Central Banking after the Crisis: Brave New World or Back to the Future? Replies to a questionnaire sent to central bankers and economists

URL des Documents de travail : http://centredeconomiesorbonne.univ-paris1.fr/bandeau-haut/documents-de-travail/Documents de travail du Centre d'Economie de la Sorbonne 2013.73 - ISSN : 1955-611XThis paper provides a snapshot of the current state of central banking doctrine in the aftermath of the crisis, using data from a questionnaire produced in 2011 and sent to central bankers (from 13 countries plus the euro zone) and economists (31) for a report by the French Council of Economic Analysis to the Prime Minister. The results of our analysis of the replies to the questionnaire are twofold. First, we show that the financial crisis has led to some amendments of pre-crisis central banking. We highlight that respondents to the questionnaire agree on the general principle of a 'broader' view of central banking extended to financial stability. Nevertheless, central bankers and economists diverge or give inconsistent answers about the details of implementation of this 'broader' view. Therefore, the devil is once again in the details. We point out that because of central bankers' conservatism, a return to the status quo cannot be excluded.Dans cet article, nous exploitons les réponses au questionnaire qui avait accompagné le rapport du Conseil d'analyse économique " Banques centrales et stabilités financière " en 2011. Parce qu'il couvre les différentes dimensions du Central banking et qu'il a été réalisé après le temps fort de la crise, ce questionnaire permet d'évaluer si dans l'esprit des banquiers centraux (de 13 pays différents plus la zone euro) et des économistes interrogés (31), la crise financière a modifié la doctrine de la politique monétaire, la stratégie et le cadre opérationnel des banques centrales. Notre analyse des réponses à ce questionnaire fait ressortir deux grands résultats. Le premier est que la crise financière a bel et bien amendé le consensus qui prévalait avant la crise. En particulier, les sondés semblent s'accorder sur le principe général d'une vision " élargie " des missions des banques centrales qui englobe la stabilité financière. Le second pourrait être résumé par la formule " le diable est dans les détails ! ". En effet, lorsqu'ils sont interrogés sur les détails et les implications de ce nouveau central banking, banquiers centraux et économistes donnent des réponses faiblement cohérentes. Le profil des banquiers centraux relativement plus conservateur que celui des économistes ressort dans les réponses au questionnaire et rend tout à fait envisageable, une fois la crise passée, un retour au consensus d'avant crise

Technical aspects of an impact acceleration traumatic brain injury rat model with potential suitability for both microdialysis and PtiO2 monitoring

This report describes technical adaptations of a traumatic brain injury (TBI) model-largely inspired by Marmarou-in order to monitor microdialysis data and PtiO2 (brain tissue oxygen) before, during and after injury. We particularly focalize on our model requirements which allows us to re-create some drastic pathological characteristics experienced by severely head-injured patients: impact on a closed skull, no ventilation immediately after impact, presence of diffuse axonal injuries and secondary brain insults from systemic origin...We notably give priority to minimize anaesthesia duration in order to tend to banish any neuroprotection. Our new model will henceforth allow a better understanding of neurochemical and biochemical alterations resulting from traumatic brain injury, using microdialysis and PtiO2 techniques already monitored in our Intensive Care Unit. Studies on efficiency and therapeutic window of neuroprotective pharmacological molecules are now conceivable to ameliorate severe head-injury treatment

Retour d’expérience sur les apports du géographe dans l’observation des effets du changement climatique

L’adaptation au changement climatique constitue un défi sociétal dont le géographe doit s’emparer. Sa capacité d’appréhender le territoire et ses acteurs, ainsi que sa vision holistique, en font un interlocuteur privilégié des politiques publiques d’aménagement. A partir d’un retour d’expérience concernant la métropole lyonnaise, cette publication démontre le rôle joué par le géographe dans la structuration et l’innovation, selon une démarche intégrée et au sein d’une structure plurielle d’observation scientifique.Adaptation to climate change can be currently considered as a societal challenge that geographers must tackle. Their capacity to understand the territory and its actors, and their holistic vision, make them privileged partners of the public urban planners. This paper, concerning an ongoing project about the Greater Lyon, highlights the role of geographers in the structuration and innovation, according to an integrated process and within a plural scientific observation structure

Changements de pratiques dans les produits cosmétiques des lanceurs d'alerte aux impacts sur le milieu aquatique

International audiencePrésentation du projet Cosmet'ea

Uso de fungicidas e Trichoderma asperellum para o manejo do crestamento do feijoeiro na segunda safra no Paraná / Use of fungicides and Trichoderma asperellum for the management of the bean crystal on the second harvest in Paraná

