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Basic Model Elasticities of the Macroeconomic Model for France of the Banque de France (FR-BDF)

Author

Listed:
  • Pierre Aldama
  • Jean-François Ouvrard

Abstract

This paper presents a set of Basic Model Elasticities (BMEs) of the Banque de France's new macroeconomic model for France, FR-BDF. A detailed description of the model is provided in Lemoine et al (2019) and this "BMEs workbook" is designed as a tool for practitioners of economic policy forecasting or analysis in France. It describes the model's response to a number of shocks grouped into three families: external shocks (oil prices, world demand, competitors’ prices), monetary and financial shocks (exchange rates, short-term interest rates, long-term interest rates, housing prices), public finance shocks (public consumption, public investment, social benefits, direct taxes, social contributions) and structural shocks (labor efficiency, labor force, equilibrium unemployment rate). These different BMEs also illustrate the convergence properties of the model, in particular the importance of monetary and financial channels and the link between the real and nominal spheres in the transmission and absorption of shocks.

Suggested Citation

  • Pierre Aldama & Jean-François Ouvrard, 2020. "Basic Model Elasticities of the Macroeconomic Model for France of the Banque de France (FR-BDF)," Working papers 750, Banque de France.
    • Handle: RePEc:bfr:banfra:750
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    File URL: https://publications.banque-france.fr/sites/default/files/medias/documents/wp750_en.pdf
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    References listed on IDEAS

    as
    1. Matthieu Lemoine & Harri Turunen & Mohammed Chahad & Antoine Lepetit & Anastasia Zhutova & Pierre Aldama & Pierrick Clerc & Jean-Pierre Laffargue, 2019. "The FR-BDF Model and an Assessment of Monetary Policy Transmission in France, Working Paper Series no. 736, Banque de France," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-02400611, HAL.
    2. Matthieu Lemoine & Harri Turunen & Mohammed Chahad & Antoine Lepetit & Anastasia Zhutova & Pierre Aldama & Pierrick Clerc & Jean-Pierre Laffargue, 2019. "The FR-BDF Model and an Assessment of Monetary Policy Transmission in France," Working papers 736, Banque de France.
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    Cited by:

    1. Bove Guillaume & Dees Stéphane & Thubin Camille, 2020. "House Prices, Mortgage Debt Dynamics and Economic Fluctuations in France: A Semi-Structural Approach," Working papers 787, Banque de France.

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    More about this item

    Keywords

    : Semi-Structural Modelling; Macroeconomic Forecasting; Macroeconomic Policy Analysis;
    All these keywords.

    JEL classification:

    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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