Les jeudis de 13h à 14h en salle G614B

  Organisation : Thomas Jacquet et Benjamin Trouvé.



Alienor Cameron : Carbon intensity and corporate performance: A micro-level study of EU ETS industrial firms

Discutants: Benjamin Monnery et Thomas Jacquet

Résumé: To reach its 2050 objective of carbon neutrality, the European Union (EU) must continue to step up its climate efforts while grappling with the risk of diminished competitiveness in the face of unregulated competition. The EU Emission Trading Scheme (ETS) is at the core of the bloc’s industrial decarbonization efforts. This paper examines how changes in industrial firms’ emission intensity affects their economic and financial performance. We construct a dataset covering around 1,200 industrial firms covered by the EU ETS’ third phase and estimate a novel indicator of volume-based emission intensities for these firms. Applying an IV approach to a within-firm panel model, we find a causal link where changes in firms’ emission intensity inversely affect their corporate performance. This is especially notable for firms that reduced their emission intensity, who saw a resulting small but significant increase in their economic and financial performance.

Kallia Charron : Demand response market value: how can demand response influence the electricity prices on the French market?

Discutants: Quentin Hoarau et Pauline Buciarelli

Résumé: Energy transition policies in Europe focus on two main levers: increasing the share of renewables in the electricity mix and electrification, specifically electrification of transportation.Those dynamics will increase the constraints on the electricity system, as the transmission system operator will have to balance an increased electricity consumption with a more intermittent production. On the electricity market, demand response influences the equilibrium price determined by the merit order mechanism: power units are run from the lowest to the highest marginal cost. The priority of renewable energies (wind and solar units) sometimes leads to negative prices. It is cheaper to maintain the production of some conventional units rather than to make them stop and then restart (ramp-up time is an important problem for such unit). Subsequently, load shedding during hours of peak residual load (load minus the wind and solar production) can result in lowering the price, while load shifting to a time when renewables production is at its highest can limit negative pricing. In this context, this article aims at measuring this merit order effect of demand response and renewable supply on electricity market prices. Using an hourly data set over one year in France (2019), we point out the strong difference between peak and off-peak hours through a statistical analysis of the market prices, electricity supply and demand. Then we estimate Markov switching model with two regimes to project the day-ahead hourly price on the French market. This enables us to estimate the average variation in price induced by a variation of the load and a variation of the renewable supply in the electricity mix. A price transformation has been required to consider negative electricity prices with the hyperbolic sine function.

Pauline Bucciarelli : Modelling the implications of the European Critical Raw Materials Act on the value chain of lithium: can European sovereignty be achieved without sufficiency?

co-auteurs : Vincent D’Herbemont, Dr. Emmanuel Hache, Dr. Louis-Marie Malbec

Discutants: Tanguy Bonnet, Quentin Hoarau

Résumé: This study examines the design of the recently adopted Critical Raw Materials Act (CRMA) in Europe, and investigates the feasibility of its benchmarks in the case of battery-grade lithium. By integrating the entire lithium value chain into an Integrated Assessment Model, we analyse the interplay between lithium supply, demand, and recycling within decarbonisation scenarios. Our findings suggest significant challenges in meeting the CRMA targets without reducing industrial demand. We show that sufficiency strategies could help achieving these benchmarks while also decreasing reliance on imports. In addition, we argue that the current recycling benchmark should be replaced with an end-of-life recycling rate target to enhance policy relevance.

Tanguy Bonnet : US international transition critical minerals access strategies in the world ecology system

Discutants: Romain Svartzman et Florian Baudouin

Résumé: La transition énergétique telle qu’elle est pensée aujourd’hui par les Etats-Unis, mais aussi par d’autres économies avancées, représente un nouveau cycle d’accumulation matérielle, avec une explosion des besoins en matières premières minérales. Leurs ressources minérales domestiques étant insuffisantes, les Etats-Unis vont se tourner vers l’international pour s’assurer un approvisionnement. L’idée de ce chapitre de thèse est d’analyser les stratégies d’approvisionnement des Etats-Unis, et les relations politico-économiques avec les pays fournisseurs en minerais et métaux critiques de la transition, en s’inscrivant dans la littérature du World-Ecology System et de l’échange écologique inégal. L’objectif est double, i) contribuer à la théorie existante en l’appliquant et/ou en l’affinant au cas des minerais critiques et ii) évaluer le risque d’échange écologique inégal entre les Etats-Unis et les pays miniers fournisseurs, en le posant comme une limite politique à une transition globalisée et juste.

