Recueil de mémoires concernant l'histoire de France dans les dernières années du règne de Louis XIII et les premières du règne de Louis XIV. Copies.

Contient : 1 « Traicté succint des vrayes mximes d'aucuns princes de l'Europe », discours ; a. Le premier discours est un résumé de géographie dont voici les titres ; « De la division du monde » ; « Des limites de l'Europe » ; « Des limites de l'Afrique » ; « Des limites de l'Asie » ; « Des limites de l'Amerique » ; « Des terres meridionnales inconneues » ; « De la division de l'Europe » ; « Des mers de l'Europe » ; « Des isles de l'Europe » ; « Les souverains de l'Europe » ; « Des souverains de l'Asie » ; « Les souverains de l'Afrique » ; « Les souverains de l'Amerique » ; b Le second discours est divisé par chapitres, ainsi qu'il suit ; « La connoissance de l'Europe et d'une partie de l'Asie et de l'Afrique est necessaire pour bien connoistre la puissance et les interestz de chasque Estat de l'Europe » ; « Quatre guerres travaillent maintenant l'Europe » ; « La guerre de l'empire » ; « La guerre entre les couronnes de France et d'Espagne » ; « La guerre entre les Venitiens et le Turcq » ; « La guerre d'Angleterre » ; 2 « Discours, sans nom d'autheur, contenant : Les interestz des princes en general, tant alliez que non alliez à la France, ainsi qu'il ensuit » ; 3 « Relation du voiage que le Sr DE FEUQUIERES fit en Alemagne, en 1633, et de l'estat auquel les affaires generales s'y trouvoient, lorsqu'il en partit pour revenir trouver S. M. à Nancy » ; 4 « Plan des affaires d'Allemagne, par M. DE LA COUR »

Lettres et discours de JEAN JUVENAL DES URSINS. Copies.

Contient : 1 « Epistre de JEAN JUVENAL DES URSINS, evesque et comte de Beauvais, pour envoyer aux trois estatz, tenus à Blois, l'an 1433 » ; 2 « Epître dud. evesque à une assemblée tenue à Orleans par ordre du roy, pour sçavoir si l'en tendoit à une paix avec l'Angleterre » ; 3 « Discours de JEAN JUVENAL DES URSINS, evesque et duc de Laon, à messire Guillaume Juvenal Des Ursins, chevalier, seigneur et baron de Treignel, chancellier de France, son frere, sur le faict de la justice et la charge de chancellerie »

« Pour le roy et l'eglise gallicane. Memoires sur lesquelz se pourront dresser les remonstrances qu'il seroit besoing faire au roy, nostre souverain seigneur, de la part de son procureur general, touchant l'excessive et intolérable substraction de deniers qui se tirent de ce royaume en court de Romme... » par JACQUES CAPPEL, avocat au parlement de Paris.

L'ouvrage commence (fol. 1) par : « Premierement sera presupposé que au roy, nostre souverain seigneur... » et finit (fol. 53) par : «... de messieurs du conseil privé du roy ». — Au fol. A v° sont peintes, à pleine page, les armes de France, avec accompagnement d'F couronnées. Reliure restaurée, portant sur les plats des fleurs de lis d'or, et dans la bordure de chaque plat des F, qui semblent avoir été peintes en argent.

Collection de mémoires sur la locomotion aérienne sans ballons / publiée par le Vte de Ponton d'Amécourt

Comprend : La locomotion aérienne ; Extrait d'un mémoire sur le vol des oiseaux ; Note sur le vol des oiseaux et des insectes ; Leçon sur la navigation aérienne ; De la force motrice nécessaire pour soutenir en l'air des appareils plus denses que l'air ; Du travail nécessaire pour monter et pour avancer ; Du poids des moteurs légers ; De la force dépensée pour obtenir un point d'appui dans l'air calme au moyen de l'hélice ; Extraits de chroniques scientifiques ; Du peu d'efficacité des moyens applicables à la direction des aérostats ; Avantages de la suppression du ballon dans la locomotion aérienne ; Instruments proposés pour l'étude des questions aérostatiques ; L'aviation et le vol des oiseaux ; Étude sur les moteurs

Religion and Economic Growth: Was Weber Right?

Evidence of falling wages in Catholic cities and rising wages in Protestant cities between 1500 and 1750, during the spread of literacy in the vernacular, is inconsistent with most theoretical models of economic growth. In The Protestant Ethic, Weber suggested an alternative explanation based on culture. Here, a theoretical model confirms that a small change in the subjective cost of cooperating with strangers can generate a profound transformation in trading networks. In explaining urban growth in early-modern Europe, specifications compatible with human-capital versions of the neoclassical model and endogenous-growth theory are rejected in favor of a “small-world” formulation based on the Weber thesis.

Organizational Design of R&D Activities

This paper addresses the question of whether R&D should be carried out by an independent research unit or be produced in-house by the firm marketing the innovation. We define two organizational structures. In an integrated structure, the firm that markets the innovation also carries out and finances research leading to the innovation. In an independent structure, the firm that markets the innovation buys it from an independent research unit which is financed externally. We compare the two structures under the assumption that the research unit has some private information about the real cost of developing the new product. When development costs are negatively correlated with revenues from the innovation, the integrated structure dominates. The independent structure dominates in the opposite case.

