Value and growth investment styles are a concept which has gained extreme popularity over the past two decades, probably due to its practical efficiency and relative simplicity. We study the mechanics of different factors' impact on excess returns in a multivariate setting. We use a panel of...

This paper studies the inflationary implications of interest bearing regional debt in a monetary union. Is this debt simply backed by future taxation with non inflationary consequences ?. Or will the circulation of region debt induce monetization by a central bank ?. We argue here that both...

This article studies the features of co-movements of prices and production between six CEECs recently joined the EU and the euro zone. More precisely, based partially on the methodology suggested by Alesina, Barro and Tenreyro [2002], we evaluate the size and the persistence of prices and...

Complicated neoclassical models predict that if investment is sensitive to current financial performance, this is a sign that something is "wrong" and is to be regarded as a problem for policy. Evolutionary theory, on the other hand, refers to the principle of "growth of the fitter" to explain...

The goal of this paper is to determine the impact of the settings of labour standards on the level of dualism, employment and wages. Contrary to the "conventional wisdom", we show that the reinforcement of dualism due to the improvement of labour standards is not automatic. Under certain...

This paper focuses on the influence of the influence of the opening of a market of allowances, such as the European Union Emission Trading Scheme, on the general equilibrium of an economy. Assuming there existed an equilibrium before the opening of this new market, we describe the changes in the...

In this paper, we propose to solve the circular packing problem (CPP) whose objective is to pack n different circles C(i) of known radius r(i) , i = 1, …, n into the smallest containing circle C. The objective is to determine the radius r of C as well as the coordinates (x(i) , y(i)) of the...

While the topic of gender equality turns out to be an important element in the preparation of Turkey to join the European Union, very little empirical research on this issue has been done using Turkish data. This paper aims to contribute toward filling this gap. We propose an estimate of the...

Test for unit root based in wavelets theory is recently defined (Gençay and Fan, 2007). While the new test is supposed to be robust to the initial value, we bring out by contrast the significant effects of the initial value in the size and the power. We found also that both the wavelets unit...

This paper offers a framework to study commitment and cooperation issues in games with multiple policymakers. To reconcile some puzzles in the recent literature on the nature of policy interactions among nations, we prove that games characterized by different commitment and cooperation schemes...