In social sciences there has been a long debate between the defenders of institutionalism and those of liberalism. The debate has centered around the relationship that exists between the individual (agent) and the social institutions (social structure). In general, liberalism defends that the...

The argument made in this manuscript is that the two traditional macroeconomic tools, fiscal policy and monetary policy, are insufficient to bring back efficiently into equilibrium an economy that has had a major crisis. Both traditional macro-tools only work through the demand side, and there...

In less than fifteen years, the world has experienced the worst financial crisis since the 1930’s, the worst global pandemic since the flu in 1918, and the largest war fought since the Second World War. This manuscript argues that these crises are not isolated events. The main thesis is that...

In this paper we study a new factor that matters for fertility and consumption decisions: the risks associated with having and raising a child. We analyze a real options model with incomplete markets to explicitly model both children as a risky investment and the parental option to time...

This paper studies children as a risky asset associated to an investment option. Children provide utility but have a stochastic maintenance cost. We obtain several new results relative to models where children are deterministic goods, among which: i) Higher child risks diminish fertility and...

For decades, the academic literature has focused on three survey measures of expected inflation: the Livingston Survey, the Survey of Professional Forecasters, and the Michigan Survey. While these measures have been useful in developing models of forecasting inflation, the data are low frequency...

The article is devoted to the study of theoretical background of formation of green business development financial mechanism. The term «financial mechanism of establishment and development of green business» is defined. Its elements and levels of realization are disclosed.

Over the periods 1998-2002 and 2009-2011, the S&P-500 Index went from persistence to anti-persistence mode, as measured by the Hurst index H. To uncover the reasons that characterize such a change, this paper uses a simple method that consists in treating quasi self-similar segments of the Index...