In this paper, we first derive a theoretical model in which bank loans rates are assumed to be determined by the cost of loans (re)financing. We consider that imperfect competition prevails on the credit market and that banks determine the (re-)financing structure of the loans they grant by...

Using a panel of more than 3,100 French corporate groups' affiliates and parent companies, we estimate a production function model where we enable the productivity of a firm to depend on the knowledge produced by the R&D activities of the other companies in the group. We find indeed that a...

This paper offers a dynamic model of the labor market with collective wage bargaining in a small open economy. The long run and short run equilibria are carefully distinguished, and the dynamics of the unemployment rate is analyzed. This model is useful to study the consequences of shocks on the...

This paper studies, in a general equilibrium model with imperfect competition, the economic efficiency of union wage settings arrangements at centralized, industry, and decentralized levels. The wage agreement at industry level is Pareto inefficient and entails the highest unemployment rate. The...

A policy restricting working hours may be justified if agents care about their social status, as the race for status induces them to work too much. We show that this intuition is questionable if the commitment capacity of the government is limited: status seeking does press people to supply...