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Accueil > Séminaires réguliers > Séminaires Rennes Fac Sc. éco. > Archives

2014-2015

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ARCHIVES 2014-2015

Organisateurs : Aurélie Bonein, Marie-Hélène Hubert, Thomas Le Texier, Fabien Rondeau.

 

  • Séminaire du jeudi 11 juin 2015
    Amphi Krier, de 12h30 à 14h00
Intervenant Mickael Melki - THEMA - Université de Cergy-Pontoise
Titre / title «  Voter Turnout and the Intergenerational Conflict over Public Education  »
Abstract Declines in voter participation are usually viewed as a « class bias » in favour of the rich, limiting social spending and pro-poor redistribution. However, declines in participation also entail a « generational bias » in favour of the old, which can affect the intergenerational redistribution at the expense of the young. Our theoretical framework analyses the effects of demographics and turnout on the provision of public education. The class and generational biases can work as two offsetting forces. However, when the average participation rate decreases, the negative impact of the old on public education is reinforced. This is consistent with evidence on Austrian municipalities.

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  • Séminaire du jeudi 4 juin 2015
    Amphi Krier, de 12h30 à 14h00
Intervenant Fanny Henriet - Paris School of Economics, University Paris 1
Titre / title «  Should we extract more shale gas ? The effect of climate and financial constraints  »
Co-authored with Katheline Schubert - Paris School of Economics, University Paris 1
Abstract This paper explores whether climate policy justifies developing more shale gas, when extraction causes local environmental damages. We construct a Hotelling-like model where electricity may be produced by three perfectly substitutable sources : an abundant dirty resource (coal), a non-renewable less polluting resource (shale gas), and an abundant clean resource (solar). The three resources differ by their carbon contents and costs. Shale gas extraction cause a local damage. Fixed costs must be paid for exploration and before solar production begins. CO2 must remain below a ceiling. At the optimum, tightening the ceiling always leads to bringing forward the transition to clean energy. We determine conditions under which the quantity of shale extracted should increase as the ceiling is tightened. To address the question of the arbitrage between shale gas development and the transition to clean energy, we assume that the local social planner has to comply to the climate constraint without increasing energy expenditures. When the price elasticity of demand is low, a binding financial constraint leads to an overinvestment in shale gas and postpones the switch to the clean backstop. We calibrate the model for Europe and determine whether shale gas should be extracted, depending on the local damage, as well as the potential extra amount of shale extracted because of a financial constraint, and the cost of a moratorium.
Lien / download 15-06-04_Henriet_Schubert.pdf

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  • Séminaire du mardi 2 juin 2015
    Amphi Krier, de 12h30 à 14h00
Intervenant François Vaillancourt - CIRANO et Université de Montréal
Titre / title «  Sovereignty debates 2010+ in Catalonia, Flanders, Québec and Scotland : an economic perspective  »
Lien / download 15-06-02_Vaillancourt_economicssovereigntypostDalmahoyr.pdf

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  • Séminaire du mardi 19 mai 2015
    Amphi Krier, de 17h à 18h30
Intervenant Yann Bramoullé - GREQAM, Université Aix-Marseille
Titre / title «  Altruism in Networks  »
Co-authored with Roland Bourlès - École Centrale Marseille (Aix-Marseille School of Economics), CNRS & EHESS
Lien / download 15-05-19_Bramoulle.pdf

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  • Séminaire du mardi 12 mai 2015
    Amphi Krier, de 17h00 à 18h30
Intervenant Nobuyuki Hanaki - GREQAM, Université Aix-Marseille
Titre / title «  It is not just confusion ! Strategic uncertainty in an experimental asset market  »
Co-authored with Eizo Akiyama et Ryuichiro Ishikawa
Lien / download 15-05-12_Hanaki1
Titre / title «  Cognitive ability and mis-pricing : Does perceived heterogeneity matter ?  »
Co-authored with Eizo Akiyama, Yukihiko Funaki, Ryuichiro Ishikawa
Lien / download 15-05-12_Hanaki2

