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7. What Is Driving Wealth Inequality in the United States of America?: The Role of Productivity, Taxation and Skills.

Author

Ernst, Ekkehard, Langot, François, Merola, Rossana, and Tripier, Fabien

Subjects
WEALTH inequality, SKILLED labor, TECHNOLOGICAL innovations, INDUSTRIAL productivity
Abstract

Out of four major structural changes affecting the US economy - namely a rising share of skilled workers, skill-biased technological change, decreasing progressiveness of taxation and productivity slowdown - we show that the decline in productivity growth not only is the main driver of the widening wealth disparities observed in the United States of America over the past few decades, but is also the only mechanism that can explain inequalities both within and between skill groups. [ABSTRACT FROM AUTHOR]

Published
2024
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20. Covid-19: Has the Time Come for Mainstream Macroeconomics to Rehabilitate Money Printing

Author

Arquié, Axelle, Hericourt, Jérôme, Tripier, Fabien, Lille économie management - UMR 9221 (LEM), and Université d'Artois (UA)-Université catholique de Lille (UCL)-Université de Lille-Centre National de la Recherche Scientifique (CNRS)

Subjects
[SHS.ECO]Humanities and Social Sciences/Economics and Finance, [SHS]Humanities and Social Sciences
Abstract

International audience; The scale of public expenditure to be incurred in the Covid-19 health crisis is raising heated debates about the appropriate funding. Long rejected by mainstream macroeconomics due to its possible inflationary consequences, monetization is currently undergoing a surprising rehabilitation. Defined as the financing of public expenditure by money issuance -without the government ever reimbursing the central bank-, monetization appears as an attractive solution in a context where the burden of public debt could become particularly problematic due both to the persistent threat of secular stagnation and the massive Covid-19 shock. This policy brief offers some theoretical insights into this debate opposing monetization and issuance of additional public debt. We first clarify what is happening to current debt and how its sustainability can be assessed, before examining how current mainstream macroeconomics can be used to rehabilitate the use of monetization of public spending. In conclusion, we draw attention to the particular democratic challenges implied by such a policy in the Euro area context, in terms of balance of powers between European institutions.

Published
2020

21. European banks and the Covid-19 crash test

Author

Couppey-Soubeyran, Jézabel, Perego, Erica, and Tripier, Fabien

Subjects
G28, Europe, ddc:330, G21, E58, Money and Finance
Abstract

European banks are stronger today than they were on the eve of the 2007-2008 financial crisis, thanks to the reforms that have taken place since then. But will they be strong enough in the face of a health crisis closer to the Great Depression of the 1930s than the stress-test scenarios envisaged by the European banking Authority for 2020? Access to central bank liquidity probably eliminates the risk of bank illiquidity, but it is not unthinkable that a bank insolvency crisis would have to be managed. The nonrepayment of one in five loans would be enough to exhaust the current level of capital. The resolution mechanism would then have to be mobilised, which is unlikely to be sufficient in a context where, according to the European Systemic Risk Board, the risk of simultaneous defaults is increasing sharply. It would then be possible to mobilise the European Stability mechanism. Should this instrument prove insufficient, the risk of the re-emergence of a sovereign debt crisis would increase.

Published
2020

22. Sticky prices, fair wages, and the co-movements of unemployment and labor productivity growth

Author

Tripier, Fabien

Subjects
United States economic conditions -- Growth, Wages -- Growth, Labor productivity -- Growth, Unemployment -- Growth, Wages and labor productivity -- Growth, Company growth, Salary, Business, Economics
Abstract

To link to full-text access for this article, visit this link: http://dx.doi.org/10.1016/j.jedc.2005.09.002 Byline: Fabien Tripier Abstract: This paper studies the co-movements of unemployment and labor productivity growth for the U.S. economy. Measures of co-movements in the frequency domain indicate that co-movements between variables differ strongly according to the frequency. First, long-term and business cycle co-movements are larger than short-term co-movements. Second, co-movements are negative in the short and long run, but positive over the business cycle. A New Keynesian model that combines nominal rigidity on the goods market (sticky prices) and real rigidity on the labor market (fair wages) is shown to be quantitatively consistent with the observed co-movements both in the long term and over the business cycle. However, the model fails to explain the short-term co-movements. Author Affiliation: EconomiX, Universite Paris X Nanterre (bAcentst G), 200 Av. de la Republique, 92001 Nanterre Cedex, France Article History: Received 25 November 2002; Accepted 16 September 2005

