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Aksel Erbahar et Vincent Rebeyrol
n° 21-1265, novembre 2021, révision septembre 2022
This paper shows that manufacturing exporters export goods that they have not produced and thus also act as trade intermediaries. The geographical dimension of the data reveals that almost half of these exports of “sourced” products are purely intermediated: to many destinations, firms export...
Douadia Bougherara, Lana Friesen et Céline Nauges
n° 21-1267, novembre 2021, révision juillet 2022
Klaus Nordhausen et Anne Ruiz-Gazen
n° 21-1268, novembre 2021
Scatter matrices generalize the covariance matrix and are useful in many multivariate data analysis methods, including well-known principal component analysis (PCA), which is based on the diagonalization of the covariance matrix. The simultaneous diagonalization of two or more scatter matrices goes...
Emmanuelle Auriol et Hillel Rapoport
n° 67, novembre 2021
Bruno Biais, Florian Heider et Marie Hoerova
vol. 88, n° 6, novembre 2021, p. 2654–2686
In order to share risk, protection buyers trade derivatives with protection sellers. Protection sellers’ actions affect the riskiness of their assets, which can create counterparty risk. Because these actions are unobservable, moral hazard limits risk sharing. To mitigate this problem, privately...
Olivier Faugeras et Ludger Rüschendorf
vol. 186, n° 104802, novembre 2021
The mass transportation approach to multivariate quantiles in Chernozhukov et al. (2017) was modified in Faugeras and Rüschendorf (2017) by a two steps procedure. In the first step, a mass transportation problem from a spherical reference measure to the copula is solved and combined in the second...
Emmanuel Farhi et Jean Tirole
vol. 88, n° 6, novembre 2021, p. 2622–2653
Traditional banking is built on four pillars: SME lending, insured deposit taking, access to lender of last resort, and prudential supervision. This paper unveils the logic of the quadrilogy by showing that it emerges naturally as an equilibrium outcome in a game between banks and the government. A...
Sebastian Thieme
vol. 46, n° 4, novembre 2021, p. 855–888
Tests of legislative gatekeeping theories have been hampered by the absence of status quo estimates, making these tests vulnerable to selection bias. I overcome this problem with a novel data set on positions by private interests in Iowa, Nebraska, and Wisconsin because these states’ legislatures...
David Bardey, Samuel Kembou Nzalé et Bruno Ventelou
vol. 191(C), novembre 2021, p. 472–500
We study physicians’ incentives to use personalised medicine techniques, replicating the physician’s trade-offs under the option of personalised medicine information. In a laboratory experiment conducted in two French Universities, prospective physicians played a real-effort game. We vary both the...
Marcel Boyer
vol. 6, n° 2–3, novembre 2021, p. 90–226
Several voices are rising to demand an in-depth reform of capitalism in the wake of the increase in income and wealth inequalities of the last four decades, the climate urgency in a local global world, and the financial crisis of 2007–2010. At the forefront of this movement are different groups...
