We fully characterise, in terms of their local or global properties, the wage curves associated with Austrian models of production. When these properties are met, the degrees of freedom in the choice of parameters allow us to build an Austrian model which admits a given wage curve and satis…es...

Ce texte cherche à déterminer si et dans quelle mesure le territoire fait partie des facteurs explicatifs de la création d’entreprises. Cette possibilité est étayée par le fait que le territoire est tout d’abord support d’infrastructures, de ressources et d’organisations. Il est...

This paper introduces and develops the concept of “conditional agreement point”, defined as the dominating issue (hard optimality) within a certain restricted subset of the set of feasible issues (partial optimality). Such a concept associates individualistic independence (via the operation...

Health economics appears to have difficulty in taking medical ethics into consideration because of the standard figure of homo economicus. In main stream economics, the ethical attitude of a physician is then formalized in terms of “medical altruism”. This paper seeks to highlight the...

This paper takes a fresh look at the nature of financial and real business cycles in OECD countries using annual data series and shorter quarterly and monthly economic indicators. It first analyses the main characteristics of the cycle, including the length, amplitude, asymmetry and changes of...

This paper analyses the interest rate pass-through for five economies of the Caucasus – Armenia, Azerbaijan, Georgia, Kazakhstan, and Russia. Employing an autoregressive distributed lag (ARDL) specification to monthly data, we find that the interest rate pass-through is systematically...

We define “safe haven currencies” as those able to yield positive excess returns during crises and show that they are likely to have negative risk premia on the long-run. We try to identify them empirically by considering a sample of 26 currencies from advanced and emerging countries over a...

From 1759 to 1762, François Quesnay had systematically appealed to an obscure physiocrat, Charles Richard de Butré, when he had to make a numerical estimate or to do a nonelementary computation. In the present article, we use two important unpublished writings by Butré to discuss and assess...

This paper addresses difficulties in modelling exchange rates in South Africa. Real exchange rate models of earlier research seem to be sensitive to the sample period considered, alternative variable definition, data frequency and estimation methods. Alternative exchange rate models proposed in...

This paper aims at explaining why the CFA countries have successfully maintained a currency union for several decades, despite failing to meet many of optimum currency area criteria. We suggest that the CFA zone, while not optimal, has been at least sustainable. We test this sustainability...