http://hdl.handle.net/10993/74 Search this channel search http://orbilu.uni.lu/simple-search http://hdl.handle.net/10993/40445 Title: L’essor des banques panafricaines a d’abord profité aux entreprises et aux ménages les plus riches <br/> <br/>Author, co-author: Leon, Florian; Zins, Alexandra Fri, 20 Sep 2019 09:15:54 GMT http://hdl.handle.net/10993/39651 Title: Convergence, concurrence, harmonisation – une analyse comparative de la fiscalité Be-Ne-Lux (1945-1992) <br/> <br/>Author, co-author: Danescu, Elena <br/> <br/>Abstract: The paper aims to investigate the concept, context and socio-economic consequences of fiscal competition and fiscal justice, with a focus on the taxation of Beneux countries. The analysis is carried out at the intersection of several historical fields – national, regional, European and international –, and in a interdisciplinary approach. The research is based on a wide range of primary sources (original archives from Luxembourg, Belgium, the Netherlands, France, Germany and international organisations), by taking into account of a variety of institutions, players and mechanisms, and through the prism of the existing literature in the field. The findings emerged of this analysis may make a valuable addition to this historiography and provide new information, nuances and interpretations in the ongoing debates. Tue, 11 Jun 2019 09:26:15 GMT http://hdl.handle.net/10993/39193 Title: Technological Progress, the Supply ofHours Worked, and the Consumption-Leisure Complementarity <br/> <br/>Author, co-author: Irmen, Andreas Wed, 27 Mar 2019 21:59:19 GMT http://hdl.handle.net/10993/39192 Title: Technological Progress, the Supply ofHours Worked, and the Consumption-Leisure Complementarity <br/> <br/>Author, co-author: Irmen, Andreas Wed, 27 Mar 2019 21:57:26 GMT http://hdl.handle.net/10993/39191 Title: Some Simple Macroeconomics of Artificial Intelligence (AI) - A User’s Guide - <br/> <br/>Author, co-author: Irmen, Andreas Wed, 27 Mar 2019 21:55:43 GMT http://hdl.handle.net/10993/39190 Title: Technological Progress, the Supply ofHours Worked, and the Consumption-Leisure Complementarity <br/> <br/>Author, co-author: Irmen, Andreas Wed, 27 Mar 2019 21:50:30 GMT http://hdl.handle.net/10993/39189 Title: - Tasks, Workers, and Machines - Factor-Augmenting Automation in an Aging Economy <br/> <br/>Author, co-author: Irmen, Andreas Wed, 27 Mar 2019 21:48:45 GMT http://hdl.handle.net/10993/39186 Title: Technological Progress, the Supply ofHours Worked, and the Consumption-Leisure Complementarity <br/> <br/>Author, co-author: Irmen, Andreas <br/> <br/>Abstract: At least since 1870 hours worked per worker declined and real wages increased in many of today’s industrialized countries. The dual nature of technological progress in conjunction with a consumption-leisure complementarity explains these stylized facts. Technological progress drives real wages up and expands the amount of available consumption goods. Enjoying consumption goods increases the value of leisure. Therefore, individuals demand more leisure and supply less labor. This mechanism appears in an OLG-model with two-period lived individuals equipped with per-period utility functions of the generalized log-log type proposed by Boppart-Krusell (2016). The optimal plan is piecewise defined and hinges on the wage level. Technological progress moves a poor economy out of a regime with low wages and an inelastic supply of hours worked into a regime where wages increase further and hours worked continuously decline. Wed, 27 Mar 2019 21:37:37 GMT http://hdl.handle.net/10993/39185 Title: TASKS, TECHNOLOGY, AND FACTOR PRICES IN THE NEOCLASSICAL PRODUCTION SECTOR <br/> <br/>Author, co-author: Irmen, Andreas <br/> <br/>Abstract: This paper introduces tasks into the neoclassical production sector. Competitive firms choose the profit-maximizing amounts of factor-specific tasks that determine their factor demands and output supplies. We show that the effect of factor-augmenting technical change on relative and absolute factor prices can be decomposed into a productivity effect and a market size effect of opposite sign. These effects appear since the novel task-based approach distinguishes between the demands for tasks and the demands for factors. This perspective provides a new intuition for the emergence of relative and absolute factor biases and the role of the elasticity of substitution. Wed, 27 Mar 2019 21:33:10 GMT http://hdl.handle.net/10993/39184 Title: A Generalized Steady-State Growth Theorem <br/> <br/>Author, co-author: Irmen, Andreas <br/> <br/>Abstract: Uzawa’s steady-state growth theorem (Uzawa (1961)) is generalized to a neoclassical economy that uses current