Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. Terms of use: Documents in JORGE MARTÍNEZ-PAGÉS, E U R O P E A N C E N T R A L B A N K W O R K I N G PA P E R S E R I E S E U R O S Y S T E M

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes.You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public. licence. www.econstor.eu The papers presented at the conference examine the euro area monetary transmission process using different data and methodologies: structural and VAR macro-models for the euro area and the national economies, panel micro data analyses of the investment behaviour of non-financial firms and panel micro data analyses of the behaviour of commercial banks. If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated E U R O P E A N C E N T R A L B A N K W O R K I N G PA P E R S E R I E SE JORGE MARTÍNEZ-PAGÉS, E U R O P E A N C E N T R A L B A N K W O R K I N G PA P E R S E R I E SEEditorial support on all papers was provided by Briony Rose and Susana Sommaggio. E C B • W o r k i n g P AbstractThis paper offers a comprehensive comparison of the structure of banking and financial markets in the euro area. Based on this, several hypotheses about the role of banks in monetary policy transmission are developed. Many of the predictions that have been proposed for the U.S. are deemed unlikely to apply in Europe. Testing these hypotheses we find that monetary policy does alter bank loan supply, with the effects most dependent on the liquidity of individual banks. Unlike in the US, the size of a bank does generally not explain its lending reaction. We also show that the standard publicly available database, BankScope, obscures the heterogeneity across banks. Indeed, for several types of questions BankScope data suggest very different answers than more complete data that reside at national central banks. E C B • W o r k i n g P Non-technical summaryThis paper analyses the role of banks in monetary policy transmission in the euro area. Banks are of major importance for the financing of firms in the euro area, which implies that the way they adjust lending in response to monetary policy actions can potentially constitute an important channel through which monetary policy works.Banks are exposed to problems of informational asymmetry. When conducting tests of this kind for the euro area, we argue that the specificity of...

ACL-2International audienceBased on an original data set of more than 500,000 non-alcoholic beverage price records, we evaluate the impact on consumer prices of the ?soda tax?, an excise on drinks with added sugar or sweetener, introduced in France in January 2012. We adopt a difference in differences approach and find that the tax was gradually passed through to the prices of the taxed beverages. After 6 months of its introduction, it was fully shifted to soda prices and almost fully shifted to the prices of fruit drinks, while the pass-through for flavoured waters was incomplete. We also find that the pass-through was heterogeneous across brands and retail groups

Based on the analysis of 13 million price records underlying the computation of the French consumer price index, we provide a detailed assessment of consumer price rigidity. Our main results are as follows. The average duration of prices is around 8 months. Price durations and the patterns of price-setting strongly differ across sectors. Price cuts are almost as frequent as increases, suggesting no specific downward nominal rigidity. Price changes typically have large absolute sizes. Time variation in the frequency of price changes and in their size both contribute to inflation fluctuations. Overall there is evidence of both time- and state-dependent price-setting. Copyright Blackwell Publishing Ltd and the Department of Economics, University of Oxford 2007.

In order to obtain a correct estimation of the effect of the various obstacles affecting the firm's propensity to innovate, this paper claims that it is useful to distinguish between firms which do not innovate because they do not aim at doing so and firms which try but fail to succeed or give up because of too strong obstacles. Using the French CIS4 survey, a classification of firms is proposed, according to their degree of will to innovate. Several samples are built, including firms for which innovation is a concern (willing to innovate firms), with a more or less strong intensity. Using the stricter definition of firms willing to innovate, the estimated impact of the obstacles to innovation is significantly negative, while, as usual, a positive relationship is founded between innovation and the R&D expenditure, the size of the firm and the membership to a group.

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and the Banque de France conference on Firms' financing and default risk during and after the crisis, Paris, February 2012), for their comments.1 Résumé : Cet article étudie l'accès des PME françaises indépendantes au crédit bancaire. Il vise notamment à déterminer si l'évolution observée du crédit bancaire pendant les années récentes a résulté d'une baisse de la demande de crédit consécutive au ralentissement de l'activité des entreprises et de leurs projets d'investissement ou plutôt d'une diminution de l'offre, traduisant alors un rationnement du crédit lié à un comportement plus prudent des banques en matière d'octroi de crédits. A partir de l'analyse d'un échantillon comportant environ 60,000 PME, nous aboutissons à la conclusion que, malgré un comportement plus restrictif des banques, les PME françaises n'ont pas souffert d'un rationnement marqué du crédit depuis 2008. La demande est la cause essentielle de la baisse observée des crédits aux PME. Ce résultat, qui va à l'encontre du discours selon lequel les PME auraient souffert d'un fort rationnement du crédit pendant la crise, est confirmé par les résultats de diverses enquêtes françaises et européennes menées récemment sur l'accès des PME au crédit bancaire.Mots-clés : Rationnement du crédit, modèle de déséquilibre, PME.Abstract : This paper focuses on the access of independent French SMEs to bank lending and analyzes whether the observed evolution of credit to SMEs over the recent period was "demand driven" as a result of the decrease in firms' activity and investment projects or was "supply driven" with an increase in credit "rationing" stemming from a more cautious behavior of banks. Based on a sample of around 60,000 SMEs, we come to the conclusion that, despite the stronger standards used by banks when granting credit, French SMEs do not appear to have been strongly affected by credit rationing since 2008. This result goes against the common view that SMEs suffered from a strong credit restriction during the crisis but is perfectly in line with the results of several surveys about the access to finance of SMEs recently conducted in France.

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in WO R K I N G PA P E R S E R I E S N O. 5 3 6 / O C TO B E R 2 0 0 5 The Eurosystem Inflation Persistence NetworkThis paper reflects research conducted within the Inflation Persistence Network (IPN), a team of Eurosystem economists undertaking joint research on inflation persistence in the euro area and in its member countries. The research of the IPN combines theoretical and empirical analyses using three data sources: individual consumer and producer prices; surveys on firms' price-setting practices; aggregated sectoral, national and area-wide price indices. Patterns, causes and policy implications of inflation persistence are addressed.Since June 2005 the IPN is chaired by Frank Smets; Stephen Cecchetti (Brandeis University), Jordi Galí (CREI, Universitat Pompeu Fabra) and Andrew Levin (Board of Governors of the Federal Reserve System) act as external consultants and Gonzalo Camba-Méndez as Secretary.The refereeing process is co-ordinated by a team composed of Günter Coenen (Chairman), Stephen Cecchetti, Silvia Fabiani, Jordi Galí, Andrew Levin, and Gonzalo Camba-Méndez. The paper is released in order to make the results of IPN research generally available, in preliminary form, to encourage comments and suggestions prior to final publication. The views expressed in the paper are the author's own and do not necessarily reflect those of the Eurosystem. C O N T E N T S Abstract 4Non-technical summary 5