In parliamentary demacracies, fiscal policies may be threatened by the unexpected termination of government tenure or by strong budget procedures. Our model implies that electoral rule and the type of the budgetary process help explain some of the striking differences observed in public finance...

The model analyses the joint process of growth and financial institutions development. There are two markets for credit: the informal credit market, and banks. The informal credit market has an advantage in temr of monitoring capacity but becomes extremely costly for large scale projects. Banks...

This paper inverts the usual logic of the applied optimal income taxation literature. Standard practice analyzes the shape of the optimal tax schedule that is consistent with a given social welfare function, a statistical distribution of individual productivities that fits available data on...

This paper investigates the effect of organizational and technological changes on job stability of different occupations in France. We first develop a basic matching model with endogenous job destruction. It provides a structure to the empirical analysis, where we extensively exploit a unique...