Shernnel Thompson : Total Factor Productivity, Technical Efficiency within Caribbean Economies.

Discutants: Kim Pham et Valentin Laprie


Alice Schwenniger : The impact of the PEPP on the corporate commercial paper market.

Discutants: Christophe Blot et Lorenzo Garlanda

Résumé: The Covid-19 crisis precipitated a ”dash for cash” phenomenon, exposing vulnerabilities in short-term debt markets. In response, the Eurosystem undertook its inaugural effective intervention in the corporate commercial paper (CP) market in March 2020, through the Pandemic Emergency Purchase Programme (PEPP), aiming to bolster monetary policy transmission and address firms’ short-term financing needs. This paper investigates the aggregate and dynamic effects of the PEPP intervention on corporate CP, focusing on i) volumes issued, ii) maturity, and iii) yields at issuance. Employing a difference-in-differences methodology that leverages eligibility criteria at the security and issuer levels, our analysis reveals a discernible shift in the debt composition of eligible firms. Notably, we observe a significant increase in maturity at issuance, averaging 42 days for eligible issuers, which contributes to mitigating rollover risk. Moreover, the PEPP effectively alleviated financing conditions, resulting in a reduction in yields by 8 to 11 basis points for eligible firms. While eligible issuances increased, our findings do not indicate a corresponding rise in issuance at the aggregate level. Furthermore, our analysis underscores the influence of firms’ investor sector, particularly for issuers predominantly held by money market funds prior to the crisis, where the effect on maturity appears more subdued.

Nabil Daher : Is growth really at risk from natural disasters? Evidence from quantile local projections

Discutants: Thomas Chuffart et Michael Guilloussou

Michaël Guillossou : Climate Change has Likely Already Affected Yield Growth and Migration: Evidence from the Corn Belt.

Rapporteurs: Luis Becerra Valbuena et Nabil Daher
Résumé: This study examines how long-term climate changes influence migration patterns within the US Corn Belt through the agricultural sector. We combine two county level datasets - migration data from the Internal Revenue Service Statistics of Income Division and corn yield and irrigation data from USDA National Agricultural Statistics Service annual surveys - with ERA5-Land gridded temperature data. We use an instrumental variable approach within a long-difference framework to assess the impact of corn yields trends from 1960 to 2022 on migration rates in Corn Belt counties since 1990. Our findings reveal significant upward trends in extreme degree-days (EDD) above 29◦C across more than half of Corn Belt counties since 1960. We highlight that the varying magnitudes of these trends, alongside differential adoption rates of irrigation between counties, have played a crucial role in explaining the disparities in long-term corn yield trends within the region. Furthermore, we show that the heterogeneous trends in corn yields since 1960 have influenced migration rates among Corn Belt counties in recent decades. Specifically, counties experiencing faster long-term increases in corn yields consistently witness higher levels of population loss due to net migration.

Souleyman Cisse : The critical role of terrain elevation for winter wheat yields in response to climatic warming in the United States

Discutants: Nicolas Yol et Cédric Crofils (Laboratoire d'Économie de Dauphine)

Abstract: This paper investigates the influence of terrain elevation on the impact of climate conditions, particularly rising temperatures, on winter wheat yields across the contiguous United States. Our findings reveal that climate conditions affect winter wheat yields differently depending on terrain elevation, with 500 meters identified as a critical threshold. By analyzing a 40-year period of hourly temperatures, we establish county-specific thresholds for extreme degree days, departing from existing literature. Our estimations indicate that extreme temperatures benefit winter wheat yields during the initial developmental phase but pose risks in later stages, especially for low terrain elevation counties. Consequently, low terrain elevation areas are more vulnerable to yield losses from extreme temperatures overall. Our results suggest therefore a potential shift in wheat production areas due to climate change, potentially leading to movement from low to high terrain elevation areas.

