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Aggregate instability under balanced-budget consumption taxes: a re-examination

Nourry, Carine; Seegmuller, Thomas; Venditti, Alain - HAL - 2011

We re-examine the destabilizing role of balanced-budget fiscal policy rules based on consumption taxation. Using a one-sector model with infinitely-lived households, and assuming that preferences are of the Greenwood-Hercovitz-Huffman [8] (GHH) type, we show that non-linear consumption taxation...

Persistent link: https://www.econbiz.de/10009325718

Stabilizing Fiscal Policies with Capital Market Imperfections

Dromel, Nicolas - HAL - 2009

We analyze how investment subsidies can affect aggregate volatility and growth in economies subject to capital market imperfections. Within a model featuring both frictions on the credit market and unequal access to investment opportunities among individuals, we provide specific fiscal...

Persistent link: https://www.econbiz.de/10010738439

Herding in French stock markets: Empirical evidence from equity mutual funds

Arouri, Mohamed El Hedi; Bellando, Raphaëlle; … - HAL - 2013

Using the traditional herding measure of Lakonishok, Shleifer and Vishny (1992) (LSV) and the more recent measure of … Frey, Herbst and Walter (2007) (FHW), we assess herding by French equity mutual funds between 1999 and 2005. We show that … LSV herding amounts to 6.5%, while FHW herding is approximately 2.5 times stronger. We find that herding is stronger in …

Persistent link: https://www.econbiz.de/10010930102

Measuring herding intensity: a hard task

Bellando, Raphaëlle - HAL - 2010

This paper addresses the traditional Lakonishok, Shleifer and Vishny (LSV) herding measure and points out its lack of … formal explanation of this bias and propose a more appropriate measure of herding. We then turn to the properties of the new … propose a corrected version of their indicator. We also show that the real herding value is within an interval bounded by LSV …

Persistent link: https://www.econbiz.de/10008793516

Implied Risk Exposures

Benoit, Sylvain; Hurlin, Christophe; Pérignon, Christophe - HAL - 2013

We show how to reverse-engineer banks' risk disclosures, such as Value-at-Risk, to obtain an implied measure of their exposures to equity, interest rate, foreign exchange, and commodity risks. Factor Implied Risk Exposures (FIRE) are obtained by breaking down a change in risk disclosure into a...

Persistent link: https://www.econbiz.de/10010899552

Paisaje Del Desarrollo. La ecología de las tecnologías andinas

Alexander, Herrera; Alì, Maurizio - HAL - 2009

communities in the fields of agriculture, herding and agroforestry. …

Persistent link: https://www.econbiz.de/10010891259

Knut Wicksell and Ludwig von Mises on Money, Interest and Price Dynamics

Festré, Agnès - HAL - 2006

In a first section, we shall discuss the main issues that divided Wicksell and Mises during a debate that took place between them in 1914. We will first analyze how the two authors conceived the link between the “commodity market” and the “money market” as well as their respective stance...

Persistent link: https://www.econbiz.de/10008789300

Knowledge and individual behaviour in the Austrian tradition of business cycles: von Mises vs. Hayek

Festré, Agnès - HAL - 2003

In this paper, we reconsider Ludwig von Mises and Friedrich Hayek's theories of business cycles in the light of their methodological approach. In the first part, we clarify Mises and Hayek's methodological frameworks in order to provide a better understanding of their programmatic approach of...

Persistent link: https://www.econbiz.de/10008790672

Duality and optimal strategies in the finitely repeated zero-sum games with incomplete information on both sides

Meyer, Bernard De; Marino, Alexandre - HAL - 2005

The recursive formula for the value of the zero-sum repeated games with incomplete information on both sides is known for a long time. As it is explained in the paper, the usual proof of this formula is in a sense non constructive : it just claims that the players are unable to guarantee a...

Persistent link: https://www.econbiz.de/10010750446

Strategic Communication Networks

Hagenbach, Jeanne; Koessler, Frédéric - HAL - 2009

We consider situations in which individuals would like to choose an action which is close to that of others, as well as close to a state of nature, with the ideal proximity to the state varying across agents. Before this coordination game is played, a cheap-talk communication stage is offered to...

Persistent link: https://www.econbiz.de/10010738542