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[eng] The Vulnerability of Fixed Exchange Rate Systems and Capital Control by Bernard Bensaïd and Olivier Jeanne . In this paper, we study the dynamics of currency crises under the following two hypotheses. First, it is costly for the to raise the nominal interest rate above a certain level in...
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To explain the existence of "stop-loss" rules in financial institutions, we develop a principal/agent model, where an investment firm relies on a trader to invest in a risky asset like a future contract. When the trader faces a limited liability constraint, the investment firm may increase its...
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[fre] Sur quelques propriétés stratégiques de l'intéressement des salariés dans l'industrie . . Nous examinons les propriétés des formules de partage des profits au sein d'un modèle d'oligopole de l'industrie. Nous donnons un éclairage nouveau à ce sujet controversé en démontrant...
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