This paper considers the consequences of employment protection with a fully diversified stock market when firms face a common shock. The analysis focuses on the interaction between employment protection and stock market when wages are sluggish or fixed. We build and calibrate a dynamic model...

This paper reconsiders the impact of public debt in an economy with heterogeneous households and incomplete markets to emphasize the short-run effects of an increase in public debt. As compared to models that rest on steady-state analysis, we show that the welfare gains of a public debt increase...

[fre] Jean-Yves Hénin, Thomas Weitzenblum Eléments d'évaluation de la réforme des retraites. Ce travail est consacré à une évaluation des coûts et avantages de différents scénarios de réforme des retraites. Il considère tant les stratégies d'ajustement des prestations : —...