At the beginning of 2004, the Eurosystem implemented several modifications of its operational framework and liquidity management aiming at enhancing market efficiency. The purpose of this article is to study the effects of theses changes in the spread between the Eonia and the minimum bid rate....

This paper analyses the response of the euro yield curve to macroeconomic and monetary policy announcements. We present a new methodology for estimating the reaction of the euro swap curve to economic news in a data-rich environment. Given the sharp degree of interdependence between euro and US...

This paper presents an equilibrium model in a pure exchange economy when investors have three possible sources of heterogeneity. Investors may differ in their beliefs, in their level of risk aversion and in their time preference rate. We study the impact of investors heterogeneity on the...

Introduction to the special issue of the EJHET in relation with the 2011 Fisher Conference organized in Lyon 2 University, France, by the laboratories LEDa, PHARE and TRIANGLE

When countries decide to coordinate and form a coalition, an outsider country can take advantage of the situation and gain more than an insider, hence creating a free-rider problem that could threaten the stability of the coalition. But as far as the Euro zone is concerned, the emphasis put on...

Our paper examines the long run relationship between economic growth and the current account balance equilibrium by relying on the BoP constrained growth model. We find that Vietnam grew less than the rate predicted when the period 1985 to 2010 as a whole is considered, but with different...