Macroeconomic effects of monetary policy in the Eurozone

To study the macroeconomic effects of unconventional monetary policy across the different countries of the eurozone, I develop an identification scheme to disentangle conventional from non-conventional policy shocks, using futures contracts on overnight interest rates and the size of the European Central Bank balance sheet. Setting these shocks as endogenous variables in a structural vector autoregressive (SVAR) model, along with the CPI and the employment rate, estimated impulse response functions of policy to macroeconomic variables are studied. I find that unconventional policy shocks generated mixed effects in inflation but had a positive impact on employment, with the exception of Portugal, Spain, Greece and Italy where the employment response is close to zero or negative. The heterogeneity that characterizes the responses shows that the monetary policy measures taken in recent years were not sufficient to stabilize the economies of the eurozone countries under more severe economic conditions.

Why are offspring born larger when it is colder? Phenotypic plasticity for offspring size in the cladoceran Simocephalus vetulus (Müller)

It has been predicted on theorerical grounds (Sibly & Calow, 1983; Taylor & Williams, 1984) that optimal offspring size should be highly sensitive to juvenile growth and survival rates. To test such models, genetically-identical individuals of Simicephalus vetulus were reared at different temperatures and monitored for offspring size and juvenile growth rate. As adult size correlates negatively with temperature, an analysis of covariance was performed to separate the effects of temperature and maternal size. The result is that offspring size indeed correlates negatively with juvenile growth rate. Comparisons are made with field observation of several authors on seasonal variation of offspring size and alternative explanations are discussed. It is concluded that present experiments support the prediction of the theoretical models.

Male mutation bias and possible long-term effects of human activities.

The ability of a population to adapt to changing environments depends critically on the amount and kind of genetic variability it possesses. Mutations are an important source of new genetic variability and may lead to new adaptations, especially if the population size is large. Mutation rates are extremely variable between and within species, and males usually have higher mutation rates as a result of elevated rates of male germ cell division. This male bias affects the overall mutation rate. We examined the factors that influence male mutation bias, and focused on the effects of classical life-history parameters, such as the average age at reproduction and elevated rates of sperm production in response to sexual selection and sperm competition. We argue that human-induced changes in age at reproduction or in sexual selection will affect male mutation biases and hence overall mutation rates. Depending on the effective population size, these changes are likely to influence the long-term persistence of a population.

Level and precision of behavioural thermoregulation in the bearded dragon, Pogona vitticeps : effects of hypoxia and environmental thermal quality /

Most metabolic functions are optimized within a narrow range of body temperatures, which is why thermoregulation is of great importance for the survival and overall fitness of an animal. It has been proposed that lizards will thermoregulate less precisely in low thermal quality environments, where the costs associated with thermoregulation are high; in the case of lizards, whose thermoregulation is mainly behavioural, the primary costs ofthermoregulation are those derived from locomotion. Decreasing thermoregulatory precision in costly situations is a strategy that enhances fitness by allowing lizards to be more flexible to changing environmental conditions. It allows animals to maximize the benefits of maintaining a relatively high body temperature while minimizing energy expenditure. In situations where oxygen concentration is low, the costs of thermoregulation are relatively high (i.e. in relation to the amount of oxygen available for metabolic functions). As a result, it is likely that exposures to hypoxic conditions induce a decrease in the precision of thermoregulation. This study evaluated the effects of hypoxia and low environmental thermal quality, two energetically costly conditions, on the precision and level of thermoregulation in the bearded dragon, Pogona vitticeps, in an electronic temperature-choice shuttle box. Four levels of hypoxia (1O, 7, 5 and 4% 02) were tested. Environmental thermal quality was manipulated by varying the rate of temperature change (oTa) in an electronic temperature-choice shuttle box. Higher oT a's translate into more thermally challenging environments, since under these conditions the animals are forced to move a greater number of times (and hence invest more energy in locomotion) to maintain similar temperatures than at lower oTa's. In addition, lizards were tested in an "extreme temperatures" treatment during which air temperatures of the hot and cold compartments of the shuttle box were maintained at a constant 50 and 15°C respectively. This was considered the most thermally challenging environment. The selected ambient (T a) and internal body temperatures (Tb) of bearded dragons, as well as the thermoregulatory precision (measured by the central 68% ofthe Ta and T b distribution) were evaluated. The thermoregulatory response was similar to both conditions. A significant increase in the size of the Tb range, reflecting a decrease in thermoregulatory precision, and a drop in preferred body temperature of ~2 °C, were observed at both 4% oxygen and at the environment of lowest thermal quality. The present study suggests that in energetically costly situations, such as the ones tested in this study, the bearded dragon reduces energy expenditure by decreasing preferred body temperature and minimizing locomotion, at the expense of precise behavioural thermoregulation. The close similarity of the behavioural thermoregulatory response to two very different stimuli suggests a possible common mechanism and neuronal pathway to the thermoregulatory response.