Published
2006

24. Sources of growth and the spectral properties of the labor market search model

Author

Matheron, Julien, Maury, Tristan-Pierre, and Tripier, Fabien

Subjects
Labor market -- Forecasts and trends, Labor market -- Analysis, Economic development -- Forecasts and trends, Economic development -- United States, Market trend/market analysis, Business, Economics
Abstract

The dynamic properties of the labor market search model are studied using three alternative sources of growth. On the basis of the study, it is shown that the endogenous growth specification can bring the labor market search model into closer conformity with the data than its exogenous counterparts.

Published
2004

26. Booms immobiliers, réallocations sectorielles et ralentissement des gains de productivité en Europe

Author

Grjebine, Thomas, Hericourt, Jérôme, Tripier, Fabien, Lille économie management - UMR 9221 (LEM), and Université d'Artois (UA)-Université catholique de Lille (UCL)-Université de Lille-Centre National de la Recherche Scientifique (CNRS)

Subjects
[SHS.ECO]Humanities and Social Sciences/Economics and Finance, [SHS]Humanities and Social Sciences
Abstract

International audience; La création de la zone euro en 1999 devait contribuer à une convergence accrue en Europe. La divergence s’est au contraire accentuée, comme en témoigne la faible croissance de la productivité dans la « périphérie » de la zone euro par rapport à celle des pays du centre. En se concentrant sur trois pays représentatifs de cette divergence (Allemagne, Espagne, France), cette Lettre étudie le rôle des réallocations sectorielles dans cette divergence. Nous montrons que ces dernières ont été à l’origine de pertes de productivité, en particulier dans les pays ayant connu des booms immobiliers comme l’Espagne ou la France, ce qui a accentué la divergence vis-à-vis de l’Allemagne, qui n’a pas connu un tel phénomène. Les booms immobiliers se révèlent être un puissant facteur de divergence de la croissance de la productivité entre pays européens.

Published
2019

27. Sectoral reallocations, real estate shocks and productivity divergence in Europe: a tale of three countries

Author

Grjebine, Thomas, HERICOURT, Jérôme, Tripier, Fabien, Lille économie management - UMR 9221 (LEM), and Université d'Artois (UA)-Université catholique de Lille (UCL)-Université de Lille-Centre National de la Recherche Scientifique (CNRS)

Subjects
Frictions, Financial, European Integration, Real Estate, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, Total Factor Productivity, [SHS]Humanities and Social Sciences
Abstract

International audience; The creation of the European Monetary Union (EMU) in 1999 was expected to become a catalyst for real convergence in Europe. Far from being the case, real divergence increased from the early 1990s as evidenced by low productivity growth in the "periphery" of the Euro area relative to "core" countries. This report investigates the role of sectoral reallocation in this divergence, focusing on three archetypal countries: France, Germany, and Spain. Using the EU-KLEMS database of sectoral Total Factor Productivity (TFP), we first show that sector reallocations have been at the origin of productivity losses in the considered countries and contributed significantly to this divergence. Second, we investigate how the substantially diverging real estate prices between these countries could explain those sectoral reallocations. More specifically, when access to external finance is restricted due to financial frictions, real estate assets may be used as collateral by borrowers to relax these constraints and increase investments. Real estate shocks turn out to be a strong driver of productivity divergence, causing the lag of Spain behind Germany before the Great Recession and that of France afterwards. For comparison purpose, we also shed light on the role of sectoral reallocation in the UK productivity puzzle.

Published
2019

30. Uncertainty shocks and firm dynamics: Search and monitoring in the credit market

Author

Brand, Thomas, Isoré, Marlène, and Tripier, Fabien

Subjects
E3, ddc:330, D8, E5, E4
Abstract

We develop a business cycle model with gross flows of firm creation and destruction.The credit market is characterized by two frictions. First,entrepreneurs undergo a costly search for intermediate funding to create a firm. Second, upon a match, a costlystate-verification contract is set up. When defaults occurs, banks monitor firms, seize their assets, and a fraction of financial relationships are severed. The model is estimated using Bayesian methods for the U.S. economy. Among other shocks, uncertainty in productivity turns out to be a major contributor to both macro-financial aggregates and firm dynamics.

