The economic implications of oil price shocks have been extensively studied since the oil price shocks of the 1970s'. Despite this huge literature, no dynamic stochastic general equilibrium model is available that captures two well-known stylized facts: 1) the stagflationary impact of an oil...

This paper explores some of the dimensions related to poverty and exclusion, by defining a Relational Capability Index (RCI) which focuses on the quality of relationships among people and on their level of relational empowerment. This index is rooted in a relational anthropology; it insists on...

This paper presents a family of multidimensional poverty indices that measure poverty as a function of the extent and the intensity of poverty. I provide a unique axiomatics from which both extent and intensity of poverty can be derived, as well as the poor be endogenously identified. This...

Recent talks claiming the necessity of austerity measures in France often take the unsustainibility of public debts as a starting point. In this analysis, we show that the current public debt levels in France are not a sufficient reason to undertake such austerity policies. To substantiate our...

We study the consequences of dropping the perfect competition assumption in a standard infinite horizon model with infinitely-lived traders and real collateralized assets, together with one additional ingredient : information among players is asymmetric and monitoring is incomplete. The key...

This paper considers a two-period monetary double auction with incomplete markets of securities and derivatives. Players may share heterogenous beliefs. Short positions in derivatives are constrained by collateral requirements. A central Bank stands ready to lend money or engage in...

Building on Giraud & Tsomocos (2009), we develop a model of non equilibrium international trades with incomplete markets. Trades occur in continuous time, both on international and domestic markets. Traders are assumed to exhibit locally rational expectations on future prices, interest rates and...