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This paper aims to measure the risk premium on French equities during 1960-92 and to evaluate how well theoretical models based on various representations of agents' preferences can explain it. Aside from the standard, time-additive utility function with constant relative risk aversion, three other utility functions are reviewed: a recursive utility function, a habit formation utility function, and a utility function that accounts for the interdependence of preferences. Both calibration and econometric estimations show that none of the studied marginal changes in the representation of agents' preferences are sufficient to solve both the equity premium puzzle and the risk-free rate puzzle.

Econometrics --- Investments: General --- Investments: Stocks --- Macroeconomics --- Personal Finance -Taxation --- General Aggregative Models: Marxian --- Sraffian --- Institutional --- Evolutionary --- Portfolio Choice --- Investment Decisions --- Macroeconomics: Consumption --- Saving --- Wealth --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Estimation --- General Financial Markets: General (includes Measurement and Data) --- Investment & securities --- Public finance & taxation --- Econometrics & economic statistics --- Consumption --- Stocks --- Tax allowances --- Estimation techniques --- Treasury bills and bonds --- National accounts --- Financial institutions --- Taxes --- Econometric analysis --- Economics --- Income tax --- Econometric models --- Government securities --- United States

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La théorie macroéconomique vise à décrire, par des schémas maîtrisables intellectuellement, le fonctionnement d'économies où interviennent pourtant des millions d'individus prenant chacun chaque jour des dizaines de décisions qui affectent l'économie dans son ensemble. L'enjeu de la macroéconomie ? Éclairer les décisions de politique économique en répondant à des questions dont l'actualité est fréquente : quel sera l'effet d'une baisse des impôts ? faut-il essayer de lisser les fluctuations économiques et, si oui, comment ? quels avantages et quels risques y a-t-il à adopter une monnaie unique ? Ce livre propose une première approche de la macroéconomie, il est centré sur l'analyse du court terme. Les hypothèses et les conclusions des deux principales écoles de pensée - les « classiques » et les « keynésiens » - sont mises en perspective. Des exemples pris dans des événements économiques anciens et récents viennent éclairer les développements théoriques.

Business & Economics --- Economic Theory

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The aim of this paper is to evaluate the welfare gains from financial integration for developing and emerging market economies. To do so, we build a stochastic endogenous growth model for a small open economy that can (i) borrow from the rest of the world, (ii) invest in foreign assets, and (iii) receive foreign direct investment (FDI). The model is calibrated on 32 emerging market and developing economies for which we evaluate the upper bound for the welfare gain from financial integration. For plausible values of preference parameters and actual levels of financial integration, the mean welfare gain from financial integration is about 10 percent of initial wealth. Compared with financial autarky, actual levels of financial integration translate into slightly higher annual growth rates (around 0.4 percentage point per year.).

Capital movements -- Developing countries -- Econometric models. --- Electronic books. -- local. --- Endogenous growth (Economics). --- Free trade -- Developing countries. --- Investments, Foreign -- Developing countries. --- Exports and Imports --- Finance: General --- Investments: General --- Macroeconomics --- Neoclassical --- International Factor Movements and International Business: General --- Financial Aspects of Economic Integration --- Economic Growth of Open Economies --- One, Two, and Multisector Growth Models --- General Financial Markets: General (includes Measurement and Data) --- International Investment --- Long-term Capital Movements --- Macroeconomics: Consumption --- Saving --- Wealth --- Investment --- Capital --- Intangible Capital --- Capacity --- International Lending and Debt Problems --- Finance --- International economics --- Financial integration --- Foreign direct investment --- Consumption --- Return on investment --- External debt --- Financial markets --- Balance of payments --- National accounts --- International finance --- Investments, Foreign --- Economics --- Saving and investment --- Debts, External --- Malaysia --- Free trade --- Capital movements --- Endogenous growth (Economics) --- Econometric models.

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