Kadiatou Sodré : Déterminants de la performance du commerce en Afrique de l'Ouest: Volatilité des taux de change réels bilatéraux et rôle des mouvements migratoires bilatérales.

Discutant: Carl Grekou

Claire Mollier : The effects of reminders on engagement and walking: Evidence from a large scale experiment

Discutants: Benjamin Monnery et Daniel Lima Rente

Abstract: Do reminders on mobile phones promote walking? We investigate this question using a large-scale field experiment of 20,187 individuals in France. In collaboration with a step-tracking application, we test how different types of reminders and different extensions of the intervention affect walking habits. We send three types of messages to emphasize three factors that can affect behavior: comparison with own behavior or with peer’s behavior and sunk costs. We vary the duration of the intervention, which lasts 1 or 3 weeks, per each of them. First, we document that the treatment emphasising the comparison with peers is able to attract subject’s attention as it increases the probability of opening the app. However, no type of message was able to affect the number of steps. The average number of steps over the intervention period follows a downward trend, likely determined by a seasonal effect. Gender differences in the use of the app and in the walking behavior are observed.

Zoltán Szücs : L’économie du policing – le cas d’une police de tranquillité publique, la nouvelle police municipale de Paris

Discutants: Alessandro Melcarme et Mehdi Ait-Hamlat
Abstract : Cet article propose un état des lieux des polices municipales et de la littérature scientifique qui s’y rapporte, au moment de la création de celle de Paris. Cette police municipale est née dans un contexte parisien de faible sentiment d’insécurité, mais de niveaux élevés de nuisances, justifiant qu’elle se concentre sur les atteintes à la tranquillité publique. Pour ce faire, l’un des enjeux sera de maintenir un partage clair et complémentaire des compétences avec la police nationale, dont les difficultés sont évoquées dans cet article. En effet, selon nos estimations sur données de panel, les effectifs croissants des polices municipales s’accompagnent en moyenne d’une baisse simultanée de la police nationale en France au niveau local, entraînant un effet de substitution. De plus, une série de choix opérationnels – en termes de recrutement, d’équipement ou encore d’allocation des moyens – influenceront l’efficacité de cette nouvelle police municipale en matière de tranquillité publique, laquelle dépend du niveau de confiance et de légitimité reconnu par la population.

Emmanuelle Faure : Explaining economic performances in the French employment zone: spatial externalities and related variety

Abstract: In this paper we test the relationship between territorial economic performances and related variety in the industrial sector within French employment zones over the period 2016-2021 using a spatial econometrics model. To do so, we mobilize Theil's notion of enterprise as translated by Frenken (2007) in the construction of related and unrelated varieties. we first test the stability over time of this relationship, while controlling for the effect of urbanization externalities, specialization and market concentration. Secondly, we investigate whether there is any non-linearity in this relationship, by grouping employment zones according to their level of relatedness, to test for possible coefficient divergence. This paper highlights France's current industrial production structure and its impact on the economic performance of its employment zones, which is crucial to the implementation of appropriate industrial policies, particularly in the context of the drive to reindustrialize the French territory.

(Salle 101-102, 12h-13h)
Shernnel Thompson : Total Factor Productivity, Technical Efficiency within Caribbean Economies.
Florian Baudouin : The globalization of the NGFS Climate Stress Test: The risk-based microprudential approach in front of the economic and ecological imbalances

