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Hans Gersbach, Jean-Charles Rochet, and Martin Scheffel
vol. rfac046, 2022
We integrate bank and bond financing into a two-sector neoclassical growth model and identify an automatic stabilization effect due to endogenous bank leverage adjustment. We show that although bank leverage amplifies shocks, the increase of leverage due to a decline in bank equity partially...
Elisa Luciano, and Jean-Charles Rochet
vol. 144, 2022, p. 104543
The risk appetite of insurance companies fluctuates over time in a quasi cyclical fashion. When their capitalization is high (low), companies choose portfolios with a high (small) share of risky assets. We show that this phenomenon has the same source as the underwriting cycle, namely...
Perrin Lefebvre, and David Martimort
vol. 34, n. 3, 2022, p. 357–414
A substantial literature has been devoted to analyzing how legislators delegate regulatory power to a more knowledgeable agency. Yet, much less attention has been paid to understand how this delegation process is shaped by the environment in which this agency operates, and more specifically by the...
Laurent Miclo, Pierre Patie, and Rohan Sarkar
vol. 50, n. 6, 2022, pp. 2085–2132
The first aim of this paper is to introduce a class of Markov chains on Z+ which are discrete self-similar in the sense that their semigroups satisfy an invariance property expressed in terms of a discrete random dilation operator. After showing that this latter property requires the chains to be...
Samuele Centorrino, Jean-Pierre Florens, and Jean-Michel Loubes
Felix Chan, and Laszlo Matyas (eds.), Springer, chapter 7, 2022, pp. 217–250
A supervised machine learning algorithm determines a model from a learning sample that will be used to predict new observations. To this end, it aggregates individual characteristics of the observations of the learning sample. But this information aggregation does not consider any potential...
Jad Beyhum, Jean-Pierre Florens, and Ingrid Van Keilegom
vol. 40, n. 3, 2022, pp. 1034–1045
This article analyzes the effect of a discrete treatment Z on a duration T. The treatment is not randomly assigned. The confounding issue is treated using a discrete instrumental variable explaining the treatment and independent of the error term of the model. Our framework is nonparametric and...
Estelle Malavolti, and Chunan Wang
vol. 2022, 2022
In the context of the SESAR (Single European Sky Air traffic management Research) Joint Undertaking, the role that the air navigation service provider (ANSP) could play has been reconsidered. ANSP manages traffic and deals with potential conflict situations and external events, which have led to...
Bastien Bernela, and Liliane Bonnal
vol. 73, 2022, pp. 695–733
À partir d’enquêtes françaises portant sur six générations entre 1998 et 2013, nous examinons la mobilité des étudiants et des diplômés universitaires, caractérisons l’évolution des trajectoires géographiques et estimons l’effet de la mobilité sur la qualité de l’emploi occupé. Les...
Céline Bonnet, Zohra Bouamra-Mechemache, and Gordon Klein
vol. 49, n. 5, December 2022, p. 1113–1145
In this paper, we analyse the strategic role of the recent introduction of national brand (NB) products by hard discounters (HDs) in the French food retailing market and its impact both at the retail and manufacturer levels. We use a structural econometric model of vertical relationships and...
Ilaria Pretelli, Monique Borgerhoff Mulder, and Richard McElreath
vol. 4, n. e34, 2022
Humans live in diverse, complex niches where survival and reproduction are conditional on the acquisition of knowledge. Humans also have long childhoods, spending more than a decade before they become net producers. Whether the time needed to learn has been a selective force in the evolution of...
