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Coricelli, Fabrizio; Roland, Isabelle - HAL - 2010

The paper develops a simple model on the asymmetric role of credit markets in output fluctuations. When credit markets are underdeveloped and enterprise activity is financed by trade credit, shocks may induce a break-up of credit and production chains, leading to sudden and sharp contractions....

Persistent link: https://www.econbiz.de/10010549101

Growth and crisis in transition : a comparative perspective

Coricelli, Fabrizio; Maurel, Mathilde - HAL - 2010

, separating episodes of crises from those of growth. Performance is measured by the output response following recessions, rather … than average rates of growth that aggregate periods of recessions and periods of growth. Results highlight significant … performance following the so-called "transitional recession" from that of "normal recessions", the analysis allows separating the …

Persistent link: https://www.econbiz.de/10010549103

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

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

firms, R&D investment share plummets during recessions but does not increase proportionally during upturns; (iv) average R …

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

Fiscal Policy, Maintenance Allowances and Expectation-Driven Business Cycles

Dromel, Nicolas - HAL - 2009

Firms devote significant resources to maintain and repair thei existing capital. Within a real business cycle model featuring arguably small aggregate increasing returns, this paper assesses the stabilizing effects of fiscal policies with a maintenance expenditure allowance. In this setup, firms...

Persistent link: https://www.econbiz.de/10010738684

Business Cycles, Bifurcations and Chaos in a Neo-Classical Model with Investment Dynamics

Hallegatte, Stéphane; Ghil, Michael; Dumas, Patrice; … - HAL - 2008

This paper is motivated by the rising interest in assessing the effect of disruptions in resources and environmental conditions on economic growth. Such an assessment requires, ultimately, the use of truly integrated models of the climate and economic systems. For these purposes, we have...

Persistent link: https://www.econbiz.de/10010691388

Classical vs wavelet-based filters Comparative study and application to business cycle

Ahamada, Ibrahim; Jolivaldt, Philippe - HAL - 2010

In this article, we compare the performance of Hodrickk-Prescott and Baxter-King filters with a method of filtering based on the multi-resolution properties of wavelets. We show that overall the three methods remain comparable if the theoretical cyclical component is defined in the usual...

Persistent link: https://www.econbiz.de/10010603666

Co-Movements of Business Cycles in the Maghreb: Does Trade Matter?

Belhadj, Aram; Eggoh, Jude - HAL - 2011

Over the past two decades, the Maghreb Countries have initiated a liberalization process characterized by increasing trade flows and they have strengthened economic and financial linkages between their economies. In this paper, we demonstrate how co-movements of outputs would respond to this...

Persistent link: https://www.econbiz.de/10010821428

Money, Banking and Dynamics: Schumpeter vs. Hayek

Festré, Agnès - HAL - 2002

In the first section we discuss the Wicksellian origins of Schumpeter's and Hayek's approaches to money and banking in the context of dynamic economic analysis. The second section compares the role played by banks and credit in Schumpeter's and Hayek's explanation of economic fluctuations. We...

Persistent link: https://www.econbiz.de/10008789078