yield!

Number of pages: 39 Posted: 20 Dec 2021 Last Revised: 02 Aug 2022
Mattia Girotti, Guillaume Horny and Jean-Guillaume Sahuc
Banque de France, Banque de France and Banque de France
Downloads 102 (375,569)

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Negative interest rates, portfolio rebalancing, search for yield, term spreads, banks

14.

Testing Heterogeneity within the Euro Area Using a Structural Multi-Country Model

Number of pages: 38 Posted: 04 Feb 2005
Eric Jondeau and Jean-Guillaume Sahuc
University of Lausanne - Faculty of Business and Economics (HEC Lausanne) and Banque de France
Downloads 88 (412,436)

Abstract:

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Euro area, heterogeneity, Bayesian econometrics, multi-country model

15.

Assessing the Macroeconomic Effects of LTROs

Banque de France Working Paper No. 528
Number of pages: 40 Posted: 17 Dec 2014
Christophe Cahn, Julien Matheron and Jean-Guillaume Sahuc
Banque de France, Banque de France and Banque de France
Downloads 83 (427,261)
Citation 15

Abstract:

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Financial frictions, unconventional monetary policy, long-term refinancing operations, DSGE model

16.

Assessing the Impact of Basel III: Evidence from Structural Macroeconomic Models

Number of pages: 36 Posted: 05 Jan 2022
Banque de France, Board of Governors of the Federal Reserve System, Bank of Japan, European Stability Mechanism, National Bank of Belgium, European Central Bank (ECB), Goethe University Frankfurt - Department of Money and Macroeconomics, Banque de France, Banque de France and Bank of EnglandBank of England - Prudential Regulation Authority
Downloads 74 (456,058)

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Basel III reforms, DSGE models, solvency requirements, liquidity requirements

17.

Assessing the Impact of Basel III: Evidence from Structural Macroeconomic Models

Banque de France Working Paper No. 864
Number of pages: 38 Posted: 08 Feb 2022
Banque de France - Economic Study and Research Division, Board of Governors of the Federal Reserve System, affiliation not provided to SSRN, Government of the Republic of Turkey - Central Bank of the Republic of Turkey, National Bank of Belgium, European Central Bank (ECB), Goethe University Frankfurt - Department of Money and Macroeconomics, Banque de France, Banque de France and Bank of EnglandBank of England - Prudential Regulation Authority
Downloads 73 (459,533)

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Basel III Reforms, DSGE Models, Solvency Requirements, Liquidity Requirements

18.

Influence of Parameter Estimation Uncertainty on the European Banker Behavior: An Extension

Number of pages: 24 Posted: 16 Jan 2003
Jean-Guillaume Sahuc
Banque de France
Downloads 71 (466,396)

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European monetary policy, estimation parameter uncertainty, linear quadratic stochastic control

19.

A Pitfall with DSGE-Based, Estimated, Government Spending Multipliers

Banque de France Working Paper No. 379
Number of pages: 59 Posted: 15 May 2012
Patrick Fève, Julien Matheron and Jean-Guillaume Sahuc
University of Toulouse 1 - Toulouse School of Economics (TSE), Banque de France and Banque de France
Downloads 67 (480,721)
Citation 5

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DSGE models, Edgeworth complementarity/substitutability, Government spending rules, Multiplier

20.

Welfare-Theoretic Criterion and Labour Market Search

Number of pages: 11 Posted: 04 Oct 2005
Stephane Moyen and Jean-Guillaume Sahuc
Deutsche Bundesbank - Research Centre and Banque de France
Downloads 67 (480,721)

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Welfare, labour market search, sticky price, second-order approximation techniques

21.

The Laffer Curve in an Incomplete-Market Economy

Banque de France Working Paper No. 438
Number of pages: 34 Posted: 06 Aug 2013
Patrick Fève, Julien Matheron and Jean-Guillaume Sahuc
University of Toulouse 1 - Toulouse School of Economics (TSE), Banque de France and Banque de France
Downloads 63 (496,196)
Citation 7

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Laffer Curve, Incomplete Markets, Labor Supply, Precautionary Savings, Public Debt

22.

High-Frequency Monitoring of Growth-at-Risk

CAMA Working Paper No. 97/2020
Number of pages: 24 Posted: 11 Nov 2020
Laurent Ferrara, Matteo Mogliani and Jean-Guillaume Sahuc
SKEMA Business School, Banque de France and Banque de France
Downloads 60 (508,052)
Citation 5

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Growth-at-Risk, mixed-data sampling, Bayesian quantile regressions, financial conditions, euro area.

23.

Estimating the Implicit Inflation Target in the Euro Area

Banque de France Working Paper No. 246
Number of pages: 19 Posted: 27 Jun 2010
Patrick Fève, Julien Matheron and Jean-Guillaume Sahuc
University of Toulouse 1 - Toulouse School of Economics (TSE), Banque de France and Banque de France
Downloads 59 (512,090)

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Implicit inflation target, Macroeconometric modelling, Euro area

24.

