| 
        
	  
             
           Focus
        | International competition in high-end varieties 
 We construct a world database of trade flows for high-end varieties products, computing unit values of related bilateral trade flows and analyzing competition among the main exporters.  Exports of high-end varieties are shown to be less sensitive to distance, and found more sensitive to destination country wealth than other varieties, but only in relation to countries already producing a large range of luxury brands, pointing to a first-mover advantage. >>>
 Lionel Fontagné & Sophie Hatte
 | 
  
    
    	   publications
		 
	         | 
            
	
		   Edito
                | 
 Better late than never
 
 The ECB has announced that it will launch in March its first round of quantitative easing. The announcement contains some good and bad surprises: the size of the ECB's plan is gigantic, while the Central Bank was unclear about the Greek issue. How was this announcement perceived by markets? >>>
 Stéphane Lhuissier
 
 
 
 | 
     
           Databases
        | BACI  - January 2015 - Update & 2013 data available >>>
 
 
 
 | 
 | World Trade Flows Characterization - New CEPII database released on January 2015 on trade types and price ranges >>>
 
 
 
 | 
 | NTM-MAP - New CEPII database released on January 2015 on Non-Tariff Measures >>>
 
 
 
 | 
            
        
          
           Facts & Figures | 
 
 A 10% appreciation in house prices yields to a 3.4% decrease in the unemployment rate. If house prices drive employment fluctuations in construction, they impact also total employment through their effects on labour demand. Housing booms impact specifically the tradable sector as they lead to real exchange rate appreciations that affect manufacturing activity. >>>
 François Geerolf & Thomas Grjebine
 
 
 
 | 
   
           Opinion| 
 It is time for ECB to take risks
 
 Instead of buying sovereign debt, the ECB could broaden further its purchases to include equity of all sorts. Fuelling an equity bubble is no worse than fuelling a bond one. It can be mitigated by intervening secretly and including non listed securities. Inhibitions to take risk should be lifted. >>>
 Urszula Szczerbowicz, Natacha Valla
 
 
 
 | 
 
  To Stay Informed 
 ISSN: 1255-7072 
Editorial Director : Antoine Bouët 
Managing Editor : Dominique Pianelli
 |