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  • Séminaire du jeudi 7 mai 2015
    Amphi Krier, de 12h30 à 14h00
Intervenant Debrah Meloso - ESC Rennes
Titre / title «  The Mechanics of Reputational Cheap Talk : An Experiment with Crystal Balls  »
Abstract The paper develops an experimental test of a baseline model of strategic communication by a reporter who wants to convince an evaluator of being well informed. We anatomically dissect strategic behavior through a number of treatments that control for the beliefs of, as well as learning by, the evaluator. The evidence we find is broadly consistent with reporters best replying to fixed beliefs by evaluators. When we control for learning by evaluators, the amount of misreporting is again broadly consistent with theoretical predictions. However, human evaluators find it difficult to assess the informativeness of reports and to learn the strategies played by reporters. In turn, when interacting with human evaluators, reporters end up misreporting more than predicted by baseline equilibrium theory.

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  • Séminaire du jeudi 30 avril 2015
    Amphi Krier, de 12h30 à 14h00
Intervenant Sébastien Pommier - CREM, Université Rennes 1
Titre / title «  Public Debt Sustainability in Advanced Economies : A Stochastic Simulation of Fiscal Spaces after the 2008 Financial Crisis  »
Abstract The large increase in public debt after the 2008 -nancial crisis raises concerns about the sustainability of -scal policy. In this paper, we -rst analyze the extent to which both -scal reaction functions and determinants of growth-adjusted interest rates have been a-ected during the post 2008 period. Second, we compute levels of debt limits over which the growth of debt becomes explosive and we simulate -scal spaces (distance between debt limits and projected debts) implied by the estimated empirical model. Results show (i) in average, primary balances fall down while the e-ective cost of public debt increases from 2008 onwards ; (ii) as a consequence, debt limits decrease of more than 10 percent of GDP (iii) Japan, Greece, Iceland and Hungary do not have any -scal spaces ;(iv) Italian and Portuguese -scal spaces are likely to get exhausted over the next few years.
Lien / download 15-04-30_Pommier

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  • Séminaire du jeudi 2 avril 2015
    Amphi Krier, de 12h30 à 14h00
Intervenant Marie Laclau , PSE, CNRS
Titre / title «  Bayesian Games with Multiple Priors  »
Co-authored with Ludovic Renou , Université d’ESSEX
Abstract We analyze a general model Bayesian games with multiple priors which encompasses two particular cases of interest. The first one is about Sender-Receiver game where the Receiver has multiple priors over the states of the nature (the Sender may have a single or multiple priors). We assume full Bayesian updating and that the Receiver has max-min preferences. The second case deals with Sender-Receivers games with multiple Receivers who may have different priors over the state of the nature. We establish necessary and sufficient conditions for a splitting lemma to hold, which apply to both setups. We derive a characterization of the equilibrium payoffs of the Sender. Different examples of applications are provided with some comparative statics.

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  • Séminaire du jeudi 26 mars 2015
    Amphi Krier, de 12h30 à 14h00
Intervenant Sylvie Blasco , Université du Mans
Titre / title «  Field Experiment on “Search Clubs” Counseling for Young Unemployed Living in Deprived Neighborhood  »
Co-authored with Gerard van den Berg, Bruno Crépon, Daphné Skandalis, Arne Uhlendorff
Abstract In this paper, we evaluate an experimental counseling program dedicated to young unemployed workers living in deprived areas. The experiment was conducted in France from February 2013 to March 2014 and enrolled about 3600 young unemployed workers. Individuals were randomly assigned to either a 3-month collective counseling program (“Search Club”) or to a classical 3-month intensive counseling program. The evaluated scheme contained innovative features to foster search effort and the use of networks, to remedy to defiance towards public employment services by creating a closer relation between the caseworker and the individuals, to debias beliefs and expectations about the labour market,... All in all, it attempted to provide new forms of counseling designed to address the specific difficulties encountered by young unemployed workers living in deprived areas. The meetings were collective which presented two possible advantages. First, collectiveness could be used to foster emulation, positive competition and information sharing between group members and entail positive employment effects. Second, it could be a solution to provided much more intensified counseling within the limits of human and budget constrains. We evaluate the employment effects of this type of program in the short and mid-run, using survey and administrative data and aim at shedding lights on the mechanisms at play.
Lien / download 15-03-26_abstract_Blasco

