Que signifie « informer » lorsque l'on aborde les prix de l'immobilier résidentiel ? Contrairement au marché action pour lequel il suffit de consulter des cotations, le prix de marché de l'immobilier semble être une notion dont la connaissance n'est pas aisée. En témoigne le malaise,...

Using several unique data sets on wage agreements at both industry and firm levels in France, we document stylized facts on wage stickiness and the impact of wage-setting institutions on wage rigidity. First, the average duration of wages is a little less than one year and around 10 percent of...

We introduce a bond portfolio management theory based on foundations similar to those of stock portfolio management. A general continuous-time zero-coupon market is considered. The problem of optimal portfolios of zero-coupon bonds is solved for general utility functions, under a condition of...

We consider finite state space stationary hidden Markov models (HMMs) in the situation where the number of hidden states is unknown. We provide a frequentist asymptotic evaluation of Bayesian analysis methods. Our main result gives posterior concentration rates for the marginal densities, that...