The aim of this paper is to identify French monetary policy shocks over the last decade. France undertook reforms of financial markets in the middle of the eighties. The two major changes of financial markets with respect to monetary policy were the end of its implementation through " encadrement du credit " and the move toward complete free circulation of capital. Two major macroeconomic achievements could be observed since these changes took place. First, the French franc has not been devalued against the D-Mark since the 12th of January 1987. Second, inflation has remained stable and low since the mid-eighties. Hence the interest in a better understanding of French monetary policy during this particular period.
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