We build an agent-based model to study how scal multipliers can change over the business cycle. Our approach considers the economy as a complex evolving system.In that,scal state-dependent multipliers are emergent disequilibrium phenomenon stemming from the interaction among an ecology of...

Le livre de Thomas Piketty « Le Capital au XXIèmesiècle » est ambivalent. D’un côté, une lecture théorique trop simple, fondamentalement a-institutionnelle, retient un taux de croissance définitivement exogène et ignore l’hétérogénéité du capital, faisant de la répartition des...

L’objet de cet article est de proposer une lecture de l’évolution des faits et des idées économiques, dans la perspective de montrer que les vieilles idées resurgissent sous de nouveaux atours, au point d’en cacher les lacunes et de rendre les crises,non seulement, difficiles à...

This study explores the different implications of patent breadth and RD subsidies on economic growth and endogenous market structure in a Schumpeterian growth model. We fend that when the number of firms is fixed in the short run, patent breadth and R&D subsidies serve to increase economic...

The paper reviews the state of the economic literature on the link between nancial development and growth. We rst examine the issue of measurement of nancial development and the debate on the direction of causality between nance and growth. Next, we extensively discuss the various channels...

The European Central Bank publishes inflation projections quarterly. This paper aims at establishing whether they influence private forecasts and whether they may be considered as an enhanced means of implementing policy decisions by facilitating private agents’ information processing. We...

This paper aims at establishing the link between economic performance, financial depth and financial stability in the European Union from 1998 to 2011. We use the standard framework both in terms of variables and econometric method of Beck and Levine (2004) to estimate these relationships. Our...

Firms operating in two-sided markets have to integrate in their optimal pricing structure the existence of indirect externalities across groups of consumers. Beyond direct externalities network effects,such markets are characterized by the increasing value of the platform for the users on one...

We investigate the conditions under which R&D investment by rival firms may be negatively or positively correlated. Using a two-stage game the influence of spillovers and product substitution is investigated. It is shown that under Cournot competition, the sign of the R&D reaction function...

The economic crisis which started in 2008 led to a strong rise in public debts. The sovereign debt crisis in euro area southern countries breached the unity of the euro area and weakened the single currency concept. The paper shows that this situation is not due to a lack of fiscal discipline in...