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  • Séminaire du jeudi 19 mars 2015
    Amphi Krier, de 12h30 à 14h00
Intervenant Marie-Sophie Gauvin , Université de Bretagne Sud
Titre / title Politique monétaire de la BCE et dysfonctionnement de la distribution de crédit dans la zone euro
Abstract Our purpose is to determine if the long-term refinancing operation (LTRO) and policy rate decisions of the ECB actually had an impact on outstanding credits to non-financial sector. We use instrumental variables regressions with panel data including twelve countries of the Euro zone, between January 2003 and July 2014. The tests show that there is a significant causality relationship. However, this relationship is negative in the case of LTRO (respectively, positive in the case of policy rates). Thus, the ECB unconventional measures would have an adverse signal effect. Liquidity injections via LTRO and policy rates decisions would cause a contraction in outstanding loans, to the extent that they would be interpreted as a signal of the dimension and extent of the crisis.
Co-authored with Cécile Bastidon, Philippe Gilles
Lien / download 15-03-19_Gauvin-Bastidon-Gilles.pdf

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  • Séminaire du jeudi 12 mars 2015
    Amphi Krier, de 12h30 à 14h
Intervenant Jean-Philippe Boussemart , LEM, Université Lille 3
Titre / title Technological catching-up and growth convergence among US industries
Abstract Our study analyzes technological catching-up and convergence of input/output mixes among US industries. The methodological approach is based on a non-parametric programming framework and the estimation of a directional distance function. The technological catching-up process relies on distance variations of industries to a production frontier over time. These movements reflect or not a technological diffusion process from the leaders to the followers. A second contribution is to measure the convergence processes in output/input mixes over time. These movements enable to reveal structural inefficiencies due to changes in input-ratio differences signaling the role of input deepening or expanding on technological transfer. Finally, a panel data procedure links stakeholders’ price advantages (changes in output and input prices) to this two convergence effects. Our empirical work focuses on 63 American industries over the period 1987-2012.

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  • Séminaire exceptionnel du mardi 10 mars 2015
    Amphi Krier, de 12h30 à 13h45
Intervenant Jocelyn Donze , Beta, Université de Strasbourg
Titre / title Becoming We Instead of I, Identity Management and Incentives in the Workplace
Abstract In this article, we propose to view the firm as a locus of socialization in which employees with heterogeneous work attitudes can be motivated and coordinated through adherence to a social ideal of effort. We develop an agency model in which employees have both a personal and a social ideal of effort. The firm does not observe the personal ideals, but can make its workforce more sensitive to the social ideal by fostering interaction in the workplace. We show that there are two reasons why the firm invests in social bonding. First, it reinforces the effectiveness of monetary incentives. Second, strengthening the social ideal reduces the adverse selection problem and the need to devise distorted payment schemes. We also show that the firm allocates more time to social interaction when personal ideals of effort are low or heterogeneous.
Co-authored with Trude Gunnes
Lien / download 15-03-10_Donze_Gunnes.pdf

