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Credit constraints and the cyclicality of R&D investment: Evidence from France

Aghion, Philippe; Askenazy, Philippe; Berman, Nicolas; … - HAL - 2008

between credit constraints and firms' R&D behavior over the business cycle. Our main results can be summarized as follows: (i …) the share of R&D investment over total investment is countercyclical without credit constraints, but it becomes less … countercyclical as firms face tighter credit constraints; (ii) this result is magnified for firms in sectors that depend more heavily …

Persistent link: https://www.econbiz.de/10010930234

The quantitative approach to business cycle in « X-Crise » group in the 1930's

Fischman, Marianne; Lendjel, Emeric - HAL - 2006

To construct models and to apply quantitative techniques in order to explain the cyclical movements of the economy is one of the main aims of “X-Crise” group (nickname of “Centre Polytechnicien d'Etudes Economiques”) at the “Ecole Polytechnique” in Paris. Indeed, french...

Persistent link: https://www.econbiz.de/10009643781

Are Progressive Fiscal Rules Stabilizing?

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

This paper studies how income-based, progressive taxes and transfers may reduce aggregate volatility by protecting the economy against expectation-driven business cycles. Eliminating “local” sunspots that are arbitrarily close to an indeterminate steady state requires, for sensible parameter...

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

Indeterminacy with constant money growth rules and income-based liquidity constraints

Bosi, Stefano; Dufourt, Frederic - HAL - 2008

We study the implications of constant money growth rules on the stability properties of the equilibrium, in economies where the agents are subject to a partial cash-in-advance constraint applying simultaneously to consumption and investment purchases. By reference to similar models in which the...

Persistent link: https://www.econbiz.de/10010898468

Indeterminacy, bifurcations and unemployment fluctuations

Dufourt, Frédéric; Lloyd-Braga, Teresa; Modesto, Leonor - HAL - 2008

We incorporate imperfectly insured unemployment in the finance constrained economy proposed by Woodford (1986), by introducing unions and unemployment benefits financed by labor taxation. We show that this simple extension of the Woodford model changes drastically its stability conditions and...

Persistent link: https://www.econbiz.de/10010898612

Free entry and business cycles under the influence of animal spirits

Ferreira, Rodolphe Dos Santos; Dufourt, Frederic - HAL - 2006

We provide a business cycle model in which endogenous markup fluctuations are the main driving force. These fluctuations occur due to some form of 'animal spirits', impelling firms in their entry-exit decisions within each sector. By contrast to existing models of the business cycle emphasizing...

Persistent link: https://www.econbiz.de/10010898743

Trade Integration and Business Cycle Synchronization in the EMU: The Negative Effect of New Trade Flows

Pentecôte, Jean-Sébastien; Poutineau, Jean-Christophe; … - HAL - 2014

This paper questions the impact of trade integration on business cycle sychronization in the EMU by distinguishing increase of existing trade flows (the intensive margin) and creation of new trade flows (the extensive margin). Using a DSGE model, we find that synchronization is weakened when new...

Persistent link: https://www.econbiz.de/10010899045

On stabilization policy in sunspot-driven oligopolistic economies

Ferreira, Rodolphe Dos Santos; Dufourt, Frédéric - HAL - 2013

Economies with oligopolistic markets are prone to inefficient sunspot fluctuations triggered by autonomous changes in firms equilibrium conjectures. We show that a well designed taxation-subsidization scheme can eliminate these fluctuations by coordinating firms in each sector on a single...

Persistent link: https://www.econbiz.de/10010899325

Demand and Productivity Components of Business Cycles: Estimates and Implications

Dufourt, Frederic - HAL - 2005

Standard stochastic growth models provide theoretical restrictions on output decomposition which can be used to investigate whether productivity shocks played a major role in observed business cycles. Applying these restrictions to US data leads to the following findings: i) Business cycles...

Persistent link: https://www.econbiz.de/10010899464

Alternative Methodology for Turning-Point Detection in Business Cycle : A Wavelet Approach

Addo, Peter Martey; Billio, Monica; Guegan, Dominique - HAL - 2012

We provide a signal modality analysis to characterize and detect nonlinearity schemes in the US Industrial Production Index time series. The analysis is achieved by using the recently proposed 'delay vector variance ' (DVV) method, which examines local predictability of a signal in the phase...

Persistent link: https://www.econbiz.de/10010635209