This paper aims at studying the sustainability of current accounts in Sub-Saharan Africa and determining whether this sustainability depends on the exchange rate regime. Relying on a formal theoretical framework and recent panel cointegration techniques, our findings show that current accounts...

The global minimum variance portfolio computed using the sample covariance matrix is known to be negatively affected by parameter uncertainty. Using a robust control approach, we introduce a portfolio rule for investors who wish to invest in the global minimum variance portfolio due to its...

This paper studies the strategic interactions between two electricity generators, the first producing with a \traditional" technology and the second employing a \renewable" technology characterized by the random availability of capacity due to the intermittency of its power source. The...

The parametric Lemke algorithm finds an odd number of solutions to the linear complementarity problem LCP (q, M), for a matrix M with zero blocks on the diagonal and vector q within a certain domain. A criterion for monotonicity and uniqueness is given. The algorithm applies to the determination...

Targeted reductions in employers' social security contributions are conceived as a key policy instrument used to facilitate job creation when labour cost is so high that it may deter companies from hiring new employees. Among the different measures implemented in France, the set of instruments...

We study the contagion effects of a U.S. housing shock on OECD countries over the period of the subprime crisis. Considering a large database containing national macroeconomic, financial, and trade dynamic variables for 17 OECD countries, we evaluate forecasting accuracy, and perform a...

This paper investigates household behaviour with regard to vehicle fuel efficiency. We propose to approach the Willingness to Pay (WTP) for better fuel efficiency through the Hicksian compensating variation in income. Specifically, we distinguish the Willingness to Pay or to Accept (WTA) buying...

This paper shows that, Rueff (1925, 1931) distinguished [a] a « permanent » unemployment due to excessive real wages relative to the labor productivity, [b] a “temporary” unemployment due to a decline in the economic activity resulting from a cyclic decrease of the price level, and [c] a...

The aim of this paper is to study the relationship between terms of trade and real exchange rates of commodity-producing countries on both the short and the long run. We pay particular attention to the dominant role played by oil among commodities by investigating the potential non-linear effect...

This paper focuses on local job accessibility measurement. We propose an original model that uses national exhaustive micro data and allows for i) a full estimation of job availability according to an extensive set of individual characteristics, ii) a full appraisal of job competition on the...