André Fourçans

André Fourçans
ESSEC - Ecole Supérieur des Sciences Economiques et Commerciales · Department of Economics

Doctor of Philosophy

About

57
Publications
4,798
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281
Citations
Citations since 2016
10 Research Items
109 Citations
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Introduction
André Fourçans currently works at the Department of Economics, École Supérieure des Sciences Economiques et Commerciales. André does research in Monetary Economics, Macroeconomics and Financial Economics. Their current project is 'European Integration - Optimum Currency Area Theory - Gravity Model'.
Skills and Expertise

Publications

Publications (57)
Data
This online appendix presents a detailed description of the Smets and Wouters (2007) model, data sources and transformations, Bayesian estimation results, estimated shocks, impulse response functions, and variances decompositions. If this Online Appendix to "Central Bank Losses and Monetary Policy Rules: A DSGE Investigation" was useful for your r...
Data
Matlab and Dynare replication codes for "Central Bank Losses and Monetary Policy Rules: A DSGE Investigation". If these replication files were useful for your research paper, please cite them as: Benchimol, J., and Fourçans, A., 2019. Central Bank Losses and Monetary Policy Rules: A DSGE Investigation. International Review of Economics & Finance, 6...
Article
Full-text available
Central banks' monetary policy rules being consistent with policy objectives are a fundamental of applied monetary economics. We seek to determine, first, which of the central bank's rules are most in line with the historical data for the US economy and, second, what policy rule would work best to assist the central bank in reaching its objectives...
Preprint
Full-text available
Central banks' monetary policy rules being consistent with policy objectives are a fundamental of applied monetary economics. We seek to determine, first, which of the central bank's rules are most in line with the historical data for the US economy and, second, what policy rule would work best to assist the central bank in reaching its objectives...
Presentation
Full-text available
Presentation of our paper "Central Bank Losses and Monetary Policy Rules: A DSGE Investigation". Please cite this presentation as: Benchimol, J., and Fourçans, A., 2019. Central bank losses and monetary policy rules: a DSGE investigation. International Review of Economics & Finance, 61(1), 289-303.
Preprint
Full-text available
Which monetary policy rule best fits the historical data? Which rule is most effective to reach the central bank’s objectives? Is minimizing a central bank loss equivalent to maximizing households’ welfare? Are NGDP growth or level targeting good options, and if so, when? Do they perform better than Taylor-type rules? In order to answer these quest...
Data
We provide a short description of the two theoretical models (Model 1 and Model 2) used in Benchimol and Fourçans (2017). We also provide tables summarizing the mean of posterior means and standard deviations for each micro and macro parameters, for each model, and over our three crisis periods. If this Online Appendix to "Money and Monetary Polic...
Data
Matlab and Dynare replication codes for "Money and Monetary Policy in the Eurozone: An Empirical Analysis During Crises". If these replication files were useful for your research paper, please cite them as: Benchimol, J., and Fourçans, A., 2017. Money and Monetary Policy in the Eurozone: An Empirical Analysis During Crises. Macroeconomic Dynamics,...
Article
Full-text available
This paper analyzes the role of money and monetary policy as well as the forecasting performance of New Keynesian dynamic stochastic general equilibrium models with and without separability between consumption and money. The study is conducted over three crisis periods in the Eurozone, namely, the ERM crisis, the dot-com crisis, and the global fina...
Preprint
Full-text available
Since the beginning of the financial crisis, a lively debate has emerged regarding which monetary policy rule the Fed (and other central banks) should follow, if any. To clarify this debate, several questions must be answered. Which monetary policy rule best the historical data? Which monetary policy rule best minimizes economic uncertainty and the...
Presentation
Full-text available
Presentation of our paper "Money and Monetary Policy in the Eurozone: An Empirical Analysis During Crises". Please cite this presentation as: Benchimol, J., and Fourçans, A., 2017. Money and Monetary Policy in the Eurozone: An Empirical Analysis During Crises. Macroeconomic Dynamics, 21(3), 677--707.
Article
The purpose of this article is to provide a short- to medium-term analysis of the overall performance of the French economy. Unfortunately, this subject is all too frequently discussed in a manner that is perhaps not as clear as it could be. As a French economist trained in the United States, I hope to briefly outline what I feel are the major issu...
Presentation
Full-text available