Published
2017

35. The quality effect of intra‐firm bargaining with endogenous worker flows.

Author

Maury, Tristan‐Pierre and Tripier, Fabien

Subjects
COLLECTIVE bargaining, PRODUCTION (Economic theory), BUSINESS enterprises, ECONOMIC models, LABOR market
Abstract

The performance of the labor market depends not only on the quantity of jobs in the economy, but also on the quality of jobs. This paper proposes a new theoretical explanation of the job quality issue in search and matching models. We develop a matching and intra‐firm bargaining model in which large firms hire workers and decide to destroy low‐productivity job–worker matches. The sources of inefficiency include the well‐known quantitative effect of intra‐firm bargaining, namely, the excessive size of the firms concerned; and a new quality effect, namely, the poor quality of the job–worker matches selected by firms. [ABSTRACT FROM AUTHOR]

Published
2019
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36. Uncertainty and the macroeconomy: evidence from an uncertainty composite indicator.

Author

Charles, Amélie, Darné, Olivier, and Tripier, Fabien

Subjects
MACROECONOMICS, MARKET volatility, CORPORATE bonds, ECONOMIC policy, UNCERTAINTY
Abstract

This article proposes a uncertainty composite indicator (UCI) based on three distinct sources of uncertainty (namely financial, political, and macroeconomic) for the US economy on the period 1985–2015. For that, we use a dynamic factor model, summarizing efficiently six individual uncertainty proxies, namely two macroeconomic and financial uncertainty factors based on the unpredictability, a measure of (micro)economic uncertainty, the implied volatility index, the corporate bond spreads, and an index of economic policy uncertainty. We then compare the effects of uncertainty on economic activity when the UCI is used instead of individual uncertainty proxies in structural VAR models. The interest of our UCI is to synthesize theses effects within one measure of uncertainty. Overall, the UCI was able to account for the most important dynamics of uncertainty which play an important role in business cycles. [ABSTRACT FROM PUBLISHER]

Published
2018
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37. Efficiency Gains from Narrowing Banks: A Search-Theoretic Approach

Author

Tripier, Fabien, Laboratoire d'économie et de management de Nantes Atlantique (LEMNA), FR 3473 Institut universitaire Mer et Littoral (IUML), Université de Bretagne Sud (UBS)-Le Mans Université (UM)-Université d'Angers (UA)-Centre National de la Recherche Scientifique (CNRS)-Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER)-Université de Nantes (UN)-École Centrale de Nantes (ECN)-Université de Bretagne Sud (UBS)-Le Mans Université (UM)-Université d'Angers (UA)-Centre National de la Recherche Scientifique (CNRS)-Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER)-Université de Nantes (UN)-École Centrale de Nantes (ECN)-Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes (IEMN-IAE Nantes), Université de Nantes (UN)-Université de Nantes (UN), Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes (IEMN-IAE Nantes), Université de Nantes (UN)-Université de Nantes (UN)-FR 3473 Institut universitaire Mer et Littoral (IUML), and École Centrale de Nantes (ECN)-Université de Nantes (UN)-Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER)-Centre National de la Recherche Scientifique (CNRS)-Université d'Angers (UA)-Le Mans Université (UM)-Université de Bretagne Sud (UBS)-École Centrale de Nantes (ECN)-Université de Nantes (UN)-Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER)-Centre National de la Recherche Scientifique (CNRS)-Université d'Angers (UA)-Le Mans Université (UM)-Université de Bretagne Sud (UBS)

Subjects
Banking,Matching,Bargaining,Multiple Equilibria, Matching, Bargaining, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, Multiple Equilibria, Banking
Abstract

In view of the recent proposals on banking reform in the wake of the recent global economic crisis, this paper identifies some efficiency gains associated with narrow banking using an approach based on search theory. It is herein shown that the optimal allocation of resources can be decentralised through competition between narrow banks (which take deposits from households) and finance houses (which make loans to entrepreneurs), whereas such a decentralisation is not feasible for commercial banks (which both take deposits and make loans). When a non-financial agent (such as a household) bargains with a commercial bank, it succeeds in appropriating a share of the value associated with the financial services provided to other non-financial agents (such as entrepreneurs) because commercial banks are affected by search frictions on both the loan and credit markets. This cross-market sharing prevents commercial banks from sharing the value of financial services with non-financial agents efficiently, and can be the origin of credit rationing and multiple equilibria. Because the use of narrow banking suppresses this cross-market sharing, it makes the competitive equilibrium efficient.

