Costs, demand, and producer price changes.

We estimate an ordered probit model in order to explain the occurrence and magnitude of producer price changes in the French manufacturing sector. We use data consisting essentially of the Banque de France monthly business surveys, pooled over the years 1998-2005. Our results show that changes in the price of intermediate inputs are the main driver of producer price changes. Firms also appear to react significantly to changes in the producer price index of their industry. Variations in labor costs as well as in the production level also appear to increase the likelihood of a price change but their influence seems to be of a lesser importance. We also show that estimating an unconstrained dynamic model allows improving the estimation results as compared to those associated with a standard state-dependent model. Finally, our results point to an asymmetry in price adjustments. When they face a change in their costs, firms adjust their prices upward more often and more rapidly than they do it downward.Price stickiness, frequency of price changes, price setting-behavior, survey data, ordered probit model.

Is There a Bank lending Channel in France? Evidence From Bank Panel Data.

The aim of this paper is to check the possible existence of a bank lending channel in France. For that purpose, we have estimated a dynamic reduced form model allowing for asymmetries in loan supply across banks, depending on their size, liquidity and capitalization. We have used a panel of 312 French banks observed quarterly over the period 1993-2000. We find some asymmetry between liquid and illiquid banks, the latter being more sensitive to a monetary policy tightening. This result is in accordance with that obtained for several other countries of the Euro area. It constitutes an indication that, as far as they can, French banks sell part of their liquid assets in order to shield their loan portfolio from the effects of increases in the interest rate. Contrary to what has been found for the US (e.g., see Kashyap and Stein (1995, 2000) and Kishan and Opiela (2000)), we do not find the two other banks' characteristics we consider (size and capitalization) to have any significant impact on bank lending.Monetary policy; Credit channel.

La formation des prix dans les industries françaises et dans la zone euro : résultats d’enquêtes spécifiques.

rigidité des prix, comportement de formation des prix, persistance de l’inflation, données d’enquêtes.

Régime de retraite et chute de la natalité : évolution des moeurs ou arbitrage micro-économique ?

In this paper, we develop an overlapping generations model where fertility is endogenous. The utility of the parents is a function of the number of their children, and each child implies two types of fixed costs: the financial cost and the cost in terms of time. A "pay-as-you-go" pension scheme introduces an externality in that the number of children will be fewer than optimal because their favorable impact on the level of pension income is not taken into account. First, we define the competitive equilibrium dynamics and the steady state. This allows comparisons with the optimal stationary state, a notion which generalizes the golden rule. Two instruments, pensions and child benefits, are necessary to decentralize the optimal state. Next, we compare the scenario depicted by the model with historical fact. Variations in welfare allowances may explain the entire decrease in fertility rates.Endogenous fecundity ; Pay-as-you-go pension scheme ; Family allowances

Price Setting in France: new Evidence from Survey Data

This paper reports the results of a survey conducted by the Banque de France during winter 2003-2004 to investigate the price-setting behavior of French manufacturing companies. Prices are found to adjust infrequently; the median firm modifies its price only once a year. Price reviews are more frequent than price changes; the median firm reviews its price quarterly. Firms are found to follow either time-dependent, state-dependent or both pricing rules. Moreover, the chosen interval of price reviews depends on the probability that changes in the firms' environment occur. Coordination failure and nominal contracts (either written or implicit) are the most important sources of price stickiness, while pricing thresholds and physical menu costs appear to be totally unimportant. Asymmetries in price stickiness are found to be different for cost shocks compared to demand shocks: prices are more rigid downward than upward for cost shocks, while the reverse is true for demand shocks.Price rigidity ; Price-setting behaviour ; Inflation persistence ; Survey data

Pressure-induced enhancement of superconductivity and superconducting-superconducting transition in CaC_6\_6

