We analyze an OLG economy with financial frictions and accumulation of both physical and intangible capital. The key difference between these two types of capital is that intangible capital cannot be used as collateral for borrowing. As intangibles become more important relative to physical...

There has recently been a proliferation of new quantitative tools as part of various initiatives to improve the monitoring of systemic risk. The ""SysMo"" project takes stock of the current toolkit used at the IMF for this purpose. It offers detailed and practical guidance on the use of current...

There has recently been a proliferation of new quantitative tools as part of various initiatives to improve the monitoring of systemic risk. The "SysMo" project takes stock of the current toolkit used at the IMF for this purpose. It offers detailed and practical guidance on the use of current...

France posted remarkable gains in employment in the second half of the 1990s, suggesting that, beyond cyclical factors, structural unemployment may have changed in the period. We provide a novel methodology to separate structural from cyclical labor market changes and apply it to French...

Legally mandated reductions in the workweek can be either a constraint on individuals' choice or a tool to coordinate individuals' preferences for lower work hours. We confront these two hypotheses by studying the consequences of the workweek reduction in France from 39 to 35 hours, which was...

Traditionally, shocks to total factor productivity (TFP) are considered exogenous and the response of employment is determined by their effect on aggregate demand. We approach the relationship between TFP and labour input differently, raising the possibility that in response to labour supply...