Mardi | 2011-05-24 B211 Kristian BEHRENS – Giordano MION – Yasusada MURATA – Jens SÜDEKUM The spatial structure of an economy is determined by the trade-off between agglomerationand dispersion forces. This trade-off crucially depends on spatial frictions – trade frictions for shipping goods across cities and urban frictions for concentrating people and firms in cities. Little is known to date about the quantitative importance of those frictions. To fill this gap, we develop a model that allows for the joint […]

Mardi | 2011-05-17 B103 Valentin PATILEA – Hamdi RAÏSSI – libre Linear Vector AutoRegressive (VAR) models where the innovations could beunconditionally heteroscedastic and serially dependent are considered. Thevolatility structure is deterministic and quite general, including breaks ortrending variances as special cases. In this framework we propose OrdinaryLeast Squares (OLS), Generalized Least Squares (GLS) and Adaptive LeastSquares (ALS) procedures. The GLS estimator requires the knowledge ofthe time-varying variance structure while in the ALS approach the unknownvariance is estimated by kernel smoothing […]

Mercredi | 2011-05-11 B103 William TELKES

Mardi | 2011-05-03 B103 Zied FTITI This paper proposes a new methodology to check the economic performance of a monetary policy and in particular the inflation targeting policy (ITP). The main idea of this work is to consider the ITP as economically efficient when it generates a stable monetary environment. The latter is considered as stable when a long-run equilibrium exists to which the paths of economic variables (inflation rate, interest rate and GDP growth) converge. The convergence of the […]

Mardi | 2011-04-19 B103 Lasse BORK – Hans DEWACHTER – Romain HOUSSA This paper presents a dynamic factor model where the extracted factorsand shocks are given a clear economic interpretation. The economic inter-pretation of the factors is obtained by means of a set of over-identifyingloading restrictions, while the structural shocks are estimated followingstandard practices in the SVAR literature. Estimators based on the EMalgorithm are developed. We apply this framework to a large panel of USmonthly macroeconomic series. In particular, we […]

Mercredi | 2011-04-14 B103 Abdellah BOUCHELLAL Cet article étudie à partir d’un échantillon de 277 entreprises françaises entre 2006 et 2010, l’incidence de la concurrence bancaire sur le coût du crédit. Nous montrons l’existence d’une relation négative entre les marges appliquées aux crédits accordés aux entreprises, et le niveau de la concurrence entre les établissements de crédit mesurée par le nombre de banques en relation avec l’entreprise. Les résultats obtenus semblent indiquer que la multibancarité représente une solution efficace permettant […]

Mardi | 2011-04-12 B103 Romain RESTOUT – Olivier CARDI This paper addresses the role of labor market frictions in the transmission process of sectoral productivities shocks to the relative price of nontradables. The Balassa-Samuelson model based on frictionless labor markets predicts (i ) proportionality between relative prices and the cross-sectoralproductivity differential and (ii ) wage equalization across sectors. Using panel cointegration and unit root tests applied to a panel of fourteen OECD economies, our empirical evidence does not support these […]

Mardi | 2011-04-05 B103 Cyrille PIATECKI L’essentiel des contrats d’assurance qui sont souscrits sur les marchés correspondentà la description qui en est faite dans la plus part des manuels et des articlesconsacrés à la théorie des assurances. Pourtant, il existe des contrats étrangesqui sont réellement échangés et qui correspondent rarement aux critères d’assurabilitéet d’autres contrats qui nous étonnent peut être simplement parce quenous n’imaginions pas qu’on puisse trouver un assureur acceptant de courir lerisque ou simplement qu’il existe des individus […]

Mardi | 2011-03-29 B103 Rym ALOUI In this paper, we study the effects of government debt on macroeconomic aggregates in a non-Ricardian framework. We develop a micro-founded framework which combines time-varying markups, endogenous labor supply and overlapping generations based on in…nitely-lived families. The main contribution of this paper is to provide a new transmission mechanism of public debt through the countercyclical markup movements induced by external deep habits. We analyze the e¤ects of debt-…nanced tax cuts. We show that the […]

Mardi | 2011-03-29 B103 Florent FREMIGACCI – Rémi BAZILLIER This paper investigates the relationship between the length of Unemployment Insurance (UI) entitlement and transitions out of unemployment. Our focus is on older job seekers who usually access to longer benefit periods and may withdraw from the labour force via early retirement. We exploit the 2003 reform of the French UI system that involved substantial cuts in benefits for this specificgroup. The design of the reform naturally leads us to adopt […]