We analyze the physical, i.e. non financial, determinants of the real price of crude oil by means of an equilibrium correction model over the last two decades. We find that two cointegrating relations affect the change in prices: one refers to OPEC's cartel behavior attempting to control prices...

This paper analyzes international migrations when migrants invest part of their income in their origin country. This investment contributes to increase capital intensity and wages in the origin country, thus reducing the scope for migrating. We show that a non-total migratory equilibrium can...

This original study examines the potential of a spatiotemporal autoregressive Local (LSTAR) approach in modelling transaction prices for the housing market in inner Paris. We use a data set from the Paris Region notary office (“Chambre des notaires d’Île-de-France”) which consists of...

This paper studies the influential Melitz model of trade with heterogeneous firms using an alternative, intuitive approach. Contrary to what is often argued, it is an increase in product market competition that drives the bad firms out: with two-way trade, entry by foreign firms is not...

As suggested by D. Geltner, commercial properties indices have to be built using repeat sales instead of hedonic indices. The repeat sales method is a means of constructing real estate price indices based on a repeated observation of property transactions. These indices may be used as benchmarks...

If a dollar denominated external debt comes with so many risks, why do emerging economies allow for such an imbalance to accumulate ? The explanation provided in this paper builds on a simple signaling model. By assumption, lenders have no direct possibility to infer a firm’s financial stance....

This paper argues that organization change programmes are frequently backed by appeals to "coherence" – this understood as a harmonious fit between different variables (strategy, policies, management systems) conducive to better performance. In comparison recourse to psychological notions of...

This research paper examines four cases of teaching innovation that have been used mostly in France and that make an intensive use of multimedia techniques. The proposed approach calls for the use of different multimedia tools to overcome some of the shortcomings of current teaching methods, as...

Financial Newspapers have for long suggested that the Fed tends to provide additional Liquidity when the Stock Market thumbs. We provide a theoretical Explanation for this Behaviour that builds on the Methodology developed by Romaniuk (2008) for a central Banker with two main Goals, Output and...

Two of the main puzzles in international economics are the consumption and the portfolio home biases. They are empirically related: countries that are more open to trade also have more internationally diversified portfolios. In a two-country stochastic equilibrium model, I prove that introducing...