Presentation of our paper "Money and Risk in a DSGE Framework: a Bayesian Application to the Eurozone". Please cite this presentation as: Benchimol, J., Fourçans, A., 2012. Money and Risk in a DSGE Framework: A Bayesian Application to the Eurozone. Journal of Macroeconomics 34 (1), 95--111.
Data
Matlab and Dynare replication codes for "Money and Risk in a DSGE Framework: A Bayesian Application to the Eurozone". If these replication files were useful for your research paper, please cite them as: Benchimol, J., Fourçans, A., 2012. Money and Risk in a DSGE Framework: A Bayesian Application to the Eurozone. Journal of Macroeconomics 34 (1), 95...
Article
Full-text available
We present and test a model of the Eurozone, with a special emphasis on the role of risk aversion and money. The model follows the New Keynesian DSGE framework, money being introduced in the utility function with a non-separability assumption. Money is also introduced in the Taylor rule. By using Bayesian estimation techniques, we shed light on the...
Preprint
Full-text available
We build a New Keynesian DSGE model including money in a non-separable utility function. Money is also introduced in the Taylor rule in different ways. We test the model for the Eurozone with a special emphasis on the role of risk aversion and money. A real money gap variable appears to enter the Taylor rule. Increasing risk aversion levels leads t...
Article
Full-text available
This paper provides a challenging view to the tax harmonisation issue. The literature often proposes tax harmonisation to avoid free-riding behaviours in free-trade areas and more particularly in monetary unions. Without tax harmonisation, tax autonomy may lead to a "race to the bottom". The model proposed here shows that tax competition may lead t...
Article
The ECB is the only major central bank that still emphasizes the role of money in monetary policy management. In this paper, we bring some support to this approach. Taking into account Euro area data from the period between 1999 and 2007, we demonstrate that a steady 10 per cent increase in M3 may result in an inflation rate of approximately 2½ per...
Article
This paper analyses the European central bank (ECB) monetary policy over the period 1999–2006, with a special emphasis on the recent years. The first part of the paper underlines the declared goals, decision variables and procedures, as can be inferred from various speeches of Jean-Claude Trichet, the President of the ECB. These statements are then...
Article
Adopted in 1997 and implemented in 1999 with the euro, the Stability and Growth Pact (SGP) addresses concerns of budgetary discipline in the Economic and Monetary Union (EMU). After many breaches and the failure of the implementation of fines, Europe amended the SGP on 20 March 2005. In the new institutional design, the preventive element is now ti...
Article
Full-text available
This paper provides a challenging view to the tax harmonization issue. The literature often proposes tax harmonization to avoid free-riding behaviors in free-trade areas, and more particularly in monetary unions. Countries may decrease their tax rates in order to develop tax competitive advantage and attract capital. Without tax harmonization, tax...
Article
Full-text available
This paper addresses the question of the likelihood of a race to the bottom in a monetary union, like the Euro-zone, that could result from tax competition between countries. This fear of a race to the bottom is used both in the economic literature and the political arena to promote tax harmonization. Using a game theoretical approach with the cost...
Article
This paper analyses the European Central Bank (ECB) monetary policy over the period 1999-2005, both from a qualitative and a quantitative perspective, and compares it with the Federal Reserve Bank. The qualitative approach builds on information conveyed by various speeches of the central bank officers, mainly the President of the ECB, Jean-Claude T...
Article
This file lists the known typos for the book Currency Crises: A Theoretical and Empirical Perspective by Andre Fourcans and Raphael Franck, published by Edward Elgar, Cheltenham, UK, 2003.
Article
In a capitalist system, can we expect firms to take into consideration the social environment in which they operate, and the environment per se, in their decision making process? If not, should we appeal to the moral values of managers to satisfy social and environmental needs? Or should we set up the right institutional structure so as for firms a...
Article
This paper presents estimates of the European Central Bank (ECB)'s interest rate rule using monthly data for the period of the Willem F. Duisenberg presidency (from January 1999 to October 2003). Our results show that, like the US Federal Reserve, the ECB appears to be concerned with fluctuations in economic activity. It increases its short-term in...
Article
This paper addresses the question of the efficacy of a fiscal rule such as the Stability and Growth Pact in Europe, and compares the latter to alternative rules. The model challenges the traditional comparative static analyses by proposing a filter for analysing such fiscal rules. The analysis sheds light on where the emphasis should be put on when...
