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The Inflation Bias When the Central Bank Targets, the Natural Rate of Unemployment
(Université de Montréal. Département de sciences économiques., 2001)
This paper studies the proposition that an inflation bias can arise in a setup where a central banker with asymmetric preferences targets the natural unemployment rate. Preferences are asymmetric in the sense that positive ...
Testing Mean-Variance Efficiency in CAPM with Possibly Non-Gaussian Errors : An Exact Simulation-Based Approach
(Université de Montréal. Département de sciences économiques., 2002)
In this paper we propose exact likelihood-based mean-variance efficiency tests of the market portfolio in the context of Capital Asset Pricing Model (CAPM), allowing for a wide class of error distributions which include ...
Testing for a Unit Root in Panels with Dynamic Factors
(Université de Montréal. Département de sciences économiques., 2002)
This paper studies testing for a unit root for large n and T panels in which the cross-sectional units are correlated. To model this cross-sectional correlation, we assume that the data is generated by an unknown number ...
Responsibility and Cross-Subsidization in Cost Sharing
(Université de Montréal. Département de sciences économiques., 2002)
We propose two axiomatic theories of cost sharing with the common premise that agents demand comparable -though perhaps different- commodities and are responsible for their own demand. Under partial responsibility the ...
Altruism, Intergenerational Transfers of Time and Bequests
(Université de Montréal. Département de sciences économiques., 2003)
This paper uses a standard two-period overlapping generation model to examine the behavior of an economy where both intergenerational transfers of time and bequests are available. While bequests have been examined extensively, ...
Maximal-Element Rationalizability
(Université de Montréal. Département de sciences économiques., 2002)
We examine the maximal-element rationalizability of choice functions with arbitrary do-mains. While rationality formulated in terms of the choice of greatest elements according to a rationalizing relation has been analyzed ...
Testing Normality : A GMM Approach
(Université de Montréal. Département de sciences économiques., 2002)
In this paper, we consider testing marginal normal distributional assumptions. More precisely, we propose tests based on moment conditions implied by normality. These moment conditions are known as the Stein (1972) equations. ...
Inter-temporal Price Discrimination when Imports are Restricted by Quotas
(Université de Montréal. Département de sciences économiques., 2003)
A dominant firm holding import quota engages in inter-temporal price discrimination when facing a competitive fringe engaged in seasonal production. This causes a welfare loss that comes in addition the loss attributable ...
Les cycles économiques et la science économique
(Université de Montréal. Département de sciences économiques., 2003)
Cette communication situe la théorie des grands cycles économiques dans le contexte général des économies de marché. Il y est postulé que le cycle financier et économique international de longue période (50-60 ans) n'est ...