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Decision under risk : The classical Expected Utility model
Chateauneuf, Alain; Cohen, Michèle; Tallon, Jean-Marc - HAL - 2008
This chapter of a collective book aims at presenting the basics of decision making under risk. We first define notions … of risk and increasing risk and recall definitions and classifications (that are valid independently of any … representation) of behavior under risk. We then review the classical model of expected utility due to von Neumann and Morgenstern …
Persistent link: https://www.econbiz.de/10010738471
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Monetary Policy and the Dutch Disease in a Small Open Oil Exporting Economy
Benkhodja, Mohamed Tahar - HAL - 2011
In this paper, we compare, first, the impact of a windfall and a boom sectors on the economy of an oil exporting country and their welfare implications ; in a second step, we analyze how monetary policy should be conducted to insulate the economy from the main impact of these shocks, namely the...
Persistent link: https://www.econbiz.de/10009401094
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Government Spending, Monetary Policy, and the Real Exchange Rate
Eyquem, Aurélien; Bouakez, Hafedh - HAL - 2012
rate following an expansionary government spending shock. In this paper, we rationalize the findings of the empirical … increase in public expenditures, the risk-adjusted long-term real interest rate falls, causing the real exchange rate to …
Persistent link: https://www.econbiz.de/10009401096
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Ramsey Policies in a Small Open Economy with Sticky Prices and Capital
Auray, Stéphane; Blaz, Beatriz De; Eyquem, Aurélien - HAL - 2011
. We allow for trade in consumption goods under perfect international risk sharing. We consider balanced-budget fiscal …
Persistent link: https://www.econbiz.de/10008876916
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Macroeconomic Volatility and Exchange Rate Pass-through under Internationalized Production
Eyquem, Aurélien; Kamber, Gunes - HAL - 2009
This paper shows that internationalized production, modelled as trade in intermediate goods, challenges the standard result according to which exchange rate volatility insulates small open economies from external shocks. Movements of relative prices affect the economy through an additional...
Persistent link: https://www.econbiz.de/10008790598
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Trend shocks and business cycles in Sub Saharan Africa
Naoussi, Claude Francis; Tripier, Fabien - HAL - 2010
This article explores the role of trend shocks in explaining the specificities of business cycles in Sub-Saharan African (SSA) countries using the methodology introduced by Aguiar and Gopinath (2007) [Emerging Market Business Cycles: The Cycle Is the Trend Journal of Political Economy 115(1)]....
Persistent link: https://www.econbiz.de/10008793580
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PROCYCLICAL INTERNATIONAL CAPITAL FLOWS, DEBT OVERHANG AND VOLATILITY
Pintus, Patrick-Antoine - HAL - 2007
In this paper, is show how procyclical capital flows originate boom-bust and sunspot episodes in a neoclassical growth model of a small, open economy. All markets are perfect, with the exception of the fact that some upper, endogenous limit is imposed on how much the economy can borrow from...
Persistent link: https://www.econbiz.de/10008793830
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Optimal Fiscal Devaluation
Langot, François; Patureau, Lise; Sopraseuth, Thepthida - HAL - 2012
We study fiscal devaluation in a small-open economy with labor market search frictions. Our analysis shows the key role of both dimensions in shaping the optimal tax scheme. By reducing labor market distortions, the tax reform is welfare-improving. Yet, as it makes imports more expensive, fiscal...
Persistent link: https://www.econbiz.de/10010899759
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Optimal Growth under Flow-Based Collaterals
Onori, Daria - HAL - 2013
Some recent evidence on government finance statistics of European countries suggests that countries with public debt issues also show a low tax revenue-GDP ratio. In this paper we develop a small open economy model of endogenous growth in which the engine of growth is public spending. We assume...
Persistent link: https://www.econbiz.de/10010933922
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External imbalances and collateral constraints in a two-country world
Iliopulos, Eleni - HAL - 2009
agents' willingness to consume and to (partially) insure creditors against the risk of default, we incorporate collateral …
Persistent link: https://www.econbiz.de/10010738501