This Paper examines how aversion to risk and aversion to intertemporal substitution determines the strength of the precautionary saving motive in a two-period model with Kreps-Porteus preferences. For small risks, we derive a measure of the strength of the precautionary saving motive, which...

Our main objective here is to assess the macroeconomic incidence of this peculiar fiscal setting when countries in the Euro area face symmetric shocks. Though these shocks are more easily circumvented than asymmetric shocks – the ECB should be able to stabilise the economy without fiscal...

Les comptes des entreprises ont récemment défrayé la chronique. Il faut dire que la comptabilité peut mentir, comme le montrera l’histoire du redressement spectaculaire de l’entreprise Cacahuète S.A. Peut-elle même dire le vrai ? La comptabilité, loin d’être une science exacte, est...

The European Union (EU) should aim at providing European citizens with European public goods. In a pseudo-federal system like the EU, political deliberation should be about how to finance and produce the public goods that benefit all European citizens, and not only member states individually....

A model is developed that allows for interaction between the labor market and the housing market. A job location has an associated commuting time that may affect the job acceptance decision. Obstacles to mobility, such as regulations in the housing market will affect the reservation strategy of...

This paper aims at establishing the link between economic performance, financial depth and financial stability in the European Union from 1998 to 2011. We use the standard framework – both in terms of variables and econometric method – of Beck and Levine (2004) to estimate these...

In November 1999 the Electricity Association Fuel Poverty Task Force commissioned the Centre for Management under Regulation at the University of Warwick to undertake research into disconnection patterns and other characteristics of low income consumers. The project was completed at the Centre...

We provide several characterizations of unanimity decision rules, in a public choice model where preferences are constrained by attributes possessed by the alternatives (Nehring and Puppe, 2007a,b). Solidarity conditions require that when some parameters of the economy change, the agents whose...

The authors compare the European Community's "trade fundamentals" prevailing in the 1960s with those applying in Arab countries today. The fundamentals differ significantly-Arab countries trade much less with each other than EC members did, and the importance of such trade in GDP varies greatly....