This study provides empirical evidence on the strengthening of the impact of house prices on the US macroeconomy. The stability of the house prices macro-link is tested in a small-dimensional vector autoregressive model over the last fifty years. The estimated break-points are used to split the...

[fre] Cet article compare les performances des filtres de Hodrick-Prescott et de Baxter-King avec une méthode de filtrage fondée sur les propriétés multi-résolution des ondelettes. Globalement, les trois méthodes restent comparables si la composante cyclique théorique est définie dans la...

This article estimates the number of breaks and their locations in the covariance structure of a series based on the evolutionary spectral density and uses some standard information criteria. The adopted approach is non-parametric and does not privilege a priori any modelling of the series. One...

In order to comply with their commitments under the Kyoto Protocol, France and Germany participate in the European Union Emission Trading Scheme (EU ETS) which predominantly concerns the electricity-generation sectors. In this paper we ask whether the EU ETS provides the appropriate economic...

This paper empirically examines how financial development influences the impact of remittances on GDP growth volatility. This empirical study is conducted using the panel smooth transition regression (PSTR) approach. The results show that the impact of remittances on GDP growth volatility is...

Various forms of instability can be observed in macroeconomic and financial data including changes in variance, changes in cycle properties, or both. Traditional tests do not allow to distinguish between these different cases. This paper proposes and compares two alternative approaches. The...

This paper tests whether individual perceptions of markets as good or bad for a public good is correlated with the propensity to report gaps in willingness to pay and willingness to accept revealed within an incentive compatible mechanism. Identifying people based on a notion of market affinity,...