The paper analyzes the existence and impact of …nancing constraints as a possibly serious obstacle to innovation by …rms. Direct measures of …nancing constraints are employed using survey data collected by the Banque de France and Eurostat, which overcomes the problems with the traditional...

The paper analyzes the existence and impact of financing constraints as a possibly serious obstacle to innovation by .rms. Direct measures of financing constraints are employed using survey data collected by the Banque de France and the European Commission, which overcomes the problems with the...

In recent years, major advances have taken place in three areas of random utility modeling: (1) semiparametric estimation, (2) computational methods for multinomial probit models, and (3) computational methods for Bayesian stimation. This paper summarizes these developments and discusses their...

This paper develops a general multiperiod-multinomial probit model for panel data to estimate the living arrangements of the elderly. The model has the following features: <br>(a) In each period choices do not necessarily obey the assumption of independence of irrelevant alternatives. <br>(b) Unobserved...

This paper analyses the distribution of the classical t-ratio statistic from distributions with no finite moments and shows how classical testing is affected. Some surprising results are obtained in terms of bimodality vs. the usual unimodality of the standard studentized t-distribution...

Relying on an original household survey (PATER survey), we document how the 2008–9 crisis affected households’ wealth, expectations, and consumption plans in France. We then show that households experiencing losses relating to their housing or their financial wealth were more likely to...

This article aims at linking the household wealth and income distributions for 15 European countries using the Household Finance and Consumption Survey. We study the role played by the household’s location in the income distributions in determining its location in the wealth distribution. A...

Using the first wave of the Eurosystem Household Finance and Consumption Survey (HFCS), a large micro-level dataset on households’ balance sheets in 15 euro area countries, this paper explores how households allocate their assets. We derive stylised facts on asset participation as well as...