This paper investigates the relationship between forward prices of oil, gas, coal, and electricity using a nonlinear panel cointegration framework. To this end, we consider a panel of 35 maturities and control for the economic and financial environment using equity futures prices. Estimating the...

This article extends earlier efforts at redating the US industrial cycles for the prewar period (1890–1938) using the methodologies proposed by Bry and Boschan (1971) and Hamilton (1989) and based on the monthly industrial production index constructed by Miron and Romer (1990). The alternative...

This paper aims to explore the impact of ex-ante legal status of creator on ex-post open license choice. It first describes the emergents Creative Commons licenses in Open Cultural Contents production and distribution. It introduces the two open models of diffusion and production, followed by...

In this paper, we analyse currencies' misalignments of the CFA zone countries and the adjustment process of their real effective exchange rates towards their equilibrium level over the period 1985-2007. To this end, we firstly estimate, using panel cointegration techniques, a long term...

This paper defends two related ideas: pure market and capitalist economies are different economic societies; neither can be adequately represented by theories of value but both can be accurately distinguished by a monetary approach. Within the framework of a simple modeling, we propose a...

In this paper, we discuss how fraud liability regimes impact the price structure that is chosen by a monopolistic payment platform, in a setting where merchants can invest in fraud detection technologies. We show that liability allocation rules distort the price structure charged by platforms or...

From a macroeconomic perspective, this paper aims to represent the dynamics of the unemployment rate and of the variations of wages in France over the period of 1950-2008. On a theoretical level, the unemployment equation distinguishes a chronic factor characterized by an excess of real wages...

The paper surveys the main criticisms against the economics of crime à la Becker (JPE, 1968). Some of them (external criticisms) are more focused on methological issues, and are mainly addressed by lawyers. Others (internal criticisms) aim at challenging the central result, according to which...

We investigate price level convergence with Germany in eleven countries belonging to the Eurozone between January 1970 and July 2011. Relying on smooth transition regression models, we show that the price convergence process is nonlinear, depending on the size of the price differential: for most...

This article provides a rationalization of (at least partial) professional self-regulation resting on the joint production of individual and collective reputations and its impact on the quality of professional services. It presents a short model that aims to show that (i) a high-quality...