We estimate the impact of international trade on wages using data for French manufacturing firms. We instrument firm-level trade flows with firm-specific instrumental variables based on world demand and supply shocks. Both export and offshoring shocks have a positive effect on wages. Exports...

This article studies firms' price-setting decision during a currency changeover. Buyers' difficulties with the new nominal price level may create incentives to raise prices temporarily but doing so comes at the risk of damaging a seller's standing as a fair retailer. We model firms' trade-off...

Using data sets on wage agreements at both industry and firm levels in France, we document stylized facts on wage stickiness. The average duration of wages is a little less than one year, and 10% of wages are modified each month by a wage agreement. The frequency of wage change agreements is...

[eng] This article aims to estimate leading indicators of the U.S. economy with financial variables. We use two types of hidden Markov chain models : a quantitative one (Krolzig (1997)) and a qualitative one (Gregoir and Lenglart (2000)). Both models provide a robust and reliable framework for...

We examine the effect of the minimum wage on restaurant prices. For that purpose, we estimate a price rigidity model by exploiting a unique dataset of individual price quotes used to calculate the Consumer Price Index in France. We find a positive and significant impact of the minimum wage on...

Using several unique data sets on wage agreements at both the firm- and the industry-levels in France, we examine the impact of typical European wage-setting institutions on the form and the degree of wage rigidity. We highlight different stylized facts concerning wage stickiness. First, in...

[fre] Sur la période 1994-2005, les prix à la production dans l'industrie changent en moyenne tous les six mois environ, et ceux des services aux entreprises tous les douze mois. Ce rythme varie d'un secteur à l'autre : les prix de l'énergie durent en moyenne un peu plus de deux mois alors...

A recent strand of empirical work uses (S, s) models with time-varying stochastic bands to describe infrequent adjustments of prices and other variables. The present paper examines some properties of this model, which encompasses most micro-founded adjustment rules rationalizing infrequent...