Three essays on short-term macroeconomics : business fluctuations, large devaluations and inflation dynamics

Résumé: At least since the Great Depression, explaining why there are business fluctuations has been one of the biggest challenges that the science of economics has had to face. The hope is that if we could better understand recessions, then we could also be more successful in overcoming them. This dissertation consists of three papers that are part of the general endeavor of economists to understand these fluctuations. The first paper discusses, for a particular model, whether a result related to fluctuations would still hold if time were modeled as continuous rather than discrete. The two other papers focus on price stickiness. The second paper discusses why, after a large devaluation, prices of non-tradables may change by only a small amount in comparison to the magnitude of the devaluation. The third paper examines price adjustment in a model in which information is imperfect and it is costly to change prices.

Space-time within general relativity : a structural realist understanding

ABSTRACT This dissertation investigates the, nature of space-time as described by the theory of general relativity. It mainly argues that space-time can be naturally interpreted as a physical structure in the precise sense of a network of concrete space-time relations among concrete space-time points that do not possess any intrinsic properties and any intrinsic identity. Such an interpretation is fundamentally based on two related key features of general relativity, namely substantive general covariance and background independence, where substantive general covariance is understood as a gauge-theoretic invariance under active diffeomorphisms and background independence is understood in the sense that the metric (or gravitational) field is dynamical and that, strictly speaking, it cannot be uniquely split into a purely gravitational part and a fixed purely inertial part or background. More broadly, a precise notion of (physical) structure is developed within the framework of a moderate version of structural realism understood as a metaphysical claim about what there is in the world. So, the developement of this moderate structural realism pursues two main aims. The first is purely metaphysical, the aim being to develop a coherent metaphysics of structures and of objects (particular attention is paid to the questions of identity and individuality of these latter within this structural realist framework). The second is to argue that moderate structural realism provides a convincing interpretation of the world as described by fundamental physics and in particular of space-time as described by general relativity. This structuralist interpretation of space-time is discussed within the traditional substantivalist-relationalist debate, which is best understood within the broader framework of the question about the relationship between space-time on the one hand and matter on the other. In particular, it is claimed that space-time structuralism does not constitute a 'tertium quid' in the traditional debate. Some new light on the question of the nature of space-time may be shed from the fundamental foundational issue of space-time singularities. Their possible 'non-local' (or global) feature is discussed in some detail and it is argued that a broad structuralist conception of space-time may provide a physically meaningful understanding of space-time singularities, which is not plagued by the conceptual difficulties of the usual atomsitic framework. Indeed, part of these difficulties may come from the standard differential geometric description of space-time, which encodes to some extent this atomistic framework; it raises the question of the importance of the mathematical formalism for the interpretation of space-time.

Three essays in dynamic corporate finance

Summary Throughout my thesis, I elaborate on how real and financing frictions affect corporate decision making under uncertainty, and I explore how firms time their investment and financing decisions given such frictions. While the macroeconomics literature has focused on the impact of real frictions on investment decisions assuming all equity financed firms, the financial economics literature has mainly focused on the study of financing frictions. My thesis therefore assesses the join interaction of real and financing frictions in firms' dynamic investment and financing decisions. My work provides a rationale for the documented poor empirical performance of neoclassical investment models based on the joint effect of real and financing frictions on investment. A major observation relies in how the infrequency of corporate decisions may affect standard empirical tests. My thesis suggests that the book to market sorts commonly used in the empirical asset pricing literature have economic content, as they control for the lumpiness in firms' optimal investment policies. My work also elaborates on the effects of asymmetric information and strategic interaction on firms' investment and financing decisions. I study how firms time their decision to raise public equity when outside investors lack information about their future investment prospects. I derive areal-options model that predicts either cold or hot markets for new stock issues conditional on adverse selection, and I provide a rational approach to study jointly the market timing of corporate decisions and announcement effects in stock returns. My doctoral dissertation therefore contributes to our understanding of how under real and financing frictions may bias standard empirical tests, elaborates on how adverse selection may induce hot and cold markets in new issues' markets, and suggests how the underlying economic behaviour of firms may induce alternative patterns in stock prices.

