In this paper a continuous time price and quantity adjustment process is considered for an economy facing price rigidities. In the short run prices are assumed to be completely fixed and the markets are cleared by quantity adjustments until a fixed price equilibrium is reached where every market...

Nous présentons dans cet article un modèle d'équilibre général intertemporel qui rend compte de l'influence de l'inflation dans le cycle en France et aux Etats-Unis. L'adoption d'une fonction d'utilité assez générale permet de dégager l'importance des élasticités de substitution...

In this paper we analyze the negotiation strategy of the European Union regarding the formation of an international climate agreement for the post-2012 era. We use game theoretical stability concepts to explore incentives for key players in the climate policy game to join future climate...

In this paper we investigate the impact of global migration on the welfare of native workers in the OECD countries. We develop a multi-country, general equilibrium model with trade and migration. Labor is assumed to be heterogeneous, whereas the wages, prices, trade flows, the mass of varieties...

The paper investigates the welfare consequences of liberalizing migration and trade between the OECD countries. The key findings are that the aggregate welfare gains from zeroing the trade barriers in OECD are moderate (+ 1,5% in real GDP), whereas the impact of reducing the barriers for...

This paper contributes to the already vast literature on demography-induced international capital flows by examining the role of labor market imperfections and institutions. We setup a two-country overlapping generations model with search unemployment, which we calibrate on EU15 and US data....

We use a calibrated general equilibrium model with heterogeneous labor and search to evaluate the quantitative effects of various labor tax cut scenarios. The focus is on skill heterogeneity combined with downward wage rigidities at the low end of the skill ladder. Workers can take jobs for...

In this paper, we study the implications of assuming different technologies for physical capital accumulation and consumption. More precisely, we assume that physical capital accumulation is relatively more energy-intensive than consumption. We conclude that this hypothesis, together with the...

Significant differences in unemployment in Europe have been observed across skill groups, with the least skilled suffering the highest and most persistent unemployment rates. To identify policies alleviating this problem, we study the impact of reductions in employer social security...

A transition from pay-as-you-go pension systems to more private funded systems is often suggested as a solution to finance pension systems threatened by ageing. This paper analyses alternative potential remedies linked to changes in labour market characteristics, within an international...