Séminaires de recherche

Spatial Distribution of Economic Activities and Transboundary Pollution

Mardi | 2013-12-17
Sully 5

Julien CIUCCI – Marie-Antoinette MAUPERTUIS – Dominique PRUNETTI

Di¤erent empirical studies con…rm that individuals consider environmental quality in their location choices. Nonetheless, little attention has been devoted to the role of transboundary pollution in the agglomeration or spreading of economic activities. This contribution introduces transboundary pollution in the …eld of New Economic Geography providing an extension of Ottaviano’s Core-Periphery Model (Ottaviano, 2001). In terms of long run equilibria, the introduction of pollution to the footloose entrepreneur model has two major consequences. First, it allows several original equilibrium con…gurations, which do not arise by considering only transport costs. Secondly, for a given level of transport cost, di¤erent equilibrium con…gurations may occur, depending on the environmental parameters.

Thou Shall Not Work Alone (version provisoire)

Mardi | 2013-12-10
salle des thèses


This paper focuses on the properties of the matching process which leads to scienti…c collaboration. In a …rst step, it builds a theoretical model to describe the intertemporal choice of researchers faced to successive possibilities of co-authoring papers. In a second part, the paper empirically asseses the properties of the model’s optimal solution. The main empirical result is that the number and the quality of a researcher’s co-authors re‡ect the productivity of this researcher. This result is consis- tent with the assumption that co-authorship is justi…ed by a willingness to increase both the quality and the quantity of research output. As a researcher with a high number of in‡uent publications will work with a higher number of in‡uencial co-authors, co-authoring with in‡uent researchers appears as a signalling device of a researcher’s quality

Extreme Values in Financial Economics: Empirical Observations and Theoretical Choices (Article non disponible)

Mardi | 2013-12-03
salle des thèses


Franck Jovanovic (TELUQ et LEO) présentera en séminaire un chapitre de son livre sur l’éconophysique et ses liens avec l’économie financière. Le plan provisoire de son livre co-écrit avec Christophe Schinckus est le suivant: Chapter 1. Foundations of financial economics Chapter 2. Extreme values in financial economics: empirical observations and theoretical choices Chapter 3. When Complexity met finance in the 1990s Chapter 4. The creation of econophysics as a new scientific field Chapter 5. Econophysics’ contributions to finance Chapter 6. Towards a trans-econophysics

Macroeconomic Determinants of European Stock and Government Bond Correlations: A Tale of Two Regions

Mardi | 2013-11-19
Sully 5


This paper studies the dynamic correlation between stocks, between government bonds and between stocks and bonds within the Euro-zone in the last decade. In order to better understand the development of the financial market we argue that it is necessary to analyse all such relations simultaneously rather than focus at one. We firstly calculate the dynamic correlation for the previous asset classes. Results presented at the asset-region level, i.e. north-stock, north-bonds, south-stocks and south-bonds, visualise the divergence in integration in Europe and highlight the heterogeneity in these markets. Secondly, we study the macroeconomic factors that determine these correlations. We find that, when we allow for regional division, not only cross-asset correlations within regions behave differently from each other, but also cross assets cross-regions dynamic correlations can be explained with macroeconomic factors such as the relative market uncertainty between countries and balance of payments dynamics.

Carbon Price Drivers in the Second Phase of the EU ETS

Mardi | 2013-11-12
salle des thèses

Djamel KIRAT

This paper investigates the long-term and short-term determinants of the carbon price during the second phase of the European Union Emission Trading Scheme (EU ETS (2008-2012)). As-suming markets efficiency, I examine the extent to which the allowance price can be explained by marginal abatement costs. Specifically, I derive and estimate a structural model of allowance price while accounting for two structural breaks occurred on the carbon spot price series on October 2008 and September 2011. While the first break resulted mainly from the 2008 financial and economic crisis, the second break is probably caused by the economic downturn in late 2011. I find a significant long-run equilibrium between the carbon price, the price of gas and the economic activity. I find also that the short-run dynamics reflect adjustments in accord with convergence toward that long-run equilibrium. In addition to the long-term determinants, the short-term determinants of carbon price include the price of coal. I find evidence of a trade-off between gas and coal in electricity-generation in the short-run. I conclude that switching from coal toward gas is the abatement method of choice in the short-term.

L’économie politique de l’innovation environnementale : paradoxes et ambiguïtés de la croissance verte

Mardi | 2013-10-22
salle des thèses


L’innovation environnementale qui dépasse le seul domaine de l’innovation des éco-industries, connaît à l’heure actuelle un développement considérable. Pourtant ses effets sur la pression environnementale restent encore limités par la persistance d’ « effets rebond », liés la rétroaction exercée par l’amélioration de l’efficience dans l’utilisation des ressources sur leur consommation globale. L’innovation a d’autre part tendance à augmenter la pression sur l’environnement, par le développement des pratiques d’obsolescence programmée, notamment dans les NTIC. Les différents canaux par lesquels l’innovation environnementale pourra aboutir à une croissance verte passent par des innovations technologiques, mais aussi par des changements de comportements et d’attitudes qui devraient s’autorenforcer. Ces changements de comportements peuvent être induits par des mécanismes économiques, mais aussi par des incitations non monétaires afin d’en limiter les effets redistributifs. Les outils disponibles pour promouvoir l’innovation environnementale sont nombreux : réglementations, taxes et subventions, marché des droits à polluer, mais leur combinaison contribue à brouiller les signaux prix alors qu’il faudrait parvenir à déterminer un prix du carbone évité unique pour guider les choix des technologiques environnementales.