Some ecological effects of beaver upon the watersheds in the Porcupine Hills, Alberta /

This ecological investigation of the beaver (Castor canadensis canadensis Kuhl) was part of the Eastern Slopes (Alberta) Watershed Research program conducted during the summers of 1968 . 1969 . 1970. and 1971 . A soil particle size analysis indicated that soil heavy with clay was used by the beaver for construction purposes in the Porcupine Hills . Examples were given of the beaver controlling erosion with the construction of dams . and also causing erosion to occur . However . in general . the beaver slow down soil erosion and decrease the loss of soil from this region. The beaver utilized measureable amounts of herbaceous vegetation . However, the utilization of herbs by the beaver requires further investigation. A system of ex~sures and enclosures of herbaceous vegetation plots was used to study the utilization of sedges , grasses , and forbs . The beaver indicated stronger species preference for willow as compared to aspen . The size preference for willow was in the 1.0 to 10.0 centimeters basal diameter classes , while the beaver utilization of aspen indicated a preference for the largest trees with basal diameter greater than 20.0 centimeters. Willow was the most important plant in the low lying areas with regard to distribution, abundance and to produce sustained yield. The beaver used this plant for food and construction throughout the study area. The distribution of aspen was limited. and this species did not appear to produce more than one crop in the lifetime of a beaver colony. Nine out of 15 woody plant types were sampled by the beaver in this region. A plot-intercept transect technique was used for systematic vegetation sampling of the woody vegetation in six intensively studied watersheds. The beaver population of the Porcupine Hills region of SW-Alberta is believed to depend upon the chinooks. During the 1971 ground census, a total of 60 active beaver colonies were tallied on the 930 square kilometers large study area. The beaver of the region were not found to store large food caches during fall and winter, however, they are believed to collect feed periodically throughout the winter months. It was observed that the severe winter in 1968-69, reduced by 27 per cent the number of active beaver colonies within the study area. The Porcupine Hills region had 0.07 beaver colony per square kilometer in 1971, a low density of beaver colonies due to the rough topography of the area. However, the importance of the beaver ponds was somewhat clarified as they provide increased moisture, which lessens the fire damage, and store water for wildlife and cattle in the area. Meteorological data was collected by the author in collaboration with the Department of Transport.

The effects of moisture, cation concentration, temperature, density and composition of soils on their electrical resistivity

