
Market disappointment with central bank announcements
L'Économie en centre-ville d’Orléans : le LÉO et le futur campus universitaire ouvriront sur le site Porte-Madeleine en Septembre 2026
Les membres et président du jury félicitent chaleureusement Hugo ORIOLA pour sa brillante soutenance de thèse qui porte sur l'impact direct ou indirect des actions de la banque centrale sur le résultat des élections.
Pourquoi est-il si difficile de réformer les retraites en France ? Une réflexion d'Anne Lavigne, Professeur en économie au LÉO et conseillère au COR de 2016 à 2022
Le LÉO est un laboratoire d'économie rassemblant des enseignants-chercheurs de l'Université Clermont-Auvergne, de l'Université d'Orléans et de l'Université de Tours.
Il comprend une centaine de membres, dont les recherches couvrent trois grands domaines de compétence :
Market disappointment with central bank announcements
Conférence « La finance verte, 10 ans après l’Accord de Paris »
Conférence « Stablecoins and the challenges of MiCA Regulation »
Journal of Forest Economic – Call for papers: Special Issue on Mining and the Forest
Conférence Chaire ILB CACL
Conférence « Crise(s) et globalisation »
New PhD Student Presentation
Willingness to pay for the environment : the role of social status and of proactive attitude
Impact of Environmental Stringency on Developing Countries’ Participation in Global Value Chains
Rise of China’s National Sword: Evaluating its impact on Chinese waste imports
Compliance in fishing regulations: a Social Norms perspective in Ghana
Urban Growth and Climatic Shocks: A study of Sub-Saharan African cities
The effects of resource-backed loans on deforestation: Evidence from developing countries
Yacouba Coulibaly
World Development - 2025-04
Résumé non disponible.
Lien HALOptimal Green Policy-mix
Lise Clain-Chamosset-Yvrard, Nicolas Clootens, Daria Onori
2025-03-11
This paper highlights, in a voluntary very simple framework, why central bankers must consider environmental factors when determining monetary policy. To this aim, we propose a monetary overlapping generations (OLG) economy in which households derive satisfaction from both consumption and environmental quality. Production is viewed as a polluting activity that degrades environmental quality. Agents can improve environmental quality by engaging in environmental maintenance expenditures. In addition, the government can impose a carbon tax, though it may face constraints in doing so. The central bank determines the rate of monetary growth. We then characterize the inter-temporal equilibrium and the steady state. We show that the steady-state level of capital increases with the rate of money growth, while environmental quality exhibits an inverse U-shaped relationship with money growth. Money growth decreases the relative price of the environment. When income is low, increases in income lead to higher maintenance expenditures that more than compensate for new emissions. At higher income levels, however, the additional emissions from pollution are no longer offset by maintenance efforts. We then analyze welfare and the decentralization of the optimal steady state. We show that there is only one level of the money growth rate that is compatible with the first-best allocation. This specific level can achieve the first-best outcome only if the government sets the appropriate tax rate, which we characterize. When the government chooses a sub-optimal tax rate (e.g. due to some political acceptability constraint), a "constrained" optimal allocation can be attained if the central bank acts to compensate for the government's shortcomings. We therefore characterize the optimal money growth rate as a function of the carbon tax and other environmental parameters.
Dynamic and spillover effects of armed conflicts on renewable energy in Subsaharan Africa
Alfred Nandnaba
2025-02-11
This paper analyzes the impact of armed conflicts on the renewable energy consumption in 46 Sub-Saharan African countries over the period 2000-2020. It uses a dynamic spatial econometric method to capture the spatial and dynamic effects of these conflicts on renewable energy consumption. Using the dynamic and spatial method of the Durbin model, the main results show that armed conflicts have a significant negative impact on renewable energy consumption. The effect is to 30.97% for the dynamic model against 31.28% for the non-dynamic model. The spatial effects of these conflicts show us that armed conflicts, through their contagion and spillover effects, have a significant and negative impact on renewable energy consumption in the region of 32.11%. The short- and long-term results are generally negative and significant. For heterogeneity, results show that the effect of terrorism is larger than the effect of other types of conflict. Moreover, the impact of armed conflict on renewable energy consumption is greater in the Sahel than in the rest of our sample. This article shows that the effect of conflict on the consumption of renewable energy passes through three main transmission channels : economic development, the increase in military spending as a result of conflict, to the detriment of green investment, and uncertainty, which penalizes investment and the production of renewable energy.
Lien HALDoes income inequality influence health vulnerability to pollution? Evidence from France
Karine Constant, Marion Davin, Emmanuelle Lavaine
2025-02
This study investigates whether income inequality within a population influences the health effects of pollution. Specifically, we empirically estimate the causal impact of particulate matter (PM 10 ) on mortality in France, using wind direction as an instrumental variable, and explore how income inequality modifies this relationship. Our findings reveal a statistically and economically significant impact of pollution exposure on the mortality of individuals aged 50 or older, which intensifies in municipalities with higher levels of income inequality. More precisely, while the effect of PM 10 is not significant in municipalities with the lowest levels of disparities, it is significant for the others and increases with the level of inequality within the municipalities. The impact of PM 10 on the mortality of individuals aged 50 or older in the top 33% of municipalities with the highest inequality is up to twice as large as in municipalities with intermediate levels of inequality. This result is particularly striking given that it concerns a country like France, which has relatively low income inequality. To provide a comprehensive understanding of the potential underlying mechanisms, we develop a theoretical model and empirically test its predictions. We conclude that the observed variation in vulnerability to pollution across municipalities, stratified by inequality levels, could have been but is not attributable to differences in public health expenditure, pollution exposure (between and within municipalities), or poverty prevalence and intensity. Our results suggest that inequality plays a significant role in environmental health, worthy of further research.
Lien HALDo tariff reductions alleviate energy poverty? Evidence for Sub-Saharan African countries
Windbeneti Arnaud Zahonogo
Energy Policy - 2025-02
Résumé non disponible.
Lien HALAssessing volatility persistence in fractional Heston models with self-exciting jumps
Bernard Desgraupes, Elena-Ivona Dumitrescu, Gilles de Truchis
Econometric Reviews - 2025-01-03
Résumé non disponible.
Lien HALOptimal Green Policy-mix
Lise Clain-Chamosset-Yvrard, Nicolas Clootens, Daria Onori
2025-03-11
Dynamic and spillover effects of armed conflicts on renewable energy in Subsaharan Africa
Alfred Nandnaba
2025-02-11
Does income inequality influence health vulnerability to pollution? Evidence from France
Karine Constant, Marion Davin, Emmanuelle Lavaine
2025-02
How do microfinance and economic development mutually support each other? A Panel VAR approach in developing economies
Mehdi Mahmoudi, Nicolae-Bogdan Ianc
2025
Does income inequality influence health vulnerability to pollution? Evidence from France
Karine Constant, Marion Davin, Emmanuelle Lavaine
2025
Financements intermédiés et fragilité en Afrique
Mohamed Coulibaly, Gregory Paulin Mvogo
2025