Sorbonne School of Economics Ecole d’économie de la · PDF fileSorbonne School of Economics Ecole d’économie de la ... The aim of the Macroeconomic policy course is to teach

International Relations Sorbonne School of Economics 1

Sorbonne School of Economics

Ecole d’économie de la Sorbonne

Course outlines of courses open for exchange students

*

2nd Semester Courses (Spring term)


Index of Abreviations

Departments

UFR 02 - School of Economics

UFR 06 - School of Management

UFR 27 - School of Mathematics

Administration & Accreditation

TD - Travaux Dirigés (tutorial)

ECTS - European Credit Transfer and Accumulation System

4 ECTS - 36 hours of lecture over 12 weeks

6 ECTS - 36 hours of lecture + 18 hours of tutorials over 12 weeks

Master degrees

eco app - Economie Appliquée

eco devt - Economie du Developpement

eco env - Economie Risque et Environnement

mbfa - Monnaie, Banque, Finance, Assurence

ecostat - Econométrie Statistiques

eco psy - Economie Psycologie

ses - Sciences Economiques & Sociales

APE - Analyses and Policy in Economics

PSME - Panthéon-Sorbonne Master in Economics

updated 03/03/2017

The professors and teaching assistants are responsible for the content of their courses. If the content is

not sufficient for the validation of your courses, please get in contact with the professors directly.


Table of content

Demographic Analysis and Population Economics ................................................................................ 5

Macroeconomic Policies ......................................................................................................................... 6

Public Economics .................................................................................................................................... 6

Economie de la redistribution .................................................................................................................. 6

Economie des contrats et des institutions ................................................................................................ 9

Economie des territoires ........................................................................................................................ 12

Industrial Economics ............................................................................................................................. 13

Méthodes d'évaluation des politiques publiques ................................................................................... 13

Economic Policy.................................................................................................................................... 15

Economie des transports ........................................................................................................................ 15

Environnement et développement durable ............................................................................................ 17

European Integration ............................................................................................................................. 17

Firmes Multinationales .......................................................................................................................... 17

Politiques de Développement ................................................................................................................ 17

Economie de l‘environnement 2 ............................................................................................................ 20

Analyse Financière - Evaluation d'entreprise ........................................................................................ 20

Econométrie financière .......................................................................................................................... 21

International finance .............................................................................................................................. 21

Mutations financières et politiques monétaires ..................................................................................... 22

Probabilités appliquées à la finance ...................................................................................................... 22

Produits dérivés et gestion des risques .................................................................................................. 23

Development Economics ....................................................................................................................... 24

Health economics .................................................................................................................................. 24

Labor Economics ................................................................................................................................... 25

Political Economy ................................................................................................................................. 26

Epistemology and history of economic thought .................................................................................... 27

Population Economics ........................................................................................................................... 28


Principles of Finance ............................................................................................................................. 29

Crise et Répartition ................................................................................................................................ 29

Economie du travail et de l‘emploi ....................................................................................................... 31

Histoire de la pensée économique contemporaine ................................................................................ 31

Sociologie des institutions ..................................................................................................................... 33

Economie de la santé ............................................................................................................................. 33

Histoire de la pensée économique ......................................................................................................... 33

Relations monétaires internationales ..................................................................................................... 33

Théorie des organisations et des marchés ............................................................................................. 34

Introduction l'économétrie ..................................................................................................................... 34

Conjoncture ........................................................................................................................................... 37

Mondialisation et intégration régionale ................................................................................................. 38

Mécanismes financiers d‘entreprise ...................................................................................................... 38

Mathématiques avancées ....................................................................................................................... 39

Contrôle de Gestion (with TD) .............................................................................................................. 40

Planification et Contrôle (with TD) ....................................................................................................... 40

Marketing de la distribution .................................................................................................................. 40

Ressources Humaines ............................................................................................................................ 41

Statistique 2 ........................................................................................................................................... 41

Assurance théorie et pratique ................................................................................................................ 42


UFR02

1st Year Master courses

Demographic Analysis and Population Economics

B4C51415 / APE

4 ECTS

Description

Population Economics is devoted to the search for causes and consequences of demographic behavior.

First, how can we explain fertility, mortality, nuptiality and migration behaviors? What are the main

drivers of population heterogeneity? At the population level, how can we link population trends and

economics, in both theoretical and empirical terms? Second, demographic behaviors have direct

effects on population size and age-structure. What are the implications of current changes, given that

population growth and ageing are often considered to be among the most dramatic changes occurring

at world level, with large discrepancies between countries and continents? Demographic analysis is

based on a specific approach and applies a set of technical tools which allow us to assess the external

validity of economic results. The course will thus provide an introduction to demographic analysis and

its usefulness for Population Economics.

Course Outline

Session 1: Outline of the course; available websites

Session 2: population trends; population with sex and age

Session 3: Rates, risks and probabilities. Life table and related functions

Session 4: Stable populations; population dynamics

Session 5: Events and structure. Mean age in a stationary population; stock sampling; multiple events

analysis

Session 6: Population means, standardization, correlations between covariates

Session 7: decomposition; interactions; individual behaviour and population effects

Session 8: Matrix population models; data sources

Session 9: migrations; population projections

Literature

Bonneuil Noël, 1997, Introduction A La Modélisation Démographique : 26 Problèmes Corrigés. A.

Colin. Caselli Graziella, Vallin Jacques, Wunsch Guillaume, Démographie : Analyse Et Synthèse.

Paris, Ined-Puf. Eight Volumes (2001-2006), Caselli Graziella, Vallin Jacques, Wunsch Guillaume,

2006, Demography: Analysis And Synthesis. Academic Press, 2200 Pages (English Translation Of

The Previous Reference), Challier Mc, And Michel Philippe, 1996, Analyse Dynamique Des

Populations, Economica, Galor Oded, Unified Growth Theory, 2011, Princeton University

Press.,Keyfitz Nathan, Caswell Hal, 2005, Applied Mathematical Demography. Springer, 555 Pages.,

Leridon Henri, Toulemon Laurent, 1997, Démographie. Approche Statistique Et Dynamique Des

Populations. Economica. ,Pison G., 2009, Atlas De La Population Mondiale - Faut-Il Craindre La

Croissance Démographique Et Le Vieillissement ? Autrement, 80 P. Pressat Roland, 1995, Eléments

De Démographie Mathématique. Aidelf, 278 Pages., Preston Samuel, Heuveline Patrick, Guillot

Michel, 2001, Demography. Measuring And Modeling Population Processes. Blackwell.,Razin A.,

Sadka E., 1995, Population Economics, The Mit Press, Rosenzweig M., Stark O., 1997, Handbook Of

Population And Family Economics, Elsevier., Tapinos Georges, 1985, Eléments De Démographie.

