Publications
PDF | Background: The objective of this study is to examine social inequalities in employee mental well-being, using relational social class indicators.... | Find, read and cite all the research you need on ResearchGate
The Malthusian trap is a well recognized source of stagnation in per capita income prior to industrialization. However, previous studies have found mixed evidence about its exact strength. This article contributes to this ongoing debate by estimating the speed of convergence for a panel of 9 preindustrial European economies over a long period of time (14th–18th century). The analysis relies on a calibrated Malthusian model for England and β-convergence regressions. I find evidence of significant differences in the strength of the Malthusian trap between preindustrial European economies. The strongest estimated Malthusian trap is in Sweden, with a half-life of 20 years. The weakest estimated Malthusian trap is in England, with a half-life of about 230 years. This implies that some preindustrial economies were able to experience prolonged variations in their standards of living after a shock, while still being subject to Malthusian stagnation in the long run.
What patterns of economic relations arise when people are altruistic rather than strategically self-interested? What are the welfare implications of altruistically-motivated choices of business partners? This paper introduces an altruism network into a simple model of choice among partners for economic activity. With concave utility, agents effectively become inequality averse towards their friends and family. Rich agents preferentially choose to work with poor friends despite productivity losses. These preferential contracts can also align with welfare since the poor benefit the most from income gains and these gains can outweigh the loss in output. Hence, network inequality—the divergence in incomes within sets of friends and family—is key to how altruism shapes economic activity, output, and welfare. When skill homophily —the tendency for friends to have the skills needed for high production—is high, preferential contracts and productivity losses disappear since rich agents have poor friends with the requisite qualifications.
We study how altruism networks affect the demand for formal insurance. Agents with CARA utilities are connected through a network of altruistic relationships. Incomes are subject to a common shock and to a large individual shock, generating heterogeneous damages. Agents can buy formal insurance to cover the common shock, up to a coverage cap. We find that ex-post altruistic transfers induce interdependence in ex-ante formal insurance decisions. We characterize the Nash equilibria of the insurance game and show that agents act as if they are trying to maximize the expected utility of a representative agent with average damages. Altruism thus tends to increase demand of low-damage agents and to decrease demand of high-damage agents. Its aggregate impact depends on the interplay between demand homogenization, the zero lower bound and the coverage cap. We find that aggregate demand is higher with altruism than without altruism at low prices and lower at high prices. Nash equilibria are constrained Pareto efficient.
Plus de 4 000 définitions relevant des différents domaines de l'économie, notamment en finance (crise de 2008, finance islamique...), en politique sociale (régimes de retraite...), économie de l'environnement (empreinte écologique, écodéveloppement...). La présentation des différents courants, t...
The aim of this study (EPIDIAB) was to assess the relationship between epicardial adipose tissue (EAT) and the micro and macrovascular complications (MVC) of type 2 diabetes (T2D).
This paper assesses whether and how setting up a sovereign wealth fund has a buffer effect against currency crises. Using an innovative dynamic logit panel model framework and a unique dataset covering 34 emerging countries over the period 1989–2019, we empirically show that sovereign wealth funds reduce the occurrence of currency crises. This result is robust to different econometric specifications, alternative definitions of sovereign wealth funds, controlling for currency crisis risk factors, and income level sampling. Our findings have important implications for financial stability and for policymakers, who could further exploit the potential of sovereign wealth funds to better manage foreign exchange risks.
Entrepreneurship, growth and total factor productivity are larger when asset prices are high and decline during financial crises. We explain these facts using a growth model with financial bubbles in which individuals have heterogeneous wages and returns on productive investment. Heterogeneity separates individuals between savers and entrepreneurs. Savers buy financial assets, which are deposits or a financial bubble. Entrepreneurs incur in a start-up cost and borrow to invest in productive capital. The bubble provides liquidities to credit-constrained entrepreneurs. These liquidities increase investment, growth and entrepreneurship. Finally, the bubble may increase productivity when the return of each entrepreneur's investment is positively correlated with her previous income.
