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Baris Vardar (Paris School of Economics)
Toulouse : TSE, 1 décembre 2014, 11h00–12h30, salle MS 001
This paper investigates the optimal taxation path of a non-renewable resource in the presence of an imperfect substitute renewable resource. We present an optimal growth model and characterize the social optimum and the decentralized equilibrium. We show that the economy gradually reduces the share...
Catherine Rainer (Université de Brest)
Toulouse : TSE, 28 novembre 2014, 14h00–15h30, salle MF 323
We study a stochastic differential equation (SDE) of mean-field type, i.e., an SDE driven by a Brownian motion, which coefficients depend on the solution process of the SDE but also on its probability. We derive a non local PDE which unique solution is described with the help of the mean-field SDE...
Nicolas Werquin (Yale University)
TSE, 28 novembre 2014, 11h00–12h15, salle MF 323
This paper studies the effects of taxes on labor income and social welfare in an environment where labor supply choices are constrained by adjustment frictions. I analyze a dynamic model in which individuals choose their labor supply on the intensive margin as a function of their stochastic...
Siège de la Banque de France, Paris, 28 novembre 2014
Sophocles Mavroeidis (University of Oxford)
TSE, 25 novembre 2014, 15h30–17h00, salle MS 001
Long-run restrictions (Blanchard and Quah, AER 1989) are a very popular method for identifying structural vector autoregressions (SVARs). A prominent example is the unsettled debate on the effect of technology shocks on employment, which has been used to test real business cycle theory (Gali, AER...
Guillaume Lecué (Ecole Polytechnique, Palaiseau)
Toulouse : TSE, 25 novembre 2014, 14h00–15h30, salle MF 323
Paul Milgrom (Stanford University)
Toulouse : TSE, 25 novembre 2014, 11h00–12h30, salle MS 001
We model an online display advertising environment with brand advertisers and better-informed performance advertisers, and seek an auction mechanism that is strategy-proof, anonymous and insulates brand advertisers from adverse selection. We find that the only such mechanism that is also false-name...
Saki Bigio (University of Columbia)
TSE, 24 novembre 2014, 17h00–18h30, salle MS 001
We develop a new framework to study the implementation of monetary policy through the banking system. Banks finance illiquid loans by issuing deposits. Deposit transfers across banks must be settled using central bank reserves. Transfers are random and therefore create liquidity risk, which in turn...
Quang Vuong (New York University)
TSE, 24 novembre 2014, 14h00–15h30, salle MS 001
coauthored with Yao Luo and Isabelle Perrigne
John Zhu (Wharton Pennsylvania University)
TSE, 24 novembre 2014, 12h30–14h00, salle MF 323
I study optimal contracting in a general repeated moral hazard setting where the noisy signals of the agent's hidden efforts are either privately observed by the principal or observed by both agent and principal but not verifiable. In this setting, there is a subset of contract renegotiations that...
