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Antoine Bommier
n° 09-050, 16 juin 2009
The paper discusses the impact of longevity extension on aggregate wealth accumulation, accounting for changes in individual behaviors as well as changes in population age structure. It departs from the standard literature by adopting a formulation of individual preferences that accounts for...
Alexandra Daskovska, Léopold Simar et Sébastien Van Bellegem
n° 09-048, 11 juin 2009
The Malmquist Productivity Index (MPI) suggests a convenient way of measuring the productivity change of a given unit between two consequent time periods. Until now, only a static approach for analyzing the MPI was available in the literature. However, this hides a potentially valuable information...
Emmanuelle Auriol
10 juin 2009
Augustin Landier et Kenichi Ueda
n° 10-238, 5 juin 2009, révision 16 décembre 2010
We formalize the taxpayer burden implied by various bank restructuring plans. Even assuming minimal frictions, in spirit of Modigliani and Miller (1958), when debt contracts cannot be changed, transfers from the taxpayer (in a Net Present Value sense) are necessary. Debt holders benefit from a...
Marco Ottaviani
Toulouse, France, 5–6 juin 2009
Ron Siegel
Doh-Shin Jeon
Michael Mazzeo
Jin Li
Bruno Jullien
