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On Rational Exuberance
Bosi, Stefano; Seegmuller, Thomas - HAL - 2009
a steady state with a positive rational bubble, characterized by the dynamically efficient golden rule. The issue we … persistent endogenous fluctuations around the golden rule. Our explanation leads on the features of the credit market. We … consider a simple overlapping generations model with three assets : money, capital and a pure bubble (bonds). Collateral …
Persistent link: https://www.econbiz.de/10010738685
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Vintage capital and the diffusion of clean technologies
Azomahou, Theophile; Boucekkine, Raouf; Nguyen-Van, Phu - HAL - 2011
sector to study the impact of investment subsidies on equilibrium investment and output. Energy and capital are assumed to be … structures are considered for the energy market, free entry and natural monopoly. First, it is shown that investment subsidies … may induce a larger equilibrium investment into cleaner technologies either under free entry or natural monopoly. However …
Persistent link: https://www.econbiz.de/10009644796
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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
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External Constraints and Endogenous Growth: Why Didn't Some Countries Benefit from Capital Flows?
Gente, Karine; León-Ledesma, Miguel; Nourry, Carine - HAL - 2013
interest rate too low, which endogenously tightens borrowing constraints. Agents decrease savings and investment in … productivity-enhancing activities resulting in lower growth. Results are reversed in an unconstrained economy. We also provide a …
Persistent link: https://www.econbiz.de/10010933943
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Fair Intergenerational Sharing of a Natural Resource
D'Albis, Hippolyte; Ambec, Stefan - HAL - 2010
In this article, overlapping generations are extracting a natural resource over an infinite future. We examine the fair allocation of resource and compensations among generations. Fairness is defined by core lower bounds and aspiration upper bounds. The core lower bounds require that every...
Persistent link: https://www.econbiz.de/10009322910
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Vieillissement de la population en Italie et efficacité des réformes Amato et Dini : un modèle d'équilibre général à générations imbriquées
Magnani, Riccardo - HAL - 2006
L'objectif de ce papier est d'analyser les impacts du vieillissement de la population italienne sur le système économique et en particulier sur le système de retraite afin d'évaluer l'efficacité des réformes mises en place durant les années 90 (réforme Amato en 1992 et réforme Dini en...
Persistent link: https://www.econbiz.de/10009323943
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Implementing steady state efficiency in overlapping generations economies with environmental externalities
Dao, Nguyen Thang; Davila, Julio - HAL - 2010
We consider in this paper overlapping generations economies with polution resulting from both consumption and production. The competitive equilibrium steady state is compared to the optimal steady state from the social planner's viewpoint. We show that any competitive equilibrium steady state...
Persistent link: https://www.econbiz.de/10010605325
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A Note on Indeterminacy in Overlapping Generations Economies with Environment and Endogenous Labor Supply
Seegmuller, Thomas; Verchère, Alban - HAL - 2007
We consider an overlapping generations model with environment and an elastic labor supply. In this framework, consumers have to choose between consumption, environmental quality, and leisure. We show the existence of both deterministic cycles and indeterminacy. In contrast to previous results,...
Persistent link: https://www.econbiz.de/10010750468
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Capital-labor Substitution and Endogenous Fluctuations: a Monopolistic Competition Approach with Variable Mark-up
Seegmuller, Thomas - HAL - 2009
In macroeconomics, economists introduce most frequently imperfect competition on product markets using the Dixit and Stiglitz (1977) monopolistic competition model. However, by assumption, this framework ignores one important feature of imperfect competition: strategic interactions between...
Persistent link: https://www.econbiz.de/10010750491
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Can Heterogeneous Preferences Stabilize Endogenous Fluctuations?
Bosi, Stefano; Seegmuller, Thomas - HAL - 2008
While most of the literature concerned with indeterminacy and endogenous cycles is based on the restrictive assumption of a representative consumer,some recent contributions have investigated the role of heterogeneous agents in dynamics. This paper adds to this latter strand of the literature by...
Persistent link: https://www.econbiz.de/10010750548