In this paper, we consider an incomplete market framework and explain how to usejointly observed prices of the underlying asset and of some derivatives written on this assetfor an efficient pricing of other derivatives. This question involves two types of momentrestrictions, which can be written...

This paper attempts to explain national origin wage differentials in France. Our data come from amatched employer-employee wage survey performed in 2002. Business survey data are matched to manyindividual-level variables collected in a household survey. The sample of professionals is...

This paper introduces efficiency wages designed to provide workers withincentives to make appropriate effort levels, and involuntary unemployment,along the pioneering lines of Negishi (1979), Solow (1979), Shapiro andStiglitz (1984), in a dynamic model involving heterogeneous agents and...

We evaluate the wage impact of the strong and rapid increase in schoolinglevels experienced by the cohorts born after WWII in France. In order toidentify the causal effect of education, we exploit the fact that the smallgroup of people graduating from elite education (Grandes Ecoles)...