The effects. of moisture, cation concentration, dens ity , temper~ t ure and grai n si ze on the electrical resistivity of so il s are examined using laboratory prepared soils. An i nexpen si ve method for preparing soils of different compositions was developed by mixing various size fractions i n the laboratory. Moisture and cation c oncentration are related to soil resistivity by powe r functions, whereas soil resistiv ity and temperature, density, Yo gravel, sand , sil t, and clay are related by exponential functions . A total of 1066 cases (8528 data) from all the experiments were used in a step-wise multiple linear r egression to determine the effect of each variable on soil resistivity. Six variables out of the eight variables studied account for 92.57/. of the total variance in so il resistivity with a correlation coefficient of 0.96. The other two variables (silt and gravel) did not increase the · variance. Moisture content was found to be - the most important Yo clay. variable- affecting s oil res istivi ty followed by These two variables account for 90.81Yo of the total variance in soil resistivity with a correlation ~oefficient ·.of 0 . 95. Based on these results an equation to ' ~~ed{ ct soil r esist ivi ty using moisture and Yo clay is developed . To t est the predicted equation, resistivity measurements were made on natural soils both in s i tu a nd i n the laboratory. The data show that field and laboratory measurements are comparable. The predicted regression line c losely coinciqes with resistivity data from area A and area B soils ~clayey and silty~clayey sands). Resistivity data and the predicted regression line in the case of c layey soils (clays> 40%) do not coincide, especially a t l ess than 15% moisture. The regression equation overestimates the resistivity of so i l s from area C and underestimates for area D soils. Laboratory prepared high clay soils give similar trends. The deviations are probably caused by heterogeneous distribution of mo i sture and difference in the type o f cl ays present in these soils.

The effects of temperature on nickel tocicity in goldfish (carassius auratus L.)

Although it is widely assumed that temperature affects pollutant toxicity, few studies have actually investigated this relationship. Moreover, such research as has been done has involved constant temperatures; circumstances which are rarely, if ever, actually experienced by north temperate, littoral zone cyprinid species. To investigate the effects of temperature regime on nickel toxicity in goldfish (Carassius auratus L.), 96- and 240-h LCSO values for the heavy metal pollutant, nickel (NiCI2.6H20), were initially determined at 2DoC (22.8 mg/L and 14.7 mg/L in artificially softened water). Constant temperature bioassays at 10°C, 20°C and 30°C were conducted at each of 0, 240-h and 96-h LCSO nickel concentrations for 240 hours. In order to determine the effects of temperature variation during nickel exposure it was imperative that the effects of a single temperature change be investigated before addressing more complex regimes. Single temperature changes of + 10°C or -10°C were imposed at rates of 2°C/h following exposures of between 24 hand 216 h. The effects of a single temperature change on mortality, and duration of toxicant exposure at high and low temperatures were evaluated. The effects of fluctuating temperatures during exposure were investigated through two regimes. The first set of bioassays imposed a sinewave diurnal cycle temperature (20.±.1DOC) throughout the 10 day exposure to 240-h LeSO Ni. The second set of investigations approximated cyprinid movement through the littoral zone by imposing directionally random temperature changes (±2°C at 2-h intervals), between extremes of 10° and 30°C, at 240-h LC50 Ni. Body size (i.e., total length, fork length, and weight) and exposure time were recorded for all fish mortalities. Cumulative mortality curves under constant temperature regimes indicated significantly higher mortality as temperature and nickel concentration were increased. At 1DOC no significant differences in mortality curves were evident in relation to low and high nickel test concentrations (Le., 16 mg/L and 20 mg/L). However at 20°C and 30°C significantly higher mortality was experienced in animals exposed to 20 mg/L Ni. Mortality at constant 10°C was significantly lower than at 30°C with 16 mg/L and was significantly loWer than each of 2DoC and 39°C tanks at 20 mg/L Ni exposure. A single temperature shift from 20°C to 1DoC resulted in a significant decrease in mortality rate and conversely, a single temperature shift from 20°C to 30°C resulted in a significant increase in mortality rate. Rates of mortality recorded during these single temperature shift assays were significantly different from mortality rates obtained under constant temperature assay conditions. Increased Ni exposure duration at higher temperatures resulted in highest mortality. Diurnally cycling temperature bioassays produced cumulative mortality curves approximating constant 20°C curves, with increased mortality evident after peaks in the temperature cycle. Randomly fluctuating temperature regime mortality curves also resembled constant 20°C tanks with mortalities after high temperature exposures (25°C - 30°C). Some test animals survived in all assays with the exception of the 30°C assays, with highest survival associated with low temperature and low Ni concentration. Post-exposure mortality occurred most frequently in individuals which had experienced high Ni concentrations and high temperatures during assays. Additional temperature stress imposed 2 - 12 weeks post exposure resulted in a single death out of 116 individuals suggesting that survivors are capable of surviving subsequent temperature stresses. These investigations suggest that temperature significantly and markedly affects acute nickel toxicity under both constant and fluctuating temperature regimes and plays a role in post exposure mortality and subsequent stress response.

