Mardi | 2009-02-24 Eleni ILIOPULOS – Yannick LUCOTTE In this article, we focus on current account dynamics in large openeconomies characterized by debt-constrained heterogeneous agents andendogenous monetary policies. We incorporate three key features thathave bulked large in the New Open Macroeconomics literature: i) homebias in trade ii) price rigidities and iii) durable goods (real properties).In order to limit agents’ willingness to consume and to (partially) insurecreditors against the risk of default, we incorporate collateral constraints.We show that the impatience of […]

Mardi | 2009-02-19 Jung-Hyun AHN – Régis BRETON – Jean-Paul POLLIN This article analyzes the motivation of loan securitization. Weshow that loan securitization can be used as a strategic tool to softenloan market competition. In a two – period loan market competitionmodel where banks strategically decide whether they acquire informationabout borrowers, banks’ strategic acquisition of informationprevents future competition by increasing informational asymmetrybetween relationship bank and external banks, on the one hand, butincreases ex ante competition for banks to obtain more […]

Mardi | 2009-02-17 Cyrille PIATECKI – libre

Mardi | 2009-02-03 Jekaterina DMITRIJEVA – Rémi BAZILLIER During the transition to market economy and the accession to the EU Central and EasternEuropean countries have witnessed remarkable changes in the structure and functioningof national economies. The aim of this paper is to investigate the role of active labourmarket policy (ALMP) programmes in smoothing the consequences of transitional shockand improving the performance of the labour market. We evaluate the employment ef-fects of publicly provided unemployed training programme in Latvia from both […]

Mardi | 2009-01-27 Marc-Arthur DIAYE – N. GREENAN – William TELKES Performance appraisals have become a widespread practice in OECDmember countries. However, whereas the problem of constructing an optimalcontract with subjective evaluation receives a lot of attention, firmlevelperformance appraisals are strikingly left outside of economic theory.The purpose of this paper is threefold: first, to theoretically define whatperformance appraisals are; second, to analyze the effects of incentivecontracts on effort and wage using performance appraisals; and third, toquantify the selection effects driven […]

Mardi | 2009-01-22 Franck JOVANOVIC – Cyrille PIATECKI

Mardi | 2009-01-20 Alexis DIRER – Anne LAVIGNE This paper studies how annuities should be taxed in a model à la Mir-rlees (1971) in presence of adverse selection and a positive link betweenincome and longevity. An annuity tax can address the adverse selectionproblem by subsidizing small annuities (purchased by low income groups)and taxing large annuities (purchased by high income groups). Numericalsimulations suggest that the degree of progressivity of taxation is signi…-cant and increases when annuitants get older.

Mardi | 2009-01-13 Oana CALAVREZO – Florent SARI – Gilbert COLLETAZ Nous étudions l’impact de trois caractéristiques communales (taux de chômage, part des nondiplôméset potentiel fiscal) sur le retour à l’emploi des individus (durée avant de trouver unemploi -peu importe sa nature- et durée avant d’avoir un CDI). Ces caractéristiquesdécrivent le degré de « désavantage » d’une commune. Habiter dans une certaine communen’est pas le fruit du hasard. Econométriquement, il y a un problème de biais d’endogénéité.Pour le résoudre, nous […]