Banque de France
BDF
Paper
Real wage rigidity drives policy pivot for persistent supply shocks
A Banque de France working paper by Stéphane Dupraz examines why central banks adopt tighter monetary policies during persistent supply shocks.
Focus
BDF
Decoder
High carbon emissions raise French corporate debt costs
A Banque de France study of 1,777 companies shows that reporting higher greenhouse gas emissions leads to less favorable financing conditions.
BDF
Paper
Monetary policy affects labour hoarding asymmetrically
A new Banque de France working paper reveals that monetary policy influences firms' labour hoarding behavior, with restrictive policy reducing it 2-3 times more than accommodative policy increases it.
Latest
BDF
Paper
Regulation fosters Bitcoin price convergence, deters illicit use
A Banque de France working paper finds that cryptocurrency regulation significantly impacts Bitcoin price deviations across countries.
BDF
Paper
France's potential growth still affected by Covid crisis
France's potential GDP still bears slight negative effects from the Covid crisis in level terms, but its pre-crisis growth rate returned by end-2025.
BDF
Speech
Villeroy de Galhau: Monetary policy faces three core challenges
Banque de France Governor François Villeroy de Galhau reflected on a turbulent decade of monetary policy in his final speech, clarifying three core challenges to its mandate, instruments, and independence.
More Topics
BDF
Speech
Villeroy warns of growing Europe-China imbalances
Banque de France Governor François Villeroy de Galhau discussed the evolving economic relationship between Europe and China, highlighting growing global imbalances.
BDF
Speech
Digital euro vital for monetary sovereignty, says BDF Governor
Emmanuel Moulin, Governor of the Banque de France, emphasized the need for central banks to actively shape monetary innovation.
BDF
Decoder
BDF refines business climate indicator for real-time view
The Banque de France has updated its business climate indicator, providing a more reactive and interpretable overview of economic activity.
BDF
Press
Banque de France exceeds emissions target, expands climate action
The Banque de France and ACPR have published their 2025 Sustainability Report, highlighting exceeded emissions reduction targets and expanded integration of climate and nature-related risks.
BDF
Paper
Targeted leverage rules have moderate macro impact in France
A Banque de France study finds that borrower-based macroprudential measures (BBMs) in France have statistically significant but economically moderate macroeconomic effects.
BDF
Paper
Past hyperinflation shapes current Austrian price outlook
A new Banque de France working paper reveals that regions more exposed to Austria's 1921-22 hyperinflation still report higher inflation expectations a century later.