Economists at the Bank of France analyse causes and consequences of French monetary policy and financial deregulation during the 1980s. Using the latest econometric techniques, they demonstrate a strategy that the UK is still hesitating to fully adopt. These essays, never published in English before, offer a comprehensive and authoritative analysis.

This book provides a description of the main macroeconomic models used by the European Central Bank and the euro area national central banks (Eurosystem). These models are used to help prepare economic projections and scenario analysis for individual countries and the euro area as a whole. The volume takes stock of the current macroeconometric modelling infrastructure available within the Eurosystem, highlighting not only the structures and main features of the models used but also their purposes and underlying model-building philosophies. A bird s eye view of the key details of the design, structure and characteristics of the models is provided, along with information on the responses of these models to a series of standard economic and policy shocks. This is the first time that a comprehensive description and systematic comparison of the main macroeconomic models has been published. This book will be of great interest to Central Bank and government economists, as well as academics, economists and students with an interest in central banking, econometric modelling, forecasting and macroeconomic policy.

Economists at the Bank of France analyse causes and consequences of French monetary policy and financial deregulation during the 1980s. Using the latest econometric techniques, they demonstrate a strategy that the UK is still hesitating to fully adopt. These essays, never published in English before, offer a comprehensive and authoritative analysis.

Understanding the structure of a large econometric model is rather like the art of winetasting or like the art of playing a musical instrument. The quality of a wine results from a complex combination of various elements such as its colour which should be clear and crystalline, its smell which can be decomposed into a general aroma and a variety of particular characteristics, more or less persistent depending on the type and the age of the wine, its taste, of course, which again is a complex system whose equilibrium and charm depend on the whole set of ingredients: alcohol, tannin, glycerine, sugar, acidity . . . Similarly, a clarinetist's musicianship depends on the quality of his instrument, on his embouchure, fingering, tonguing and articu lation techniques, on his sense for rhythm, phasing and tone colour. However, the enchantment produced by a Romanee-Conti or by a brilliant performance of Brahm's F minor sonata for clarinet and piano arises from a process which is at the same time time much simpler and much more complex than the straightforward juxtaposition of individual causal relations. In recent years econometricians and macro-economists have been challenged by the problem of keeping abreast with an ever increasing number of increasingly more complex large econometric models. The necessity of developing systematic analytical tools to study the often implicit and hidden structure of these models has become more evident.

During the recession in the years 2008-2009, the most severe for mature economies in the post-war period, housing markets were often mentioned as having a special responsibility. The objective of this book is to shed light on the cyclical behaviour of the housing markets, its fundamental determinants in terms of supply and demand characteristics, and its relationship with the overall business cycle. The co-movements of house prices across countries are also considered, as well as the channel of transmission of house price changes to the rest of the economy. Particular attention is paid to the effects on private consumption, through possible wealth effects. The book is a compilation of original papers produced by economists and researchers from the four main national central banks in the euro area, also with the participation of leading academics.

The completion of the European Single Market Programme (SMP) and the launch of 'Euroland' are bold statements on the European Union and its future. Within this economic process, the particular importance of the banking and financial services sectors is widely emphasized. This collection explores the strategic impact of the Single Market Programme and European Monetary Union on European banks and banking systems. The contributors examine eleven banking systems: Belgium, Denmark, France, Germany, Greece, Ireland, Italy, Netherlands, Portugal, Spain and the United Kingdom. Thoroughly up-to-date and with a common thematic overview of major trends in European banking systems, this book covers key strategic developments, structural changes, performance trends and strategies.