LUCOTTE Yannick

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Using daily price quotes from about 8,000 French gas stations, this paper empirically analyses whether the level of competition determines the degree of price stickiness on the retail gasoline market. The degree of price rigidity is measured by the frequency of price changes, while the distance to the nearest station and the number of gas stations within a given radius are considered as proxies for local competition. The results confirm that local competition is an important determinant of the price-setting behavior of gas stations. Indeed, considering Ordinary Least Squares (OLS) and spatial regression models, we find that the degree of price rigidity is positively related to the distance to the nearest station, and negatively related to the concentration of firms in a given geographical area. This result can be notably explained by the fact that gas stations facing a high competitive pressure are more likely to adjust their prices more quickly and more frequently in response to crude oil price decreases than stations enjoying market power.

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This paper empirically investigates the evolution and sources of interest-rate pass-through heterogeneity in the Eurozone for a sample of 11 Euro area countries over the period 2003M1–2013M12. Our findings, based on a panel error correction model approach and a panel interaction vector autoregressive framework, indicate that risk factors, as well as differences in financial market structures across countries, explain the heterogeneity of monetary transmission in the EU. In terms of policy implications, this means that future reforms promoting a more efficient and homogeneous monetary policy transmission should not only focus on risk factors but also should attempt to consolidate financial integration.

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This paper examines the implications of banking competition for the interest rate channel in the Eurozone over the period 2003–2010. We use an Error Correction Model (ECM) approach to measure the long-run and short-run relationships between money market rates, bank interest rates, and our competition proxy, namely, the Lerner index. We find that competition (i) reduces the bank lending interest rates, (ii) increases the long-term interest pass-through and (iii) speeds up the adjustment towards the long-run equilibrium in the short-run. Therefore, increased competition would improve the effectiveness of monetary policy transmission through the interest rate channel, and from this point of view should be fostered in the Eurozone. Finally even if we observe that other factors related to the recent crisis matter for monetary policy transmission, bank competition remains a key determinant of the pass-through.

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This thesis analyzes the interactions between inflation targeting strategies and their institutional context in emerging economies. More specifically, the empirical investigations carried out in this thesis aim to study the role of the institutional framework in the conduct and effectiveness of this monetary policy strategy. To this end, we proceed in two stages. First, we consider the institutional framework as exogenous to the adoption of inflation targeting and analyze the extent to which this framework may have played a role in the macroeconomic performance of inflation targeting countries. Thus, after laying the conceptual foundations of inflation targeting and highlighting the role of economic and institutional prerequisites in the choice of emerging economies to adopt this monetary policy strategy (chapter 1), we show that a certain number of institutional conditions have been able to reinforce the effectiveness of inflation targeting in terms of price stability (chapter 2). Then, in a second step, we take a post-adoption perspective and consider the institutional framework as endogenous to the adoption of inflation targeting. The objective is then to analyze the response of the authorities in emerging economies to the adoption of this monetary policy framework. We show that the adoption of inflation targeting has a disciplining effect on the conduct of fiscal policy, in particular by encouraging the government to intensify its efforts to mobilize public revenues (chapter 3). Finally, we analyze the exchange rate policy of inflation-targeting emerging countries and show that the simultaneous pursuit of an official inflation target and an implicit exchange rate target can be counterproductive in terms of macroeconomic performance, especially when this exchange rate management is motivated by financial stability considerations (chapter 4). Hence the importance for emerging countries wishing to adopt an inflation-targeting strategy to carry out upstream structural reforms aimed at developing their banking and financial markets.

This thesis analyzes the interactions between inflation targeting strategies and their institutional context in emerging economies. More specifically, the empirical investigations carried out in this thesis aim to study the role of the institutional framework in the conduct and effectiveness of this monetary policy strategy. To this end, we proceed in two stages. First, we consider the institutional framework as exogenous to the adoption of inflation targeting and analyze the extent to which this framework may have played a role in the macroeconomic performance of inflation targeting countries. Thus, after laying the conceptual foundations of inflation targeting and highlighting the role of economic and institutional prerequisites in the choice of emerging economies to adopt this monetary policy strategy (chapter 1), we show that a certain number of institutional conditions have been able to reinforce the effectiveness of inflation targeting in terms of price stability (chapter 2). Then, in a second step, we take a post-adoption perspective and consider the institutional framework as endogenous to the adoption of inflation targeting. The objective is then to analyze the response of the authorities in emerging economies to the adoption of this monetary policy framework. We show that the adoption of inflation targeting has a disciplining effect on the conduct of fiscal policy, in particular by encouraging the government to intensify its efforts to mobilize public revenues (chapter 3). Finally, we analyze the exchange rate policy of inflation-targeting emerging countries and show that the simultaneous pursuit of an official inflation target and an implicit exchange rate target can be counterproductive in terms of macroeconomic performance, especially when this exchange rate management is motivated by financial stability considerations (chapter 4). Hence the importance for emerging countries wishing to adopt an inflation-targeting strategy to carry out upstream structural reforms aimed at developing their banking and financial markets.