Contrasting with the 1929 great crisis, authorities intervened forcefully in 2008 to stop the disintegration of the financial system. Governments and central banks then sought to revise the prudential regulation in depth. It would be optimistic, however, to believe that prudential measures,...

We construct in this paper a dynamic general equilibrium model which displays the central features of the IS-LM model, and notably an income multiplier greater than one, so that crowding out does not occur. It appears that the key to this result is the conjunction of two features of our model:...

In the light of the economically rational expectation theory, this article shows how an expert chooses an optimal oil price forecast function given that information is costly. In this framework we propose an expectational process which nests all processes considered in the literature. By...

This paper relaxes a fundamental hypothesis commonly accepted in the expectation formation literature: expectations are, unchangingly, either rational or generated by one of the three simple extrapolative, regressive or adaptive processes. Using expectations survey data provided by Consensus...

This paper analyses the effect of public expenditure on economic growth from both a theoretical and an empirical point of view. Given that the economic literature supplies numerous and conflicting views on the topic, the article offers a framework combining both theories of market failures and...

The aim of this paper is to test the existence of an education production function based on data resulting from international surveys of pupil assets. The results of the estimates, using first the total sample, and then making distinctions according to the economic level of the country, show...

In this paper, we investigate the impact of natural resource rent on public expenditure composition. Our hypothesis is that, when institutional quality is low, politicians have more discretionary power on the allocation of public resources. Then public expenditure composition tends to be...

This article reveals and studies the connections between Bentham's Defence of Usury (1787) and Saint-Amand Bazard (1791-1832), a founder of Saint-Simonianism. We first traces Bazard's exposure to Bentham through his unknown friendship with Bentham's publisher Etienne Dumont. After introducing in...

Hülsmann (2008) argues that the neglect of time preference changes on the demand side of the time market renders Rothbard's (1993) analysis incomplete in that it unduly portrays a rise in the volume of investment as a necessary counterpart to a fall in the pure interest rate. Focusing on the...

We show that an American monetary shock wields an influence, though limited, over the Lebanese output in accordance with the literature advances. However, as we are waiting for a stronger transmission of U.S. short-term rates to Lebanese short-term rates, we notice that this transmission is weak...