This paper studies the equilibrium predatory practices that may arise when the borrowers have behavioral weaknesses. Rational lenders offer short term contracts that can be renewed at the cost of paying a penalty fee. We show how the optimal contracts depend on the degree of näıvet ́e of the...

[eng] We use a model based on the latest forecasts by the French Retirement Advisory Council (Conseil d’Orientation des Retraites : COR) at the moment when the study was carried out and a Bootstrap simulation of the rate of return on the financial portfolio of the French Pension Reserve Fund...

We study the dynamic consequences of the economic integration in a two-countries overlapping generation model where human capital accumulation is the engine of growth. Comparative advantage is endogenous and dynamic. We show that economic integration leads to a strengthening of the comparative...

Common wisdom interprets the rise in inequality of the last two decades as the result of a skill-biased labor demand shift. This explanation does not account for two important observations: (i) within-group inequality has also markedly risen, and (ii) the rise of inequality has been accompanied...

[fre] L'article présente un modèle qui lie croissance et chômage de long terme. L'approche retenue est celle du salaire d'efficience de Shapiro et Stiglitz [1984]. Nous montrons que celle-ci permet de mettre en évidence simplement les deux grands effets qui gouvernent la relation...

[fre] Croissance et inégalités dans un modèle Nord-Sud. . Deux types d'explications sont proposés habituellement pour rendre compte du creusement des inégalités dans les vingt dernières années : a) un progrès technique biaisé (c'est-à-dire se traduisant par l'adoption de technologies...

This paper examines the long run relationship between growth and unemployment. The framework used is the efficiency wage model of Shapiro and Stiglitz [1984]. We show how the unemployment-growth relationship is ruled by the capitalization and creative destruction effects. Finally, we show how...