Central clearing counterparties (CCPs) have become a cru- cial element of the financial architecture and as such they have lately attracted the attention of prudential authorities at the highest level emphasising their crucial, if not too well understood, role in the financial system, while also...

This paper looks at a model of second-best and tax reform in a disequilibrium economy characterised by the coexistence of classical and Keynesian unemployment. The results yielded by an econometric estimation of the tax reform model in the Belgian context, and for 10 agents and 8 taxable goods,...

Dans ce numéro de Regards économiques, nous montrons comment la crise des prêts hypothécaires aux Etats-Unis a ébranlé l’ensemble du système financier international. Nous réfléchissons également aux leçons à tirer de la crise actuelle.

La récente crise financière et économique a mis en exergue les lacunes des modèles utilisés par les banques centrales et les institutions financières commerciales. Cet article met en lumière les défaillances de ces modèles et propose quelques pistes, basées sur la littérature...

This paper derives the optimal commodity tax formula and the tax reform rule that should be used in a situation of (orthodox Keynesian) unemployment. The setting considered is a four-good, one-individual model with fixed real wage implying an excess supply of labor. The presentation is very...