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Indeterminacy and sunspot fluctuations in two-sector RBC models: theory and calibration

Dufourt, Frederic; Nishimura, Kazuo; Venditti, Alain - HAL - 2013

We analyze sunspot-driven fluctuations in the standard 2-sector RBC model with moderate increasing returns to scale. We provide a detailed theoretical analysis enabling us to derive relevant bifurcation loci and to characterize the steady-state local stability properties as a function of various...

Persistent link: https://www.econbiz.de/10010821423

The Inefficient Markets Hypothesis: Why Financial Markets Do Not Work Well in the Real World

Farmer, Roger E.A.; Nourry, Carine; Venditti, Alain - HAL - 2013

Existing literature continues to be unable to offer a convincing explanation for the volatility of the stochastic discount factor in real world data. Our work provides such an explanation. We do not rely on frictions, market incompleteness or transactions costs of any kind. Instead, we modify a...

Persistent link: https://www.econbiz.de/10010933923

Indeterminacy and Sunspot Fluctuations in Two-Sector RBC models: Theory and Calibration

Dufourt, Frédéric; Nishimura, Kazuo; Venditti, Alain - HAL - 2013

Persistent link: https://www.econbiz.de/10010933924

A finite set of equilibria for the indeterminacy of linear rational expectations models

Chatelain, Jean-Bernard; Ralf, Kirsten - HAL - 2014

eigenvectors related to stable eigenvalues. A finite set of equilibria is a substitute to continuous (uncountable) sets of sunspots …

Persistent link: https://www.econbiz.de/10011025992

Are Progressive Fiscal Rules Stabilizing?

Dromel, Nicolas; Pintus, Patrick-Antoine - HAL - 2006

economy against expectation-driven business cycles. Eliminating “local” sunspots that are arbitrarily close to an … cycles (and the associated “global” sunspots) that are located close to a determinate steady state. Our results are … rule out local indeterminacy. On the contrary, progressive fiscal rules should be applied to capital income in an …

Persistent link: https://www.econbiz.de/10010751034

Comparing Expectational Stability Criteria in Dynamic Models: A Preparatory Overview

Gauthier, Stéphane; Guesnerie, Roger - HAL - 2005

This paper compares the most significant expectational stability criteria that have been used to assess the plausibility of perfect foresight trajectories in forward-looking dynamical systems: determinacy of trajectories, absence of neighbour sunspot trajectories, and convergence of " evolutive...

Persistent link: https://www.econbiz.de/10010570519

Local Determinacy with Non-separable Utility

Pintus, Patrick-Antoine - HAL - 2009

This paper introduces general formulations for both technology (with input substitution) and non-separable utility (compatible with balanced growth and stationary worked hours) into a benchmark RBC model. It is shown that intertemporal substitution and input substitutability lead to local...

Persistent link: https://www.econbiz.de/10008794072

On the long-run evolution of inheritance: France 1820-2050

Piketty, Thomas - HAL - 2010

This paper attempts to document and account for the long run evolution of inheritance. We find that in a country like France the annual flow of inheritance was about 20%-25% of national income between 1820 and 1910, down to less than 5% in 1950, and back up to about 15% by 2010. A simple...

Persistent link: https://www.econbiz.de/10010738844

La société civile : outil de gestion et de transmission du patrimoine

Silvy, Harrison - HAL - 2013

Le mémoire de stage vient conclure une année étudiante répartie entre cours universitaires et expériences professionnelles. Ainsi, cette année nous a démontré des compétences pluridisciplinaires nécessaires à la pratique de la gestion de patrimoine à savoir juridiques, financières,...

Persistent link: https://www.econbiz.de/10010899136

"For Piketty"- a new Enlightenment that goes far beyond rewriting Das Kapital

Jardat, Rémi - HAL - 2014

Purpose: This critique of Piketty's Capital in the Twenty-First Century summarizes and comments on the main tenets of …

Persistent link: https://www.econbiz.de/10010899703