Recherche avancée

Patrick Fève et Alain Guay

n° 16-656, mai 2016

This paper investigates the contribution of sentiments shocks to US fluctuations in a Structural VAR setup with long, medium and short run restrictions. Sentiments shocks are identified as shocks orthogonal to fundamentals that accounts for most of the variance of confidence. We assess our...

Sumudu Kankanamge et Thomas Weitzenblum

n° 16-657, mai 2016

This paper examines the optimal time-consistent unemployment insurance policy in a search economy with incomplete markets. In a context of repeated choice without a commitment device, we show that the optimal replacement rate depends on how frequently in time the policy can be revised. The exact...

Audrey Desbonnet et Sumudu Kankanamge

n° 16-658, mai 2016

In this paper, we investigate the importance of aggregate fluctuations for the assessment of the optimal level of public debt in an incomplete markets economy. We start by building a steady state model in which households are only subject to uninsurable idiosyncratic risk and evaluate the optimal...

Christian Gollier

n° 863, mai 2016

We fill a gap in the literature by formally defining the notion of aversion to risk of regret. An agent is sensitive to regret when her ex-post utility depends upon the forgone best payoff. An increase in the risk of regret occurs when the actual payoff and this best alternative become...

Joao Correia da silva et Faria Gonçalo

vol. 22, n° 7, mai 2016, p. 601–626

Literature on dynamic portfolio choice has been finding that volatility risk has low impact on portfolio choice. For example, using long-run US data, Chacko and Viceira [2005. “Dynamic Consumption and Portfolio Choice with Stochastic Volatility in Incomplete Markets.” The Review of Financial...

Cyrus Grout, Jean Cavailhes, Cécile Détang-Dessendre et Alban Thomas

vol. 92, n° 2, mai 2016, p. 203–219

This paper addresses the question of a causal link between climate and urban sprawl by focusing on the role local climate plays in determining household behavior regarding housing decisions. We consider the hypothesis that under warmer climates, households exhibit “sprawling behavior”: they locate...

Ernst R. Berndt et Pierre Dubois

vol. 23, n° 2, mai 2016, p. 125–147

Variability in regulatory frameworks, industrial policy, physician/pharmacy autonomy, brand/generic distinctions, and the practice of medicine contribute to ambiguous interpretations of cross-country pharmaceutical cost comparisons. Here, we report cross-country comparisons that: (i) focus on ten...

David Bardey, Bruno Jullien et Jean-Marie Lozachmeur

vol. 47, mai 2016, p. 50–63

Daniel L. Chen et John J. Horton

vol. 27, n° 2, mai 2016, p. 403–423

Arianna Degan et Emmanuel Thibault

vol. 81, mai 2016, p. 66–78

Why do some dynasties maintain the fortune of their founders while others completely squander it in few generations? To address this question, we use a simple deterministic microfounded model based on two main elements: the “hunger for accumulation” and the “willingness to exert effort”. Contrary...