Analyse, Déterminants Socio-Economiques Et Histoire Des Populations. A. Colin (Coll. U)., Vallin J.,

2002, La Démographie. La Découverte, Coll. Repères, Nº 105 (1ère Ed. 1992).


Macroeconomic Policies

B4C51615 / APE

4 ECTS

Description

The aim of the Macroeconomic policy course is to teach how to identify the relevant theoretical and

economic knowledge for a given macroeconomic policy issue, and how to use it. The students are

required to master the basic, undergraduate knowledge in macroeconomics, monetary economics,

microeconomics, international trade, finance. After discussing how economic policy can be modelled,

how it can be positioned relative to the decision-making process and what its limits are, the course

covers five key policy areas: fiscal policy, monetary policy, foreign exchange policy, and tax policy.

The validation of the course goes through a final exam and active participation in a policy debate in

class. More specifically, five debates will be organized with each time two teams arguing one against

each other on a specific policy question. These debates are an integral part of the program.

Course Outline

1. Concepts and limits of economic policy

2. Fiscal policy

3. Monetary policy

4. International financial integration and foreign-exchange policy

5. Tax policy

Policy debates: 45 min per debate, one team argues ―yes‖, one team argues ―no‖, ~3 students per team.

Debates selected during first class. The different teams should rely on a booklet of printed slides that

they will distribute to the audience at the beginning and refer to in their argumentation (please number

the slides!). The arguments should be rooted in relevant theories and empirical evidence found in the

academic literature (not in the press). List of policy debates

Debate 1. Is it time to rehabilitate discretionary fiscal policy? (week 3)

Debate 2. Should European monetary union be completed by a fiscal union? (week 3) Debate 3.

Should the mandate of the ECB be changed? (week 4)

Debate 4. Should the euro be abandoned? (week 5)

Debate 5. Should capital taxation be harmonized in the European Union? (week 6)

Literature

Bénassy-Quéré, A., Coeuré, B., Jacquet, P. and J. Pisani-Ferry, Economic Policy: Theory and Practice,

Oxford University Press, 2010.

In French: Bénassy-Quéré, A., Coeuré, B., Jacquet, P. and J. Pisani-Ferry, Politique Economique, De

Boeck, 3ème édition, 2012.

Public Economics

B4C52215 / APE

4 ECTS

Content not available – please contact the professor directly

Economie de la redistribution

B4020615 / eco app

4 ECTS


Description

Parmi les tendances qui nuisent à une saine pratique de la science économique, la plus séduisante, et à

mon avis la plus toxique, est de se concentrer sur les questions de distribution. En ce moment même,

un enfant est né d'une famille américaine et un autre enfant, également apprécié par Dieu, est né d'une

famille en Inde. Les ressources de toutes sortes qui seront à la disposition de ce nouvel Américain

seront de l'ordre de 15 fois les ressources disponibles à son frère indien. Cela nous semble un terrible

mal, justifiant une action corrective directe, et peut-être certaines actions de ce genre peuvent et

doivent être prises. Mais à propos de l'augmentation considérable du bien-être de centaines de millions

de personnes intervenue dans les 200 années écoulées depuis la révolution industrielle, pratiquement

rien ne peut être attribué à une redistribution directe des ressources des riches vers les pauvres. Pour

améliorer la vie des pauvres, le potentiel de la recherche d'autres façons de répartir la production

actuelle n'est rien comparé au potentiel apparemment illimité de l'augmentation de la production ». (R.

Lucas. « The Industrial Revolution: Past and Future », initialement paru en 2003 dans un rapport

annuel de la Federal Reserve Bank of Minneapolis, puis publié in Economic Education Bulletin, XVIV

(8), 2004, p. 1-8, trad. française). Si l‘on en croit R. Lucas, la redistribution est inutile voire nocive.

Qu‘est-ce que la redistribution ? Quels en sont les enjeux ? Pourquoi l‘ampleur de la redistribution

varie-t-elle selon les pays ? La redistribution nuit-elle à la croissance ? Décourage-t-elle le travail et la

création de richesse ? Par quels mécanismes la redistribution, opérée par les pouvoirs publics, peut-elle

réduire les inégalités de revenus ? L‘allocation universelle (ou le revenu universel) constitue-t-elle un

levier pour réformer le système socio-fiscal en France et permet-elle une meilleure redistribution ?

Plan du cours

1. Introduction

• Présentation du cours et des modalités d‘examen

• Fonction de redistribution : l‘une des trois fonctions de l‘Etat dans une économie de marché

d‘après la typologie de R. Musgrave (The Theory of Public Finance, 1959).

• Définitions :

- les différents types de revenus

- redistribution

- redistribution horizontale / redistribution verticale

- « redistribution pure » et « redistribution efficace » (distinction de Th. Piketty)

- niveau de vie

• Les outils de la redistribution

• Importance de la redistribution pour réduire les inégalités sociales et la pauvreté

2. Typologies des Etats-Providence et leurs limites

• Distinction entre système beveridgien et système bismarckien

• La typologie de R. Titmuss

• « Les trois mondes de l‘Etat-providence » de G. Esping-Andersen

• Critiques adressées à la typologie de G. Esping-Andersen et typologies alternatives

3. Architecture institutionnelle du système français de protection sociale et financement de

la protection sociale

• Organisation de la protection sociale

• Financement de la protection sociale : de profondes transformations depuis une vingtaine

d‘années

4. Les analyses théoriques

• Répartition primaire des revenus

• Inégalités et redistribution

5. Inégalités, redistribution et croissance : la redistribution favorise-t-elle la croissance ?

6. Evolution de la redistribution en France depuis une vingtaine d‘années


7. Pauvreté, minima sociaux et retour à l‘emploi

• Mesures de la pauvreté et enjeux autour de la question de la mesure de la pauvreté

• Qui sont les pauvres en France ? (caractéristiques et tendances)

• Minima sociaux et incitations financières au retour à l‘emploi

8. L‘allocation universelle, le revenu universel ou le revenu d‘existence : une utopie pour les temps

nouveaux ?

