BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Date iCal//NONSGML kigkonsult.se iCalcreator 2.20.2//
METHOD:PUBLISH
X-WR-CALNAME;VALUE=TEXT:TSE
BEGIN:VTIMEZONE
TZID:Europe/Paris
BEGIN:STANDARD
DTSTART:20261025T030000
TZOFFSETFROM:+0200
TZOFFSETTO:+0100
TZNAME:CET
END:STANDARD
BEGIN:DAYLIGHT
DTSTART:20260329T020000
TZOFFSETFROM:+0100
TZOFFSETTO:+0200
RDATE:20270328T020000
TZNAME:CEST
END:DAYLIGHT
END:VTIMEZONE
BEGIN:VEVENT
UID:calendar.143993.field_date.0@www.tse-fr.eu
DTSTAMP:20260916T085942Z
CREATED:20260905T101001Z
DESCRIPTION:Gianluca Benigno (University of  Lausanne)\, “The Financial (In
 )Stability Real Interest Rate\, R**”\, Séminaire Banque de France\, Septem
 ber 22\, 2026\, 11:30–12:30\, BDF\, Paris\, room Online and in Room 4GH.\n
 \nWe build a macro-finance model with an occasionally binding financing co
 nstraint where real interest rates have opposite effects on current and fu
 ture financial stability\, with the contemporaneous impact driven by valua
 tion effects (akin to those triggering the 2023 banking turmoil) and the f
 uture impact driven by reach-for-yield by intermediaries. We use this mode
 l to illustrate the concept of the financial stability interest rate\, r**
 \, which we propose as a quantitative summary statistic for financial vuln
 erabilities. We provide a measure of r** for the U.S. economy and discuss 
 its evolution over the past fifty years.
DTSTART;TZID=Europe/Paris:20260922T123000
DTEND;TZID=Europe/Paris:20260922T133000
LAST-MODIFIED:20260912T001001Z
LOCATION:September 22\, 2026\, 11:30–12:30\, BDF\, Paris\, room Online and 
 in Room 4GH
SUMMARY:Séminaire Banque de France
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2026-financial-instability-real
 -interest-rate-r
END:VEVENT
END:VCALENDAR