The investigation of edge effects within ragmented forest islands in Short Hills Provincial Park

It has been well documented, within the field of landscape ecology, that terrestrial fragmentation contributes to increased heterogeneity at the landscape level. It has also been observed that elevated areas of edge habitat occur within fragmented landscapes. Spatial and temporal edge effects were investigated in four areas designated as Nature Reserve Zones within Short Hills Provincial Park, near St. Catharines, Ontario. Random sampling along exposed edges was performed on trees and saplings, at 5 and 25 ill edge depths, using the point-centred quarter method. Diameter at breast height (dbh) and distance from point measurements were used to establish relative density, dominance, frequency and importance value. One-way analyses of variance were used on dbh measurements of tree species and Chi-Square contingency tables were used on size class distributions of saplings species to determine significant differences between 5 and 25 metres. Qualitative comparisons of importance values were also used to determine differences between 5 and 25 metres as well as between trees and saplings. These statistical and qualitative comparisons suggest that a significant overall spatial edge effect is currently exhibited by fragmented wooded islands within the park. The major species of the park, Acersaccharuln, may be exhibiting a temporal edge effect. The heterogeneous nature of the park may be of importance in understanding this area as a complex, ecological system. It is possible that the remaining forest tracts of the park have been affected, and continue to be affected by previous disturbances. Based on these findings, recommendations are made to the Ontario Ministry of Natural Resources concerning the management of Short Hills Provincial Park in accordance with their 1990 proposed Management Plan.

Delineation of within-site terroir effects using soil and vine water measurement. Investigation of Cabernet Franc

. The influence of vine water status was studied in commercial vineyard blocks of Vilis vinifera L. cv. Cabernet Franc in Niagara Peninsula, Ontario from 2005 to 2007. Vine performance, fruit composition and vine size of non-irrigated grapevines were compared within ten vineyard blocks containing different soil and vine water status. Results showed that within each vineyard block water status zones could be identified on GIS-generated maps using leaf water potential and soil moisture measurements. Some yield and fruit composition variables correlated with the intensity of vine water status. Chemical and descriptive sensory analysis was performed on nine (2005) and eight (2006) pairs of experimental wines to illustrate differences between wines made from high and low water status winegrapes at each vineyard block. Twelve trained judges evaluated six aroma and flavor (red fruit, black cherry, black current, black pepper, bell pepper, and green bean), thr~e mouthfeel (astringency, bitterness and acidity) sensory attributes as well as color intensity. Each pair of high and low water status wine was compared using t-test. In 2005, low water status (L WS) wines from Buis, Harbour Estate, Henry of Pelham (HOP), and Vieni had higher color intensity; those form Chateau des Charmes (CDC) had high black cherry flavor; those at RiefEstates were high in red fruit flavor and at those from George site was high in red fruit aroma. In 2006, low water status (L WS) wines from George, Cave Spring and Morrison sites were high in color intensity. L WS wines from CDC, George and Morrison were more intense in black cherry aroma; LWS wines from Hernder site were high in red fruit aroma and flavor. No significant differences were found from one year to the next between the wines produced from the same vineyard, indicating that the attributes of these wines were maintained almost constant despite markedly different conditions in 2005 and 2006 vintages. Partial ii Least Square (PLS) analysis showed that leaf \}' was associated with red fruit aroma and flavor, berry and wine color intensity, total phenols, Brix and anthocyanins while soil moisture was explained with acidity, green bean aroma and flavor as well as bell pepper aroma and flavor. In another study chemical and descriptive sensory analysis was conducted on nine (2005) and eight (2006) medium water status (MWS) experimental wines to illustrate differences that might support the sub-appellation system in Niagara. The judges evaluated the same aroma, flavor, and mouthfeel sensory attributes as well as color intensity. Data were analyzed using analysis of variance (ANOVA), principal component analysis (PCA) and discriminate analysis (DA). ANOV A of sensory data showed regional differences for all sensory attributes. In 2005, wines from CDC, HOP, and Hemder sites showed highest. r ed fruit aroma and flavor. Lakeshore and Niagara River sites (Harbour, Reif, George, and Buis) wines showed higher bell pepper and green bean aroma and flavor due to proximity to the large bodies of water and less heat unit accumulation. In 2006, all sensory attributes except black pepper aroma were different. PCA revealed that wines from HOP and CDC sites were higher in red fruit, black currant and black cherry aroma and flavor as well as black pepper flavor, while wines from Hemder, Morrison and George sites were high in green bean aroma and flavor. ANOV A of chemical data in 2005 indicated that hue, color intensity, and titratable acidity (TA) were different across the sites, while in 2006, hue, color intensity and ethanol were different across the sites. These data indicate that there is the likelihood of substantial chemical and sensory differences between clusters of sub-appellations within the Niagara Peninsula iii

