Année : 2017

Collaterals and (in)stability of monetary policy

Mardi | 2017-12-12 Salle des thèses 16h – 17h20 Daria ONORI – Antoine LE RICHE We consider an infinite horizon monetary economy and study the effects of collaterals on credit market on the steady-state features, on the welfare properties and on the business cycle. Capital plays the role of collateral: the share of consumption that […]

The effect of institutional ownership on firms’ competition orientation: The implications for crash risk

Mardi | 2017-11-28 Salle des thèses 16h – 17h20 Panayiotis ANDREOU – Franco FIORDELISI – Terry HARRIS – Dennis PHILIP This paper develops a measure of competition orientation based on textual analysis of managements’ disclosures in their 10-K filings. Using this measure, we provide evidence regarding institutional investors’ preferences and behind‐the‐scenes interventions. In particular, we […]

Are immigrants’ skills priced differently? Evidence from France

Mardi | 2017-11-21 Salle des thèses 16h – 17h20 Ahmed TRITAH – Catherine LAFFINEUR – Eva MORENO-GALBIS – Jeremy TANGUY Over the last two decades, despite similar employment dynamics, immigrants and natives in France have experienced sharp differences in wage changes along the occupational wage distribution. Immigrants’ wage growth has outperformed that of natives along […]

Local Diffusion of Short-Time Work

Mardi | 2017-11-14 Salle des thèses 16h – 17h20 Florence PUECH – Sandra NEVOUX – Eric MARCON This paper aims at assessing the local diffusion of short-time work. We argue that the geographical proximity of establishments having already used short-time work in the past is a major information channel regarding this scheme. Relying on distance-based […]

Pandemic crises in financial systems : a simulation-model to complement stress – testing frameworks

Mardi | 2017-10-24 Salle des thèses 16h – 17h20 Julien IDIER – Thibaut PIQUARD We propose in this paper a simulation framework of pandemic in financial system composed of banks, asset markets and interbank markets. This framework aims at complementing the usual stress-test strategies that evaluate the impact of shocks on individual balance-sheets without taking […]

Generating Univariate Fractional Integration within a Large VAR(1)

Mardi | 2017-10-17 Salle des thèses 16h – 17h20 Guillaume CHEVILLON – Alain HECQ – Sébastien LAURENT This paper shows that a large dimensional vector autoregressive model (VAR) of finite order can generate fractional integration in the marginalized univariate series. We derive high-level assumptions under which the final equation representation of a VAR(1) leads to […]