The economics profession seems to increasingly endorse the existence of a strongly negative nonlinear effect of public debt on economic growth. Reinhart and Rogoff (2010) were the first to point out that a public debt-to-GDP ratio higher than 90% of GDP is associated with considerably lower...

We study the optimal timing of merger control by comparing the pre-and post closing enforcement. Mergers have both pro- and anticompetitive effects, and the parties(the agency and the merging …firms) veri…able information on them is endogenous: it depends on the timing of the merger control,...

We develop a theoretical framework to assess sheries management strategies from a sustainability perspective, when the bioeconomic dynamics are marked by uncertainty. Using stochastic viability, management strategies are ranked according to their probability to satisfy economic and ecological...

This paper constructs a robust optimization framework of the uncertain worst-case return. The model defines an adjustable discrete uncertainty set which controls the conservatism of the optimal asset allocation. Without prior assumptions on the data generating process, the model also develops an...

We fully characterise, in terms of their local or global properties, the wage curves associated with Austrian models of production. When these properties are met, the degrees of freedom in the choice of parameters allow us to build an Austrian model which admits a given wage curve and satis…es...

Ce texte cherche à déterminer si et dans quelle mesure le territoire fait partie des facteurs explicatifs de la création d’entreprises. Cette possibilité est étayée par le fait que le territoire est tout d’abord support d’infrastructures, de ressources et d’organisations. Il est...

This paper introduces and develops the concept of “conditional agreement point”, defined as the dominating issue (hard optimality) within a certain restricted subset of the set of feasible issues (partial optimality). Such a concept associates individualistic independence (via the operation...

Health economics appears to have difficulty in taking medical ethics into consideration because of the standard figure of homo economicus. In main stream economics, the ethical attitude of a physician is then formalized in terms of “medical altruism”. This paper seeks to highlight the...

This paper takes a fresh look at the nature of financial and real business cycles in OECD countries using annual data series and shorter quarterly and monthly economic indicators. It first analyses the main characteristics of the cycle, including the length, amplitude, asymmetry and changes of...

This paper analyses the interest rate pass-through for five economies of the Caucasus – Armenia, Azerbaijan, Georgia, Kazakhstan, and Russia. Employing an autoregressive distributed lag (ARDL) specification to monthly data, we find that the interest rate pass-through is systematically...