Discutants: Hugo Oriola et Nabil Daher

Abstract: Malgré une intégration progressive des risques financiers d’origine climatique dans les discours des banquiers centraux et superviseurs financiers, les mesures pro-actives de verdissement du système financier restent timides. Parmi les propositions politiques soutenues par ces acteurs, le stress test climatique (STC) est défendu pour sa capacité supposée à atténuer les risques financiers climatiques. Développés en premier lieu dans un cadre européen ou le système financier est développé et complexe mais tendanciellement moins exposé au changement climatique que le reste du monde, cet outil a commencé à être utilisé dans des zones géographiques assez variées, notamment par le biais du NGFS (Network for Greening the Financial System). Dès lors, nous étudions dans cet article l’évolution de l’outil lors de son usage en dehors du cœur européen du NGFS. Par une recension des rapports de STC, nous analysons la manière dont ces exercices sont menés dans les banques centrales et superviseurs financiers à travers le monde. Nous observons les déterminants et les caractéristiques de la mise en place de STC. Tout d’abord ce travail fournit un état des lieux inédit des STC menés par des superviseurs ou des banques centrales. De plus, nous discutons de la pertinence de ces exercices pour atténuer les risques financiers d’origine climatique, en particulier dans les pays du sud. Nous concluons sur les difficultés de la mise en place du STC dans les pays du Sud. Les méthodes développées par le NGFS semblent peu adaptées aux enjeux rencontrés dans les pays les plus touchés par les effets du changement climatique.

Guibril Zerbo : Demande d’assurance et de prévention contre les risques naturels: une étude de terrain au Burkina Faso

Discutants: Olivier Renault et Moustapha Sarr

Abstract: Cet article étudie l'impact des sources d'information des risques d'inondation, des zones d'habitation sur les choix d'assurance et de prévention, et les déterminants de la disponibilité maximale à payer (WTP) pour s'assurer contre les inondations. Nous utilisons à cet effet des données d'une enquête de terrain de septembre 2022 auprès de 593 ménages en milieu urbain au Burkina Faso. Les résultats montrent que les sources d'information et la localisation sont des facteurs très importants dans l'explication des choix d'assurance et des choix de prévention. Nous montrons également que le seul fait d'être informé des risques d'inondation ne suffit pas à expliquer la disponibilité maximale à payer. Enfin, nos résultats indiquent que la perception des risques d'inondation, le recours aux réseaux informels et l’aversion au risque réduisent la WTP, alors que l’aversion à l’ambiguïté augmente la WTP.

Himani Pasricha : The impact of climate variability on internal migration in Thailand.

Discussants: Rémi Generoso (sénior) et Nguyễn Tuấn (junior)

Abstract: Increasing climate variability is impacting the lives of people across the world drastically. The studies have warned that increasing fluctuations in weather will increase migration as households become unable to adapt. Internal migration is the most obvious choice because of its cheaper cost and fewer legal formalities. The risk of the more vulnerable and less able population is huge as negative income shock and wealth reduction will lead them closer to poverty because of the increasing frequency and intensity of climate variability. This study maps the quarterly individual-level Thai Labour Force Survey data from 1985-2000 to ERA5 Reanalysis climate data to analyse the impact of climate variability on internal migration in Thailand. The studies employ the Linear Probability Model to optimise migration decisions based on climate variability. Climate variability is measured by drought and floods dummy constructed using the Standardised Precipitation and Evaporation Index. The results suggest that the additional month of drought exposure increases the probability of migration.

Mathilde Aubouin : Distributional Effect of Environmental Regulation of Mobile Data

co-écrit avec Paolo Melindi-Ghidi et Jean-Philippe Nicolaï

Discutants: Jean-Marc Zogheib et Florian Morvillier

Sahil Chopra (Université Sorbonne Paris-Nord) : Economics of litigation : Securities class action with third-party funding
Marie Raude : Firms in the EU ETS : a categorisation based on network analysis

Discutants: Quentin Hoarau, Marc-Antoine Faure

Abstract : "Latent profile analysis (LPA) is carried out to identify different behaviour of firms in the European Union Emissions Trading System (EU ETS). The goal is to identify profiles based on firms' transaction activity and not considering other characteristics, thus without any a priori bias on the type of behaviour a firm may have. This is especially relevant in the current context of suspicion of speculation in the market. The aim is to contribute to the debate on the potential detrimental role played by certain actors. Firm transaction behaviour is summarised using centrality and popularity indicators stemming from network theory. Estimated indicators include degree, strength, betweenness and eigenvector centralities, harmonic closeness and PageRank. Based on these indexes, LPA is performed to investigate the existence of different firm profiles and identify them. Firm characteristics are then added as covariates to explore the determinants of belonging to a certain group. Visualisation of the transactions network along with the estimation of indicators reveal that the network is highly polarised around a handful of financial firms that play the role of intermediary for compliance firms. The LPA further leads to the identification of three relevant profiles, with notably a "popular" profile characterised by extreme centrality values. Firm regulatory status and sectoral activity seem to be playing a significant role in determining profile assignment."


