Mercredi | 2016-10-26 B103 12h Réda MARAKBI – Patrick VILLIEU In this paper, we build an endogenous growth model describing a cash-in-advance economy to reassess the macroeconomic consequences of corruption in terms of monetary policy in the long run. To this end, we consider two main configurations: a model with exogenous corruption and a model with endogenous corruption. From this analysis, we can extract four main results. First, contrary to Al-Marhubi (2000) and Blackburn textit{et al.} (2011), the relation between […]

Mardi | 2016-10-18 16-17h20 en salle des thèses Louis RAFFESTIN We present a model of the FX market with 3 agents: carry traders, momentum traders, and fundamentalists, where carry traders are subject to funding constraints. We show that the interactions between these agents provide a theoretical base for the empirical observation that exchange rates go up the stairs and down the elevator. Such microstructure effects also help to explain some of the puzzles of the FX market, such as the […]

Mardi | 2016-10-14 14h30-16h30 en B103 Michel DE VROEY This book retraces the history of macroeconomics from Keynes’s General Theory to the present. Central to it is the contrast between a Keynesian era and a Lucasian – or dynamic stochastic general equilibrium (DSGE) – era, each ruled by distinct methodological standards. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijonhufvud, and Clower) non-Walrasian equilibrium models, and first-generation new Keynesian models.Three stages are […]

Mardi | 2016-09-27 16h00-17h40 – Salle des thèses Jean Thomas BERNARD – Ba CHU – Lynda KHALAF We study estimation uncertainty when the object of interest contains one or more ratios of parameters. The ratio of parameters is a discontinuous parameter transformation; it has been shown that traditional confidence intervals often fail to cover this true ratio with very high probability. Constructing confidence sets for ratios using Fieller’s method is a viable solution as the method can avoid the discontinuity […]

Mardi | 2016-09-27 16h00-17h40 Salle des thèses Alexandru MINEA – Clément MATHONNAT Using an extensive dataset covering 96 banking crises in 75 countries over 1977-2014, we study the role of financial development (FD) in the duration of banking crises (DBC). Our duration analysis reveals that FD significantly increases the DBC: moving from the lowest to the highest FD quintile raises the DBC by 4 to 6 years on average, depending on the DBC measure. This result is robust to a […]

Thèses soutenues en 2016 SALL Abdoul Khadry « Les perspectives de ciblage de l’inflation dans les pays de l’Union Economique et Monétaire Ouest Africaine (UEMOA) » (Cotutelle, sous les directions de Jean-Paul POLLIN et Adama DIAW, Université Gaston Berger de Saint-Louis, Sénégal), soutenue le 8 décembre 2016. TOADER Oana « Recherches sur les coûts et les bénéfices de la nouvelle régulation bancaire. Applications au cas européen » (Sous les directions de Jean-Paul POLLIN et Raphaëlle BELLANDO), soutenue le 5 juillet 2016. LEROY Aurélien « Analyse des effets de la […]

Mardi | 2016-09-20 16h00-17h20-Salle des thèses Xin LI – Daniel LADLEY – Subir BOSE Steroid hormones, such as testosterone, have been shown to affect risk preferences in humans with high levels leading to excessive risk-taking. Hormone levels, in turn, are affected by trading outcomes as well as by gender-males are more sensitive to stimuli than females. We investigate the effects of hormones on market behavior and trader performance. An increase in the proportion of female traders does not necessarily make […]

Mardi | 2016-09-13 16h00-17h00 en sully 05 Thais NUNEZ-ROCHA – Inmaculada MARTíNEZ-ZARZOSO Recent research has questioned the effectiveness of International Environmental Agreements; some are seen as an attempt by countries to project an image on the international stage, rather than legitimate environmental concerns. This paper focuses on the Rotterdam Convention (RC) on hazardous chemicals (HCs) and the Stockholm Convention (SC) on persistent organic pollutants (POPs). It explicitly evaluates the effects of ratification and adoption of these agreements on imports of […]

Mardi | 2016-07-05 16h00-17h00 en sully05 FEI JIN – Lung-fei LEE In this paper, we consider estimation of the matrix exponential spatial specification model with the Durbin and endogenous regressors. We find that the nonlinear two-stage least squares (N2SLS) estimator is in general consistent and asymptotically normal. However, when the Durbin and endogenous regressors are irrelevant, the gradient vector of the N2SLS criterion function has a singular covariance matrix with probability approaching one (w.p.a.1.). Some components of the N2SLS estimator […]

Mardi | 2016-06-30 16h00-17h00 en Sully05 Andrea STOIAN – Bettina BöKEMEIER The aim of this study is to investigate debt sustainability in ten Central and Eastern European countries over 1997-2013. Following Burger (2012), we calculate the stabilized debt using the estimates of a fiscal reaction function for a balanced panel with fixed effects. Comparing the stabilized, the effective debt ratios and the historical averages, we can assess debt sustainability in short and in long run