Using a Markov‐switching VAR, we show that the effects of uncertainty shocks on output are four times higher in a regime of economic distress than in a tranquil regime. We then provide a structural interpretation of these facts. To do so, we develop a business cycle model in which agents are...

When an household needs to change its home, two transactions have to be done: buy a new house and sell the preceding one. To do so, the household can either adopt a sequential search strategy or a simultaneous search strategy. In sequential strategies, it first buys (or sells) and only after...

This article is devoted to the study of search frictions in financial markets where agents invest in costly search activities to make financial transactions. Search frictions are important to explain the existence of financial relationships and to understand the functioning of over-the-counter...

This paper studies the optimal growth when research and development are explicitly distinguished. To this end, we perform the quantitative welfare analysis of an original model based on (i) a matching process between research and development and (ii) a competitive search process that determines...

[eng] This article studies the long-term relationship between labor productivity growth and unemployment. Measures of co-movements in the frequency domain indicate that the relationship is strongly negative for the seven countries studied : United States, Canada, Japan, United Kingdom, France,...

This article reviews the recent literature on Dynamic and Stochastic General Equilibrium Models for Sub-Saharan Africa business cycles. This literature has two objectives (i) to identify the factors specific to these countries that explain their high volatility and (ii) to assess the relevant...