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Santiago Moreno-Bromberg et Jean-Charles Rochet
mai 2014
We present an overview of corporate-finance models where firms are subject to exogenous market frictions. These models, albeit quite simple, yield reasonable predictions regarding financing, pay-outs and default, as well as asset-pricing implications. The price to pay for the said simplicity is the...
Helmuth Cremer et Kerstin Roeder
n° 829, mai 2014
We study exchanges between three overlapping generations with non-dynastic altruism. The middleaged choose informal care provided to their parents and education expenditures for their children. The young enjoy their education, while the old may leave a bequest to their children. Within each period...
Patrick Fève, Julien Matheron et Jean-Guillaume Sahuc
vol. 65, n° 3, mai 2014, p. 543–556
Les règles fiscales autofinancées conduisent souvent à une indétermination réelle de l’équilibre macroéconomique, laissant ainsi la place à des fluctuations de type « taches solaires ». Dans le cadre d’une économie fermée, la tva sociale échappe à cette propriété et réduit uniquement l’élasticité...
Céline Bonnet, Pierre Dubois et Valérie Orozco
vol. 46, n° 3, mai 2014, p. 1143–1166
We show how to use a long period of observation of all food purchases at the household level to infer the profile of average individual caloric intakes according to the gender, age and the body mass index of household members. Using data from France, we apply this method to analyze the relationship...
André Grimaud et Luc Rougé
vol. 36, n° 2, mai 2014, p. 307–331
We present a model of endogenous growth in which the use of a non-renewable resource in production yields CO2 emissions whose accumulated stock negatively affects welfare. A CCS technology enables, via some effort, a partial reduction of these emissions. We characterize the social optimum and how...
Jérôme Renault, Ludovic Renou et Tristan Tomala
vol. 85, mai 2014, p. 1–18
A sender wishes to transmit a secret to a receiver through a communication network, where some nodes are controlled by an adversary. We characterize the directed networks for which there exist ε-secret and ε-strongly secure communication protocols (∀ε > 0): if all nodes are obedient the receiver...
Sébastien Gadat et Fabien Panloup
vol. 50, n° 2, mai 2014, p. 564–601
Nous nous intéressons dans ce travail à une diffusion issue d’une descente de gradient, dont le terme de dérive utilise une mémoire sur le passé de la trajectoire. Le processus ainsi introduit est non-Markovien. Nous étudions les propriétés de stabilité et de convergence à l’équilibre des mesures d...
Matthew Adler, James K. Hammitt et Nicolas Treich
vol. 35, mai 2014, p. 82–93
Loïc Berger
Elsevier, vol. 123, n° 2, mai 2014, p. 248–251
This letter develops a set of simple conditions under which an individual is willing to save an extra amount of money due to the presence of ambiguity concerning his second period wealth. This extra precautionary saving motive is naturally associated with the notion of ambiguity prudence.
Ola Andersson, Cédric Argenton et Jörgen W. Weibull
vol. 85, mai 2014, p. 272–288