Nouveaux doctorants : Pauline Bucciarelli, Souleymane Cissé & Basile Clerc

Pauline Bucciarelli, sous la direction de Emmanuel Hache et Valérie Mignon "Modélisation du recyclage des matériaux des technologiques bas-carbone et impacts sur les prix des métaux "
Souleymane Cisse, sous la direction de Cécile Couharde "Changement climatique et marchés des matières premières agricoles
Basile Clerc, sous la direction de Laurence Scialom et Alexandre Chirat "Economie politique du contrôle des prix "

(Salle G110, 12h-13h)
Pascal Yebarth : Taxing Market Power in Strategic Bilateral Trade with Quasi-Linear Preferences

Co-auteur: Ludovic Julien.
Discutants: Rémi Oddou (sénior) et Ben Vieira Kouassi (junior)

Abstract: In this note, we investigate the effectiveness and the optimality of fiscal policies in the strategic bilateral exchange framework of Gabszewicz and Grazzini (JPET, 1999). We notably propose to test the robustness of the following result: endowment taxation with transfers can implement a first-best allocation in Cobb-Douglas, linear and CES strategic bilateral trade. Through an example in which the preferences of traders are represented by quasi-linear utility functions, we show that endowment taxation with transfers implements a Pareto-optimal allocation, while taxation without transfer does not. Indeed, the optimality of endowment taxation with transfers is robust for a larger class of utility functions, including the quasi-linear utility function, which is often used to represent the preferences of agents in public economics.

Morel Tien : Migration et synchronisation des cycles

Discutants : Harouna Sedgo (junior) & Blaise Gnimassoun (sénior).

Abstract: In this paper, we focus on an overlooked determinant of business cycle synchronization namely the migration. We consider the African countries as sample over the period 1990-2019 subdivided in six periods of each five years. Rely on pooled OLS IV estimates, wefind a positive effect of migration intensity among African and ECOWAS countries on their output co-movement. Second we show that remittances channel usually tested in the literature also enhances synchronization.

Jocelyne Marion Zoumenou : On the impact of fiscal policy on inflation: Evidence from propensity score methods

Discutants: Christophe Blot et Florian Morvillier
Abstract : This paper contributes to the literature on fiscal policy and inflation. In particular, it estimates the effect of fiscal rules on inflation for a panel of 79 countries over the period from 1985 to 2021. To achieve this end, we use propensity score methods in order to deal with potential endogeneity issues. Our estimates show that the adoption of fiscal rules leads to a decline in inflation in the whole sample. Nevertheless when splitting according to different characteristics, we are unable to conclude for advanced countries and for countries whose central banks are not credible. These results are robust to different specifications.

Maria Montoya Villalobos : The acceptability of public policies in a negative externalities game: an experiment

Discutants : Phu Nguyen-Van (sénior) et Claire Mollier (junior)

Abstract : This paper examines the acceptability of different public policies aimed at limiting negative externalities. The paper explores the impact of experience from a policy trial, cultural worldviews, and the policy acceptability of bans and taxes. The authors conduct a laboratory experiment with participants facing a negative externalities game and introducing public policies in the form of taxation and quantity regulation policies. The participants are asked to vote for or against the implementation of the policy after experiencing a policy trial. The results indicate that acceptability varies across different policy instruments and that experience from a policy trial can influence acceptability. The study also finds that cultural worldviews impact the acceptability of different policies.