Delineation of within-site terroir effects using soil and vine water measurements in Riesling vineyards within the Niagara Peninsula

The major focus of this dissertation was to explain terroir effects that impact wine varietal character and to elucidate potential determinants of terroir by testing vine water status (VWS) as the major factor of the terroir effect. It was hypothesized that consistent water status zones could be identified within vineyard sites, and, that differences in vine performance, fruit composition and wine sensory attributes could be related to VWS. To test this hypothesis, ten commercial Riesling vineyards representative of each Vintners Quality Alliance sub-appellation were selected. Vineyards were delineated using global positioning systems and 75 to 80 sentinel vines per vineyard were geo-referenced for data collection. During the 2005 to 2007 growing seasons, VWS measurements [midday leaf water potential ('l')] were collected from a subset of these sentinel vines. Data were collected on soil texture and composition, soil moisture, vine performance (yield components, vine size) and fruit composition. These variables were mapped using global information system (GIS) software and relationships between them were elucidated. Vines were categorized into "low" and "high" water status regions within each vineyard block and replicate wines were made from each. Many geospatial patterns and relationships were spatially and temporally stable within vineyards. Leaf'l' was temporally stable within vineyards despite different weather conditions during each growing season. Generally, spatial relationships between 'l', soil moisture, vine size, berry weight and yield were stable from year to year. Leaf", impacted fruit composition in several vineyards. Through sorting tasks and multidimensional scaling, wines of similar VWS had similar sensory properties. Descriptive analysis further indicated that VWS impacted wine sensory profiles, with similar attributes being different for wines from different water status zones. Vineyard designation had an effect on wine profiles, with certain sensory and chemical attributes being associated from different subappellations. However, wines were generally grouped in terms of their regional designation ('Lakeshore', 'Bench', 'Plains') within the Niagara Peninsula. Through multivariate analyses, specific sensory attributes, viticulture and chemical variables were associated with wines of different VWS. Vine water status was a major contributor to the terroir effect, as it had a major impact on vine size, berry weight and wine sensory characteristics.

The Effects of Body Posture on Emotion Perception: A Developmental and Theoretical Analysis