• Les fondements philosophiques et éthiques

• Les différentes versions

• Les scénarios de financement

Références

Alesina A., Glaeser E.L. (2006), Combattre les inégalités et la pauvreté. Les Etats-Unis face à

l’Europe, Trad. française, Flammarion, Paris.

• Alaluf M., Zamora D., éds (2016), Contre l’allocation universelle, Lux Editeur, Montréal.

• Atkinson A.B., Bourguignon F., eds, (2000, 2015), Handbook of Income Distribution, Elsevier,

North-Holland, vol. 1 et 2.

• Barbier J.-C., Théret B. (2004), Le nouveau système français de protection sociale, Collection

Repères, Editions de la Découverte, Paris.

• Elbaum M. (2011), Economie politique de la protection sociale, PUF, Paris (dernière édition 2011).

• Ferry J-M. (2016), L’allocation universelle. Pour un revenu de citoyenneté, Les éditions du Cerf,

nouvelle édition,

• Landais C., Piketty Th., Saez E. (2011), Pour une révolution fiscale, un impôt sur le revenu pour le

XXIe siècle, Editions du Seuil, Collection « La République des idées », Paris.

• Piketty Th. (2013), Le capital au XXIe siècle, Seuil, Paris.

• Piketty Th. (2015), L’économie des inégalités, La Découverte, collection Repères, Paris, 7e édition.

• Sandretto R. (1994), Rémunérations et répartition des revenus, Hachette, Paris.

• Weingast B.R et Wittman D.A., eds (2006), The Oxford Handbook of Political Economy, Oxford

University Press, Oxford (en particulier, le chapitre 5 « Political Income Redistribution » et le chapitre

34 « Inequality »).

• Van Parijs Ph., Vanderborght Y. (2005)

English

Description

Among the disciplines of economics the most seductive and probably the most complex to understand

the one that analyzes distribution and redistribution in the economy. Right this moment, a child is born

to an American family, on the other side of the global another child is born to an Indian family. The

resources of any kind will be 15 fold in favor for the new born American child. This seems to be very

unfair and would justify a direct correctional intervention. In order to increase the standard of living

for the poor of the globe since the industrial revolution, the potential of finding other ways of

distributing current production is nothing compared to the seemingly limitless potential of increasing

production. (R. Lucas. « The Industrial Revolution: Past and Future », initialy published in 2003 in an

annual rapport of the Federal Reserve Bank of Minneapolis, as well as in the Economic Education

Bulletin, XVIV (8), 2004, p. 1-8). If we believe in what R. Lucas says, redistribution is not useful, it

may even be damaging. What is that redistribution he was talking about? What are the emerging

problems with redistribution? Why does the magnitude different from country to country? Is

redistribution linked to economic growth? Does it harm the labor market or the creation of wealth?

Which are the government mechanisms that can reduce inequalities? Does universal allocation (or

universal revenu) help to reform the socio-fiscal system in France and would it improve

redistribution ?

Plan du cours

1. Introduction

Course presentation and exam details


Functionalities of redistribution: One of the three government roles in a market economy - R.

Musgrave (The Theory of Public Finance, 1959).

Definitions:

- different types of revenu

- redistribution

- horizontal and vertical redistribution

- « pure redistribution » and « efficient redistribution » (distinction of Thomas Piketty)

- standard of living

- the tools of redistribution

- the importance of redistribution in order to reduce social inequalities and poverty

2. Welfare state and its limits

Distinction between beveridgian and bismarckian systems

Typologie of R. Titmuss

« The three worlds of the welfare state » G. Esping-Andersen

Criticism for G. Esping-Andersen typology and alternative typologies

3. Institutional architecture of the French social protection system and financing of the social

protection system

• Organisation of social protection

• Financing of social protection: drastical changes in the past 20 years

4. Theoretical approaches

Primary repartition of revenus

Inequalities and redistribution

5. Inequalities, redistribution and growth: Does redistribution lead to economic growth?

6. Evolution of redistribution in France since the 1990s

7. Poverty, social minimum return to labor market

Mesures of poverty and issues of measuring poverty

Who are the poor of France? (Characteristics and tendances)

Social minimum and financial motivation to incitations financières to the return to the labor market

8. Universal allocation, universal revenu or the existance level revenu: utopie for the future to come ?

Philosophical and ethical foundations

Différent versions

Financial scenarios

Economie des contrats et des institutions

B4021015 / eco app

4 ECTS

Description

Le concept de contrat est central pour l‘analyse économique car il encadre les interactions micro-

économiques entre les agents (individus, entreprises, Etats...) : il fixe les caractéristiques, les quantités

et le prix des ressources qu‘ils s‘échangent. Il focalise l‘attention sur des structures sociales

élémentaires, celles qui règlent la coordination à un niveau bilatérale. L‘Economie des contrats

regroupe plusieurs courants théoriques qui visent tous à mieux comprendre comment les contrats

doivent être conçus pour être profitables aux deux parties qu'ils engagent l'une envers l'autre. Elle part


du principe que les agents économiques qui signent un contrat ont -à la base- des intérêts divergents.

L‘objectif est donc de structurer économiquement le contrat pour qu'il soit profitable aux deux parties

et qu'il fasse converger leurs intérêts. L‘approche économique des contrats a permis de renouveler

l‘économie des institutions. Les relations contractuelles sont encadrées par des règles du jeu qui en

facilitent l‘apparition et la stabilisation, quand elles n‘en déterminent pas directement les modalités et

les conditions d‘efficacité. Ces règles du jeu constituent ce qu‘on appelle l‘environnement

institutionnel. C‘est pourquoi l‘étude des relations contractuelles dépend aussi de l‘analyse des

institutions susceptibles de contribuer à l‘exécution des contrats, qu‘elles soient formelles

(administration, système judiciaire, associations professionnelles, lobbies…) ou informationnelle (la

culture, les us et coutumes ou les moeurs. L‘Economie des institutions permet de mieux connaitre les

effets de l‘environnement institutionnel sur les choix contractuels avec la possibilité d‘envisager la

mise au point de cadres institutionnels plus efficaces.