Claire Mollier : Gender, competitiveness, and reaction to defeat

Discutants : Olivier Renault (sénior) et Maria Montoya Villalobos (junior)


In this study, we use a lab experiment to investigate individuals' reactions to defeat. In an attempt to understand if men dislike competing with women, this study analyzes men's willingness to compete again, against a high-performing woman. Using a strategic method, our research seeks to elicit men’s and women’s behaviors in a repeated competition context. Meanwhile, we investigate different reactions when giving the participants hypothetical information about the points gap with their opponent. Our results show that men are more reluctant to compete against a man (than a woman) when being defeated by a large point gap. Women, on the other hand, do not base their decision to compete again on the gender of their opponent.

Aliénor Cameron : Is industrial decarbonization at odds with competitiveness? An assessment of competition dynamics in two EU heavy industries

Discutants : Nadine Levratto (sénior) et Simon Lang (junior)

Abstract : Defining a fair and transparent measure of carbon leakage risk is primordial to effectively tackle carbon leakage without undercutting the impact of climate policies. This paper proposes a new approach to measure the risk of carbon leakage, and applies it to the steel and cement industries. The micro-founded hypothetical monopolist test (or SSNIP) is applied at a country-product level to delineate the relevant market for each of these industries. A gravity model is used to estimate technical substitution elasticities at the product level, from which own- and cross-price elasticities are derived and used as inputs in the hypothetical monopolist test. The results from this analysis point to steel markets being delimited at the national level, while the relevant market for cement seems to include several countries, including some outside the EU for clinker.

Tanguy Bonnet : Foreign Direct Investments and Strategic Metals

Discutants: Carl Grekou (sénior) et Emmanuelle Faure (junior)

Abstract: The aim of this paper is to investigate the links between strategic metals - which are crucial in the transition to a low-carbon economy - and foreign investment flows. To this end, we consider a panel of 20 strategic metals and 110 countries over the 1997-2020 period. Using a battery of panel data estimations to ensure the robustness of our results, we find that there is no FDI-resource curse for the strategic metals production. Strategic metals have a very strong force of attraction on foreign investments, which has many implications for both the economic development and geopolitical weight of the different producing countries.

Pablo Aguilar Perez : Profitability and solvency of French insurance companies in an environment of low interest rates

Discutants : Chouaib Jouf (senior) et Mathilde Dufouleur (junior)

Abstract: "This paper analyses the impact of the low-interest rate environment on the profitability of 37 life insurance companies operating in France over the 2009-2018 period. Our empirical analysis suggests that Monetary Policy has a significant impact on profitability. This result holds after controlling for macroeconomic and financial conditions and different life insurers-specific characteristics. Accounting for the heterogeneity of life insurers, the paper sheds light on the asymmetrical impact for smaller companies. The article further examines the influence of the solvency position of life insurers on profitability and issues policy recommendations for regulators to mitigate the influence of the low-yield environment, particularly on smaller insurers."

Nicolas de Roux : Capturing international influences in US monetary policy through a NLP approach

Co-auteur: Laurent Ferrara

Discutants : Thomas Chuffart (sénior) et Stéphane Matton (junior

Abstract: We construct indicators of the attention paid by US monetary policymakers to the international situation. We apply natural language processing techniques to minutes of the Federal Open Market Committee. We discuss the channels through which foreign economic conditions can impact US monetary policy and their relative importance in Fed discussion. By adding these text-based indicators to a standard forward-looking Taylor rule, we derive a quantitative measure of the external influences on decisions made by the US Federal Reserve. Our results show that when international matters are discussed at greater lengths, the Fed is more accommodating than what would be suggested by the Taylor Rule.

Mathilde Defouleur (Université Paris Saclay) : The impact of insolvency regime on non-performing loans: a new use of transparency exercise data

Auteurs : Jean-Charles Bricongne, Mathilde Dufouleur

Discutants: Elena Dumitrescu (sénior) et Pablo Aguilar Perez (junior)


This paper sheds new light on law and finance in the post-crisis period by studying the impact of insolvency regimes on non-performing loans. Using a novel database on European transparency exercise data over 2015-2020, our results, based on fixed effects panel specifications, provide an innovative view of the impact of economic and institutional factors on the quality of banks’ loan portfolios. They confirm and capture more precisely the influence of economic cycle indicators like the GDP growth rate and unemployment and shed new light on the importance of the insolvency framework in discussions about loan quality. Unlike prior studies, the specification used, which varies destination at bank level, makes it possible to disentangle the impact of macro factors, institutional quality and bank characteristics. The impact of insolvency regimes, is found to be favourable for bank non-performing loans and, more broadly, for financial stability.