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  • Séminaire du jeudi 5 mars 2015
    Amphi Krier, de 12h30 à 14h
Intervenant Giuseppe Marco Attanasi , BETA, Université de Lorraine
Titre / title Ambiguous Survival Probabilities and Demand for Annuities : An Experimental Test through Charitable Giving
Abstract In this paper, ambiguity aversion to uncertain survival probabilities is introduced in a life-cycle model with a bequest motive to study the optimal demand for annuities. Provided that annuities return is sufficiently large, and notably when it is fair, positive annuitization is optimal in the ambiguity neutrality limit case. Conversely, the optimal strategy is to sell annuities in case of infinite ambiguity aversion. Then, in a model with smooth ambiguity preferences, there exists a finite degree of ambiguity aversion above which the demand for annuities is non-positive. To conclude, ambiguity aversion appears as a relevant candidate for explaining the annuity puzzle. We tested our theoretical results through a laboratory experiment. First, a subject’s coherent ambiguity attitude has been elicited in a simple experimental setting able to make the smooth ambiguity model operational. Then, in a bond-annuity two-period decision problem, the subject’s bequest in the second period has been presented as a contingent donation – contingent to surviving after the first period – to a previously chosen charity. We found that coherent-ambiguity-averse subjects invest less in annuities than coherent-ambiguity-neutral ones, and that the donation to the chosen charity is increasing in the investment in annuities. These findings confirm our theoretical predictions
Co-authored with Hippolyte d’Albis and Emmanuel Thibault

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  • Séminaire exceptionnel du mardi 3 mars 2015
    Amphi Krier, de 17h30 à 18h45
Intervenant Franck Portier , TSE, Université de Toulouse 1
Titre / title Reconciling Hayek’s and Keynes views of recessions
Abstract Recessions often happen after periods of rapid accumulation of houses, consumer durables and business capital. This observation has led some economists, most notably Friedrich Hayek, to conclude that recessions mainly reflect periods of needed liquidation resulting from past over-investment. According to the main proponents of this view, government spending should not be used to mitigate such a liquidation process, as doing so would simply result in a needed adjustment being postponed. In contrast, ever since the work of Keynes, many economists have viewed recessions as periods of deficient demand that should be countered by activist fiscal policy. In this paper we reexamine the liquidation perspective of recessions in a setup where prices are flexible but where not all trades are coordinated by centralized markets. We show why and how liquidations can produce periods where the economy functions particularly inefficiently, with many socially desirable trades between individuals remaining unexploited when the economy inherits too many capital goods. In this sense, our model illustrates how liquidations can cause recessions characterized by deficient aggregate demand and accordingly suggests that Keynes’ and Hayek’s views of recessions may be much more closely linked than previously recognized. In our framework, interventions aimed at stimulating aggregate demand face the trade-off emphasized by Hayek whereby current stimulus mainly postpones the adjustment process and therefore prolongs the recessions. However, when examining this trade-off, we find that some stimulative policies may nevertheless remain desirable even if they postpone a recovery.
Co-authored with Paul Beaudry and Dana Galizia
Lien / download 15-03-03_Beaudry_Galizia_Portier.pdf

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  • Séminaire du jeudi 26 février 2015
    Amphi Krier, de 13h à 14h30
Intervenant Blandine Zimmer , LaRGE, Université de Strasbourg
Titre / title Uncertainty and fiscal policy in a monetary union : why monetary policy transmission matters
Abstract In this paper, we develop a monetary-fiscal game in a monetary union with uncertainty due to imperfect transparency about the central bank’s preferences. The objective is to investigate the macroeconomic effects of this uncertainty by explicitly taking into account the role of the monetary policy transmission mechanism. We first consider the case of symmetric monetary transmission in the monetary union and show that if the transmission mechanism is not too strong, monetary uncertainty may be beneficial in terms of macroeconomic performances and stabilisation. We then allow for some transmission asymmetry among the member countries and begin by investigating how this asymmetry translates into heterogeneous macroeconomic performances within the monetary union. We finally also underline the differentiated effects of monetary uncertainty in this asymmetric transmission case.
Co-authored with Cornel Oros
Lien / download 15-02-26_ Oros_Zimmer