Habit Formation and the Persistence of Monetary Shocks

This paper studies the persistent effects of monetary shocks on output. Previous empirical literature documents this persistence, but standard general equilibrium models with sticky prices fail to generate output responses beyond the duration of nominal contracts. This paper constructs and estimates a general equilibrium model with price rigidities, habit formation, and costly capital adjustment. The model is estimated via Maximum Likelihood using US data on output, the real money stock, and the nominal interest rate. Econometric results suggest that habit formation and adjustment costs to capital play an important role in explaining the output effects of monetary policy. In particular, impulse response analysis indicates that the model generates persistent, hump-shaped output responses to monetary shocks.

Efficient and Non-Deteriorating Choice

We analyze collective choice procedures with respect to their rationalizability by means of profiles of individual preference orderings. A selection function is a generalization of a choice function where selected alternatives may depend on a reference (or status quo) alternative in addition to the set of feasible options. Given the number of agents n, a selection function satisfies efficient and non-deteriorating n-rationalizability if there exists a profile of n orderings on the universal set of alternatives such that the selected alternatives are (i) efficient for that profile, and (ii) at least as good as the reference option according to each individual preference. We analyze efficient and non-deteriorating collective choice in a general abstract framework and provide a characterization result given a universal set domain.

Credibility and Signaling in Disinflation- a Cross Country Examination

This paper develops a model of money demand where the opportunity cost of holding money is subject to regime changes. The regimes are fully characterized by the mean and variance of inflation and are assumed to be the result of alternative government policies. Agents are unable to directly observe whether government actions are indeed consistent with the inflation rate targeted as part of a stabilization program but can construct probability inferences on the basis of available observations of inflation and money growth. Government announcements are assumed to provide agents with additional, possibly truthful information regarding the regime. This specification is estimated and tested using data from the Israeli and Argentine high inflation periods. Results indicate the successful stabilization program implemented in Israel in July 1985 was more credible than either the earlier Israeli attempt in November 1984 or the Argentine programs. Government’s signaling might substantially simplify the inference problem and increase the speed of learning on the part of the agents. However, under certain conditions, it might increase the volatility of inflation. After the introduction of an inflation stabilization plan, the welfare gains from a temporary increase in real balances might be high enough to induce agents to raise their real balances in the short-term, even if they are uncertain about the nature of government policy and the eventual outcome of the stabilization attempt. Statistically, the model restrictions cannot be rejected at the 1% significance level.

Tests of Conditional Asset Pricing Models in the Brazilian Stock Market

In this paper, we test a version of the conditional CAPM with respect to a local market portfolio, proxied by the Brazilian stock index during the 1976-1992 period. We also test a conditional APT model by using the difference between the 30-day rate (Cdb) and the overnight rate as a second factor in addition to the market portfolio in order to capture the large inflation risk present during this period. The conditional CAPM and APT models are estimated by the Generalized Method of Moments (GMM) and tested on a set of size portfolios created from a total of 25 securities exchanged on the Brazilian markets. The inclusion of this second factor proves to be crucial for the appropriate pricing of the portfolios.

Efficient Strategy-Proof Allocation Functions in Linear Production Economies

In a linear production model, we characterize the class of efficient and strategy-proof allocation functions, and the class of efficient and coalition strategy-proof allocation functions. In the former class, requiring equal treatment of equals allows us to identify a unique allocation function. This function is also the unique member of the latter class which satisfies uniform treatment of uniforms.

Sampling Interval and estimated Betas : Implications for the Presence of Transitory Components in Stock Prices

We provide a theoretical framework to explain the empirical finding that the estimated betas are sensitive to the sampling interval even when using continuously compounded returns. We suppose that stock prices have both permanent and transitory components. The permanent component is a standard geometric Brownian motion while the transitory component is a stationary Ornstein-Uhlenbeck process. The discrete time representation of the beta depends on the sampling interval and two components labelled \"permanent and transitory betas\". We show that if no transitory component is present in stock prices, then no sampling interval effect occurs. However, the presence of a transitory component implies that the beta is an increasing (decreasing) function of the sampling interval for more (less) risky assets. In our framework, assets are labelled risky if their \"permanent beta\" is greater than their \"transitory beta\" and vice versa for less risky assets. Simulations show that our theoretical results provide good approximations for the means and standard deviations of estimated betas in small samples. Our results can be perceived as indirect evidence for the presence of a transitory component in stock prices, as proposed by Fama and French (1988) and Poterba and Summers (1988).

Distortionary Taxation and Labor Supply: Evidence from Canada.

This paper examines empirically the effects of distortionary taxation on labor supply using a general equilibrium framework. The long-term relations predicted by the model are derived and tested using Canadian data between 1966 and 1993. While the cointegrating predictions of the model without taxation are rejected, the ones of the model with labor taxation are not. Persistent labor tax rate increases appear to play an important role in the observed downward trend in hours worked.

Natural-Resource Exploitation with Costly Enforcement of Property Rights

This paper proposes a model of natural-resource exploitation when private ownership requires costly enforcement activities. For a given wage rate, it is shown how enforcement costs can increase with labor's average productivity on a resource site. As a result, it is never optimal for the site owner to produce at the point where marginal productivity equals the wage rate. It may even be optimal to exploit at a point exhibiting negative marginal returns. An important parameter in the analysis is the prevailing wage rate. When wages are low, further decreases in the wage rates can reduce the returns from resource exploitation. At sufficiently low wages, positive returns can be rendered impossible to achieve and the site is abandoned to a free-access exploitation. The analysis provides some clues as to why property rights may be more difficult to delineate in less developed countries. It proposes a different framework from which to address normative issues such as the desirability of free trade with endogenous enforcement costs, the optimality of private decisions to enforce property rights, the effect of income distribution on property rights enforceability, etc.