Supply Shocks and Optimal Monetary Policy in the Euro Zone

Banque de France Working Paper No. 200
Number of pages: 17 Posted: 22 Sep 2010
Patrick Fève, Julien Matheron and Jean-Guillaume Sahuc
University of Toulouse 1 - Toulouse School of Economics (TSE), Banque de France and Banque de France
Downloads 54 (533,392)

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Supply shocks, SVAR, Optimal Monetary Policy

25.

Disinflation and Unemployment in the Euro Area: A SVAR-Based Analysis

Banque de France Working Paper No. 247
Number of pages: 39 Posted: 27 Jun 2010
Patrick Fève, Julien Matheron and Jean-Guillaume Sahuc
University of Toulouse 1 - Toulouse School of Economics (TSE), Banque de France and Banque de France
Downloads 53 (537,867)

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SVAR, long-run restrictions, disinflation

26.

Robust European Monetary Policy Rules

Number of pages: 14 Posted: 15 Jul 2003
Jean-Guillaume Sahuc
Banque de France
Downloads 52 (542,284)

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Euro area, robustness, uncertainty, optimal monetary policy

27.

Evaluating the Macroeconomic Effects of the ECB’s Unconventional Monetary Policies

Banque de France Working Paper February 2019, WP #708
Number of pages: 32 Posted: 22 Feb 2019
Sarah Mouabbi and Jean-Guillaume Sahuc
European Central Bank and Banque de France
Downloads 51 (546,922)
Citation 4

Abstract:

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unconventional monetary policy, shadow policy rate, DSGE model, euro area

28.

Differences in Interest Rate Policy at the ECB and the Fed: An Investigation with a Medium-Scale DSGE Model

Banque de France Working Paper No. 182
Number of pages: 29 Posted: 09 Oct 2010
Frank Smets and Jean-Guillaume Sahuc
European Central Bank (ECB) and Banque de France
Downloads 51 (546,922)
Citation 2

Abstract:

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Policy activism, DSGE model, interest rates, macroeconomic shocks

29.

A Tiering Rule to Balance the Impact of Negative Policy Rates on Banks

Number of pages: 11 Posted: 09 Aug 2021 Last Revised: 06 Dec 2021
Mattia Girotti, Benoît Nguyen and Jean-Guillaume Sahuc
Banque de France, Banque de France and Banque de France
Downloads 43 (586,288)

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Negative interest rates, excess liquidity, tiering system, bank profitability, interbank market

30.

Inflation Target Shocks and Monetary Policy Inertia in the Euro Area

Banque de France Working Paper No. 243
Number of pages: 34 Posted: 27 Jun 2010
Patrick Fève, Julien Matheron and Jean-Guillaume Sahuc
University of Toulouse 1 - Toulouse School of Economics (TSE), Banque de France and Banque de France
Downloads 43 (586,288)
Citation 6

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Inflation Target Shocks, Gradualism, DSGE Models, Bayesian Econometrics

31.

Unconventional Monetary Policies: A Stock-Taking Exercise

Banque de France Working Paper No. 761
Number of pages: 36 Posted: 10 Apr 2020
Christian Pfister and Jean-Guillaume Sahuc
Banque de France and Banque de France
Downloads 41 (596,952)
Citation 1

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Unconventional Monetary Policie

32.

State-Dependent Risk Taking and the Transmission of Monetary Policy Shocks

Number of pages: 8 Posted: 23 Oct 2017
Patrick Fève, Pablo Garcia and Jean-Guillaume Sahuc
University of Toulouse 1 - Toulouse School of Economics (TSE), Banque Centrale du Luxembourg and Banque de France
Downloads 41 (596,952)
Citation 1

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Risk-Taking Channel, Monetary Policy, Boom-Bust Cycle

33.

Central Banker's Behaviour in an Uncertain Environment

Banque de France Working Paper No. 241
Number of pages: 34 Posted: 28 Aug 2010
Sanvi Avouyi-Dovi and Jean-Guillaume Sahuc
Banque de France and Banque de France
Downloads 39 (608,034)

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Monetary policy, Uncertainty, Macroeconomic Model

34.

On the Welfare Costs of Misspecified Monetary Policy Objectives

Banque de France Working Paper No. 320
Number of pages: 33 Posted: 22 Feb 2011
Sanvi Avouyi-Dovi and Jean-Guillaume Sahuc
Banque de France and Banque de France
Downloads 38 (613,703)
Citation 21

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Welfare, Monetary policy objectives, DSGE model, Bayesian econometrics

35.