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  • Séminaire du mercredi 11 février 2015
    Amphi Krier, de 17h30 à 19h00
Intervenant Jean-Christophe Poudou , LAMETA, Université Montpellier I
Titre / title Non-renewable and intermittent renewable energy sources : friends and foes ?
Abstract This paper studies the links between non-renewable and intermittent renewable energy sources in the production of electricity. We argue that the relationship between the price of natural gas and investments in solar and wind capacity is represented by a bell-shaped curve, as opposed to being linear. Hence, for relatively low natural gas prices, the two modes of production are substitutes. After a price threshold is reached, the two are complementary. A theoretical model explains this as the trade-off resulting from two forces : the input price differential of these two modes of production and the risks related to the unpredictable nature of renewable energy. Using U.S. state-level data from 1998 to 2012, we find that this relationship is robust to various empirical specifications.
Co-authored with Edmond Baranes and Julien Jacqmin
Lien / download 15-02-11_Poudou.pdf

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  • Séminaire du jeudi 5 février 2015
    Amphi Krier, de 12h30 à 14h00
Intervenant Natacha Raffin , EconomiX, Université Paris 10
Titre / title The cost of pollution on longevity, welfare and economic stability
Abstract This paper presents an overlapping generations model where pollution, private and public healths are all determinants of longevity. Public expenditure, financed through labour taxation, provide both public health and abatement. We study the complementarity between the three components of longevity on welfare and economic stability. At the steady state, we show that an appropriate fiscal policy may enhance welfare. However, when pollution is heavily harmful for longevity, the economy might experience aggregate instability or endogenous cycles. Nonetheless, a fiscal policy, which raises the share of public spending devoted to health, may display stabilizing virtues and rule out cycles. This allows us to recommend the design of the public policy that may comply with the dynamic and welfare objectives.
Lien / download 15-02-05_Raffin_Seegmuller.pdf

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  • Séminaire du jeudi 29 janvier 2015
    Amphi Krier, de 12h30 à 14h00
Intervenant Damien Rousselière , GRANEM, AO-Université d’Angers, UQAM
Titre / title A comparison of life duration for cooperative and non-cooperative enterprises : A Discrete Time Survival Analysis with Long-Term Survivors
Abstract Testing various theoretical propositions on organizational mortality, I study the survival of French agricultural cooperatives in comparison with other firms with which they compete. The relationship between age and mortality in organizations is analyzed using a discrete-time semi-parametric hazard model, incorporating unobserved heterogeneity, isolating the various effects of time and taking account the presence of long-term survivors. On a first step, the model is estimated as a zero-inflated generalized linear mixed model within the ADMB algorithm framework. On the second step, uncertainty is taken into account using post hoc Markov chain running. In order to address the issue of time-varying explanatory variables, I test two alternative specifications : a model with time-varying covariates fixed at the beginning and a correlated random effects model. I use a Bayesian model selection, with flat and weakly informative priors implemented in various information criteria. This analysis emphasizes the specificity of the temporal dynamics of cooperatives in relation to their special role in agriculture.

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  • Séminaire du jeudi 22 janvier 2015
    Amphi Krier, de 12h30 à 14h00
Intervenant Meglena Jeleva , EconomiX, University Paris Ouest Nanterre la Défense
Titre / title Environmental Uncertainties and Ambiguity Aversion : Mitigation versus Adaptation
Abstract Environmental quality evolution and environmental policies involve uncertainties in various dimensions. These uncertainties are often not representable by a unique probabilistic belief and thus the determination of optimal environmental policies requires taking into account this ambiguous information. The aim of this paper is to study the impact of ambiguity and ambiguity attitudes on optimal adaptation and mitigation decisions when the future environmental quality and the efficiency of adaptation measures are ambiguous. We assume that decision makers’ preferences are represented by the aMaxMin Expected Utility model and prove that ambiguity attitudes significantly influence the optimal environmental adaptation/mitigation policy mix and not always in the most intuitive direction. More precisely, an increase in ambiguity aversion does not always imply a higher level of adaptation (and a lower level of mitigation) even if the efficiency of adaptation is not ambiguous. Moreover, ignoring ambiguity and ambiguity attitudes may induce decisions that are very far from the optimal ones. Our results are robust to the use of other models of preferences representations under ambiguity as the Smooth Ambiguity model of Klibanoff et alii (2005).
Co-authored with Johanna Etner and Natacha Raffin
Lien / download 15-01-22_Etner_Jeleva_Raffin.pdf