Previously, studies investigating emotional face perception - regardless of whether they involved adults or children - presented participants with static photos of faces in isolation. In the natural world, faces are rarely encountered in isolation. In the few studies that have presented faces in context, the perception of emotional facial expressions is altered when paired with an incongruent context. For both adults and 8- year-old children, reaction times increase and accuracy decreases when facial expressions are presented in an incongruent context depicting a similar emotion (e.g., sad face on a fear body) compared to when presented in a congruent context (e.g., sad face on a sad body; Meeren, van Heijnsbergen, & de Gelder, 2005; Mondloch, 2012). This effect is called a congruency effect and does not exist for dissimilar emotions (e.g., happy and sad; Mondloch, 2012). Two models characterize similarity between emotional expressions differently; the emotional seed model bases similarity on physical features, whereas the dimensional model bases similarity on underlying dimensions of valence an . arousal. Study 1 investigated the emergence of an adult-like pattern of congruency effects in pre-school aged children. Using a child-friendly sorting task, we identified the youngest age at which children could accurately sort isolated facial expressions and body postures and then measured whether an incongruent context disrupted the perception of emotional facial expressions. Six-year-old children showed congruency effects for sad/fear but 4-year-old children did not for sad/happy. This pattern of congruency effects is consistent with both models and indicates that an adult-like pattern exists at the youngest age children can reliably sort emotional expressions in isolation. In Study 2, we compared the two models to determine their predictive abilities. The two models make different predictions about the size of congruency effects for three emotions: sad, anger, and fear. The emotional seed model predicts larger congruency effects when sad is paired with either anger or fear compared to when anger and fear are paired with each other. The dimensional model predicts larger congruency effects when anger and fear are paired together compared to when either is paired with sad. In both a speeded and unspeeded task the results failed to support either model, but the pattern of results indicated fearful bodies have a special effect. Fearful bodies reduced accuracy, increased reaction times more than any other posture, and shifted the pattern of errors. To determine whether the results were specific to bodies, we ran the reverse task to determine if faces could disrupt the perception of body postures. This experiment did not produce congruency effects, meaning faces do not influence the perception of body postures. In the final experiment, participants performed a flanker task to determine whether the effect of fearful bodies was specific to faces or whether fearful bodies would also produce a larger effect in an unrelated task in which faces were absent. Reaction times did not differ across trials, meaning fearful bodies' large effect is specific to situations with faces. Collectively, these studies provide novel insights, both developmentally and theoretically, into how emotional faces are perceived in context.

Simulation-Based Finite-Sample Tests for Heteroskedasticity and ARCH Effects.

A wide range of tests for heteroskedasticity have been proposed in the econometric and statistics literature. Although a few exact homoskedasticity tests are available, the commonly employed procedures are quite generally based on asymptotic approximations which may not provide good size control in finite samples. There has been a number of recent studies that seek to improve the reliability of common heteroskedasticity tests using Edgeworth, Bartlett, jackknife and bootstrap methods. Yet the latter remain approximate. In this paper, we describe a solution to the problem of controlling the size of homoskedasticity tests in linear regression contexts. We study procedures based on the standard test statistics [e.g., the Goldfeld-Quandt, Glejser, Bartlett, Cochran, Hartley, Breusch-Pagan-Godfrey, White and Szroeter criteria] as well as tests for autoregressive conditional heteroskedasticity (ARCH-type models). We also suggest several extensions of the existing procedures (sup-type of combined test statistics) to allow for unknown breakpoints in the error variance. We exploit the technique of Monte Carlo tests to obtain provably exact p-values, for both the standard and the new tests suggested. We show that the MC test procedure conveniently solves the intractable null distribution problem, in particular those raised by the sup-type and combined test statistics as well as (when relevant) unidentified nuisance parameter problems under the null hypothesis. The method proposed works in exactly the same way with both Gaussian and non-Gaussian disturbance distributions [such as heavy-tailed or stable distributions]. The performance of the procedures is examined by simulation. The Monte Carlo experiments conducted focus on : (1) ARCH, GARCH, and ARCH-in-mean alternatives; (2) the case where the variance increases monotonically with : (i) one exogenous variable, and (ii) the mean of the dependent variable; (3) grouped heteroskedasticity; (4) breaks in variance at unknown points. We find that the proposed tests achieve perfect size control and have good power.

The Macroeconomic Effects of Infrequent Information with Adjustment Costs

In the last decade, the potential macroeconomic effects of intermittent large adjustments in microeconomic decision variables such as prices, investment, consumption of durables or employment – a behavior which may be justified by the presence of kinked adjustment costs – have been studied in models where economic agents continuously observe the optimal level of their decision variable. In this paper, we develop a simple model which introduces infrequent information in a kinked adjustment cost model by assuming that agents do not observe continuously the frictionless optimal level of the control variable. Periodic releases of macroeconomic statistics or dividend announcements are examples of such infrequent information arrivals. We first solve for the optimal individual decision rule, that is found to be both state and time dependent. We then develop an aggregation framework to study the macroeconomic implications of such optimal individual decision rules. Our model has the distinct characteristic that a vast number of agents tend to act together, and more so when uncertainty is large. The average effect of an aggregate shock is inversely related to its size and to aggregate uncertainty. We show that these results differ substantially from the ones obtained with full information adjustment cost models.