Revisiting the Money Demand Function in the Euro Area (in French)

Banque de France Working Paper No. 142
Number of pages: 35 Posted: 31 Oct 2010
Banque de France, affiliation not provided to SSRN, Banque de France, Banque de France, Banque de France and Banque de France
Downloads 38 (613,703)

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recent years, the dynamics of M3 in the euro area have been driven by two factors: a strong preference for liquidity, observed between 2001 and 2003, followed by a normalisation, at a relatively moderate pace, of portfolio behaviour; as regards the counterparts, changes in M3 and net external asset

36.

On the Size of the Government Spending Multiplier in the Euro Area

Banque de France Working Paper No. 537
Number of pages: 31 Posted: 14 Feb 2015
Patrick Fève and Jean-Guillaume Sahuc
University of Toulouse 1 - Toulouse School of Economics (TSE) and Banque de France
Downloads 36 (625,203)

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Government spending multiplier, DSGE models, Estimation bias, Euro area.

37.

Règles budgétaires strictes et stabilité macro–économique : le cas de la TVA sociale (Strict Fiscal Rules and Macroeconomic Stability: The Case of Social Vat)

Number of pages: 17 Posted: 07 Aug 2013
Patrick Fève, Julien Matheron and Jean-Guillaume Sahuc
University of Toulouse 1 - Toulouse School of Economics (TSE), Banque de France and Banque de France
Downloads 34 (637,164)

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Macroeconomic stability, Social VAT, Labor supply elasticity, Aggregate fluctuations

Minimum Distance Estimation and Testing of DSGE Models from Structural VARs

Banque de France Working Paper No. 245
Number of pages: 18 Posted: 27 Jun 2010
Patrick Fève, Julien Matheron and Jean-Guillaume Sahuc
University of Toulouse 1 - Toulouse School of Economics (TSE), Banque de France and Banque de France
Downloads 30 (681,401)
Citation 1

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MDE, SVAR, DSGE models

Minimum Distance Estimation and Testing of DSGE Models from Structural Vars

Oxford Bulletin of Economics and Statistics, Vol. 71, Issue 6, pp. 883-894, December 2009
Number of pages: 12 Posted: 20 Oct 2009
Patrick Fève, Julien Matheron and Jean-Guillaume Sahuc
University of Toulouse 1 - Toulouse School of Economics (TSE), Banque de France and Banque de France
Downloads 3 (951,563)

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39.

In Search of the Transmission Mechanism of Fiscal Policy in the Euro Area

Banque de France Working Paper No. 585
Number of pages: 63 Posted: 17 Mar 2016
Patrick Fève and Jean-Guillaume Sahuc
University of Toulouse 1 - Toulouse School of Economics (TSE) and Banque de France
Downloads 28 (677,187)
Citation 2

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Fiscal multipliers, hand-to-mouth, Edgeworth complementarity, DSGE-VAR, Euro area, Bayesian econometrics

40.

Testing Heterogeneity within the Euro Area

Banque de France Working Paper No. 181
Number of pages: 17 Posted: 09 Oct 2010
Eric Jondeau and Jean-Guillaume Sahuc
University of Lausanne - Faculty of Business and Economics (HEC Lausanne) and Banque de France
Downloads 27 (684,444)
Citation 26

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Euro area, heterogeneity, Bayesian econometrics, multi-country model

41.

On the Sources of Macroeconomic Stability in the Euro Area.

Banque de France Working Paper No. 577
Number of pages: 42 Posted: 01 Dec 2015
Sanvi Avouyi-Dovi and Jean-Guillaume Sahuc
Banque de France and Banque de France
Downloads 23 (715,222)

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Macroeconomic volatility, quantity theory of money, monetary policy, DSGE model, euro area.

42.

Welfare Implications of Heterogeneous Labor Markets in a Currency Area

Banque de France Working Paper No. 199
Number of pages: 42 Posted: 22 Sep 2010
Céline Poilly and Jean-Guillaume Sahuc
Banque de France and Banque de France
Downloads 20 (739,716)
Citation 32

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DSGE model, currency union, heterogeneity, matching frictions, welfare

43.

Downward Interest Rate Rigidity

Banque de France Working Paper No. 828
Number of pages: 47 Posted: 07 Sep 2021
Grégory Levieuge and Jean-Guillaume Sahuc
Banque de France and Banque de France
Downloads 18 (756,914)

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Downward Interest Rate Rigidity, Asymmetric Adjustment Costs, Banking Sector, DSGE Model, Euro Area

44.

Debt-Stabilizing Properties of Gdp-Linked Securities: A Macro-Finance Perspective

Number of pages: 36 Posted: 29 Nov 2022
Sarah Mouabbi, Jean-Paul Renne and Jean-Guillaume Sahuc
affiliation not provided to SSRN, University of Lausanne - School of Economics and Business Administration (HEC-Lausanne) and Banque de France
Downloads 1 (940,130)

Abstract:

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GDP-linked securities, term structure, consumption-based model, Markov-switching, debt stabilization