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Claude Crampes et Antonio Estache
février 2025, p. 1–26
The paper makes the case for a systematic ex-ante assessment of the distributional impact of efficiency enhancing innovations regulatory sandboxes are expected to test. It shows how their prior formal modeling can inform on the possible need to control in the sandbox design for otherwise...
Ayden Higgins et Koen Jochmans
n° 25-1620, février 2025
Inference in linear panel data models is complicated by the presence of fixed effects when (some of) the regressors are not strictly exogenous. Under asymptotics where the number of cross-sectional observations and time periods grow at the same rate, the within-group estimator is consistent but its...
Jean-Paul Azam
n° 25-1619, février 2025
Confession was made compulsory in 1215 at the Lateran Council. Confessors became a kind of regulators, providing advice and inflicting fines, called “restitutions”. Peter Olivi created price theory in 1295 to show that their concepts of ‘just price’ and ‘usury’ were misconceived and harmful for the...
Maxime Derex, Jean-François Bonnefon, Robert Boyd, Richard McElreath et Alex Mesoudi
n° 25-1618, février 2025
In many domains, learning from others is crucial for leveraging cumulative cultural knowledge, which encapsulates the efforts of successive generations of innovators. However, anecdotal and experimental evidence suggests that reliance on social information can reduce the exploration of the problem...
Yassine Lefouili et Leonardo Madio
n° 25-1617, février 2025
In this paper, we review recent studies on the impact of mergers on investments. First, we examine how mergers among competing incumbents influence firms' incentives to develop new products and undertake cost-reducing or quality-enhancing investments. Second, we analyze how an incumbent's...
Fabrice Collard, Patrick Fève et Philipp Wangner
n° 25-1616, février 2025
This paper explores how the persistence of demand shocks interacts with monetary policy in New Keynesian frameworks. We identify two key propagation channels: a permanent income channel, which amplifies the effects of persistent shocks, and a real interest rate channel, which goes in the opposite...
Bruno Carballa-Smichowski, Yassine Lefouili, Andrea Mantovani et Carlo Reggiani
n° 25-1615, février 2025
Data combination and analytics can generate valuable insights for firms and society as a whole. Firms can seize these opportunities by joining platforms that either allow them to access the data contributed by other firms or provide the result of the analytics performed on such data, depending on...
Marine Spiteri, Lola Pedrini, Agathe Thierry, Valérie Orozco, Olivier de Mouzon et Zohra Bouamra-Mechemache
vol. 58, n° 111222, février 2025
Measuring the consumption of processed foods made from a common raw agricultural ingredient requires to make quantities comparable, by converting them in raw product equivalent. This conversion also allows to compute total quantities. In the case of legumes, the challenge is to take into account a...
Jean-Sébastien Fontaine, René Garcia et Sermin Gungor
vol. 80, n° 1, février 2025, p. 57–99
The aggregate leverage of broker-dealers responds to demand and supply disturbances that have opposite effects on financial markets. Leverage supply shocks that relax broker-dealers' funding constraints raise leverage, improve liquidity, increase returns and carry a positive price of risk. Leverage...
Emmanuelle Auriol et Anaïs Dahmani-Scuitti
vol. 172, n° 104930, février 2025
In a model featuring two regions—one affluent and the other impoverished—the allocation of public spending is examined under an initially centralized and autocratic political process. In a stable autocracy, the decision to implement decentralization reforms hinges on a tradeoff: while...
