The “housing bubble” and financial factors: Insights from a structural model of the French and Spanish residential markets.

Over the last decade, France and Spain have experienced property price and residential investment increases which were among the strongest and the lengthiest in the euro area. Although the quality of the underlying data limits the precision of the estimates, the present paper aims at analysing the fundamental factors behind these evolutions. The analysis presented here assesses whether the observed price dynamics may be attributed to a pure expectation bubble phenomenon or to the large changes in financial and demographic factors. This is done by means of a structural model of the demand and supply sides of the housing market with an error-correction process. When taking into account a standard set of macroeconomic variables, our estimates imply that residential property prices in France and Spain were approximately 20% above the level explained by their fundamentals. When demographic and financial factors such as the borrowing capacity are taken on board, the degree of overvaluation is drastically reduced. The adjustment path to equilibrium is slightly faster in France than in Spain, but both countries display significant downward rigidity in prices.House prices , Housing demand, Borrowing capacity , Residential Investment , Error correction model , Instrumental variables.

Sum Coloring : New upper bounds for the chromatic strength

The Minimum Sum Coloring Problem (MSCP) is derived from the Graph Coloring Problem (GCP) by associating a weight to each color. The aim of MSCP is to find a coloring solution of a graph such that the sum of color weights is minimum. MSCP has important applications in fields such as scheduling and VLSI design. We propose in this paper new upper bounds of the chromatic strength, i.e. the minimum number of colors in an optimal solution of MSCP, based on an abstraction of all possible colorings of a graph called motif. Experimental results on standard benchmarks show that our new bounds are significantly tighter than the previous bounds in general, allowing to reduce substantially the search space when solving MSCP .Comment: pre-prin

Determinants of Productivity per Employee: an Empirical Estimation Using Panel Data

Two different approaches are used in this article to study productivity per employee: the determinants of its growth rate in the 1990s are first examined, and then the determinants of its level, using a more structural approach. ICT are shown to have a positive and significant effect on both growth rates and levels of productivity. This result is consistent with that of Gust and Marquez (2002), although the sample of countries is larger and GMM are used. In both sections of the paper, the employment rate and productivity exhibit a significant negative relationship, arising from the concentration of employment on the most productive members of the workforce. Indicators of financial depth and price stability are found to be significant.Productivity ; Panel ; Generalized method of moments ; Information and communication technology (ICT) ; Growth accounting

Convergence of Firm-Level Productivity, Globalisation, Information Technology and Competition: Evidence from France

Studies of firm-level data have shown that there is a huge dispersion of productivity across firms even when industries are narrowly defined. So there is a significant opportunity for the least productive firms to catch up to the most productive. The formers' convergence could therefore constitute an important part of productivity growth at the macroeconomic level. This article sheds light on this convergence process in the 1990s and the 2000s in France and on some of the factors which can explain it. Productivity convergence was stronger for labour productivity than for total factor productivity. But most importantly the speed of convergence has slowed during the course of the 1990s, a fact which is explained principally by the acceleration of the productivity of firms on the technological frontier. Three possible explanations of these stylised facts are considered: globalisation, information technology, and competition. Globalisation and information technology may have benefited the most productive firms more and the growth of competition may at the same time have stimulated the productivity of firms at the frontier while discouraging the convergence of the least productive firms.Convergence, productivity, TFP, globalisation, ICT, competition

Henri Temianka Correspondence; (lecat)

This collection contains material pertaining to the life, career, and activities of Henri Temianka, violin virtuoso, conductor, music teacher, and author. Materials include correspondence, concert programs and flyers, music scores, photographs, and books.https://digitalcommons.chapman.edu/temianka_correspondence/4087/thumbnail.jp

Production factor returns : the role of factor utilisation

Short-term increasing returns to production factors are usually found in empirical studies. We argue they can be due to omitted variables, particularly the intensity of factor utilisation. Thanks to original French firm-level data (1992-2008), we show how increasing returns to scale disappear when working time, capacity utilisation rate and mainly capital operating time are introduced in the production functionProduction function, productivity, factor returns.

Marmande – Déviation nord, Picard nord

Identifiant de l'opération archéologique : 025402 Date de l'opération : 2008 (MH) La fouille d’une fenêtre longitudinale de 1,1 ha a été prescrite en amont de l’aménagement de la rocade nord de Marmande, au lieu-dit « Picard nord ». Elle a permis la mise au jour d’un établissement rural occupé depuis le début du Ier s. de notre ère jusqu’au Ve s., selon trois grandes phases d’occupation. Un bâtiment sur poteaux plantés présentant un plan à pans coupés à deux nefs constitue le principal témoig..

News from the Frontier: Increased Productivity Dispersion across Firms and Factor Reallocation

Analysing French firms over 1991-2016, we find first that since the beginning of the century, one or two downward significant productivity breaks have occurred in all industries, both at the frontier and for laggard firms, suggesting a decline in the contribution of technological progress to productivity growth. Second, the median labour share is always higher for the laggard firms, with no clear trend, than for the frontier firms, with a sharp decrease from the mid-1990s to 2008, and an increase from 2008 onwards. Third, factor reallocation decreased significantly in the 2000s, at the time when we observed an increase in productivity dispersion, with a growing productivity gap between frontier and laggard firms. It appears also that reallocation has been lower on average over the whole period for sectors with a high import share, which can be related to the impact of global value chains