L‘objectif du cours est de présenter les différentes approches en économie des contrats et des

institutions en mettant en évidence les différences de perspectives méthodologiques et en insistant sur

les validations empiriques qui sont nombreuses (quelle que soit les méthodes (études de cas,

économétrie, économie expérimentale). Parmi les nombreux domaines d‘application (corporate

governance, organisation industrielle, régulation sectorielle, économie de la firme, économie du

travail…), nous nous focaliserons sur les applications dans le domaine de l‘économie publique

(régulation, contrats public-privé, organisation des services publics).

1. Connaissances des différentes théories des contrats (hypothèses, propositions, modélisation,

validations empiriques) - avantages et limites de chacune pour analyser des problèmes contractuels

différents.

2. Comprendre la différence entre la théorie et la réalité

3. Mise en application de l‘économie des contrats (IO (régulation, concurrence), travail, finance,

PPP…) : données, méthodes, résultats

4. Connaissances des fondements de l‘analyse néo-institutionnelle du lien entre l‘environnement

institutionnel et les contrats.

5. Capacité analytique, appropriation des concepts théoriques

6. Lecture et analyse d‘articles scientifiques sur le thème (en anglais) – préparation au M2

7. A la fin du cours, les étudiants devront maitriser les grands concepts, hypothèses, modèles des

théories des contrats ; connaitre les principaux auteurs (et travaux) qui ont contribués au

développement de ce champ ; mettre en avant les applications de ces théories ; capacité à

comprendre un modèle formalisé (pas d‘exercice de formalisation)

Ce cours s‘inscrit dans le prolongement du cours de Théorie des Organisations et des Marchés de L3

et est une bonne introduction aux cours de « Regulation : Theory & Practice » et « Contract Economy

and Public Services Organization » du M2 Politiques Publiques.

Plan du cours

Introduction

Chapitre 1 : La Théorie des Coûts de Transaction

Chapitre 2 : La Théorie des Incitations

Chapitre 3 : La théorie des Contrats Incomplets

Chapitre 4 : La théorie des Contrats Relationnels

Conclusion

English

Description


The concept of a contract is essential for the economic analysis because it defines the microeconomic

interactions between agents (individuals, firms, states, etc.): it determines the characteristics, quantities

and prices of existing resources that these agents exchange. It focuses on basic social structures and on

those who regulate on a bilateral level. The course outlines several theoretical approaches that aim to

better understand how contracts must be designed to be profitable for both of the economic agents. It

is based on the principle that the both of the economic agents who sign a contract have divergent

interests. The objective is therefore to construct the contract economically so that both parties benefit

and converge their interests. Contracts make change possible in order to renew the economy of the

institutions. Contractual relations are governed by rules which facilitate their emergence and stable

nature. We generally call these rules ―institutional environment‖. Therefore, the study of contractual

relations also depends on the analysis of the institutions likely to contribute to the execution of the

contracts, whether formal (administration, judicial system, professional associations, lobbies, etc.) or

informational. The institutional Economy makes it possible to better understand the effects of the

institutional environment of contractual choices with the possibility to aim for a development of more

effective institutional frameworks.

The course aims to present different approaches of economics of contracts and institutions with a

comparison of the existing methodogical methods used with a special focus on numerous empiric

results (case studies, econometrics, experimental economics, etc.). Within the numerous disciplines in

economics such as corporate governance, industrial organization, sectorial regulation, economics of

the firm, labor economics, etc., the course will focus on 1) public economics (regulation, privat-public

contracts, organization of public service). 2) Knowledge of the different contract theories (hypothese,

offers, modelisation, emirics) – advantages and limits of them all to be able to analyze all types in the

market.

Course Outline

1. Understanding the difference between theorie and reality

2. Appliance of economics of contracts (regulation, competition), labor, finance, PPP, etc.): data

analysis, methods, results

3. Knowledge of the basic neo-institutional analysis linking the institutional environment with

contrats within the market.

4. Analitical skills developmentCapacité, appliance theoretical concepts

5. Lecture and analysing scientific articles (in english) – with regard to the Master 2

6. At the end of this lecture the student should be capable of knowing the concepts, hypotheses,

models of economics of contracts, the principle authors and articles in this discipline,

understanding a formalized model.

This course is meant to follow up on the L3 course Théorie des Organisations et des Marchés de L3

and as an introduction to « Regulation : Theory & Practice » and « Contract Economy and Public

Services Organization » of the Master 2 Politiques Publiques.

Plan du cours

Introduction

Chapter 1 : Cost of transaction theorie

Chapter 2 : Incitations theorie

Chapter 3 : Incomplete contrats theorie

Chapter 4 : Relational contrats theorie

Conclusion


Economie des territoires

B4020815 / eco app

4 ECTS

Description

Quel que soit l'indicateur retenu (revenu, taux de chômage, taux de création d'entreprises, etc.) et

l'échelle géographique adoptée (région, agglomération, quartier,etc.), l‘observation de "l‘économie des

territoires" fait apparaître d'importantes disparités territoriales. Pour analyser ces disparités et, le cas

échéant, les corriger, il est nécessaire de comprendre les facteurs influençant les choix de localisation

des agents, entreprises et ménages. Tel est l'objectif poursuivi par ce cours, qui étudiera

successivement les choix de localisation des entreprises et les choix résidentiels, en soulignant les

dynamiques territoriales qui en résultent. L'analyse conduira à examiner les outils à la disposition des

décideurs, nationaux et locaux, permettant d'infléchir ou de stimuler ces dynamiques (politiques de

cluster, fiscalité, politiques de lutte contre la ségrégation urbaine, etc.).

