In this paper, we investigate the sources of heterogeneity within the euro area. For this purpose, we build an optimization-based multi-country model (MCM) that allows different sources of heterogeneity across countries, both in terms of behavior of economic agents and in terms of asymmetry of...

This paper estimates both the default recovery values and the risk-neutral default probabilities embedded in the argentine sovereign bond prices during the crisis of December 2001. It is applied the model presented by J. Merrick Jr. (2001). On De- cember 24th, a stand-in president announced the...

L’objet de cet article est d’utiliser les développements récents de l’économétrie des panels dynamiques non stationnaires afin d’examiner la robustesse du concept de PPA pour un échantillon de 73 pays développés et en développement. Nos investigations révèlent que la forme...

This paper applies the model presented by J. Merrick Jr. (2001) to estimate both the default recovery rates and the im- plied default probabilities of the Argentinean Sovereign Bonds during the crisis which took place in December 2001. Between October 19th and December 24th 2001, the average...

We review an emerging application field to parabolic partial differential equa- tions (PDEs), that’s economic growth theory. After a short presentation of con- crete applications, we highlight the peculiarities of optimal control problems of parabolic PDEs with infinite time horizons. In...

The paper proposes a new application of the collective model of household be- haviour to the analysis of intra-household inequality using the answers to the ques- tions on subjective welfare. The collective approach attributes to each household member distinct preferences and assumes that...

We propose to study the trade off between two incentive strategies (moni- toring and efficiency wage versus profit sharing), operated by one firm to induce more efforts among employees. We deal first with a normal context where shirkers bear the risk to be fired. We consider second a particular...

We study the optimal dynamics of an AK economy where population is uniformly distributed along the unit circle. Locations only differ in initial capital endowments. Spatio-temporal capital dynamics are described by a parabolic partial differential equation. The application of the maxi- mum...

We introduce an AK spatial growth model with a general geographical structure. The dynamics of the economy is described by a partial differential equation on a Riemannian manifold. The morphology interacts with the spatial dynamics of the capital and is one determinant of the qualitative...