This paper is aimed at revisiting monetary analysis in order to better understand erroneous choices in the conduct of monetary policy. According to the prevailing consensus, the market economy is intrinsically stable and is upset only by poor behaviour by government or the banking system. We...

We develop a new method to estimate the parameters of threshold distributions for market participation based upon an agent-specific attribute and its decision outcome. This method requires few behavioral assumptions, is not data demanding, and can adapt to various parametric distributions. Monte...

We study the productivity level distributions of manufacturing firms in France and Germany, and how these distributions evolved across the Great Recession. We show the presence of a systematic productivity advantage of German firms over French ones in the decade 2003-2013, but the gap has...

This paper evaluates the risk of zombification of the French economy during the sanitary crisis, as a result of the unconditional financial support provided to firms by public authorities. We develop a simple theoretical framework based on a partial-equilibrium model to simulate the liquidity...

The paper discusses some fundamental features of the 'Simonian' research program in microeconomics and compare them with two streams of thought which find their roots into Simon's pathbreaking work since the '50s and '60s, namely Transaction Cost Economics and Evolutionary Economics. One argues...

Even the most rudimentary training from Economics 101 starts with demand curves going down and supply curves going up. They are so 'natural' that they sound even more obvious than the Euclidian postulates in mathematics. But are they? What do they actually mean? Start with ''demand curves''. Are...

The paper, largely based on the introduction to Dosi (2012), elaborates on the main interpretative ingredients, methodology and challenges ahead of the evolutionary research program in economics. Telegraphically, such a perspective attempts to understand a wide set of economic phenomena -...

This note discusses the medical/therapeutical responses to the COVID-19 pandemic and their “political economy” context. First, the very quick development of several vaccines highlights the richness of the basic knowledge waiting for therapeutical exploitation. Such knowledge has largely...