Published
2012

38. Trend shocks and business cycles in Sub Saharan Africa

Author

Naoussi, Claude Francis, Tripier, Fabien, Laboratoire d'économie et de management de Nantes Atlantique (LEMNA), FR 3473 Institut universitaire Mer et Littoral (IUML), Université de Bretagne Sud (UBS)-Le Mans Université (UM)-Université d'Angers (UA)-Centre National de la Recherche Scientifique (CNRS)-Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER)-Université de Nantes (UN)-École Centrale de Nantes (ECN)-Université de Bretagne Sud (UBS)-Le Mans Université (UM)-Université d'Angers (UA)-Centre National de la Recherche Scientifique (CNRS)-Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER)-Université de Nantes (UN)-École Centrale de Nantes (ECN)-Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes (IEMN-IAE Nantes), Université de Nantes (UN)-Université de Nantes (UN), Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes (IEMN-IAE Nantes), Université de Nantes (UN)-Université de Nantes (UN)-FR 3473 Institut universitaire Mer et Littoral (IUML), and École Centrale de Nantes (ECN)-Université de Nantes (UN)-Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER)-Centre National de la Recherche Scientifique (CNRS)-Université d'Angers (UA)-Le Mans Université (UM)-Université de Bretagne Sud (UBS)-École Centrale de Nantes (ECN)-Université de Nantes (UN)-Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER)-Centre National de la Recherche Scientifique (CNRS)-Université d'Angers (UA)-Le Mans Université (UM)-Université de Bretagne Sud (UBS)

Subjects
Permanent shocks, Africa, [SHS.GESTION]Humanities and Social Sciences/Business administration, Small open economy, Business cycle, Growth, Business cycle,Permanent shocks,Growth,Africa,Small open economy, [SHS.ECO]Humanities and Social Sciences/Economics and Finance
Abstract

This article explores the role of trend shocks in explaining the specificities of business cycles in Sub-Saharan African (SSA) countries using the methodology introduced by Aguiar and Gopinath (2007) [Emerging Market Business Cycles: The Cycle Is the Trend Journal of Political Economy 115(1)]. We specify a small open economy model with transitory and trend shocks on productivity to replicate the differences in the business cycle behavior of output and consumption across countries, especially the excess volatility of consumption in SSA countries. Our results suggest a strong relationship between the weight of trend shocks in the source of fluctuations and economic development. The weight of trend shocks is (i) higher in SSA countries than in emerging and developed countries; (ii) negatively correlated with the level of income, the quality of institutions, and the size of the credit market; and (iii) uncorrelated with the aid received by countries, the ratio of trade-openness, the inflation rate, and government spending.

Published
2010

39. Strategies for search on the housing market and their implications for price dispersion

Author

Maury, Tristan-Pierre, Tripier, Fabien, EDHEC Business School (EDHEC), Edhec, Laboratoire d'économie et de management de Nantes Atlantique (LEMNA), FR 3473 Institut universitaire Mer et Littoral (IUML), Université de Bretagne Sud (UBS)-Le Mans Université (UM)-Université d'Angers (UA)-Centre National de la Recherche Scientifique (CNRS)-Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER)-Université de Nantes (UN)-École Centrale de Nantes (ECN)-Université de Bretagne Sud (UBS)-Le Mans Université (UM)-Université d'Angers (UA)-Centre National de la Recherche Scientifique (CNRS)-Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER)-Université de Nantes (UN)-École Centrale de Nantes (ECN)-Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes (IEMN-IAE Nantes), Université de Nantes (UN)-Université de Nantes (UN), Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes (IEMN-IAE Nantes), Université de Nantes (UN)-Université de Nantes (UN)-FR 3473 Institut universitaire Mer et Littoral (IUML), and École Centrale de Nantes (ECN)-Université de Nantes (UN)-Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER)-Centre National de la Recherche Scientifique (CNRS)-Université d'Angers (UA)-Le Mans Université (UM)-Université de Bretagne Sud (UBS)-École Centrale de Nantes (ECN)-Université de Nantes (UN)-Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER)-Centre National de la Recherche Scientifique (CNRS)-Université d'Angers (UA)-Le Mans Université (UM)-Université de Bretagne Sud (UBS)

