In this paper we study, in a DSGE model, the properties of an optimal financing scheme for unemployment benefits in a rigid, and in a flexible labor market. Taking inspiration from the US unemployment insurance system, we ask if firms should be taxed in proportion to their layoffs to finance the...

Does formal contracting foster cooperation in a buyer–supplier relationship? In line with the literature, we find that a renegotiable contract with relationship-specific joint investments does not make it possible to reach the first-best. However, we show that a renegotiable contract may...

New-Keynesian macroeconomics usually provides recommendations for monetary policy in an economy where a subsidy eliminates the mark-up at the steady state : the natural output is then optimal. In this paper, we propose to study the ?uctuations around an inefficient natural output. We show that...

[ger] Lassen sich mit den Modellen des Real Business Cycle die Beschäftigungs- und Produktivitätsschwankungen erklären? . von Xavier Fairise, Pierre-Yves Hénin, François Langot.. . Die Frage, ob sich mit den aus dem Real Business Cycle hervorgegangenen Modellen die Eigenschaften des...

We develop a capital and labor demand model with interrelated adjustement costs. The adjustement costs will simultaneously bear on investment and labor; moreover we shall not suppose any separability assumption on the different kinds of adjustment costs. Investment adjustment costs will thus...

The aim of this article is to characterize the intertemporal substitution effects in the dynamical general equilibrium framework of the canonical real business cycle model. Precisely, we propose to extend the ? constant comparative dynamic results of the life cycle literature to a general...