The causes of 2007’s financial perturbations and mainly of the subprime crisis are well known at the beginning of 2008. Nevertheless, the specialists pay little attention to capital markets global crisis and to its consequences. In this study, we demonstrate that we are already in the middle...

French Abstract: L’impact investing s’est progressivement développé en réponse à une prise de conscience collective engendrée par les mutations économiques et sociales qui ont marqué le XXème siècle. Le marché a encore du mal à se structurer, en partie en raison du flou qui règne...

In this paper, we review the macroeconomic literature on financial frictions and banking in a dynamic general equilibrium framework. Our work focuses first on the pioneer articles that have analyzed the amplification effects associated to the financial accelerator. We then shift our attention...

In this paper, we study the dynamic propagation of the output and the existence of a significant n nominal component in the Solow residual using a DGE model. Nominal wage rigidity and labor retention are introduced as internal propagation mechanisms. The economy is disrupted by technological,...

In this paper, we try to explain the fluctuations of the output and the contribution of the shocks to the Solow residual by relaxing the labor retention hypothesis. With effort and work hours becoming variable, monetary shock in the model without nominal rigidity does not generate significant...

In this paper, we study real wage fluctuations in response to monetary shocks. We estimate five different models corresponding to five sets of monetary policy restrictions. Monetary shocks are measured by innovations in the nominal interest rate, total reserves and non-borrowed reserves. Our...

In this paper, we study the dynamic propagation of the output and the existence of a significant n nominal component in the Solow residual using a DGE model. Nominal wage rigidity and labor retention are introduced as internal propagation mechanisms. The economy is disrupted by technological,...

To what extent can monetary and financial crises and cycles be explained through economic theories? This paper is aimed at highlighting why a reliance on economic theories may be necessary given certain flaws which have been revealed from the recent Financial Crisis. Namely, that economic and...

We study the impact of foreign banks' presence in Central and Eastern Europe's countries on their economic development and on the financial crisis they went through. We show that, despite a certain vulnerability of the domestic banking systems, the consequences of the opening of the banking...