Kadiatou Sodre : Monnaie Unique des pays d’Afrique de l’Ouest : une Approche D’indices de Zone Monétaire Optimale

Discutants : Valérie Mignon et Morel Tien

Abstract :
L’objectif dans ce papier a été de remédier au manque de la littérature en analysant le rôle de la migration bilatérale dans la stabilité du taux de change bilatéral et de dériver du modèle de régression des indices de Zone Monétaire optimale (ZMO) initialement développés par Bayoumi et al, 1997 pour un élargissement de la zone Union Economique Monétaire Ouest Africaine (UEMOA). Les résultats mettent clairement en évidence le rôle majeur joué par la migration bilatérale dans la stabilité du taux de change bilatéral et des indices qui diminuent au fil du temps pour les pays membres et non membres de la zone UEMOA. Ce qui traduit des signes de convergence mais tous les pays de la Zone Monétaire d’Afrique de l’Ouest (ZMAO) ne peuvent pas intégrer la zone UEMOA ou du moins participer à la monnaie unique car l’asymétrie est encore élevée pour certains pays.

Emmanuelle Faure : Heterogeneity of the current account imbalances in the euro area: an appraisal of the underlying forces

Discutants: Francisco Serranito (sénior), Djeneba Drame (junior)

Abstract :

This paper revisits the crucial issue of global imbalances and focuses on the determinants of the current account gaps between eurozone Member States. We conduct robust estimations of the current account balances for a panel of ten euro area economies and construct a measure that allows us to diagnose why some countries have started to diverge from the eurozone mean in the last two decades. Our findings show evidence of remaining differences in countries’ economic development, meaning that real macroeconomic convergence has failed in the zone. Price and cost competitiveness, as well as fiscal balances, have also participated in this growing macroeconomic divergence. Overall, while the European authorities cannot influence the part of the gaps due to demographic factors, the role of fiscal redistribution and investment at the euro area level could help achieve macroeconomic convergence..

Milien Dhorne : Towards carbon neutrality and energy independence in Europe: Can new storage and renewables push fossil fuels out?

Discutants : Quentin Hoarau (sénior) et Paul Maillet (junior)


Variable and renewable energy (VRE) sources lie at the core of the European energy decarbonating and independence strategy. A larger share of renewable generation requires flexibility options to cope with intermittency and production uncertainty. Among the flexibility solutions, energy storage has become increasingly interesting because of its versatility and recent high costs reductions. In this paper, we investigate the development potential of energy storage solutions as future dispatchable assets to compete with existing fossil fuel power plants. We propose a novel analysis in the light of the recent energy and geopolitical crisis, which might help the understanding of where Europe stands today in its path towards energy independence. We use a stochastic competitive optimization framework, calibrated on the current Western Europe power system, to derive the market value of new storage technologies and their impact on the price structure. We estimate the long-term equilibrium of flexibility capacities under different renewable horizons, CO2 prices and vehicle-to-grid (V2G) trajectories. We subsequently analyze incremental revenues and costs due to the presence of storage on the wholesale market and their distributions among renewable firms, conventional power plants and electricity consumers. We find evidence that, without additional support policies, the development of stationary storage remains moderate and located in a few countries of interest, mainly because of fierce competition from gas facilities. The contribution of V2G is predominant as it accounts for a large part of the new storage capacity. Finally, we highlight a detrimental effect of new storage on the revenues of fossil fuel power plants and a significant and positive effect on solar and wind revenues, making the case for a smart design of support public policies that integrates the transfers storage operates between market firms.

