Housing returns are an important element in households’ housing tenure choices (buy/rent) and investors’ portfolio compositions. Usually in the absence of individual data, practitioners resort to the ratio of the average of rents to transaction prices over large areas to proxy these returns,...

This paper analyzes the role played by inventories in the propagation of economic shocks using aggregate data for OECD countries and panel data from a sample of french firms. The approach is purely descriptive. The statement 'Production is more volatile than sales' appears to be sensitive to the...

We consider descriptive macroeconometric models with random coefficients in order to capture the possible relationship between the coefficients in the equations of the variables under the (partial) control of the authorities and those in the behavioral equations as observed in the rational...

This paper examines some theoretical results about the consequences of speculation on prices and welfare. On the one hand, we investigate the relationship between theorems of the theory of incomplete markets and the simplest speculation model. On the other hand, we present three simple examples...