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  • Séminaire du jeudi 15 janvier 2015
    Amphi Krier, de 12h30 à 14h00
Intervenant Romain Restout , BETA, Université de Lorraine
Titre / title Imperfect Mobility of Labor across Sectors and the Fiscal Transmission
Co-authored with Olivier Cardi and Peter Claeys

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  • Séminaire du jeudi 8 janvier 2015
    Salle IMAPP, de 12h30 à 14h00
Intervenant Bertrand Wigniolle , CES, Université Paris 1
Titre / title Endogenous information revelation in a competitive credit market and credit crunch

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  • Séminaire du jeudi 18 décembre 2014
    Amphi Krier, de 12h30 à 14h00
Intervenant Yanos Zylberberg , CREI, Université de Barcelone
Titre / title Internal labor migration as a shock-coping strategy : evidence from a typhoon
Abstract We analyze how internal labor migration facilitates shock-coping in rural economies. Employing highly precise satellite data, we identify objective variations in the inundations generated by the most severe typhoon in Vietnam for decades, and match this treatment with a household panel survey before and after the shock. We -nd that, following the massive drop in income, households achieve to cope mainly through internal labor migration to urban areas : Households with settled migrants ex-ante receive more remittances. Non-migrant households react by sending new members away for work who earn less than established migrants, but remit similar amounts in the shortterm.
Co-authored with André Gröger
Lien / download 14-12-18_Groger-Zylberberg.pdf
Lien / download 14-12-18_Zylberberg-slides.pdf

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  • Séminaire du jeudi 11 décembre 2014
    Amphi Krier, de 12h30 à 14h00
Intervenant Hélène Ollivier , PSE, CNRS
Titre / title Does Trade Make Firms Cleaner ? Theory and Evidence From Indian Manufacturing
Abstract This paper investigates the impact of exporting on the CO2 emission intensity of manufacturing firms in India. Recent papers have argued that export market access encourages firms to upgrade technology, which lowers the emission intensity of production ; however, data limitations confound previous attempts to separately identify productivity impacts from simultaneous changes in prices and product-mix. We present a model of how these alternative channels could also explain the results documented in the literature. Then, using a highly detailed production dataset of large Indian manufacturing firms that contains information on physical units of inputs and outputs by product, we are able to decompose the overall firm impact into three components – prices, product-mix, and technology. Export impacts at the firm level are identified from import demand shocks of foreign trading partners. We find that prices systematically bias down estimates of emission intensity in value, that firms adjust emission intensity in quantity through changing output shares across products, but that firms do not lower emission intensity within products over time (technology). The results imply that the productivity benefits from market integration alone are not enough to induce clean technology adoption.
Co-authored with Geoffrey Barrows
Lien / download 14-12-11_Ollivier.pdf

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  • Séminaire du jeudi 4 décembre 2014
    Amphi Krier, de 12h30 à 14h00
Intervenant Simone Bertoli , CERDI, Université d’Auvergne
Titre / title The European Crisis and Migration to Germany : Expectations and the Diversion of Migration Flows
Abstract The European crisis has diverted migration flows away from countries affected by the recession towards Germany. The diversion process creates a challenge for traditional discrete-choice models that assume that only bilateral factors account for dyadic migration rates. This paper shows how taking into account the sequential nature of migration decisions leads to write the bilateral migration rate as a function of expectations about the evolution of economic conditions in alternative destinations. Empirically, we incorporate 10-year bond yields as an explanatory variable capturing forward-looking expectations and apply our model to an empirical analysis of migration from the countries of the European Economic Association to Germany in the period 2006-2012. We show that disregarding alternative destinations leads to substantial biases in the estimation of the determinants of migration rates.
Co-authored with H. Brücker - J. Fernández-Huertas Moraga