Action publique concertée et gestion des sports de nature : une ethnographie participative au Conseil général du Bas-Rhin

En France, la décentralisation et la territorialisation de l'action publique ont fait des sports de nature un objet d'action publique légitime en donnant naissance à de nouveaux outils de management public dédiés à la concertation et à la planification des usages de la nature. Nés de l'article 52 de la Loi sur le sport modifiée en 2000, la Commission Départementale des Espaces, Sites et Itinéraires relatifs aux sports de nature (CDESI) et le Plan Départemental des Espaces Sites et Itinéraires relatifs aux sports de nature (PDESI) sont des outils de concertation territoriale dédiés à la gestion publique des sports de nature au niveau départemental. Un enjeu de ce travail tient à l'appréhension des transformations de l'action publique en s'attachant à l'étude des dispositifs de concertation sur les sports de nature. Un deuxième enjeu de ce travail s'attache à mettre en évidence les effets de la concertation en analysant les interactions et les différents modes d'engagements des acteurs au cours de la « chose publique en train de se faire » (Cefaï, 2002). Les acteurs s'engagent non seulement dans la concertation comprise comme une activité sociale faite d'interactions, mais ils s'engagent également dans la concertation en tant que processus d'action publique. Aussi, un autre enjeu de ce travail est d'appréhender les effets de la concertation par une analyse processuelle des engagements (Fillieule, 2004) des acteurs et des organisations. En mobilisant les outils conceptuels de la sociologie interactionniste, de la sociologie pragmatique, ainsi que de la sociologie structuraliste, l'analyse des situations interactionnelles a notamment permis d'identifier les procédures de cadrage et les techniques dramaturgiques mises en oeuvre par les interactants, ainsi que les répertoires argumentatifs mobilisés par ces acteurs pendant l « 'épreuve » de la concertation. Les confrontations des points de vue et les justifications des prises de positions des acteurs peuvent faire évoluer la configuration initiale des jeux d'acteurs même si, pour certains, ces changements ne restent parfois qu'éphémères. Les organisations s'engagent dans la concertation en fonction de la revendication d'une légitimité qui est à comprendre comme une forme militantisme institutionnel s'articulant autour de la valorisation d'une expertise militante, environnementale, institutionnelle, ou encore de leur statut de partenaire institutionnel. In France, decentralization and territorialization of public action have made outdoor sports become an object of public policies justifiable by giving birth to new tools of public management dedicated to the public consultation, the dialogue, and the planning of the uses of the landscapes. Indeed, born of article 52 of the Law on sport modified in 2000, the Departmental committee for Spaces, Sites and Routes relative to natural sports ( CDESI) and the Departmental Plan of Spaces Sites and Routes relative to natural sports ( PDESI) are governance tools dedicated to the public management of outdoor sports for counties. A challenge of this work is to understand the changes of public policy by focusing on the study of mechanisms for consultation on outdoor sports. A second item of this work is to highlight the effects of cooperation by focusing on the analysis of interactions and actor's commitments during the "public thing in the making" (Cefaï, 2002). Actors commit themselves not only in the dialogue included as a social activity made by interactions, but they also take part to the dialogue included as a process of public action. Also, another issue of this work is to understand the effects of consultation by a processual approach of individual commitments (Fillieule, 2004) of actors and organizations. Using the conceptual tools of symbolic interactionism, pragmatic sociology, and structuralist sociology, the analysis of interactional situations has highlighted the framing work and procedures implemented by the interactants, as well as the dramaturgical techniques and argumentative directories which, they mobilize during the "test" of the consultation. Confrontation of viewpoints and justifications of interactants' positions can evolve from their initial configuration sets, even if for some of them these changes are sometimes ephemeral. Organizations involve themselves according to demands of legitimacy which, are to understand as a shape institutional militancy articulating around the valuation of a militant, environmental, institutional expertise, or still around their status of institutional partner.

