Séminaires de recherche

Mardi | 2009-03-17

David ANDOLFATTO – libre

Mardi | 2009-03-10

Bresson FLORENT – Isabelle RABAUD

The present paper defines an axiomatic framework for multidimensional povertymeasurement that fits a weak version of the focus axiom and is consistentwith Duclos, Sahn, and Younger’s (2006) “well-being” approach of poverty identification.This slackening of the tradtional axiomatic framework is appealing fortwo reasons. First, regarding the issue of poverty identification, the approach isless restrictive than the traditional “union” and “intersection” views. Secondly,concerning the issue of aggregation among attributes for each individual, it allowsfor substitution effects between meagre and non-meagre attributes as wellas the existence of varying needs considerations. As an illustration of these developments,we introduce two extensions of family of multidimensional povertyindices defined by Bourguignon and Chakravarty (2003).

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 collateral-constrained agents can be at theroots of permanent external imbalances; indeed our model has a uniqueand dynamically determinate steady state, which is characterized by apositive level of debt. Our framework allows us to analyze the linkagebetween exchange rates, real assets and international capital flows. Wefocus on this mechanism so as to track the (international) transmissionof shocks and the implications for the monetary policy; we show howdevelopments affecting the house market can affect current account andexchange rate dynamics.

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 market share,on the other hand. In this environment, banks can use securitizationas a tool to commit to reduce or even not to do monitoring in orderto soften ex ante competition. We demonstrate that securitization canmake banks collectively better o by increasing overall pro t to thedetriment of overall loan market e ciency.

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 micro andmacroeconomic perspectives.First, the individual effects of the programme are assessed. Using the individual dataprovided by State Employment Agency of Latvia, we investigate the impact of participa-tion on unemployed transitions to jobs, examine heterogeneity of treatment effects acrossdifferent socio – demographic and regional groups and examine the empirical link betweentargeting of the programme and its efficiency. We also test the sensitivity of our results tothe so called ”hidden” bias.Next, the aggregate impact on the outflows from unemployment to jobs is analyzed usingmonthly panel data (1999-2006) data from 33 Latvian districts. The analysis is performedby estimating the augmented matching function, where the correct specification of thehiring process is obtained by allowing for stock-flow matching. The results allow to quan-tify the aggregate outcomes of training and to assess temporal evolution in programmeefficiency (by comparing pre EU accession to post accession periods) or its regional distri-bution. The estimation results are further employed to perform a costs-benefit analysis ofthe programme.Generally, the effects of unemployed training are confirmed to be positive at both macroe-conomic and individual levels: involvement of unemployed in training increases aggregateoutflows from unemployment to jobs and increases individual employability of participants.

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 by the implementation of performanceappraisals.

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 mettons en place des estimations de type doubles moindres carrésordinaires. Nous travaillons sur un échantillon d’environ 6500 individus obtenu parl’appariement de quatre sources de données. Nous montrons que plus la commune derésidence est évaluée comme « désavantagée », plus la durée de l’individu avant de trouverun emploi ou un CDI sera longue. Après avoir contrôlé l’endogénéité des caractéristiquescommunales, elles se révèlent encore plus importantes pour le retour à l’emploi.