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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
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Untalented but Successful
Gergaud, Olivier; Verardi, Vincenzo - HAL - 2006
When studying the problem of the emergence of superstars, scholars face great difficulties in measuring talent … of outliers (superstars). In this paper we use an original dataset from the Pokemon trading card game in which (i) there …. This allows to identify superstars, i.e. individuals that are sold at a price which represents several times their …
Persistent link: https://www.econbiz.de/10010750478
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Finance and the rise in inequalities in France
Godechot, Olivier - HAL - 2011
Based on the DADS, a very detailed French database on wages, we show that wage inequalities started to increase in France in the mid-1990s. This phenomenon is limited to the top end of income distribution and concerns mainly the top 0.1%, whose share of total salaries increased from 1.2% to 2%...
Persistent link: https://www.econbiz.de/10008924984
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Keynes's animal spirits vindicated: an analysis of recent empirical and neural data on money illusion
Bourgeois-Gironde, Sacha; Guille, Marianne - HAL - 2011
Experimental economics and neuroeconomics are likely to provide new insights on the individual and sub-individual (neurobiological processes) anchoring of money illusion. In particular, some recent brain studies show that we appear more "motivated" and "rewarded" by nominal rather than real...
Persistent link: https://www.econbiz.de/10010820493
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Are Risk Averse Agents More Optimistic? A Bayesian Estimation Approach
Jouini, Elyès; Mansour, Selima Ben; Napp, Clotilde; … - HAL - 2008
characterizes the consensus belief in risk-taking situations with heterogeneous beliefs. Its estimation leads to a nontrivial …
Persistent link: https://www.econbiz.de/10008791743
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Are risk averse agents more optimistic? A Bayesian estimation approach
Benmansour, Selima; Jouini, Elyès; Napp, Clotilde; … - HAL - 2007
characterizes the consensus belief in risk-taking situations with heterogeneous beliefs. Its estimation leads to a nontrivial …
Persistent link: https://www.econbiz.de/10008793931
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Risk Aversion in the Euro area
Benchimol, Jonathan - HAL - 2012
We propose a New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model where a risk aversion shock enters a … parameters (such as the risk aversion parameter), the Taylor rule coefficients and the role of this risk aversion shock on output …
Persistent link: https://www.econbiz.de/10010635160
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Money in the Production Function : A New Keynesian DSGE Perspective
Benchimol, Jonathan - HAL - 2013
This paper proposes a New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model where real money balances enter the production function. By using a Bayesian analysis, our model shows that money is not an omitted input to the production process and rejects the decreasing returns to scale...
Persistent link: https://www.econbiz.de/10011025935
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Money in the production function: a New Keynesian DSGE perspective
Benchimol, Jonathan - HAL - 2011
This paper proposes a New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model where real money balances enter the production function. By using a Bayesian analysis, our model shows that money is not an omitted input to the production process and rejects the decreasing returns to scale...
Persistent link: https://www.econbiz.de/10011026147
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Money and risk aversion in a DSGE framework: a Bayesian application to the Euro zone
Benchimol, Jonathan; Fourçans, André - HAL - 2010
. By using Bayesian estimation techniques, we shed light on the determinants of output and inflation, but also of the …
Persistent link: https://www.econbiz.de/10011026170