The Economic Effects of Improving Investor Rights in Portugal

The Portuguese economy has performed remarkably well since joining the EU in 1986. Output per worker grew at an annual rate of 2.25%. The relative price of investment has declined. Real investment has increased compared to output, in part fuelled by an increase in capital inflows. At the same time, resource allocation seems to have improved as well: firm-level data shows a significant decline in the dispersion of labor productivity and size across firms. This paper argues that improvements in outside investor rights that have taken place since Portugal joined the EU is a prime candidate to explain this set of facts.

On the dynamic effects of fiscal policy

Dans le sillage de la récession mondiale de 2008-09, plusieurs questions ont été soulevées dans la littérature économique sur les effets à court et à long terme de la politique budgétaire sur l’activité économique par rapport à son signe, sa taille et sa durée. Ceux-ci ont des implications importantes pour mieux comprendre les canaux de transmission et l’efficacité des politiques budgétaires, avec la politique monétaire étant poursuivi, ainsi que pour leurs retombées économiques. Cette thèse fait partie de ce regain d’intérêt de la littérature d’examiner comment les changements dans la politique budgétaire affectent l’activité économique. Elle repose alors sur trois essais: les effets macroéconomiques des chocs de dépenses publiques et des recettes fiscales, les résultats macroéconomiques de l’interaction entre les politiques budgétaire et monétaire et le lien entre la politique budgétaire et la répartition des revenus. Le premier chapitre examine les effets des chocs de politique budgétaire (chocs de dépenses publiques et chocs de recettes fiscales) sur l’économie canadienne au cours de la période 1970-2010, en s’appuyant sur la méthode d’identification des restrictions de signe développée par Mountford et Uhlig [2009]. En réponse à la récession mondiale, les autorités fiscales dans les économies avancées, dont le Canada ont généralement mis en oeuvre une approche en deux phases pour la politique budgétaire. Tout d’abord, ils ont introduit des plans de relance sans précédent pour relancer leurs économies. Par exemple, les mesures de relance au Canada, introduites à travers le Plan d’action économique du Canada, ont été projetées à 3.2 pour cent du PIB dans le budget fédéral de 2009 tandis que l’ "American Recovery and Reinvestment Act"(ARRA) a été estimé à 7 pour cent du PIB. Par la suite, ils ont mis en place des plans d’ajustement en vue de réduire la dette publique et en assurer la soutenabilité à long terme. Dans ce contexte, évaluer les effets multiplicateurs de la politique budgétaire est important en vue d’informer sur l'efficacité de telles mesures dans la relance ou non de l'activité économique. Les résultats montrent que les multiplicateurs d'impôt varient entre 0.2 et 0.5, tandis que les multiplicateurs de dépenses varient entre 0.2 et 1.1. Les multiplicateurs des dépenses ont tendance à être plus grand que les multiplicateurs des recettes fiscales au cours des deux dernières décennies. Comme implications de politique économique, ces résultats tendent à suggérer que les ajustements budgétaires par le biais de grandes réductions de dépenses publiques pourraient être plus dommageable pour l'économie que des ajustements budgétaires par la hausse des impôts. Le deuxième chapitre, co-écrit avec Constant Lonkeng Ngouana, estime les effets multiplicateurs des dépenses publiques aux Etats-Unis en fonction du cycle de la politique monétaire. Les chocs de dépenses publiques sont identifiés comme étant des erreurs de prévision du taux de croissance des dépenses publiques à partir des données d'Enquêtes des prévisionnistes professionnels et des informations contenues dans le "Greenbook". L'état de la politique monétaire est déduite à partir de la déviation du taux des fonds fédéraux du taux cible de la Réserve Fédérale, en faisant recours à une fonction lisse de transition. L'application de la méthode des «projections locales» aux données trimestrielles américaines au cours de la période 1965-2012 suggère que les