This paper incorporates a small and time-varying “disaster risk” à la Gourio (2012) in a New Keynesian model. A change in the probability of disaster may affect macroeconomic quantities and asset prices. In particular, a higher risk is sufficient to generate a recession without effective...

In RBC models, “disaster risk shocks” reproduce countercyclical risk premia but generate an increase in consumption along the recession and asset price fall, through their effects on agents' preferences (Gourio, 2012). This paper offers a solution to this puzzle by developing a New Keynesian...

Government, because of its commitment to education, is making significant additional capital funding available to the schools sector. Over the next three years, through various policy initiatives, about GBP 6 billion will be available to clear the maintenance backlog and improve school...

State-of-the-art school buildings can improve educational standards and have a positive effect on everyone who uses them. That is why England’s Department for Education and Skills (DfES) launched an ambitious five year strategy to improve educational facilities for all children in the country...

Des bâtiments scolaires ultramodernes peuvent améliorer la qualité de l’enseignement et avoir un effet positif sur toute personne qui les utilise. C’est la raison pour laquelle le ministère anglais de l’Éducation et des compétences (DfES) a engagé une stratégie ambitieuse visant...

Soucieux de sa mission éducative, le gouvernement augmente en ce moment considérablement les subventions d’équipements allouées au secteur scolaire. À travers divers dispositifs, près de six milliards de livres britanniques seront débloqués au cours des trois prochaines années pour...