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  • Séminaire du jeudi 27 novembre 2014
    Amphi Krier, de 12h30 à 14h00
Intervenant Jean-Christophe Poutineau , CREM, Université Rennes 1
Titre / title DSGE Modeling and Economic Policy
Lien / download 14-11-27_Poutineau.pdf

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  • Séminaire du jeudi 20 novembre 2014
    Amphi Krier, de 12h30 à 14h00
Intervenant Nicolas Jacquemet , CES, Université Paris 1
Titre / title Information disclosure in repeated common value auctions
Co-authored with Vianney Dequiedt (Cerdi et U de Clermont-Ferrand) et Stephane Robin (gate - lse)

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  • Séminaire du lundi 17 novembre 2014
    Salle IMAPP, de 12h30 à 14h00
Intervenant Carolyn Fischer , RFF, Washington
Titre / title Limits to Limiting GHG Emissions : Spatial Leakage, Intertemporal Leakage, and Negative Leakage
Co-authored with Stephen W. Salant
Abstract « This paper contributes to the recent literature on the Green Paradox (Hoel, 2011 and Harstad, 2012) that distinguishes between regulated and unregulated regions in a Hotelling framework. In our model, different grades of oil are characterized by different costs, emission factors, and underground reserves ; furthermore, the clean backstop experiences cost-reducing technical change. As a result, even unregulated consumers may switch from fossil fuels to the backstop before exhausting them. Hence, cumulative emissions reductions can occur in this model, and we identify circumstances in which reducing emissions in the regulating coalition also induces reductions among unregulated consumers negative leakage. »" Increasing an emissions tax,
increasing the size of the regulated coalition and accelerating backstop cost reductions are policy substitutes for achieving a target emissions reduction. Given the di culties in securing international cooperation on global warming, promoting technical change in clean energy sources may be a more effective instrument for reducing carbon emissions."
Lien / download 14-11-17_Fischer.pdf

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  • Séminaire du jeudi 13 novembre 2014
    Amphi Krier, de 12h30 à 14h00
Intervenant Jean Imbs , PSE, Université Paris 1
Titre / title Finance and Synchronization
Co-authored with Ambrogio Cesa-Bianchi and Jumana Saleheen
Abstract Financial integration exacerbates the contagion of idiosyncratic shocks between countries. This result rests on a distinction between country-specific shocks and common shocks with country-specific effects. The well known negative association between financial linkages and cycle synchronization, documented in Kalemli-Ozcan, Papaioannou, and Peydro (2013) corresponds to permanent responses to common shocks.

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  • Séminaire du jeudi 6 novembre 2014
    Amphi Krier, de 12h30 à 14h00
Intervenant Raphaël Soubeyran , Lameta, INRA
Titre / title Wait and Sell : Farmers’ individual preferences and crop storage in Burkina Faso
Co-authored with Tristan Le Cotty, Élodie Maitre d’Hotel, Julie Subervie
Abstract This paper investigates the reasons why African farmers differ in storage behavior and establishes a causal link between farmers’ time and risk preferences and storage. We first provide a stylized onfarmstorage model in which impatience and risk aversion interact in the storage decision process. We show that impatience decreases grain storage whereas risk aversion may increase or decrease the quantity of grain stored from the harvest season to the lean season. We then test these propositions using original data on agricultural decisions, which we have collected from 1,500 farmers in two regions of Burkina Faso, who were also asked hypothetical questions about risk aversion and time discounting. Parameterized to our data, the model predicts that stored quantities decrease with impatience and increase with risk aversion. We then turn to an econometric analysis and provide an identification strategy which tackles a sample selection issue in our data. Consistently with the model, we find a negative impact of impatience and a ositive impact of risk aversion on the storage level. The effects are statistically ignificant and robust to various measures of time and risk preferences. This paper provides one of the first et of field evidence that links risk aversion and time discounting to observed agricultural decisions.
Lien / download 14-11-06_Soubeyran.pdf