Leadership at the upper echelons : three essays

"IT'S THE ECONOMY STUPID", BUT CHARISMA MATTERS TOO: A DUAL PROCESS MODEL OF PRESIDENTIAL ELECTION OUTCOMES. ABSTRACT Because charisma is assumed to be an important determinant of effective leadership, the extent to which a presidential nominee is more charismatic than his opponent should be an important determinant of voter choices. We computed a composite measure of the rhetorical richness of acceptances speeches given by U.S. presidential candidates at their national party convention. We added this marker of charisma to Ray C. Fair's presidential vote-share equation (1978; 2009). We theorized that voters decide using psychological attribution (i.e., due to macroeconomics and incumbency) as well as inferential processes (i.e., due to leader charismatic behavior) when voting. Controlling for the macro-level variables and incumbency in the Fair model, our results indicated that difference between nominees' charisma is a significant determinant of electoral success, particularly in close elections. This extended model significantly improves the precision of the Fair model and correctly predicts 23 out of the last 24 U.S. presidential elections. Paper 2: IT CEO LEADERSHIP, CORPORATE SOCIAL AND FINANCIAL PERFORMANCE. ABSTRACT We investigated whether CEO leadership predicted corporate financial performance (CFP) and corporate social performance (CSP). Using longitudinal data on 258 CEOs from 117 firms across 19 countries and 10 industry sectors, we found that determinants of CEO leadership (i.e., implicit motives) significantly predicted both CFP and CSP. As expected, the most consistent positive predictor was Responsibility Disposition when interacting with n (need for) Power. n Achievement and n Affiliation were generally negatively related or unrelated to outcomes. CSP was positively related to accounting measures of CFP. Our findings suggest that executive leader characteristics have important consequences for corporate level outcomes. Paper 3. PUNISHING THE POWERFUL: ATTRIBUTIONS OF BLAME AND LEADERSHIP ABSTRACT We propose that individuals are more lenient in attributing blame to leaders than to nonleaders. We advance a motivational explanation building on the perspective of punishment and on system justification theory. We conducted two scenario experiments which supported our proposition. In study 1, wrongdoer leader status was negatively related to blame and the perceived seriousness of the wrongdoing. In study 2, controlling for the Big-Five personality factor and individual differences in moral evaluation (i.e., moral foundations), wrongdoer leader status was negatively related with desired severity of punishment, and fair punishments were perceived as more just for non-leaders than for leaders.

Un regard bayesien sur les modèles dynamiques de la macroéconomie

http://alize.finances.gouv.fr/prevision/revue/resumes/ep183184/pdf/rsf183184a6.pdf

Narration und Diagrammatik. Eine Vorüberlegung und sieben Thesen

[Narrative and the Diagrammatic. Preliminary Thoughts and Seven Theses.] This article proposes a view of narrative that does not depend on the traditional perspective of temporal sequence but emphasizes the spatial structure of literary narrative. Contrary to the prevalent treatment of space in narrative theory, the notion of spatiality in this context refers not to the space that is represented by the narrative (e.g. the setting and other spatial elements of the fictional world) but to the space that represents it: first, the graphic surface of the text; second, the (quasi-)spatial mental representation of its content that is produced in the process of reception. It is argued that these conditions form the primary ontological mode of narrative, whereas the temporal development of a story is an aesthetic illusion that has been specifically stimulated by the narrative conventions of approximately the past three centuries and must thus be considered a secondary effect. The diagrammatic, as a way of both depicting data and perceiving relations through spatial representation, thus forms a more adequate methodological approach to understanding narrative structure than approaches that are implicitly derived from the 'grammar' of narrative in the structuralist sense and its sequential logic.

