This paper focuses on the influence of the influence of the opening of a market of allowances, such as the European Union Emission Trading Scheme, on the general equilibrium of an economy. Assuming there existed an equilibrium before the opening of this new market, we describe the changes in the...

We present a continuous time non-tatonnement process for frictionless and perfectly competitive markets with (possibly non-convex) production, where the natural rate of unemployment (NRU) emerges as the asymptotic value of unemployment. Consumers and producers are myopic and repeatedly...

This paper deals with the effect of inequality on subsequent long run growth. Using a threshold regression analysis, we find two threshold variables, namely human capital and inequality. Three clubs are then identified. One of our results is that the estimated relationship exhibits multiple...

An s-graph is a graph with two kinds of edges : subdivisible edges and real edges. A realisation of an s-graph B is any graph obtained by subdivisible edges of B into paths of arbitrary length (at least one). Given an s-graph B, we study the decision problem Pi(B) whose instance is a graph G and...

In this paper, a continuous-time price-quantity trading process is defined for exchange economies with differentiable characteristics. The dynamics is based on boundedly rational agents exchanging limit-price orders to a central clearing house, which rations infinitesimal trades according to...

Business surveys are an important element in the analysis of the short-term economic situation because of the timeliness and nature of the information they convey. Especially, surveys are often involved in econometric models in order to provide an early assessment of the current state of the...

We decompose volatility of a stock market index both in time and scale using wavelet filters and design a probabilistic indicator for valatilities, analogous to the Richter scale in geophysics. The peak-over-threshold method is used to fit the generalized Pareto probability distribution for the...

In this paper we prove an index formula for production economies with externalities. We allow for non-convexities in the production sector and set the firms behavior according to general pricing rules. We derive as corollaries existence of a general equilibrium in such a setting.

In this paper, we analyze whether incoming foreign investment in China plays an important role in alleviating domestic firms' credit constraints. Access to external finance is a crucial determinant of business expansion. Using firm-level data on 2,200 domestic companies for the period 1999-2002,...

This paper studies the quantity-quality trade-off model of fertility, under the assumption of hyperbolic discounting. It shows that the lack of self-control may play a different role in a developed economy and in a developing one. In the first case characterized by a positive investment in...