Articles scientifiques

Brownian Excursions and Parisan Barrier Options

M. CHESNEY, M. Yor, M. Jeanblanc-Picqué

Advances in Applied Probability

1997, n°29, pp.165-184

Départements : Finance


Business cycles and long run growth

G. SAINT-PAUL

Oxford Review of Economic Policy

automne 1997, vol. 13, n°3, pp.145-153

Départements : Finance


Business cycles and long-run growth

G. SAINT-PAUL

Oxford Review of Economic Policy

automne 1997, vol. 13, n°3, pp.145-153

Départements : Finance


In this survey, we discuss the effect of macroeconomic fluctuations on long-run growth from both a theoretical and empirical perspective. We emphasize the 'opportunity cost' approach, which states that firms will intertemporally substitute productivity-enhancing activities for regular production activity during recessions. We provide aggregate evidence in favour of the opportunity-cost approach

Externalities, Internalization and Fluctuations

H. CRES, M. Tvede, C. Ghiglino

International Economic Review

mai 1997, vol. 38, n°2, pp.465-477

Départements : Finance


In this paper we introduce consumption externalities as developed by Arrow in overlapping-generations economies. We show how the internalization of externalities-through exchanges at markets for externalities-may give rise to new phenomena such as altered stability properties and fluctuations, even though it restores optimality.

French Banks and European Strategy

B. MAROIS

European Management Journal

avril 1997, vol. 15, n°2, pp.183-189

Départements : Finance



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