Reforms of pension systems are currently engaged or considered -in many of the European countries, like in France. Alternative reforms not only involve different macroeconomic effects but also large distributive consequences both between ages, income or socio-economic groups. This paper uses a...

This paper considers the consequences of employment protection with a fully diversified stock market when firms face a common shock. The analysis focuses on the interaction between employment protection and stock market when wages are sluggish or fixed. We build and calibrate a dynamic model...

In this paper, we investigate the interactions between public debt and transfer policies in a framework based on Floden [2001], that we extend to allow for transitional dynamics between steady states. First, we show that, starting from a high level of public debt, it is possible to implement a...

This paper reconsiders the impact of public debt in an economy with heterogeneous households and incomplete markets to emphasize the short-run effects of an increase in public debt. As compared to models that rest on steady-state analysis, we show that the welfare gains of a public debt increase...

This paper describes a world composed of two (groups of) countries, which derive their utility from a polluting activity and from the enjoyment of a common environmental quality. The initial situation is both suboptimal and unsustainable: pollution leads to a continuous deterioration of...

[fre] Une évaluation économétrique de la soutenabilité de la dette extérieure des pays en développement. . Cet article propose et met en œuvre une stratégie de tests visant à déterminer si un pays est à même de soutenir son déficit extérieur. Partant de restrictions sur la...