International Risk Sharing and the Irish Economy

This paper studies international risk sharing in Ireland focusing on the 1970-2007 period. To this end, we assess how consumption and national income have been affected by idiosyncratic output shocks. The study of the former shows that private consumption was partially insulated from output shocks and that risk sharing was invariant over time. The analysis of national income provides further evidence for international risk sharing. Here, we find that national income fluctuations were not fully affected by output shocks and that income risk sharing improved as Ireland became more integrated with the international financial system.Ireland, international risk sharing

The Impact of Fiscal Shocks on the Irish Economy

We study the short-run effects of shocks to government spending on Ireland’s output and its real exchange rate. We show that the impact of government spending shocks critically depend on the nature of the fiscal innovation. Our main finding is that there are important differences between shocks to public investment and shocks to government consumption. Moreover, within the latter category, shocks to the wage and non-wage components also have dissimilar effects.

Fiscal Shocks and The Sectoral Composition of Output

We study the impact of shocks to different types of government spending on the composition of sectoral output for a panel of EMU member countries. We find that fiscal shocks lead to an increase in the relative size of the nontraded sector. There is typically no significant impact on the level of production in the tradables sector but the level of imports increases and the level of exports declines in most cases. Overall, the results show that fiscal shocks matter not only for aggregate variables but also for the sectoral composition of output.

How Housing Slumps End

We construct a simple probit model of the determinants of real house price slump endings. We find that the probability of a house price slump ending is higher, the smaller was the pre-slump house price run-up; the greater has been the cumulative house price decline; the lower are real mortgage interest rates; and the higher is GDP growth. Slumps are longer, other things being equal, where housing supply is more elastic, but shorter the more developed are financial institutions. For slumps of a given size, shorter sharper slumps are associated with worse macroeconomic performance in the short run, but with better performance in the long run. This suggests that for sufficiently low discount rates, policy makers should not impede the decline in real house prices, and this conclusion is reinforced by the finding that after a certain duration, house price slumps can become self reinforcing. On the other hand, we also find evidence that during downturns, falling house prices can lead to lower private sector credit flows. Policy makers thus face a delicate balancing act. While they should not intervene to artificially prop up overvalued house prices, they should ensure that their macroeconomic and banking policies are such as to make a bottoming-out more likely. This suggests that they should keep real interest rates low, and ensure that banks are well-capitalised.House prices, Slumps, Probit, VAR

Parameter heterogeneity, persistence and cross-sectional dependence: new insights on fiscal policy reaction functions for the Euro area

A number of novelties have emerged in the study of the discretionary fiscal policy within the Euro area during the last decade. Among the others, the availability of up-to-date information on fiscal indicators for the years following the Great Recession, the introduction of cutting-edge econometric methods, and a renewed interest about the sustainability of fiscal policy and public debt. The aim of this paper is to address the challenges posed by the estimation of the discretionary fiscal reaction function for the Euro area. We exploit recently introduced testing and estimation strategies for heterogeneous dynamic panels with cross-sectional dependence and propose a new parsimonious approach. Using real-time data over the period 1996-2016, we investigate whether the fiscal policy reaction function is still a benchmark after the Great Recession. We find evidence of strong cross-sectional dependence in the panel, and clear support to a valid cointegration relationship among the main determinants of the function. Newly added covariates, such interest rate spreads, come out to play a relevant role in explaining discretionary actions

ANTIVIEILLISSEMENT (THERAPIES ACTUELLES)

BORDEAUX2-BU Santé (330632101) / SudocSudocFranceF

Les reconstitutions corono-radiculaires en vue d'une coiffe prothétique (choix et concepts actuels)

BORDEAUX2-BU Sci.Homme/Odontol. (330632102) / SudocPARIS-BIUM (751062103) / SudocSudocFranceF

Le double et le même selon le mythe, la science et la philosophie (perspectives sur le clonage)

Le clonage entre aujourd'hui dans le champ philosophique en interrogeant des notions telles que la vie, l'homme, la reproduction...Pouvons-nous concevoir que le clonage devienne un mode de reproduction comme un autre? S'agit-il d'une technique de reproduction ou d'une technique de fabrication, au vu d'un produit génétique bien déterminé? Le clone n'est-il pas un "nouvel homme", un homme programmé, dominé par son génome? L'homme n'avait-il pas le privilège d'être à l'image de Dieu et par conséquent sacré? Copier un être humain, n'est-ce pas nier son existence unique? Après les doubles bibliques, mythiques, techniques..., voici l'ère du double génétique. Un problème se pose tout de même : pouquoi a-t-on fait un usage illégitime du "mot" clonage autour de Dolly alors qu'il s'agit d'un transfert de noyau? Peut-être afin de renforcer l'image médiatique de la découverte... Le clonage existe-il vraiment? N'y a-t-il pas abus de langage? L'être humain peut-il aujourd'hui (sept ans après la naissance de Dolly) rencontrer des clones? des produits clonés?The cloning go today into the field of the philosophy because it interrogat like the life, the reproduction... Can't it conceive of the cloning become a directions for reproduction like an other? Is it about a technique of reproduction or a technique of manufacteure on sight of a genetic produce very definite?LYON3-Bibliothèques (693872102) / SudocLYON-BIU-LSH (693872101) / SudocSudocFranceF

The spread of manufacturing to the periphery 1870-2007: eight stylized facts

This paper documents industrial output growth around the poor periphery (Latin America, the European periphery, the Middle East and North Africa, Asia, and sub-Saharan Africa) between 1870 and 2007. We provide answers to the following questions. When and where did rapid industrial growth begin in the periphery? When and where did peripheral growth rates exceed those in the industrial core? When was the high-point of peripheral industrial growth? When and where did it become widespread? When was the high-point of peripheral convergence on the core? How variable was the growth experience between countries? And how persistent was peripheral industrial growth