Based on the theoretical literature on currency crisis, this paper analyses the heritage of F.H.Cardoso?'s two mandates. Hyper-inflation has been defeated. But recent Asian and Russian crisis have brought about the collapse of the currency peg and a huge depreciation. After a fast recovery, the...

Macro-economic international comparisons of labour productivity raise many methodological problems, among which the lack of homogeneity in the measure of the number of hours worked. An assessment of the accuracy of working time series commonly used is proposed for eight OECD countries (United...

In recent years, a case has been made against the use of fiscal policy for stabilization purposes. Real business cycle theory, which portrays the economy as being in global intertemporal equilibrium, concludes that fiscal policy is useless, while the Ricardian equivalence hypothesis concludes...

This paper aims at understanding how trade relations between France and EU?'s countries have historically contributed to French economic growth. Classical and neo-classical theory widely supports that foreign trade is a major factor of growth. However, the impact of foreign trade on economic...

The computable approach to general-equilibrium analysis has greatly benefited from explicitly accounting for the time and generational dimensions. This paper offers a critical survey of one particular branch of applied modeling, namely the computable, overlapping-generations, general-equilibrium...

Opinions derive from personal interest, but also from a moral point of view which may be grasped by examining the position of a spectator who, neither in favor of that actor nor that particular conception of what a good life is, tries to judge the situation put before him or her fairly. This is...