O feijão é uma cultura de grande destaque perante os indicadores econômicos financeiros do Brasil. Contudo, existem diversos fatores que podem reduzir a produtividade do mesmo, como as doenças, as quais podem ser de origem fúngica, bacteriana, virótica e com nematoides. O objetivo do presente estudo foi avaliar os efeitos da aplicação de produtos químicos e alternativos no controle do crestamento bacteriano comum do feijoeiro na segunda safra. O delineamento experimental utilizado foi o de blocos casualizados, com oito tratamentos e quatro repetições. Os tratamentos utilizados foram: Testemunha; Trichoderma asperellum; Hidróxido de cobre; Trifloxistrobina + Protioconazol; Trifloxistrobina + Tebuconazol; Tiofanato + metílico; Piraclostrobina e Hidróxido de Fentina, para ambos os experimentos (safra das aguas e da seca); todos foram aplicados nos estádios vegetativos V4 (Terceira folha trifoliada) reprodutivo R6 (Primeira flor aberta/floração). A cultivar utilizada foi a IPR Tangara. Foram realizadas avaliações de severidade e também variáveis agronômicas. Conclui-se que os tratamentos realizados foram eficazes e houve uma menor severidade de doenças utilizando tratamentos químicos e alternativo na cultura do feijoeiro isto pode ser confirmado pela produtividade que foi maior em todos os tratamentos quando comparado a testemunha para a segunda safra do feijão comum.

Similarities and Differences in Chinese and Caucasian Adults' Use of Facial Cues for Trustworthiness Judgments

All cultural groups in the world place paramount value on interpersonal trust. Existing research suggests that although accurate judgments of another's trustworthiness require extensive interactions with the person, we often make trustworthiness judgments based on facial cues on the first encounter. However, little is known about what facial cues are used for such judgments and what the bases are on which individuals make their trustworthiness judgments.In the present study, we tested the hypothesis that individuals may use facial attractiveness cues as a “shortcut” for judging another's trustworthiness due to the lack of other more informative and in-depth information about trustworthiness. Using data-driven statistical models of 3D Caucasian faces, we compared facial cues used for judging the trustworthiness of Caucasian faces by Caucasian participants who were highly experienced with Caucasian faces, and the facial cues used by Chinese participants who were unfamiliar with Caucasian faces. We found that Chinese and Caucasian participants used similar facial cues to judge trustworthiness. Also, both Chinese and Caucasian participants used almost identical facial cues for judging trustworthiness and attractiveness.The results suggest that without opportunities to interact with another person extensively, we use the less racially specific and more universal attractiveness cues as a “shortcut” for trustworthiness judgments

Une histoire du ciblage de l’inflation : science des théoriciens ou art des banquiers centraux

International audienceLe régime de politique monétaire de ciblage de l’inflation apparaît en 1989 en Nouvelle-Zélande. Plus de vingt ans après, il domine la littérature, a été adopté par plus de 25 pays et constitue le régime de référence du Fonds monétaire international. Pour la littérature standard, il naît de la « science » de la politique monétaire, de l’incohérence temporelle principalement. Retraçant l’histoire de ce régime en Nouvelle-Zélande, l’article met en évidence qu’il s’inscrit aussi, dans le cadre plus large, des réformes gouvernementales inspirées de l’École de Harvard. Plus encore, l’historique du ciblage de l’inflation réalisé par l’article souligne le rôle limité des théories dans sa création : il émerge comme un « art » pragmatique, pauvre en fondation théorique. Il est donc une innovation au regard de la théorie, et une originalité au regard de l’histoire des régimes monétaires antérieurs dérivant de la théorie

Communication de la BCE et crise financière

International audienceCommunication de la BCE et crise financièr

The New Keynesian Phillips Curve For The Euro Area: Which Specification?

The New Keynesian Phillips Curve (NKPC) specification in the Euro area is controversial. For some it is purely forward-looking, when others incorporate a backward-looking component into a ‘hybrid’ NKPC (HNKPC). This article contributes to this debate first by drawing stylised facts of the Euro area (H)NKPC from a quantitative review of 88 comparable empirical estimates from 21 articles. If the forward-looking share dominates, a substantial backward-looking fraction is found (about one-third). This result is fairly robust to sub-sample and simple tests. It is also shown that micro evidence from firms’ pricing surveys is favourable to this result. Since the observed variations in estimates could be a limitation to this otherwise clear result, the second contribution of this article is to explore the factors driving these variations. Finally, policy implications are examined.Special Issue "26th Symposium on Money, Banking and Finance" Guest Editors :Sébastien Galanti and Grégory Levieugeinfo:eu-repo/semantics/publishe