output, e.g., to create technical progress or to manufacture intermediates. The difference between aggregate final-good production and these resources is referred to as net output. The new generalized steady-state growth theorem holds since net output exhibits constant returns to scale in capital and labor. This insight provides an understanding for why technical change is labor-augmenting in steady state even if capital-augmenting technical change is feasible. By example, this point is made for four growth mod-els that allow for endogenous capital- and labor-augmenting technical change, namely, Irmen and Tabakovic (2015), Acemoglu (2003), Acemoglu (2009), Chapter 15, and for the typical model of the induced innovations literature of the 1960s.The reduced form of these models is shown to be consistent with the generalizedsteady-state growth theorem. Wed, 27 Mar 2019 21:24:40 GMT http://hdl.handle.net/10993/38863 Title: Household credit and growth: International evidence <br/> <br/>Author, co-author: Leon, Florian <br/> <br/>Abstract: This paper has two main objectives. First, it attempts to distinguish the effects of household and enterprise credit on economic growth for a large sample of developing and developed countries. Second, it investigates the channels through which household credit affects economic growth. To do so, a new database covering 143 countries over the period 1995-2014 is employed. Econometric results show that household credit has a negative effect on growth, while business credit has a positive, albeit non significant, impact on growth. The literature provide two possible explanations to justify the negative effect of household credit. On the one hand, household credit expansion can induce more financial fragility. On the other hand, the negative impact of household credit could be explained by its effect on saving behaviors. Results provide some evidence indicating that the negative effect of household credit is more driven by the latter than the former. Thu, 21 Feb 2019 13:16:17 GMT http://hdl.handle.net/10993/38554 Title: Extensive and intensive margins and exchange rate regimes <br/> <br/>Author, co-author: Picard, Pierre M; hamano, masahige <br/> <br/>Abstract: This paper studies the costs and benefits of fixed and flexible exchange rate regimes in the presence of endogenous intensive and extensive margins of trade. The net benefit depends on the levels and volatilities of those margins as well as on their correlation with consumers preferences. A fixed exchange rate regime is preferred for sufficiently high labour supply elasticities and lower love for product diversity. Delays between entry and production make fixed exchange rate regimes less attractive. Fri, 25 Jan 2019 16:12:52 GMT http://hdl.handle.net/10993/38466 Title: Formation des salaires en Belgique : interactions sectorielles et performances macroéconomiques <br/> <br/>Author, co-author: Bourgain, Arnaud; Mehta, Kirti; Shadman, Fatemeh; Sneessens, Henri <br/> <br/>Abstract: L’article examine le rôle des interactions salariales entre secteur privé et secteur public. Les résultats empiriques sur la période 1995-2015 suggèrent clairement qu’il n’y a pas, dans la formation des salaires belges, un secteur «leader» qui imposerait systématiquement ses hausses de salaire à l’autre secteur. Les interactions salariales sectorielles privé-public sont très fortes, mais au final chaque secteur conserve une large autonomie. Les salaires du secteur privé sont en particulier nettement plus sensibles aux modifications de l’environnement macro-économique (productivité, inflation, chômage), et caractérisés par une tendance négative qu’on peut attribuer à une plus forte modération salariale. Mon, 21 Jan 2019 11:41:23 GMT http://hdl.handle.net/10993/37894 Title: L'euro en quête d'un nouveau souffle <br/> <br/>Author, co-author: Danescu, Elena <br/> <br/>Abstract: L’euro est l’une des grandes aventures du XXe siècle. Pour la première fois des pays égaux et souverains consentent d’abandonner leurs monnaies nationales - symbole intrinsèque aux États nations - pour créer une monnaie unique gérée par une nouvelle institution, une banque centrale à l’échelon de l’Europe. Si l’euro ressemble davantage à un instrument technique pour une meilleure intégration économique, il représente surtout une construction institutionnelle originale et une forte avancée politique, néanmoins incomplète. Tue, 01 Jan 2019 08:58:29 GMT http://hdl.handle.net/10993/36608 Title: To MigrateWith orWithout Ones’ Children in China - That is the Question <br/> <br/>Author, co-author: Chen, Yiwen; Fromentin, Vincent; Zou, Benteng <br/> <br/>Abstract: Where should Chinese internal migrant