Mainstream economic theory underlines the close relation between saving decisions and credit supply: the saving decisions determine the credit supply and thus the investment flow carried out by all the firms. The objective of this paper is to highlight the theoretical limits of this causal...

In this paper we discuss the properties of the orderings of positive dependence introduced by Hollander et al. (1990) as generalizing the bivariate positive dependence concepts of left-tail decreasing (LTD) and right-tail increasing (RTI) studied by Esary and Proschan (1972). We show which of...

This paper compares the finite sample performance of alternative tests for rank-dficiency of a submatrix of the cointegrating matrix. The paper focuses on the (implementation of the) likelihood ratio test proposed in Paruolo (2007, Oxford Bulletin of Economics and Statistics), and compares its...

In this paper a notion of descent direction for a vector function defined on a box is introduced. This concept is based on an appropriate convex combination of the “projected” gradients of the components of the objective functions. The proposed approach does not involve an “apriori”...

This paper addresses the problem of measuring the speed of adjustment of exchange rates and relative prices to purchasing power parity (PPP), in the multivariate context of Vector Autoregressive Processes (VAR). We consider the speed of adjustment of one variable y in response to another...

In this paper, we aim at presenting the distributed morality approach as it can be described by the docility model of social interactions. The proposition “morality is a matter of social interaction” constitutes our starting point. We aim at pointing out the ways through which individuals...

If T is the coalescence time of the Propp and Wilson, perfect simulation algorithm, the aim of this paper is to show that T depends on the second largest eigenvalue modulus of the transition matrix of the underlying Markov chain. This gives a relationship between the ordering based on the speed...

The endogenous money theory constitutes the core element of the post-keynesian monetary theory. The first formulation of this theory can be found in the works of Kaldor published in the 1970s. Taking these studies as a starting point, the post-keynesians elaborated two versions of the endogenous...

Since the 1960s Tobin has set himself the objective of developing a macroeconomic model more general than that specified by Keynes in The General Theory. Keynes had assumed that all the assets different from money were perfect substitutes; this hypothesis allowed him to explain only one interest...