This article extends earlier efforts at redating the US business cycles for the 1790–1928 period using the real Gross Domestic Product (GDP) constructed by Johnson and Williamson (2007). We compare the alternative chronology with those of the NBER and Davis (2006) as well as Romer (1994) for...

In this paper, we attempt to examine the speculative efficiency hypothesis on CO2 emission allowance prices negotiated on Bluenext, by testing the rela- tionship between futures and spot prices from the Fama (1970) framework. This approach is based on the joint hypothesis of no risk premium and...

In this paper, we test the presence of stochastic trend in long series of US real GNP measured by Balke and Gordon (1989) and Romer (1989). This is analyzed from two recent robust unit root tests proposed by Cavaliere and Georgiev (2009) and Lima and Xiao (2010), for which critical values are...

This article compares the performances of some non-stationarity tests on simulated series, using the business-cycle model of Chang et al. (2007) [Y. Chang, T. Doh, F. Schorfheide, (2007). Non-stationary Hours in a DSGE Model. Journal of Money, Credit and Banking 39, 357-1373] as data generating...

La faillite spectaculaire de la banque d'investissement Lehman Brothers a été perçue par de nombreux analystes comme un véritable point de retournement dans la crise financière actuelle. Le spectre du risque systémique a semé la panique parmi les investisseurs, non seulement aux...

Cet article se concentre sur les propositions de dette subordonnée obligatoire comme instrument de discipline de marché. Une Politique de Dette Subordonnée (PDS) se définit comme une exigence réglementaire formelle par laquelle les grandes banques sont obligées d'émettre régulièrement...