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Patrick Fève, Alban Moura et Olivier Pierrard
vol. 172, novembre 2018, p. 12–15
We solve a version of the analytical Real Business Cycle (RBC) model with a predetermined rate of return on household saving. The solution differs from that of the benchmark RBC model along two dimensions: (i) Policy functions depend on the variance of the technology shock. (ii) There is a...
Renato Gomes et Jean Tirole
vol. 133, n° 4, novembre 2018, p. 2097–2169
Firms often sell a basic good as well as ancillary ones. Hold-up concerns have led to ancillary good regulations such as transparency and price caps. The hold-up narrative, however, runs counter to evidence in many retail settings where ancillary good prices are set below cost (e.g. free shipping,...
Emmanuelle Auriol, Antonio Estache et Liam Wren-Lewis
vol. 69, n° 6, novembre 2018, p. 913–936
Paula Margaretic et Sébastien Pouget
vol. 58, novembre 2018, p. 340–355
This paper studies the impact of a country's extra-financial performance on its sovereign bond spreads. Sovereign bond spreads reflect both an economic default risk and a strategic default risk. We hypothesize that a country's extra-financial performance reduces default risk by signalling good...
Denis Hilton, Nicolas Treich, Gaetan Lazzara et Philippe Tendil
vol. 17, n° 1-2, novembre 2018, p. 27–38
We discuss what makes a “good” environmental nudge from the policy maker’s point of view. We first delineate what is paternalistic about environmental nudges. We then discuss the effectiveness of nudges, including their paradoxical effects on the targeted behaviour, as well as possible collateral...
Bastien Cabarrou, Patrick Sfumato, Loïc Mourey, Eve Leconte et Laurent Balardy
vol. 9, n° 103, novembre 2018, p. 102–126
Jorge Peña et Georg Nöldeke
vol. 457, novembre 2018, p. 211–220
How the size of social groups affects the evolution of cooperative behaviors is a classic question in evolutionary biology. Here we investigate group size effects in the evolutionary dynamics of games in which individuals choose whether to cooperate or defect and payoffs do not depend directly on...
Emmanuelle Auriol, Giulia Camilotti et Jean-Philippe Platteau
sous la direction de Siwan Anderson, Lori Beaman et Jean-Philippe Platteau, chapitre 15, novembre 2018
Bruno Biais et Richard Green
n° 18-960, octobre 2018
Bonds are traded in opaque and fragmented over-the-counter markets. Is there some- thing special about bonds precluding transparent limit-order markets? Historical experience suggests this is not the case. Before WWII, there was an active market in corporate and municipal bonds on the NYSE....
T.H.A Nguyen, Thibault Laurent, Christine Thomas-Agnan et Anne Ruiz-Gazen
n° 18-961, octobre 2018
The proportions of votes by party on a given subdivision of a territory form a vector called composition (mathematically, a vector belonging to a simplex). It is interesting to model these proportions and study the impact of the characteristics of the territorial units on the outcome of the...
