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International audience; This chapter details the founding principles that can explain the drive towards central bank independence, and then looks at the consequences formal independence induces for the communication and understanding of monetary policy. The first part of the chapter examines the principles that have underpinned and stimulated the move towards independent central banks, and explains that these principles can be found in both the economic and legal domains. The second part examines how central banks deal with the accountability, transparency and disclosure requirements that flow from the independence principle itself. If central banks are independent, which constraints does this exerts on the need to communicate and explain monetary policy, to the markets and lay people.

Are local complementary currencies doomed? We analyse the conditions underlying the existence of these alternative monetary arrangements from the perspective of the two-sided platform theory. Considering their benefits to depend on the cross-externality generated by the presence of buyers and sellers using the alternative means of payment, we show that the possibility of the sustainability of such arrangements is weak. The result is established in a very general setting and with few restrictions on the parameters. Except in the presence of subsidies, the odds are low for local complementary currencies to survive.

International audience; If historical shocks influence educational outcomes, how long does the effect last, and does it differ among ethnic groups? This study answers these questions by exploiting the historical experiment of partition—that is the splitting of the British Raj into India and Pakistan—and by presenting a theoretical model that explains the trade-offs such a shock uncovers for different ethnic groups that have to decide between assimilation through education and maintaining their ethnic specificity. We use different rounds of Pakistan social and living standard measurement (PSLM) survey and analyze the educational outcomes of the grandchildren of partition (i.e., whose grandparents were born during the partition). We show that the scar from partition is long-lasting, as the present generation is still living under its influence. More importantly, our results reveal the different adaptation strategies of ethnic and cultural groups in the long run.

International audience; The paper analyzes the relations between the legal and regulatory production and the gains of popularity for the President and the Prime Minister in France. Using the GMM system estimation, we show that the Executive's popularity depends on legislative activism, creating reasons to legislate frantically, but also that the Executive has strong incentives to strategically set the legislative agenda, possibly timing landmark laws during honeymoon periods. Moreover, if Prime Ministers can benefit actions taken in the last months of their term, this is not true for Presidents. Our results also confirm the traditional view, according to which incumbents are always bestowed with favorable ratings when the economic situation improves.

International audience

International audience; We demonstrate that even though during WWII the interest rate was close to zero supporting the financing of the military effort, dissent inside the FOMC occurred with a similar frequency to other policy episodes. Our analysis highlights that the debates which resulted in dissents turned around two broad issues: the size of the Fed’s balance sheet as well as the functioning of and communication with financial markets. Thus, we argue that the conventional view depicting the Fed as merely accommodating treasury needs should be revised. Our detailed investigation of dissents emphasises the modernity of the objections raised by Fed officials.

This paper uses network analysis to measure the positions and influences of two prominent academics, James M. Buchanan and Gordon Tullock, founders of public choice theory. First, we recount parallel accounts of their lives. Second, we provide a literature review and outline the standard centrality measures insisting on their relevance in assessing the two authors’ roles in a given network. Third, we analyze their respective influences through the lens of network analysis by providing details on the publication records and, overall, co-authorship networks of the two scholars. We also explore their academic genealogy and show in particular that Buchanan and Tullock’s careers followed parallel paths and co-founded public choice theory and the journal of the same name, although the two had few common works; though being apparently very similar as to their centrality in the co-authoring network under scrutiny, their ego-networks were structured very differently, revealing diverse positions in the field and, thus, different influences on the discipline.

International audience; Nous étudions l’allocation de la dotation globale de fonctionnement (DGF) des communes. Les modalités d’allocation de la DGF sont fixées par des règles en apparence strictes, mais dont la complexité même pourrait créer des marges discrétionnaires. Notre analyse empirique révèle que ces marges existent et sont utilisées, favorisant certains « bastions » électoraux.

This paper sheds some new light on the determinants of FOMC members? monetary policy preferences. For thatpurpose, we use a new dataset of macroeconomic indicators for the Fed districts, as well as preferences revealed byFOMC members in the Transcripts, to compute a desired interest rate for each individual member. First, we find thatFOMC members react to the regional unemployment rate. Second, individuals holding a Master or Bachelor degree,and issued from either the central bank, or from the private or public sector have a higher propensity to disagree onthe dovish side, while women tend to disagree on the hawkish side. These findings provide further insights for centralbank watchers about the upcoming policy decisions that are likely to be implemented by the FOMC, following thecomposition of its committee and the evolution of regional cycles.