(Salle 401-402)
Zoltán Szücs | Gagnie Pascal Yebarth : Le rôle de la police municipale dans la satisfaction des attentes de la population parisienne en termes de tranquillité publique | Politiques publiques et externalités dans les jeux stratégiques de marché

Zoltán Szücs sous la direction d’Eric Langlais et de Benjamin Monnery : "Le rôle de la police municipale dans la satisfaction des attentes de la population parisienne en termes de tranquillité publique"

Gagnie Pascal Yebarth sous la direction de Ludovic Julien : "Politiques publiques et externalités dans les jeux stratégiques de marché"

Marie Raude | Simon Lang | Nicolas de Roux : Filling the gap between the financial and economic approaches to the EU ETS : analysing hedging behaviour of market players | Scénarios d’électrification des procédés pour décarboner l’industrie manufacturière française à l’horizon 2050 : enjeux technologiques et dynamique multisectorielle | Nouvelles approches pour la prévision macroéconomique et financière au temps du Big Data

Marie Raude sous la direction de Marc Baudry : "Filling the gap between the financial and economic approaches to the EU ETS : analysing hedging behaviour of market players"

Simon Lang sous la direction de Lionel Ragot : "Scénarios d’électrification des procédés pour décarboner l’industrie manufacturière française à l’horizon 2050 : enjeux technologiques et dynamique multisectorielle"

Nicolas de Roux sous la direction de Laurent Ferrara: "Nouvelles approches pour la prévision macroéconomique et financière au temps du Big Data"

Stéphane Matton : Backtesting ESG Ratings

Discutants: Capucine Nobletz (junior) et Arthur Thomas (sénior)

Guibril Zerbo : Analyse théorique des arbitrages entre prévention et assurance contre les risques naturels

Discutants : Olivier Renault (sénior) et Louise Ella Desquith (junior)

Valentin Laprie : Low-carbon induced innovation and environnemental policies in the building sector

Discutants: Nadine Levratto (sénior) et Aliénor Cameron (junior)

Morel Tien : Migration and Trade: the role of currency union

Discutants: Carl Grekou (senior) et Rémy Odry (junior)

Moustapha Sarr : Inciting Family Healthy Eating: Taxation or Nudging?

Discutants: Paolo Melindi-Ghidi (discutant sénior) et Olivier Kayser (discutant junior)

Abdoulaye Kané : Measurement of total factor productivity: Evidence from French construction firms

Discutants : Mounir Amdaoud (sénior) et Esther Raineau-Rispal

Maxime Duval : Multilatéralité et Monnaies Numériques de Banque Centrale : L'avenir des systèmes monétaires et de paiements internationaux

Discutants : Christophe Blot (sénior), Lorenzo Garlanda-Longueville (junior)

Esther Raineau-Rispal : Spatio-Temporal Estimation of Innovation Diffusion: New Technology Adoption in the French Construction Sector

Discutants : Edouard Civel (sénior) et Valentin Laprie (junior)

Mathilde Aubouin : Déterminants des inégalités numériques chez les ménages français

Discutants : Marc Baudry (sénior) et Pierre Pora (junior)

Stéphane Matton : Backtesting ESG Ratings
Lorenzo Garlanda-Longueville : Why do banks have so much assets in tax havens ?

Discutants : Pauline Gandré (sénior) et Capucine Nobletz (junior)

Pierre Cayet : Exploring the paradoxes of the French energy transition and energy policy: A techno-economic analysis

Discutants : Victor Court (sénior) et Milien Dhorne (junior)

Pierre Pora : Do Children Explain Nurses Shortages?

Discutants : Magali Dumontet (sénior) et Paul Malliet (junior)

Harouna Sedgo : Corruption and occupational choice: Evidence from Sub-Saharan Africa

Discutantes : Valérie Mignon (sénior) et Elizavetta Dorinet (junior)

Paul Malliet : Empirical estimates of the elasticity of substitution of a KLEM production function without nesting constraints: The case of the Variable Output Elasticity-Cobb Douglas

Les discutants seront Phu Nguyen-Van (senior) et Mathilde Aubouin (junior)

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