This paper estimates a series of shocks to hit the US economy during the Great Depression, using a New Keynesian model with unemployment and bargaining frictions. Shocks to long-run inflation expectations appear to account for much of the cyclical behavior of employment, while an increase in...

"À l'été 2008, la planète tremble en découvrant l'ampleur de la crise financière. Les subprimes deviennent en quelques semaines une réalité dévastatrice. Peut-on considérer que l'échec a eu une vertu et que du séisme est sorti un bien? Sans doute, mais à quel prix? Success story,...

"During the 1990s Francis Fukuyama announced the end of history. The 2000s showed how it is an illusion to imagine a peaceful world without conflict.In this book the authors explore how six major constraints are set to fix the trajectory of the global economy. Three of them are new: the aging...

We study the environmental and economic effects of public abatement in the presence of multiple stable steady-state ecological equilibria. Under shallow-lake dynamics (SLD), the isocline for the stock of pollution features two stable branches, a good and a bad one. Assuming that the ecology is...