Plan du cours

1. Les facteurs de localisation des entreprises

2. Coût de transport et coût de production (le modèle de Weber et ses développements) - L'accès au

marché - Les économies d'agglomération – Le rôle des aménités - L'aversion au risque - Les

politiques d'attractivité

3. Les choix résidentiels

4. Le modèle de base de la localisation résidentielle (de Von Thünen au modèle AMM)

5. Localisation résidentielle et revenu (mesure et explications de la ségrégation socio-spatiale)

6. Ségrégation résidentielle et emploi (social / spatial mismatch)

7. Les enjeux du développement territorial

8. Développement endogène / exogène - Croissance vs. cohésion spatiale - Territoires de production

et territoires de consommation

Références

Modern Urban and Regional Economics, Philip McCann, Oxford University Press, 2013

Economie des villes contemporaines, Lise Bourdeau-Lepage et Jean-Marie Huriot, Economica, 2009

Triumph of the city, Edward L. Glaeser, Penguin Press, 2011 (trad. française : Des villes et des

hommes, Flammarion)

Mode d'évaluation

Examen écrit consistant en un commentaire guidé de documents + participation en cours

English

Description

Whatever the given indicator (revenu, unemployment rate, rate of business development, etc.) and

used geographic scale (region, agglomeration, quartier ,etc.), the observation of the discipline

« économics of territories » leaves evidence of territorial dispairities. In order to analyze them it is

necessary to understand the economic agent and the factors that influence her movement. The course

aims to give answer to the question of choice of localization and residence. The analysis permits to

understand the decision making and dynamics in the industry (politics, fiscality, political action again

urban segregation, etc.).

Course Outline

1. Factors of geographic positionning

2. Transportation cost and production cost (Weber model and its development).

3. Access to the markets

4. Agglomeration economics

5. Role of amenities


6. Risk aversion

7. Business attractions policies

8. Residency choices

9. Basic model of local residency (Von Thünen to AMM)

10. Residence localisation and revenue (measure and explication of social segregation)

11. Residentiel segregation and labor (social / space mismatch)

12. Issues of territorial development

13. Endogenous and exegenous development / vs. territorial cohesion –

14. Territories of production and consumption

Industrial Economics

B4020415 / eco app

4 ECTS

Course Outline

L'économie industrielle (ou organisation industrielle) est un sous-domaine de la microéconomie

consacrés à l'étude des entreprises et des marchés. En particulier, l‘économie industrielle étude

l'interaction des entreprises et des consommateurs sur les marchés qui ne relèvent pas du modèle

concurrentiel parfait. L'accent est mis sur la façon dont les entreprises acquièrent et utilisent le pouvoir

du marché, et comment entreprises en concurrence imparfaite interagissent stratégiquement. Ce cours

examinera le comportement des entreprises dans des contextes à la fois le monopole et la concurrence

imparfaite. Des exemples de sujets sont: la discrimination des prix, des modèles de duopole, la

différenciation des produits, l'entrée, la collusion, les fusions, les investissements stratégiques, anti-

trust.

Références

Belleflamme - Peitz, Industrial Organisation, CUP, 2010

Préalables Microéconomie 1.

English

Description

Industrial economics (or Industrial organization) is a subfield of microeconomics devoted to the study

of firms and markets. In particular, industrial economics studies on the interaction of firms and

consumers in real world markets that fall outside of the basic competitive model. The focus is on how

firms acquire and use market power, and how imperfectly competing firms interact strategically. This

course will examine firm behavior in settings of both monopoly and imperfect competition. Examples

of topics are: price discrimination, models of duopoly, product differentiation, entry, collusion,

mergers, strategic investment, anti-trust. It will be possible to write the final exam in English or

French.

Requirements

Microeconomics 1.

Méthodes d'évaluation des politiques publiques

B4020215 / eco app

6 ECTS


Description

L‘analyse des politiques publiques s‘intéresse au rôle du gouvernement dans l‘économie d‘un pays.

Etudier ce rôle consiste à tenter de répondre à quatre questions principales : (i) Quand est-ce qu‘un

gouvernement devrait intervenir dans l‘économie ? (ii) Comment devrait-il intervenir ? (iii) Quel est

l‘impact de cette intervention sur le résultat économique ? (iv) Qu‘est-ce qui motive le choix d‘une

méthode d‘intervention plutôt qu‘une autre ? De nombreuses illustrations seront proposées pendant le

cours magistral. Les travaux dirigés consisteront en la présentation d‘articles scientifiques qui utilisent

les outils et les concepts vus en cours.

Plan du cours

1. Introduction : Pourquoi s‘intéresser à l‘analyse des politiques publiques ?

2. Les outils théoriques et empiriques

3. Analyse du budget et financement du déficit

4. Les externalités

5. Les biens publics

6. Analyse coût-bénéfice

7. L‘éducation

8. La sécurité sociale

9. L‘assurance santé

10. L‘assurance chômage

11. Redistribution des richesses

12. Taxation

Références

Gruber, J. (2016). Public finance and public policy. Macmillan. Allcott, H. (2011). Social norms and

energy conservation. Journal of Public Economics. Amuedo-Dorantes, C., Bansak, C., & Raphael, S.

(2007). Gender differences in the labor market: impact of IRCA's amnesty provisions. The American

economic review. Angrist, J. D., & Evans, W. N. (1998). Children and their parents' labor supply:

Evidence from exogenous variation in family size. The American Economic review.

Angrist, J. D., & Krueger, A. B. (1991). Does compulsory school attendance affect schooling and

earnings? The quarterly Journal of Economics. Card, D., & Krueger, A. B. (1994). Minimum wages

and employment: a case study of the fast-food industry in New Jersey and Pennsylvania. The

American Economic Review. Case, A., Lubotsky, D., & Paxson, C. (2002). Economic status and

health in childhood: The origins of the gradient. The American Economic Review. Cohen, J., &

Dupas, P. (2010). Free distribution or cost-sharing? evidence from a malaria prevention experiment.

Quarterly Journal of Economics. Currie, J., & Walker, R. (2011). Traffic congestion and infant health:

Evidence from E-ZPass. American Economic Journal: Applied Economics. DellaVigna, S., List, J. A.,

& Malmendier, U. (2012). Testing for altruism and social pressure in charitable giving. The American

Economic Review. Dinkelman, T. (2011). The effects of rural electrification on employment: New

evidence from South Africa. The American Economic Review. Duflo, E. (2001). Schooling and labor

market consequences of school construction in Indonesia: Evidence from an unusual policy

experiment. The American Economic Review. Klerman, J. A., & Leibowitz, A. (1990). Child care

and women's return to work after childbirth. The American Economic Review.