Article
This paper estimates different monetary policy rules for the ECB with montly data during the period 1999.04-2002.02. The results show that the ECB exhibits a rather conservative behavior: a 1 percentage point increase in the inflation rate above its target brings about a 1,2 percentage point increase in the interest rate. Like the FED, its policy i...
Chapter
Game theory has been used as a tool to analyze monetary policy since the beginning of the 1980s, especially to study the “rules versus discretion” question. After the founding article by Kydland and Prescott (1977), Barro and Gordon (1983) introduced game theory in their model. This approach was improved by Canzoneri (1985), Backus and Driffill (19...
Article
Full-text available
A good policy-mix between fiscal and monetary policies is a traditional prerequisite for economic stabilization. In a monetary union such as the European Monetary Union (EMU) the problem becomes more complex since the European Central Bank (ECB) conducts its policy for the economic zone as a whole whereas each member state can conduct its own fisca...
Article
Full-text available
[fre] Les économies en transition ont entrepris une formidable transformation organisationnelle dont l'impact sur leur marché du travail est non moins formidable. Le modèle que nous proposons analyse les facteurs structurels qui influent sur le taux de chômage, mais aussi sur l'emploi et le salaire dans les trois secteurs qui constituent notre visi...
Article
Le riforme verso l’economia di mercato, poste in essere nei Paesi ex-socialisti dell’Europa Centrale e Orientale, comportano dei costi, sia in termini di disoccupazione, sia in termini di alti tassi di inflazione, soprattutto all’inizio della fase di transizione. Inoltre, nelle economie in transizione, la mancanza di esperienza di mercato implica u...
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Full-text available
[fre] Cet article analyse les propositions de réformes fiscales au plan européen à la lumière des critères d'optimalité. Après un développement sur les fondements théoriques de ces critères, il analyse dans quelle mesure ces propositions satisfont aux conditions de l'optimalité économique, notamment en ce qui concerne les distorsions entre pays. So...
Article
Il tema dell’Unione Monetaria Europea viene analizzato in tutti i suoi risvolti, teorici e pratici. Dal punto di vista teorico, vengono passati in rassegna i vantaggi e gli svantaggi della creazione di una moneta unica, così come gli argomenti favorevoli e contrari alle tesi alternative, quali i tassi di cambio fissi con monete nazionali, i tassi d...
Article
Cet article "critique la critique" que font H. Sterdyniak et P. Villa des travaux macroéconomiques de K. Brunner et A. Meltzer, de la théorie monétaire de ces derniers et des modèles monétaires français. Notre texte montre que sur la plupart des points, Sterdyniak et Villa font preuve d'une incompréhension ou d'exagérations fâcheuses. Les analyses...
Article
This paper presents a model of the French financial system and analyses the influence of policy instruments on one price (the interest rate) and two quantities (the stocks of bank credit and money). The development of hypotheses as to the behavior of the banking system and the public leads to a theoretical construct of the monetary system. After a...
Article
In their profit-seeking activities, multinational corporations have global opportunities to evaluate as well as increased risks and complexities to contend with. Hence, there is a significant need for the development of robust models to handle the new dimensions faced by firms functioning in an international environment. Particularly, in capital bu...
Article
[fre] Cet article développe et teste économétriquement un modèle du marché des crédits bancaires français afin d'analyser les facteurs déterminant les variations du taux de l'intérêt. Le modèle établit des hypothèses quant à l'offre et à la demande da prêts bancaires et introduit l'influence des instruments de la politique monétaire et budgétaire s...
Article
The rapid growth of multinational corporations has hastened the need for the development of robust models to handle the increased risk and complexity. Particularly in capital budgeting, careful analysis and adequate reflection of the critical variables are essential. The great number of relevant variables, their significant interrelationships, and...
Article
This session reports upon several uses of simulation methodology in finance and accounting. Two papers consider the effect of variability, variability assumptions (e.g. normality), and uncertainty on measurement of investment returns. In addition two applications of simulation in financial planning and control will be discussed.
Article
The Economic and Monetary Union (EMU) is an event of historic proportions with far-reaching implications in the years to come. The essays in EMU, Financial Markets and the World Economy provide an analysis of several theoretical and policy issues associated with these implications. They are organized under four broad issues. First, the likely conse...

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