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  • Séminaire du jeudi 23 octobre 2014
    Amphi Krier, de 12h30 à 14h00
Intervenant Elsa Orgiazzi , CREM, Université Rennes 1
Titre / title Development and the labor share
Co-authored with Paul Maarek , THEMA, Université de Cergy-Pontoise
Abstract We highlight a U-shaped relationship between development and the labor share of in- come. We exploit the within dimension of a panel dataset for the wage bill and value added in the manufacturing sector for developing countries. Data is available at the aggregate manufacturing level and also at the disaggregate level for 28 manufacturing subsectors. We show that the U-shaped pattern of the labor share that we observe at the aggregate level is also observed at the subsector level suggesting that it does not correspond to reallocation forces across sectors that occur during the development process. Our theory emphasizes the role of firms’ monopsony power when labor market has frictions in a dual labor market in which modern, high productivity firms coexist with traditional, low productivity firms. At earlier stages of development, productivity gains are not compensated by wage increases, as most of workers’ outside opportunities depend on the low productivity traditional sector. At later stages, the labor share increases as a result of wage competition in the modern sector

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  • Séminaire du jeudi 16 octobre 2014
    Amphi Krier, de 12h30 à 14h00
Intervenant Julien Chevallier , EconomiX, Université Paris 8
Titre / title On the estimation of regime-switching Lévy models
Co-authored with Stéphane Gouttez
Abstract The regime-switching Lévy model combines jump-diffusion under the form of a Lévy process, and Markov regime-switching where all parameters depend on the value of a continuous time Markov chain. We start by giving general stochastic results. Estimation is performed following a two-step procedure. The EM-algorithm is extended to this new class of jump-diffusion regime-switching models. An empirical application is dedicated to the study of financial and commodity time series. When comparing the results with (i) non regimeswitching models, and (ii) continuous regime-switching models (where the Lévy process is replaced by a classic Brownian motion), the Lévy regime-switching model outperforms other competitors.

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  • Séminaire du jeudi 9 octobre 2014
    Amphi Krier, de 12h30 à 14h00
Intervenant Emmanuelle Auriol TSE, Université de Toulouse 1
Titre / title Universal Intellectual Property Rights : Too Much of a Good Thing ?
Co-authored with Sara Biancini and Rodrigo Paillacar
Lien / download 14-10-09_Auriol_Biancini_Paillacar.pdf

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  • Séminaire du jeudi 2 octobre 2014
    Salle IMAPP, de 12h30 à 14h00
Intervenant Guillaume L’Œillet , CREM, Université Rennes 1
Titre / title Would the international trade of CEECs be higher with Euro ? Evidence from sectoral data
Co-authored with Frédérique Festoc et Nolwenn Roudaut
Lien / download 14-10-02_loeillet_Festoc_Roudaut.pdf

Intervenants Présentation de nouveaux doctorants du CREM : Samuel Lerestif, Thibaud Cargoet, Kristyna Dostalova, Romain Gate

GIF

 

  • Séminaire du mardi 30 septembre 2014
    Salle IMAPP, de 12h30 à 14h00
Intervenant Leslie Hatton , Agrocampus Ouest - EDF R&D
Titre / title «  Estimation de l’effacement de consommation électrique d’un groupe de clients résidentiels  »

GIF

 

  • Séminaire du jeudi 25 septembre 2014
    Amphi Krier, de 12h30 à 14h00
Intervenant Bob Hammond , North Carolina State University
Titre / title «  Personality Traits and Bidding Behavior in Competing Auctions  »
Co-authored with Thayer Morrill (North Carolina State University)
Lien / download 14-09-25_Hammond_Morrill_Alt_Rec

GIF