parents locate their school-aged children: migrate with them or leave them behind? And should they invest in private education of their children? We investigate whether migrant parents can afford to take their children to migrate and thus provide theoretical optimum that maximizes migrant parents’ utility which includes the children’s educational performance. Depending on the educational investment parents make and the relocation cost of children, we provide necessary and sufficient conditions under which migrant parents should take their children to migrate and conditions under which migrant parents should provide their children with private education. Tue, 18 Sep 2018 10:55:05 GMT http://hdl.handle.net/10993/36607 Title: Climate politics: how public persuasion affects the trade-off between environmental and economic performance <br/> <br/>Author, co-author: Prieur, Fabien; Zou, Benteng <br/> <br/>Abstract: This paper aims at studying the impact of public persuasion, through information dissemination, on environmental and economic performance. A differential game in which opposite interest groups compete for bringing the majority’s environmental concern closer to their views is developed. The results show a strong asymmetry in the impact of public persuasion. It may bring the median voter economy closer to the social optimum in the long run, thereby reducing environmental and economic distorsions. But this only occurs when the environmental group exhibits a radical ideology and people are initially closer to the industrialists’ views. By contrast, economies where industrial groups are powerful and strongly opposed to environmental protection never benefit from the outcome of the game of persuasion. This may explain why the US have failed to take action on global warming up to now. Tue, 18 Sep 2018 10:50:36 GMT http://hdl.handle.net/10993/36606 Title: A Pedagogical Note on Risk Sharing Versus Instability in International Financial Integration: When Obstfeld Meets Stiglitz <br/> <br/>Author, co-author: Boucekkine, Raouf; Zou, Benteng <br/> <br/>Abstract: The pure risk sharing mechanism implies that financial liberalization is growth enhancing for all countries as the world portfolio shifts from safe low-yield capital to riskier high-yield capital. This result is typically obtained under the assumption that the volatilities for risky assets prevailing under autarky are not altered after liberalization. We relax this assumption within a simple two-country model of intertemporal portfolio choices. By doing so, we put together the risk sharing effect and a well defined instability effect. We identify the conditions under which liberalization may cause a drop in growth. These conditions combine the typical threshold conditions outlined in the literature, which concern the deep characteristics of the economies, and size conditions on the instability effect induced by liberalization. Tue, 18 Sep 2018 10:45:47 GMT http://hdl.handle.net/10993/36043 Title: Do Demographics Prevent Consumption Aggregates From Reflecting Micro-Level Preferences? <br/> <br/>Author, co-author: Koulovatianos, Christos; Carsten, Schroeder; Ulrich, Schmidt <br/> <br/>Abstract: Most simulated micro-founded macro models use solely consumer-demand aggregates in order to estimate preference parameters of a representative consumer, for use in policy evaluation. Focusing on dynamic models with time-separable preferences, we show that aggregation holds if, and only if, momentary utility functions fall in the Identical-Shape Harmonic Absolute-Risk Aversion (ISHARA) utility class, identifying which parameters of ISHARA utility functions are allowed to vary over time. Given this theoretical result, it should be easy to empirically reject the aggregation properties that the macroeconomic representative-consumer identification approach requires: it suffices to show that permanent incomes guaranteeing the same living standard across households of different size violate an affine relationship. In order to test the validity of this affine equation, we develop a vignette survey that produces appropriate data without demand-estimation restrictions imposed by models. Surprisingly, in six countries, this equation is not rejected, lending support to using consumer-demand aggregates. Thu, 28 Jun 2018 01:09:15 GMT http://hdl.handle.net/10993/35846 Title: Mean growth and stochastic stability in endogenous growth models <br/> <br/>Author, co-author: Boucekkine, Raouf; Pintus, Patrick; Zou, Benteng Tue, 05 Jun 2018 12:16:17 GMT http://hdl.handle.net/10993/35389 Title: Pierre Werner: An Architect of the Euro <br/> <br/>Author, co-author: Danescu, Elena Thu, 29 Mar 2018 13:42:46 GMT