Subjects
[SHS.GESTION]Humanities and Social Sciences/Business administration, [SHS.ECO]Humanities and Social Sciences/Economics and Finance
Abstract

When an household needs to change its home, a new house must be bought and the old one must be sold. In order to complete these two transactions, the household can adopt either a sequential or a simultaneous search strategy. In sequential strategies, it first buys (or sells) and only after tries to sell (or buy), to avoid either being homeless or holding two houses, respectively. In the simultaneous strategy, the household tries to buy and sell simultaneously. If the household adopts the simultaneous strategy, it can reduce its search costs, but becomes exposed to the risk of becoming a homeless renter or the owner of two houses. The literature generally considers only the sequential search strategy. However, we show in this article that the simultaneous strategy is (i) generally welfare improving for households, (ii) sometimes the sole equilibrium strategy, and (iii) at the origin of price dispersion on the housing market.

Published
2010

40. The Credit Spread Cycle with Matching Friction

Author

Beaubrun-Diant, Kévin, Tripier, Fabien, Stratégie et Dynamiques Financières (LEDA-SDFi), Laboratoire d'Economie de Dauphine (LEDa), Institut de Recherche pour le Développement (IRD)-Université Paris Dauphine-PSL, Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Centre National de la Recherche Scientifique (CNRS)-Institut de Recherche pour le Développement (IRD)-Université Paris Dauphine-PSL, Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Centre National de la Recherche Scientifique (CNRS), Laboratoire d'économie et de management de Nantes Atlantique (LEMNA), Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes (IEMN-IAE Nantes), Université de Nantes (UN)-Université de Nantes (UN)-FR 3473 Institut universitaire Mer et Littoral (IUML), Le Mans Université (UM)-Université d'Angers (UA)-Université de Nantes (UN)-École Centrale de Nantes (ECN)-Université de Bretagne Sud (UBS)-Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER)-Centre National de la Recherche Scientifique (CNRS)-Le Mans Université (UM)-Université d'Angers (UA)-Université de Nantes (UN)-École Centrale de Nantes (ECN)-Université de Bretagne Sud (UBS)-Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER)-Centre National de la Recherche Scientifique (CNRS), Le Mans Université (UM)-Université d'Angers (UA)-Université de Nantes (UN)-École Centrale de Nantes (ECN)-Université de Bretagne Sud (UBS)-Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER)-Centre National de la Recherche Scientifique (CNRS)-Le Mans Université (UM)-Université d'Angers (UA)-Université de Nantes (UN)-École Centrale de Nantes (ECN)-Université de Bretagne Sud (UBS)-Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER)-Centre National de la Recherche Scientifique (CNRS)-IMT Atlantique (IMT Atlantique), Institut Mines-Télécom [Paris] (IMT)-Institut Mines-Télécom [Paris] (IMT), Centre National de la Recherche Scientifique (CNRS)-Institut de Recherche pour le Développement (IRD)-Université Paris Dauphine-PSL, Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL), and Université de Bretagne Sud (UBS)-Le Mans Université (UM)-Université d'Angers (UA)-Centre National de la Recherche Scientifique (CNRS)-Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER)-Université de Nantes (UN)-École Centrale de Nantes (ECN)-Université de Bretagne Sud (UBS)-Le Mans Université (UM)-Université d'Angers (UA)-Centre National de la Recherche Scientifique (CNRS)-Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER)-Université de Nantes (UN)-École Centrale de Nantes (ECN)

Subjects
[SHS.GESTION]Humanities and Social Sciences/Business administration, [SHS.ECO]Humanities and Social Sciences/Economics and Finance
Abstract

We herein advance a contribution to the theoretical literature on financial frictions and show the significance of the matching mechanism in explaining the countercyclical behavior of interest rate spreads. We demonstrate that when matching friction is associated with a Nash bargaining solution, it provides a satisfactory explanation of the credit spread cycle in response to shocks in production technology or in the cost of banks' resources. During periods of expansion, the credit spread experiences a tightening for two reasons. Firstly, as a result of easier access to loans, entrepreneurs have better opportunities outside a given lending relationship and can negotiate lower interest rates. Secondly, the less selective behavior of entrepreneurs and banks results in the occurrence of fewer productive matches, a fall in the average productivity of matches, and a tightening of the credit spread. Our results also underline the amplification and propagation properties of matching friction, which represent a powerful financial accelerator mechanism.