International audience; This paper examines the modalities of risk sharing in the United States, and their evolution between the pre-financial crisis period and the post-crisis one. Reassessing the mechanisms at play in the US economy, we document a lower share of adjustment coming from capital markets, in comparison to previous estimates. The measures taken during the crisis have not impacted the absolute degree of risk sharing, although the relative size of its components has changed, with a stronger role for the federal government.

International audience

Collection LARJE.; International audience

Collection LARJE.; International audience

International audience; This study examines the relationship between bank transparency and efficiency. Using a unique data set for Russian banks, we find that transparency is important and that, among the dimensions of transparency, the transparency in board and management structure and process represents the most significant determinant. These results are controlled for size effects, the structure of liabilities, the structure of assets, and nonperforming loans. This highlights the role of transparency in improving efficiency, particularly in transition economies.

International audience

La théorie budgétaire du niveau des prix distingue deux types de régimes pour les politiques économiques : Ricardien et Non Ricardien. Nous analysons dans quelle mesure ces deux régimes peuvent s’appliquer à des sous-périodes dans l’histoire économique d’un pays. Le cas du Liban, passé de la prospérité à la guerre puis à la reconstruction, offre une application de cette théorie, et montre sa pertinence empirique.

La théorie budgétaire du niveau des prix distingue deux types de régimes pour les politiques économiques : Ricardien et Non-Ricardien. Nous analysons dans quelle mesure ces deux régimes peuvent s'appliquer à des sous-périodes dans l'histoire économique d'un pays. Le cas du Liban, passé de la prospérité à la guerre puis à la reconstruction, offre une application de cette théorie, et montre sa pertinence empirique.

info:eu-repo/semantics/published

La couverture porte en plus : "tout pour réussir, l'essentiel du cours, un QCM, des conseils méthodologiques, des sujets…".; International audience; Cet ouvrage permet de clarifier les aspects historiques, empiriques et théoriques de la construction européenne, au moment où les États membres de l'Union européenne s'interrogent sur l'opportunité de ratifier ou non la Constitution pour l'Europe. Les auteurs insistent tout particulièrement sur la genèse et les performances des politiques économiques européennes, monétaires et budgétaires, et sur les difficultés de l'intégration. Ils précisent notamment dans quelle mesure les politiques préalables à l'intégration peuvent différer des politiques postérieures à cette intégration. Enfin, un chapitre est entièrement consacré aux grands dossiers de l'avenir de la construction européenne : élargissement, Pacte de stabilité et de croissance, réforme de la Banque centrale européenne. L'ouvrage s'adresse aux candidats aux concours de la fonction publique et de l'enseignement (CAPES, CAPET, agrégation sciences économiques et sociales (programme 2003-2005), aux étudiants de licence et master (économie-gestion, sciences économiques, AES), de DUT, d'écoles de commerce et d'IUP, mais aussi à tous ceux qui recherchent une synthèse des questions macroéconomiques consacrées à l'Union européenne. L'ouvrage permet en outre de contrôler l'acquisition des connaissances à l'aide de 90 questions à choix multiples et de leurs corrigés. Il permet enfin d'appliquer les règles de méthodologie des épreuves de dissertation en s'entraînant avec 5 sujets entièrement corrigés. Un index permet de se repérer rapidement dans l'ouvrage.

This paper aims to explain the rise and fall of communism by exploring the interplay between economic incentives and social preferences transmitted by ideology. We introduce inequality-averse and inefficiency-averse agents and analyze their conflict through the interaction between leaders with economic power and followers with ideological determination. The socioeconomic dynamics of our model generate a pendulum-like switch from markets to a centrally-planned economy abolishing private ownership, and back to restoring market incentives. The grand experiment of communism is thus characterized to have led to the discovery of a trade-off between equality and efficiency at the scale of alternative economic systems. While our focus is on the long-run transitions from capitalism to communism and back observed in the course of the 20-th century, the model also derives conditions under which the two systems converge and become stable.

This paper presents an overview of public deficits and debts in France over the three last decades with a special focus on the problem of sustainability of public finances. It identifies the causes of deficits and debt accumulation focusing on both electoral and business cycles. Finally, it deals with changes taken to improve short-term fiscal imbalances and shows that recent structural measures have been undertaken in order to enhance the transparency of the budgetary process to meet public deficit and public spending targets. FRAL 022 5910