[fre] Cet article propose un modèle de cycle étendu à la croissance endogène, par un mécanisme d'accumulation de capital humain transitant par une activité d'amélioration de la productivité. La spécification particulière retenue permet d'obtenir une solution analytique au problème de...

[eng] Exchange rate flexibility and asymmetries of shocks. . This article studies the relationships between changes in exchange rates and macroeconomic aggregates within a general equilibrium framework. Such an analysis aims to evaluate the isolationist properties of a flexible exchange rate...

A flexible price model of the business cycle is proposed, in which fluctuations are driven primarily by inefficient movements in investment around a stochastic trend. A boom in the model arises when investors rush to exploit new market opportunities even though the resulting investments simply...

This paper assesses the quantitative impact of ambiguity on the historically observed equity premium. We consider a Lucas-tree pure-exchange economy with a single agent where we introduce two key non-standard assumptions. First, the agent's beliefs about the dividend/consumption process is...

 This paper assesses the quantitative impact of ambiguity on the historically observed financial asset returns and prices. The single agent, in a dynamic exchange economy, treats the conditional uncertainty about the consumption and dividends next period as ambiguous. We calibrate the agent's...

This paper assesses the quantitative impact of ambiguity on the historically observed financial asset returns and prices. The single agent, in a dynamic exchange economy, treats the conditional uncertainty about the consumption and dividends next period as ambiguous. We calibrate the agent's...

The Great Recession, and the fiscal response to it, has revived interest in the size of fiscal multipliers. Standard business cycle models have difficulties generating multipliers greater than one. And they also cannot produce any significant state-dependence in the size of the multipliers over...