Published
2009

41. Elasticity of factor substitution and the rise in labor's share of income during the Great Depression

Author

Tripier, Fabien, Laboratoire d'économie et de management de Nantes Atlantique (LEMNA), Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes (IEMN-IAE Nantes), Université de Nantes (UN)-Université de Nantes (UN)-FR 3473 Institut universitaire Mer et Littoral (IUML), École Centrale de Nantes (ECN)-Université de Nantes (UN)-Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER)-Centre National de la Recherche Scientifique (CNRS)-Université d'Angers (UA)-Le Mans Université (UM)-Université de Bretagne Sud (UBS)-École Centrale de Nantes (ECN)-Université de Nantes (UN)-Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER)-Centre National de la Recherche Scientifique (CNRS)-Université d'Angers (UA)-Le Mans Université (UM)-Université de Bretagne Sud (UBS), FR 3473 Institut universitaire Mer et Littoral (IUML), Université de Bretagne Sud (UBS)-Le Mans Université (UM)-Université d'Angers (UA)-Centre National de la Recherche Scientifique (CNRS)-Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER)-Université de Nantes (UN)-École Centrale de Nantes (ECN)-Université de Bretagne Sud (UBS)-Le Mans Université (UM)-Université d'Angers (UA)-Centre National de la Recherche Scientifique (CNRS)-Institut Français de Recherche pour l'Exploitation de la Mer (IFREMER)-Université de Nantes (UN)-École Centrale de Nantes (ECN)-Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes (IEMN-IAE Nantes), and Université de Nantes (UN)-Université de Nantes (UN)

Subjects
[SHS.GESTION]Humanities and Social Sciences/Business administration, [SHS.ECO]Humanities and Social Sciences/Economics and Finance
Abstract

The sudden rise in labor's share of income during the U.S. Great Depression of 1929-1933 is examined. To explain this phenomenon, the deflation-based model of the Great Depression of Bordo et al. (2000) [Bordo, M.D.; Erceg, C.J.; Evans, C.L. "Money, Sticky Wages, and the Great Depression." American Economic Review 90:5, 1447-63.] is extended to the case of a Constant Elasticity of factor Substitution (CES) production function. It is shown that considering the low elasticity of factor substitution allows the model to explain the rise in labor's share of income, improves the model's predictions on other macroeconomic variables, and renders the issue of productivity during the Great Depression less puzzling.

Published
2009

42. La localisation des activités financières dans l'Union européenne

Author

Capelle-Blancard, Gunther, Crozet, Matthieu, Tripier, Fabien, Centre d'économie de la Sorbonne (CES), Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS), Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 (CLERSÉ), Université de Lille-Centre National de la Recherche Scientifique (CNRS), Centre d'Etudes Prospectives et d'Informations Internationales (CEPII), Centre d'analyse stratégique, and Centre National de la Recherche Scientifique (CNRS)-Université de Lille

Subjects
[SHS.ECO]Humanities and Social Sciences/Economics and Finance
Published
2007

48. ARE UNIT ROOT TESTS USEFUL IN THE DEBATE OVER THE (NON)STATIONARITY OF HOURS WORKED?

Author

Charles, Amélie, Darné, Olivier, and Tripier, Fabien

Subjects
BUSINESS cycles, DEBATE, MONTE Carlo method, ADJUSTMENT costs, DATA analysis, PERFORMANCE evaluation
Abstract

The performance of unit root tests on simulated series is compared, using the business-cycle model of Chang et al. [Journal of Money, Credit and Banking 39(6), 1357–1373 (2007)] as a data-generating process. Overall, Monte Carlo simulations show that the efficient unit root tests of Ng and Perron (NP) [Econometrica 69(6), 1519–1554 (2001)] are more powerful than the standard unit root tests. These efficient tests are frequently able (i) to reject the unit-root hypothesis on simulated series, using the best specification of the business-cycle model found by Chang et al., in which hours worked are stationary with adjustment costs, and (ii) to reduce the gap between the theoretical impulse response functions and those estimated with a Structural VAR model. The results of Monte Carlo simulations show that the hump-shaped behavior of data can explain the divergence between unit root tests. [ABSTRACT FROM PUBLISHER]

Published
2015
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