Beyond the silence : institutional racism, social welfare and swiss citizenship

Cette thèse doctorale étudie le rôle de la citoyenneté Suisse et le modèle libérale de l'Etat social dans la production du racisme institutionnel au sein des services sociaux en Suisse. Cette thèse pose la question comment le régime de la citoyenneté Suisse rend possible et contraint les travailleurs sociaux à racialiser et discriminer leur clients avec des différences culturelles alors que les normes de l'aide sociale (normes de CSIAS) ne prévoient pas des traitements différentialistes selon la culture ou l'origine. Le modèle théorique du racisme institutionnel développé se passe sur une approche néo- institutionaliste et des ethnie and racial studies, prenant en compte le niveau individuel, collectif et institutionnel. En incluant ces deux approches, on dépasse le déterminisme des structuralistes dans les études sur le racisme institutionnel. Cette recherche qualitative montre que les travailleurs sociaux utilisent les ressources de la citoyenneté Suisse, de l'Etat social Suisse et leur expériences personnelles quand ils interagissent avec des clients. En plus, cette thèse démontre que le workfare logique en combinaison avec l'idée de l'assimilation culturelle rend possible la production d'un discours sur la nécessité de mériter d'être un membre de la communauté nationale et d'accéder à l'aide sociale. Cette compréhension néo-libérale de la citoyenneté renforce et légitime les travailleurs sociaux de racialiser et pratiquer la discrimination à l'égard de leurs clients et les rend incapable de développer une réflexivité critique. Toutefois, cette thèse montre également que les travailleurs sociaux produisent du travail social interculturel s'ils ont pu développer une telle réflexivité critique dans les institutions de l'aide sociale qui mettent en avant une conception "individuelle" de l'aide sociale.-Cette thèse vise à aller au-delà du silence qui constitue les débats publiques et la recherche sur le racisme au sein des institutions publiques en Suisse. - This thesis questions the role of the Swiss citizenship regime and the Swiss liberal social welfare model in the production of institutional racism in social services in Switzerland. Considering the absence of intercultural formal guidelines in the norms of social welfare (SKOS norms), this research investigates how the Swiss citizenship regime constrains and enables social workers to racialise and discriminate against their clients with cultural differences. This thesis develops a model of institutional racism, taking into account ethnic and racial studies and a neo-institutionalist approach on institutions, addressing the individual, collective and institutional level. In this framework, this thesis allows to overcome the structuralist determinism in the studies on institutional racism. Based on a qualitative inquiry, this research shows that social workers use the resources from the Swiss citizenship regime, social welfare model and their personal experiences when they interact with their clients. This study also shows that the workfare logic in combination with the idea of cultural assimilation enables to produce a discourse on deserving social welfare and earning membership to the national community. This neo-liberal citizenship understanding reinforces and legitimises social workers to racialise and discriminate against their clients and hinders them to develop critical reflexivity. However, this thesis also shows that social workers are able to produce intercultural social work when they could develop such a reflexivity in social services with an "individual" social welfare conceptions. This thesis aims to go beyond a persisting silence regarding public debates and research on racism in public institutions in Switzerland.

Capital Controls with International Reserve Accumulation: Can this Be Optimal ?

Motivated by the Chinese experience, we analyze a semi-open economy where the central bank has access to international capital markets, but the private sector has not. This enables the central bank to choose an interest rate different from the international rate. We examine the optimal policy of the central bank by modelling it as a Ramsey planner who can choose the level of domestic public debt and of international reserves. The central bank can improve savings opportunities of credit-constrained consumers modelled as in Woodford (1990). We find that in a steady state it is optimal for the central bank to replicate the open economy, i.e., to issue debt financed by the accumulation of reserves so that the domestic interest rate equals the foreign rate. When the economy is in transition, however, a rapidly growing economy has a higher welfare without capital mobility and the optimal interest rate differs from the international rate. We argue that the domestic interest rate should be temporarily above the international rate. We also find that capital controls can still help reach the first best when the planner has more fiscal instruments.