Joint research unit 7235

Forward Guidance and Fiscal Policy in the Time of COVID-19

Rémi Odry, Lorenzo Garlanda-Longueville

This paper studies how the announcements of French President Emmanuel Macron made during the COVID-19 pandemic have impacted French financial markets. Distinguishing the effect of press releases announcing future speeches as well as the effect of the speeches themselves, we find that each of them (i) impacts positively the French stock market and (ii) reduces the French-German government bond spread, especially during the 2020 year. We also show that the speeches and their announcements have mixed effects on the volatility of both indicators. Our results suggest that fiscal policymakers’ communication can reassure financial markets while supporting conventional and unconventional fiscal policies in times of uncertainty

AGENDA

Monday 26 February 2024

Colloques et Workshops

9ème conférence euro-africaine et économie / Mediterranean workshop in economic theory

Monday 26 February 2024

Colloques et Workshops

9ème conférence euro-africaine et économie / Mediterranean workshop in economic theory

Monday 26 February 2024

Domino Secessions : Evidence from the US

Jean Lacroix (U Paris Saclay, RITM)

Domino Secessions : Evidence from the US

Monday 26 February 2024

Law, Institutions and Economics in Nanterre (LIEN)

Jean Lacroix (U Paris Saclay, RITM)

Domino Secessions : Evidence from the US

Tuesday 27 February 2024

Colloques et Workshops

Harcèlement moral et sexuel dans la recherche

Tuesday 27 February 2024

Colloques et Workshops

Harcèlement moral et sexuel dans la recherche

Thursday 29 February 2024

Thomas Jacquet, Amady Léchenet, Albin Salmon, Benjamin Trouvé

Nouveaux Doctorants II

Thomas Jacquet, Amady Léchenet, Albin Salmon, Benjamin Trouvé

Thursday 29 February 2024

Lunch

Nouveaux Doctorants II

Thomas Jacquet, Amady Léchenet, Albin Salmon, Benjamin Trouvé

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