[eng] This article studies the long-term relationship between labor productivity growth and unemployment. Measures of co-movements in the frequency domain indicate that the relationship is strongly negative for the seven countries studied : United States, Canada, Japan, United Kingdom, France,...

Fortement synchronisés durant la Grande Récession de 2008-2009, les cycles aux États-Unis et en zone Euro ont divergé en 2011, la reprise américaine se poursuivant alors que la zone Euro entrait à nouveau en récession. Cette divergence macroéconomique s’est accompagnée d’une...

Why have the Euro area and the US diverged since 2011 while they were highly synchronized during the recession of 2008-2009? To explain this divergence, we provide a structural interpretation of these episodes through the estimation of a business cycle model with financial frictions for both...

This article develops a search-theoretic model of financial intermediation to study the efficiency condition of the banking sector. Competitive financial intermediation is determined by the search decisions of both households (to find adequate financial products) and banks (to attract depositors...