The ability of the standard matching model to explain the cyclical behavior of unemployment and vacancies is much debated. Shimer [2004ab] and Hall [2004] criticism this model for its lack of amplification mechanisms. They agree that this failure comes from the determination of wages according...

This article assesses monetary policy?s performances in the Euro zone in the face of supply shocks. We determine the responses of output, inflation, labor share and the nominal interest rate to a supply shock as identified through a structural var model. We then develop a dsge model with nominal...

This paper studies the local dynamic properties of a simple general equilibrium model with Social vat. Strict balanced budget rules often lead to real indeterminacy of aggregate equilibrium, leaving room for « sunspots » fluctuations. In a closed-economy setup, social vat escapes this...