The economic crisis which began in 2008 caused a decline of global savings, while emerging and developed economies have considerable needs in long-term investments. In France, three fields are identified: integrating young people into the labour market and financing their projects, supporting...

La crise mondiale et celle, plus récente, dans la zone euro ont eu tendance à raccourcir l’horizon prévisionnel et décisionnel de nombreux agents économiques. Dans le même temps, les incertitudes (sur l’emploi, les retraites…) poussent plutôt à la remontée du taux d’épargne des...

In many poor countries, the problem is not that governments do not invest, but that these investments do not create productive capital. So, the cost of public investments does not correspond to the value of the capital stocks. In this paper, we propose an original non parametric approach to...

The authors provide various estimates of the government net capital stocks for a panel of 26 developing countries over the period 1970-2001. Two kinds of internationally comparable series of public capital stocks are presented. The first estimates are based on the standard perpetual inventory...

The effect of debt on private investment is theoretically undetermined. Indeed, according to the theory, the relation between debt and private investment can either be negative (debt overhang) or positive (accelerator effect on economic growth, hence on private investment). Our study consists in...

In this paper, we characterize the relationship between the initial distribution of human capital and physical inheritances among individuals and the long-run distri- bution of these two variables. In a model with indivisible investment in education, we analyze how the initial distribution of...

In this paper we develop a stochastic dynamic general equilibrium overlapping generations (OLG) model with endogenous health capital to study the macroeconomic effects of the Affordable Care Act of March 2010 also known as the Obama health care reform. We find that the insurance mandate enforced...

This paper examines the impact of various .fiscal policies, namely, taxes on consumption, lab and capital when agents have self-control preferences. Agents trade in a stochastic overlapping generations economy while facing borrowing constraints. We quantitatively show that modelling choices,...

This paper analyses the effects of transitory increases in government spending when public debt is used as liquidity by the private sector. Aggregate shocks are introduced into an incomplete-market economy where heterogenous, infitely-lived households face occasionally binding borrowing...