We measured the electrical resistivity, $\varrho(T)$, of superconducting CaC$\_6$ at ambient and high pressure up to 16 GPa. For $P \leq$8 GPa, we found a large increase of $T\_c$ with pressure from 11.5 up to 15.1 K. At 8 GPa, $T\_c$ drops and levels off at 5 K above 10 GPa. Correspondingly, the residual $\varrho$ increases by $\approx$ 200 times and the $\varrho(T)$ behavior becomes flat. The recovery of the pristine behavior after depressurization is suggestive of a phase transition at 8 GPa between two superconducting phases with good and bad metallic properties, the latter with a lower $T\_c$ and more static disorder

The pricing behaviour of firms in the euro area : new survey evidence

This study investigates the pricing behaviour of firms in the euro area on the basis of surveys conducted by nine Eurosystem national central banks. Overall, more than 11,000 firms participated in the survey. The results are very robust across countries. Firms operate in monopolistically competitive markets, where prices are mostly set following mark-up rules and where price discrimination is a common practice. Our evidence suggests that both time- and state-dependent pricing strategies are applied by firms in the euro area: around one-third of the companies follow mainly time-dependent pricing rules while two-thirds use pricing rules with some element of state-dependence. Although the majority of firms take into account a wide range of information, including past and expected economic developments, about one-third adopts a purely backward-looking behaviour. The pattern of results lends support to the recent wave of estimations of hybrid versions of the New Keynesian Phillips Curve. Price stickiness arises both at the stage when firms review their prices and again when they actually change prices. The most relevant factors underlying price rigidity are customer relationships - as expressed in the theories about explicit and implicit contracts - and thus, are mainly found at the price changing (second) stage of the price adjustment process. Finally, we provide evidence that firms adjust prices asymmetrically in response to shocks, depending on the direction of the adjustment and the source of the shock: while cost shocks have a greater impact when prices have to be raised than when they have to be reduced, reductions in demand are more likely to induce a price change than increases in demand.price setting, nominal rigidity, real rigidity, inflation persistence, survey data.

The Pricing Behaviour of Firms in the Euro Area: New Survey Evidence

This study investigates the pricing behaviour of firms in the euro area on the basis of surveys conducted by nine Eurosystem national central banks. Overall, more than 11,000 firms participated in the survey. The results are very robust across countries. Firms operate in monopolistically competitive markets, where prices are mostly set following mark-up rules and where price discrimination is a common practice. Our evidence suggests that both time- and state-dependent pricing strategies are applied by firms in the euro area: around one-third of the companies follow mainly time-dependent pricing rules while two-thirds use pricing rules with some element of state-dependence. Although the majority of firms take into account a wide range of information, including past and expected economic developments, about one-third adopts a purely backward-looking behaviour. The pattern of results lends support to the recent wave of estimations of hybrid versions of the New Keynesian Phillips Curve. Price stickiness arises both at the stage when firms review their prices and again when they actually change prices. The most relevant factors underlying price rigidity are customer relationships – as expressed in the theories about explicit and implicit contracts – and thus, are mainly found at the price changing (second) stage of the price adjustment process. Finally, we provide evidence that firms adjust prices asymmetrically in response to shocks, depending on the direction of the adjustment and the source of the shock: while cost shocks have a greater impact when prices have to be raised than when they have to be reduced, reductions in demand are more likely to induce a price change than increases in demand.

Scanning Tunneling Spectroscopy on the novel superconductor CaC6

We present scanning tunneling microscopy and spectroscopy of the newly discovered superconductor CaC$_6$. The tunneling conductance spectra, measured between 3 K and 15 K, show a clear superconducting gap in the quasiparticle density of states. The gap function extracted from the spectra is in good agreement with the conventional BCS theory with $\Delta(0)$ = 1.6 $\pm$ 0.2 meV. The possibility of gap anisotropy and two-gap superconductivity is also discussed. In a magnetic field, direct imaging of the vortices allows to deduce a coherence length in the ab plane $\xi_{ab}\simeq$ 33 nm