English

Description

The analysis of public policy is the study of the role of the government in the economy. This study

entails answering four main questions: (i) When should a government intervene in the economy? (ii)

How might the government intervene? (iii) What is the effect of those interventions on economic

outcomes? (iv) Why do governments choose to intervene in the way they do? Many examples will be

offered during the lecture. The tutorials consist in the presentation of scientific articles that use the

tools and concepts discussed in class.


Plan du cours

1. Introduction: Why is public politics interesting to us?

2. Empirical and theoretical models

3. Budget analysis and financial deficit

4. Externalities

5. Public goods

6. Cost-Benefit analysis

7. Educational system

8. Social security system

9. Health insurance

10. Unemployment insurance

11. Wealth distribution

12. Taxation

Economic Policy

B4040615 / eco devt

4 ECTS

Description

Ce cours enseigne comment l'analyse économique peut être mobilisée sur des sujets de politique

économique. Les prérequis correspondent à un niveau licence en macroéconomie, économie

monétaire, microéconomie, finance et commerce international. Le cours comprend une introduction

générale puis couvre sous forme de 9 lectures les politiques clés : politique budgétaire, politique

monétaire, politique de change, politique fiscale, politique de croissance, marché du travail, politique

environnementale et politique de retraite. L'évaluation s'effectue sous la forme d'un examen final et de

manière optionnelle par la participation active aux deux séances de débat où des équipes défendent des

points de vue opposés sur des grandes questions de politique économique.

Références

Bénassy-Quéré, A., Coeuré, B., Jacquet, P. and J. Pisani-Ferry, Politique Economique, De Boeck,

2ème

édition, 2010.

English

Description

This course teaches how to identify the relevant theoretical and economic knowledge for a given

policy issue, and how to use it. The students are required to master the basic, undergraduate

knowledge in macroeconomics, monetary economics, microeconomics, international trade, finance.

After discussing how economic policy can be modelled, how it can be positioned relative to the

decision-making process and what its limits are, the course covers nine key policy areas: fiscal policy,

monetary policy, foreign exchange policy, tax policy, growth policy, labour market policies, financial

stability, environmental policies, pension policy. The validation of the course goes through a final

exam and (optional) the active participation in a policy debate where two teams argue one against each

other on a specific policy question.

Economie des transports

B4041615 / eco devt

4 ECTS

Description


Le transport (de personnes, de marchandises, d'informations) constitue le maillage du monde.

Pourtant, la mobilité des personnes et des marchandises devient de plus en plus problématique sur le

plan environnemental. Un des enjeux majeur de notre société sera de trouver une solution à la tension

de plus en plus problématique entre le maintien d'un droit à la mobilité et la protection de notre

environnement. Sur le plan théorique, il met en relief la dimension spatiale et temporelle de l'activité

économique que la théorie standard tend à négliger. Dans la pratique, les transports soulèvent

d'importants débats sociaux. Le cœur de métier de l'économie de transports concerne avant tout les

infrastructures, leurs développements, leurs gestions, leurs financements, etc. Le deuxième dossier du

secteur a trait aux externalités qu'il génère (pollution, congestion, accident...). Le troisième dossier est

lié aux caractéristiques singulières de la demande (forcément dérivée) et de l'offre de services de

transport. Secteur dynamique, il connaît de profondes évolutions ces derniers temps (comme la

libéralisation en cours du ferroviaire, ou l'introduction du conteneur dans le transport maritime il y a

trente ans). Le premier objectif de ce cours est de fournir des catégories pour appréhender sous un

angle économique les principales problématiques de ce secteur. Le deuxième objectif est de fournir

des éléments d'appréciation théorique des politiques publiques dans ce secteur. La deuxième partie du

cours portera en particulier sur les choix de localisation des ménages et des entreprises.

Plan du cours

Chapitre 1: Introduction tau systèmes des transports

Chapitre 2: la demande de transport

Chapitre 3: la fourniture de transport

Chapitre 4: les formes d‘organisation de la fourniture des transports

Chapitre 5: politique de transport

Chapitre 6: Transport, emplacement et planning

Références

Blauwens, De Baere et Van de Voorde (2002) Transport Economics, De Boeck, ed° 2006. Button, K.

(2010), Transport Economics, Edward Elgar, 3rd ed, Frémont, A. (2007) Le monde en boîtes :

conteneurisation et mondialisation, INRETS, Quinet, E. (1998) Principes d’économie des transports,

Economica, Savy, M. (2007) Le transport de marchandises, Eyrolles, Savy, M., Burnham, J. (2013)

Freight Transport and the Modern Economy, Routledge., Stopford M (2009) Maritime Economics,

Routledge, 3ème édition

English

Description Transportation (of people, goods, information) constitutes the world‘s network and nonetheless,

people‘s and products mobility is getting more and more problematic from an environmental

perspective. One of the main challenges of our society will be to resolve the trade-off between

assuring the right to mobility and environmental protection. From a theoretical point of view, it

stresses the temporal and spatial dimension of the economic activity, usually neglected by the standard

theory. From a practical point of view, transportation raises crucial social debates. The core of

transport economics concerns infrastructures and their development, management, financing etc. The

second issue concerns the externalities they entail (pollution, congestion, accidents, etc.) and how to

measure and reduce them. The third issue regards the peculiar characteristics of the demand

(necessarily derivative) and the supply of transportation services. The supply side of this sector raises

consequently interesting issues about network economies, pricing processes and business cycles,

boundaries of natural monopoly, and so on. Transport is a dynamic sector, undergoing deep changes

over the last period (such as the liberalization of the railways and coaches sectors or the introduction

of containers in the maritime shipping industry 40 years ago).


The first aim of this course is providing categories and models to tackle the issues of this sector under

a mainly economic perspective. The second objective is to provide insights for the assessment of

transport policies.

