Recherche avancée

Pierre Dubois et Morten Saethre

n° 18-883, janvier 2018, révision mars 2020

Differences in regulated pharmaceutical prices within the European Economic Area create arbitrage opportunities that pharmacy retailers can access through parallel imports. For prescription drugs under patent, parallel trade affects the sharing of profits among an innovating pharmaceutical company...

Jean-Paul Décamps et Stéphane Villeneuve

n° 18-884, janvier 2018

We study a corporate finance dynamic contracting model in which the firm's growth rate fluctuates and is impacted by the unobservable effort exercised by the manager. We show that the principal's problem takes the form of a two-dimensional Markovian control problem. We prove regularity properties...

Hans Gersbach, Jean-Charles Rochet et Martin Scheffel

n° 18-885, janvier 2018

This paper integrates banks into a two-sector neoclassical growth model to account for the fact that a fraction of firms relies on banks to finance their investments. There are four major contributions to the literature: First, although banks’ leverage amplifies shocks, the endogenous response of...

H. Mete Soner, Max Reppen et Jean-Charles Rochet

n° 18-886, janvier 2018

We study an optimal dividend problem under a bankruptcy constraint. Firms face a trade-off between potential bankruptcy and extraction of profits. In contrast to previous works, general cash flow drifts, including Ornstein–Uhlenbeck and CIR processes, are considered. We provide rigorous proofs of...

Jay Pil Choi, Doh-Shin Jeon et Byung-Cheol Kim

n° 17-887, janvier 2018, révision janvier 2019

We provide a theoretical model of privacy in which data collection requires consumers’ consent and consumers are fully aware of the consequences of such consent. Nonetheless, excessive collection of personal information arises in the monopoly market equilibrium which results in excessive loss of...

Hans Gersbach, Jean-Charles Rochet et Martin Scheffel

n° 881, janvier 2018

This paper integrates banks into a two-sector neoclassical growth model to account for the fact that a fraction of firms relies on banks to finance their investments. There are four major contributions to the literature: First, although banks’ leverage amplifies shocks, the endogenous response of...

Daron Acemoglu et Pascual Restrepo

janvier 2018

We summarize a framework for the study of the implications of automation and AI on the demand for labor, wages, and employment. Our task-based framework emphasizes the displacement effect that automation creates as machines and AI replace labor in tasks that it used to perform. This isplacement...

H. Mete Soner, Max Reppen et Jean-Charles Rochet

n° 882, janvier 2018

We study an optimal dividend problem under a bankruptcy constraint. Firms face a trade-off between potential bankruptcy and extraction of profits. In contrast to previous works, general cash flow drifts, including Ornstein–Uhlenbeck and CIR processes, are considered. We provide rigorous proofs of...

Pierre Dubois, Rachel Griffith et Martin O'Connell

vol. 1, n° 1, janvier 2018, p. 396–436

There are growing calls to restrict advertising of junk foods. Whether such a move will improve diet quality will depend on how advertising shifts consumer demands and how firms respond. We study an important and typical junk food market { the potato chips market. We exploit consumer level exposure...

Dana Galizia, Franck Portier et Paul Beaudry

vol. 85, n° 1, janvier 2018, p. 119–156

Recessions often happen after periods of rapid accumulation of houses, consumer durables and business capital. This observation has led some economists, most notably Friedrich Hayek, to conclude that recessions often reflect periods of needed liquidation resulting from past over-investment....