We study the variability of interest rates and of bank's profits in an economy where banks are heterogenous (they differ in their share in the deposits market and in the nature of the firms they lend to) as well as borrowers (some of them have only access to bank credit while others can directly...

This paper considers a disequilibrium model of the French economy. This model includes a tradable and a nontradable sectors, investment behaviours of these sectors, and has been estimated over the period 1964/4-1984/4. A regime of excess demand had prevailed in the tradable goods sector from...

We analyze the effect of disturbances (affecting the interest rate, productivity) on the long term growth rate according to the way the labor market operates (we introduce an insiders market, a competitive market or real wage rigidity). The economy incorporates an endogenous growth mechanism...

We first briefly survey the literature adressing the issues of savings in the life-cycle, the links between the pension system, the savings rate and labor supply, and more generally the nature and causes of transfers between generations. The choice of the pension system has an influence on...

According to M. Weitzman, profit-sharing permits to increase employment and to make it less sensitive to the unfavourable disturbances that may affect the economy. However, some doubts have arisen about the actual existence of those benefits of profit-sharing. Moreover, one does not really know...

We analyze the cases in which it is possible that fixing exchange rates or entering a monetary union is an incentive for the countries, which lose the possibility of using the exchange rate as a policy instrument, to reduce in a non-coordinated way the cost of labor or the level of welfare.

The issue of the optimal mix of demand and interest rate policies aiming at reducing the US current account deficit is addressed, both from a theoretical and a numerical point of view. The effect of the different policy mix on production, prices, public expenditures... is evaluated. A simple...

Several european countries (we take here the example of ltaly) have today an excessive public debt level, which is moreover countinously increasing between of the high level of interest payments. Those countries have perhaps not used two possible ways, which we analyze from a theoretical point...

The purpose of this paper is to answer the question: is it in the best interest of firms to introduce profit-sharing as an incentive for wage-earners to work harder? A theoretical model is developed, its results are compared with those of an empirical work, using a panel of 700 industrial firms....

In this paper, several models (perfect or imperfect competition, flexible or fix-price models) for the determination of the level and of the price of exports of manufactured goods are developed and estimated. A special interest is given to the link between the situation (price level and level of...