Course Outline

Chapter 1: Introduction to transport systems

Chapter 2: Transport demand

Chapter 3: Transport supply

Chapter 4: Organizational forms of transport supply

Chapter 5: Transport policy

Chapter 6: Transport, location and planning

Environnement et développement durable

B4030215 / eco devt

4 ECTS


European Integration

B4040215 / eco devt

4 ECTS


Firmes Multinationales

B4041215 / eco devt

4 ECTS


Politiques de Développement

B4041015 / eco devt

4 ECTS

Description

Le cours traite d‘un certain nombre de questions importantes dans la perspective des pays en

développement et des politiques économiques correspondantes. Après une introduction générale

présentant les caractéristiques structurelles des pays en développement et l‘évolution des inégalités

entre pays dans une perspective de développement comparé faisant une large place à l‘analyse

historique, les points suivants seront abordés : inégalité, développement et politiques de redistribution

; démographie, développement et politiques de contrôle des naissances ; théorie du « big push » et

politiques d‘industrialisation ; migrations rurales-urbaines et politiques d‘urbanisation ; institutions et

développement : politiques d‘aide au développement et gouvernance. Le cours se base sur des manuels

d‘économie du développement ainsi que sur des articles de recherche. Les chapitres d‘ouvrages et

articles de recherche mentionnés dans les différentes partie de cours ci-dessous sont des lectures

obligatoires (c‘est-à-dire dont le contenu peut faire l‘objet de questions d‘examen.


Plan de cours

1. Introduction générale

1.1. Les inégalités entre nations : perspective historique et comparative

1.2. Taux de pauvreté et mesure des inégalités : la courbe de Lorentz

1.3. Comparaisons internationales de niveaux de vie : les indicateurs de développement

1.4. Les caractéristiques structurelles des pays en développement

A lire :

Daron Acemoglu: ―Root causes: A historical approach to assessing the role of institutions in economic

development‖, Finance and Development, 27-30, juin 2003.

Jared Diamond: ―Guns, Germs and Steel‖, Parts I and II.

2. Inégalité et développement -- les politiques de redistribution

2.1. Les liens entre inégalités et croissance : la courbe de Kuznets et son interprétation

2.2. Epargne, redistribution et croissance

2.3. Le rôle fonctionnel de l‘inégalité : un modèle de choix d‘occupation.

2.4. Analyse empirique : le lien causal entre inégalité et sous-développement

A lire :

Ray, Chapitre 7

William Easterly: ―Inequality does cause underdevelopment: insights from a new instrument‖, Journal

of Development Economics, 2007.

3 Migrations rurales-urbaines : les politiques d‘urbanisation.

3.1 Le contexte : l‘économie duale (Lewis, 1954)

3.2 Le modèle de Harris et Todaro (1970)

3.3 L‘endogénéisation des différentiels de salaires ruraux-urbains (Stiglitz, 1974)

A lire :

Basu, Chapitres 7-9

4 Démographie et développement : les politiques de contrôle des naissances

4.1 Croissance démographique et croissance économique : quels liens ?

4.2 La transition démographique : inerties micro et macro

4.3 Fécondité et éducation : y-a-t-il un « quantity-quality tradeoff » ?

4.4 Planning familial, biens publics et coordination

4.5 La femme et l‘avenir de l‘homme

A lire : 3 Easterly, Chapitres 11-12.

Ray, Chapitre 9

Galor, Oded (2005): From Stagnation to Growth: Unified Growth Theory, Chapter 4 in Ph. Aghion

and S. Durlauff, eds.: Handbook of Economic Growth, Elsevier-North Holland.

Pritchett, Lant (1994): Desired Fertility and the Impact of Population Policies, Population and

Development Review, 20, 1.

5 Quel rôle pour les Politiques de Développement ?

5.1 Les nouvelles approches : expériences randomisées (micro) et diagnostics de croissance (macro)

5.2 Les fondements déterminants du développement : géographie, institutions, intégration

5.3 Le rôle de l‘Histoire : persistance historique, les conséquences du commerce des esclaves et de la

colonisation

6 Les politiques d‘industrialisation

6.1 La planification du développement : concepts et argument

6.2 Le modèle du Big Push

6.3 Défaillances de l‘Etat, Défaillances de marchés

6.4 Le renouveau de la politique industrielle

7 Le capital humain et les politiques éducatives

7.1 Rôle du capital humain dans le développement

7.2 Obstacles au développement du capital humain


7.3 Pourquoi le capital humain ne suffit pas

7.4 Quelles politiques éducatives

8. Finance Internationale, investissement et aide : controverses et opportunités

8.1 Investissements directs à l‘étranger et firmes multinationales

8.2 Le rôle des remises de migrants

8.3 Les déterminants et effets de l‘aide publique au développement

8.4 Conflits et développement

Références

Michael P. Todaro & Stephen C. Smith (2011), Economic Development, Addison-Wesley, 11e edition

Ray, Debraj: Development Economics, Princeton University Press.

Easterly, William: The Elusive Quest for Growth: Economists‘ Adventures and Misadventures under

the Tropics, MIT Press. Basu, Kaushik: Analytical Development Economics, MIT Press.

Jared Diamond: ―De l‘inégalité parmi les sociétés‖ (traduction de ―Guns, Germs and Steel‖, Penguin

Books). Pour certains chapitres, une feuille de questions et d‘exercices sera distribuée, reproduisant la

structure de l‘examen final. Les exercices seront corrigés en classe à la session suivante. La

préparation des questions et exercices avant leur correction en classe est fortement recommandée.

English

Description

The course treats numerous issues from a developing countries perspective and its economic policies.

Following a general introduction the course will present structural characteristics of the respective

developing countries and the evolution of inequalities with the regard of comparisons and economic

history – le subjects addressed will be: inequality, redistribution in development and in politics,

demographics, birthrate development and politics, big push theory and industrialization politics; rural

and urban migration and urbanization policies; institutions and development: aid policies for

development and governance. The course is based on development economics textbooks as well as on

scientific recherché articles. These readings will be mandatory to follow the class. The content of the

articles will be part of the final exam.

Plan de cours

1. Introduction

1.1. Inequalities between nations: Historical perspective and comparison

1.2. Poverty rate and ineaquality measure: Lorentz Curve

1.3. International comparison of standard of living: Development indicators

1.4. Structural caracteristics in developing countries

Readings:

Daron Acemoglu: ―Root causes: A historical approach to assessing the role of institutions in economic

development‖, Finance and Development, 27-30, juin 2003.

