The Russian Federation, which was created in 1992, recognises patents granted by the USSR. The development of a new IPR law contributed to channel potential private funding towards research activities. The experience of various European countries may be compared with current Russian practices....

The paper investigates, from the welfare and growth point of view, the existence of a trade-off between the stability and the efficiency of the banking system, studying the costs and benefits of regulatory programs. Welfare is considered in the context of an overlapping generation model with...

Sustainability tests often ignore the joint dynamics of stock and flow variables. This paper shows that such a practice leads to inappropriate statistical inference, and that taking into account this joint dynamics when testing for unit root induces large power gains. This paper introduces a new...

This paper introduces a new unit root test, using "Feedback Covariates", in order to test for sustainability of fiscal policy within the G-7.Non-sustainability is considered as the null hypothesis of both a unit root in the debt process and the nullity of a deficit correction in response to...

The Euro is an unprecedented innovation, which can only very partially be analysed with the theory of optimal monetary zones, nor most conventional approaches. It calls for an analysis integrating three domains and levels:the change in the rules of the game at theeuropean level, the impact upon...

In a nonlinear framework, temporal dependence of time series is sensitive to transformations. The aim of this paper is to examine in detail the relationships between various forms of persistence and nonlinear transformations of stationary and nonstationary processes. We introduce the concept of...

This paper considers the consequences of employment protection with a fully diversified stock market when firms face a common shock. The analysis focuses on the interaction between employment protection and stock market when wages are sluggish or fixed. We build and calibrate a dynamic model...

Cet article présente un mécanisme de croissance fondé sur le changement auto-entretenue de la division du travail. La division du travail a lieu au sein des firmes. Elle engendre des gains de productivité dans la firme, mais elle est limitée par les coûts de coordination. La division du...