Année : 2018

The Federal Reserve’s dollar swap lines and the European Central Bank in the 2007–2009 crisis

Mardi | 2018-10-23 Salle des thèses 17h – 18h20 Laurent LE MAUX – Emmanuel CARRé Although the literature has analyzed the role of the Federal Reserve as the global lender of last resort in 2007-2009, many aspects of the Dollar Swap Lines to the European Central Bank need further exploration. Using data from both central banks and transcripts of the Federal Open Market Committee’s meetings, we provide original evidence about alloted amounts and interest rates on dollar provision by the […]

Les canaux de transmission de la politique monétaire dans la CEMAC : Une approche vectorielle à facteurs

Mercredi | 2018-10-18 Salle B103 – 12h00 Robert Christian Serge MEBENGA M’ENAM Dans ce travail, nous procédons à une évaluation des canaux de transmission de la politique monétaire dans la CEMAC à l?aide d?un modèle FAVAR (Factor Augmented Vector Auto Regressive) sur données trimestrielles. Les simulations effectuées sur les taux d?intérêt font apparaître de faibles impacts sur l?activité et les prix. Seules les innovations de masse monétaire présentent de réels effets sur ces variables. Nous exploitons ensuite les propriétés relatives […]

Long-Horizon Expectations: a lab experiment

Mardi | 2018-10-09 Salle des thèses 16h – 17h20 Isabelle SALLE – Cars HOMMES – Bruce MCGOUGH – George EVANS We consider boundedly rational agents who do not plan over the infinite future but make trading plans at a finite, arbitrary horizon. We investigate the role of that horizon in the price dynamics of an asset in a Lucas tree model. We then design a laboratory experiment to confront our theoretical predictions to the behaviors of human subjects. Short-horizon markets […]

Macroprudential and Monetary Policies: Friends or Foes?

Mercredi | 2018-10-05 Salle B103 – 12h00 Jose David GARCIA REVELO – Yannick LUCOTTE – Florian PRADINES-JOBET The Great Recession during the late 2000s and early 2010s has led to a strengthening of macroprudential policies over the world in order to address systemic risk concerns. However, the effectiveness of those measures remains unclear. The existing literature fails to demonstrate clearly that macro-prudential policies address effectively financial vulnerabilities. Moreover, the impact of these policies is often assessed regardless of the monetary […]

Separated Under the Same Roof: Political Fragmentation and Public Policies

Mardi | 2018-10-02 Salle des thèses 16h – 17h20 Paolo ROBERTI – Matteo CERVELLATI – Giorgio GULINO This work studies the effect of the political fragmentation in a ruling coalition on fiscal policies. In more fragmented coalitions parties have an incentive to overspend, free riding on deficit. At the same time, a larger political fragmentation reduces the incentives of parties to tax their constituents, therefore decreasing total taxation. Using data on Italian municipalities, the paper exploits the random allocation of […]

Measuring Comovement by a Smooth Transition Simultaneous Equation Model

Mardi | 2018-09-26 Salle des thèses 16h – 17h20 Anjeza KADILLI – Jaya KRISHNAKUMAR This article develops a flexible econometric framework to investigate the comovement between two endogenous variables within a nonlinear simultaneous equation model. The model controls also for indirect dependence which intervenes through common observed and unobserved factors. The comovement is modeled as a smooth and potentially asymmetric function of the magnitude of the endogenous variable. The threshold at which a shock is transmitted is estimated with the […]

Thèses et HDR soutenues en 2018

Thèses soutenues en 2018 CALCAGNO Leonardo « Argentina’s social security system : a dynamic microsimulation model for projecting its sustainability, adequacy and redistributive impact« , (sous les directions d’Alexis DIRER et Anne LAVIGNE), soutenue le 11 décembre 2018. BORDIER-LE-BERRIGAUD Marie-Laure « Enjeux organisationnels et managériaux du Projet, le cas du Projet Associatif d’une fédération départementale d’associations », (sous les directions de Thierry Baudassé et Philippe EYNAUD (Univ. Paris 1), soutenue le 7 décembre 2018. MARAKBI Réda « Institutional Quality, Fiscal efficiency and Macroeconomic Performance » (sous les directions de Patrick […]

Is National Environmental Legislation Affecting Emissions?

Mardi | 2018-09-18 Salle des thèses 16h – 17h20 Thais NUNEZ-ROCHA – Inmaculada MARTıNEZ-ZARZOSO In this paper, we built an environmental regulation index for a panel of countries over the period 1996-2008. The index, based on regulatory-intensity variables specific to a number of environmental topics, is used to investigate the effect of environmental laws on pollution. Three pollutants are considered, namely, PM 2.5, SO2 and NO2. A panel data model is estimated taking into account the determinants of environmental quality […]

Trade in environmental goods: empirical exploration of direct and indirect effects on pollution by country’s trade status

Mardi | 2018-09-11 Salle des thèses 16h – 17h20 Natalia ZUGRAVU-SOILITA Based on panel data covering 114 countries, this study investigates the direct, indirect and total effects of trade flows in environmental goods (EGs) on total CO2 and SO2 emissions. Our multiple-equation GMM estimations reveal positive direct scale – [between-industry] composition effects prevailing on the negative direct technique – [within-industry] composition effects (if any), as well as compensating the significant indirect technique effects channelled by the stringency of environmental regulations […]

Dynamics of Perceived Bank Lending Policy and Credit Market Experience: Evidence from a Firm Survey

Mardi | 2018-07-10 Salle des thèses 15h – 16h20 Jarko FIDRMUC – Christa HAINZ – Werner HöLZL Bank lending policy has gained importance since the financial crisis. We study the determinants of firms’ perceived bank lending policy using panel data from the Austrian Business Climate Survey between 2011 and 2016. Our results show that firms’ perceptions of aggregate lending policy depend on their individual credit market experience. Different categories of negative experience, ranging from worse conditions to loan rejections, have […]