effets multiplicateurs des dépenses fédérales sont sensiblement plus élevées quand la politique monétaire est accommodante que lorsqu'elle ne l'est pas. Les résultats suggèrent aussi que les dépenses fédérales peuvent stimuler ou non la consommation privée, dépendamment du degré d’accommodation de la politique monétaire. Ce dernier résultat réconcilie ainsi, sur la base d’un cadre unifié des résultats autrement contradictoires à première vue dans la littérature. Ces résultats ont d'importantes implications de politique économique. Ils suggèrent globalement que la politique budgétaire est plus efficace lorsqu'on en a le plus besoin (par exemple, lorsque le taux de chômage est élevé), si elle est soutenue par la politique monétaire. Ils ont également des implications pour la normalisation des conditions monétaires dans les pays avancés: la sortie des politiques monétaires non-conventionnelles conduirait à des multiplicateurs de dépenses fédérales beaucoup plus faibles qu'autrement, même si le niveau de chômage restait élevé. Ceci renforce la nécessité d'une calibration prudente du calendrier de sortie des politiques monétaires non-conventionnelles. Le troisième chapitre examine l'impact des mesures d'expansion et de contraction budgétaire sur la distribution des revenus dans un panel de 18 pays d'Amérique latine au cours de la période 1990-2010, avec un accent sur les deniers 40 pour cent. Il explore alors comment ces mesures fiscales ainsi que leur composition affectent la croissance des revenus des dernier 40 pour cent, la croissance de leur part de revenu ainsi que la croissance économique. Les mesures d'expansion et de contraction budgétaire sont identifiées par des périodes au cours desquels il existe une variation significative du déficit primaire corrigé des variations conjoncturelles en pourcentage du PIB. Les résultats montrent qu'en moyenne l'expansion budgétaire par la hausse des dépenses publiques est plus favorable à la croissance des revenus des moins bien-nantis que celle par la baisse des impôts. Ce résultat est principalement soutenu par la hausse des dépenses gouvernementales de consommation courante, les transferts et subventions. En outre ces mesures d’expansion budgétaire sont favorables à la réduction des inégalités car elles permettent d'améliorer la part des revenus des moins bien-nantis tout en réduisant la part des revenus des mieux-nantis de la distribution des revenus. En outre ces mesures d’expansion budgétaire sont favorables à la réduction des inégalités car elles permettent d'améliorer la part des revenus des moins bien-nantis tout en réduisant la part des revenus des mieux-nantis de la distribution des revenus. Cependant, l'expansion budgétaire pourrait soit n'avoir aucun effet sur la croissance économique ou entraver cette dernière à travers la hausse des dépenses en capital. Les résultats relatifs à la contraction budgétaire sont quelque peu mitigés. Parfois, les mesures de contraction budgétaire sont associées à une baisse de la croissance des revenus des moins bien nantis et à une hausse des inégalités, parfois l'impact de ces mesures est non significatif. Par ailleurs, aucune des mesures n’affecte de manière significative la croissance du PIB. Comme implications de politique économique, les pays avec une certaine marge de manœuvre budgétaire pourraient entamer ou continuer à mettre en œuvre des programmes de "filets de sauvetage"--par exemple les programmes de transfert monétaire conditionnel--permettant aux segments vulnérables de la population de faire face à des chocs négatifs et aussi d'améliorer leur conditions de vie. Avec un potentiel de stimuler l'emploi peu qualifié, une relance budgétaire sage par les dépenses publique courantes pourrait également jouer un rôle important pour la réduction des inégalités. Aussi, pour éviter que les dépenses en capital freinent la croissance économique, les projets d'investissements publics efficients devraient être prioritaires dans le processus d'élaboration des politiques. Ce qui passe par la mise en œuvre des projets d'investissement avec une productivité plus élevée capable de générer la croissance économique nécessaire pour réduire les inégalités.