This paper studies the equilibrium dynamics of an overlapping generations model with capital, money and cash-in-advance constraints. At each date the economy can experience two different regimes. In the first one the cash-in-advance constraint is binding and money is a dominated asset. In the...

Cet article etudie la question des permis de pollution dans le cadre d'un modele a generations imbriquees: la pollution resulte de l'utilisation de l'environnement dans le processus de production et constitue un externalite negative qui vient diminuer l'utilite des agents.

This note presents a model in which pension funds, by holding a significant share of capital assets, can exert a non competitive behavior on labor market. This leads to lower wages and higher capital returns, and can reduce capital accumulation and long-run welfare.

This paper examines the pattern of capital mobility in a two-country overlapping generations world in which production uses three inputs capital, labor and land. The steady-state welfare consequences of opening countries to financial capital or labor mobility are then compared. In particular, it...

Nous montrons dans cet article que les contraintes de salaire minimum legal peuvent exercer des influences favorables sans qu'il soit necessaire de faire reference a des externalites. Plus precisement, si l'economie concurrentielle admet plusieurs equilibres stationnaires, il existe toujours un...

This paper studies the equilibrium dynamics of an overlapping generations model with capital, money and cash-in-advance constraints. At each date the economy can experience two different regimes. In the first one the cash-in-advance constraint is binding and money is a dominated asset. In the...

The aim of this paper is to study the relationship between advertising and sales of French manufacturing firms. First, we use a simple theoretical model compatible with past econometric studies of sales and advertising, and extend it to dynamics. We show that the models that do not account for...

This paper develops a two-sector overlapping generations model in which one sector produces an externality on the environmental quality and the other has no effect. We assume that environmental quality degradation results from production activity of one sector. Then, we characterize the...

Avec une fonction de production a facteurs complementaires, une entreprise a l'equilibre stationnaire peut adopter une nouvelle technologie de production s'il est profitable de supporter des couts d'ajustement. On montre qu'a court terme les couts d'ajustement peuvent conduire l'entreprise a...