Mardi | 2014-01-21 salle des thèses Marc POURROY Are emerging economies implementing inflation targeting (IT) with a perfectly flexible exchange-rate arrangement, as developed economies do, or have these countries developed their own IT framework? This paper offers a new method for assessing exchange-rate policies that combines the use of “indicator countries”, providing an empirical definition of exchange-rate flexibility or rigidity, and clustering through Gaussian mixture estimates in order to identify countries’ de facto regimes. By applying this method to 19 […]

Mercredi | 2014-01-15 B103 Armand FOUEJIEU AZANGUE – Alexandra POPESCU – Patrick VILLIEU The concern for fi nancial stability has gained increasing interest for monetary policy making. In the aftermath of the 2008 global financial crisis, it has been argued that monetary policy should prevent or dampen raising fi nancial risk by responding actively to fi nancial imbalances. This paper investigates the extent to which central bank’s reaction to fi nancial instability may be incompatible with its other macroeconomic stability […]

Mardi | 2014-01-14 salle des thèses José De SOUSA – Daniel MIRZA – Thierry VERDIER xx

Mardi | 2013-12-17 Sully 5 Julien CIUCCI – Marie-Antoinette MAUPERTUIS – Dominique PRUNETTI Di¤erent empirical studies con…rm that individuals consider environmental quality in their location choices. Nonetheless, little attention has been devoted to the role of transboundary pollution in the agglomeration or spreading of economic activities. This contribution introduces transboundary pollution in the …eld of New Economic Geography providing an extension of Ottaviano’s Core-Periphery Model (Ottaviano, 2001). In terms of long run equilibria, the introduction of pollution to the footloose […]

Mercredi | 2013-12-11 B103 Arslan Tariq RANA – Philippe SAUCIER

Mardi | 2013-12-10 salle des thèses Damien BESANCENOT – Kim HUYNH – Francisco SERRANITO This paper focuses on the properties of the matching process which leads to scienti…c collaboration. In a …rst step, it builds a theoretical model to describe the intertemporal choice of researchers faced to successive possibilities of co-authoring papers. In a second part, the paper empirically asseses the properties of the model’s optimal solution. The main empirical result is that the number and the quality of a […]

Mardi | 2013-12-03 salle des thèses Franck JOVANOVIC – Christophe SCHINCKUS Franck Jovanovic (TELUQ et LEO) présentera en séminaire un chapitre de son livre sur l’éconophysique et ses liens avec l’économie financière. Le plan provisoire de son livre co-écrit avec Christophe Schinckus est le suivant: Chapter 1. Foundations of financial economics Chapter 2. Extreme values in financial economics: empirical observations and theoretical choices Chapter 3. When Complexity met finance in the 1990s Chapter 4. The creation of econophysics as a […]

Mardi | 2013-11-26 salle des thèses Géraldine LEONARD xx

Mardi | 2013-11-19 Sully 5 Erica R. PEREGO – Wessel N. VERMEULEN This paper studies the dynamic correlation between stocks, between government bonds and between stocks and bonds within the Euro-zone in the last decade. In order to better understand the development of the financial market we argue that it is necessary to analyse all such relations simultaneously rather than focus at one. We firstly calculate the dynamic correlation for the previous asset classes. Results presented at the asset-region level, […]

Mardi | 2013-11-12 salle des thèses Djamel KIRAT This paper investigates the long-term and short-term determinants of the carbon price during the second phase of the European Union Emission Trading Scheme (EU ETS (2008-2012)). As-suming markets efficiency, I examine the extent to which the allowance price can be explained by marginal abatement costs. Specifically, I derive and estimate a structural model of allowance price while accounting for two structural breaks occurred on the carbon spot price series on October 2008 […]