Jared Diamond: ―Guns, Germs and Steel‖, Parts I and II.

2. Inequality and deveolpment – Redistribution policies

2.1. Linkages between inequalities and growth: Kuznets curve and its interpretation

2.2. Saving, redistribution and growth

2.3. The functional role of inequality: a model of occupational choice

2.4. Empirique analysis: causual link between inequality and underdevelopment

Readings:

Ray, Chapitre 7

William Easterly: ―Inequality does cause underdevelopment: insights from a new instrument‖, Journal

of Development Economics, 2007.

3 Rurales-urbain migration: Urbanisation policies

3.1 Context: Dual economy (Lewis, 1954)


3.2 Model of Harris et Todaro (1970)

3.3 Endogenenisation of rural-urban salary differentials (Stiglitz, 1974)

Readings:

Basu, Chapitres 7-9

4 Demographics and development: Birthrate control policies

4.1 Demographic and economic growth: What are the linkages?

4.2 Demographic transition: shortcut micro and macroeconomics

4.3 Fertility and education: is there a quantity-quality tradeoff?

4.4 Family planning, public goods and coordination

4.5 Women and an the future of men

Readings: 3 Easterly, Chapitres 11-12. Ray, Chapitre 9 Galor, Oded (2005): From Stagnation to

Growth: Unified Growth Theory, Chapter 4 in Ph. Aghion and S. Durlauff, eds.: Handbook of

Economic Growth, Elsevier-North Holland. Pritchett, Lant (1994): Desired Fertility and the Impact of

Population Policies, Population and Development Review, 20, 1.

5 What is the role of Development Policies?

5.1 The new approaches: Randomized experiences (micro) and growth diagnostics (macro)

5.2 Determinant foundations of development economics: geography, institutions, integration

5.3 The role of History: historical importance, consequences of slave trade and of colonization

6 Industrialization policies

6.1 Development plans: concepts and arguments

6.2 The Big Push

6.3 State bankruptcy, market bankruptcy

6.4 The post-new industrial policies

7 Human capital and education policies

7.1 The role of human capital in development economics

7.2 Obstacles in development of human capital

7.3 Why is human capital not sufficient?

7.4 Extension of education policies

8. International finance, investissement and aide: controversis and opportunities

8.1 Direct foreign invenstment and multinational firms

8.2 The role of migration constraints

8.3 Determinants and effects of public aide and development policies

8.4 Conflicts and development

Economie de l’environnement 2

B4041815 / eco env

4 ECTS


Analyse Financière - Evaluation d'entreprise

B4080415 / mbfa

4 ECTS

Description

Les étudiants apprendront lors de ce cours les techniques d'évaluation d'entreprise utilisées par les

professionnels du secteur : analystes financier, gérants et métiers du TAS et M&A. Seront abordées en


détails : la méthode des DCF, la méthode des comparables et la méthode de l'ANR. Ces différentes

méthodes seront mises en pratique par les étudiants, à travers des cas pratiques liés à l'actualité des

entreprises. Ils en découvriront donc les problématiques de mise en œuvre opérationnelle et les

hypothèses implicites dont s'affranchissent les "non académiques".

Plan du cours

Introduction

I - La prévision, le NÉCESSAIRE business plan

II - L‘analyse, un préalable à la valorisation

III - La valorisation d‘entreprise

IV Comment les analystes équité et taux lisent-ils un p&L et un bilan ?

V Quelques points de complexité

Conclusion

English

Description

The students will learn to means and technics of business evaluation used by the specialists of the

sector, that is : financial analists, securities and TAS et M&A. Also addressed in detail: the method of

DCF, the method of comparison and the method of ANR. The different approaches will be used by the

students with current practical examples. The students will discover the recurrent operational and

hypothetical issues encoutered in the sector.

Course Outline

Introduction

I – Forecasting; The necessarry business plan

II - Analysis, prerequisition for valorisation

III - Valorisation of the business activity

IV How do analists read the p&L and a financial statement?

V Facts of complexity

VI Conclusion

Econométrie financière

B4090215 / mbfa

6 ECTS


International finance

B4041415 / mbfa

4 ECTS

Description

The course is structured in three main parts. The first contains a review of the basic notions of balance

of payments and exchange rates market (including a discussion on optimal currency area). The second

part covers the main models of international finance: net capital flows (optimal current account), gross

capital flows (portfolio diversification). This second part emphasizes the benefits of financial

integration, financial development, and capital flows liberalization. The third part covers new

developments in international finance in the light of financial crises, emphasizing the risks associated

to international financial liberalization and international financial integration. The main issues covered

in this part are: (i) sudden stops in capital flows, (ii) the role of global factors in international capital


flows, and (iii) the rationale for capital controls as macro-prudential policy, including the role of

international coordination to avoid negative spillovers (the role of the IMF).

Mutations financières et politiques monétaires

B4080215 / mbfa

6 ECTS

Description

L‘objectif de ce cours est de contribuer à une meilleure connaissance de la nature et du rôle des

intermédiaires et des marchés financiers, des transformations qui les affectent, des phénomènes

d‘instabilité qui leur sont intrinsèquement liés et de la façon dont on peut les réguler. À l‘issue de ce

cours, l‘étudiant doit être en mesure de :

décrire l‘évolution du système financier et sa transformation profonde au cours des dernières

décennies; comprendre l‘innovation financière et appréhender l‘émergence de nouveaux acteurs; saisir

les phénomènes d‘instabilité financière (faillites bancaires, bulles spéculatives, crises), les

diagnostiquer et analyser leurs effets; appliquer les principaux apports de l‘économie comportementale

à la finance; repérer les cas de défaillance des marchés et légitimer la régulation financière; discuter

des modalités de l‘intervention publique et des projets de réforme en cours; comparer les objectifs et

les modes d‘interventions des banques centrales et interpréter les évolutions de la politique monétaire.

Le mécanisme de création monétaire, les objectifs et les missions traditionnelles de la politique

monétaire, les différentes modalités de financement de l‘économie, le bien-fondé des intermédiaires et

des marchés financiers, les principes de base de la théorie financière moderne (arbitrage, choix de

portefeuille, gestion des risques, finance d‘entreprise), les fondements économique de l‘intervention

publique.

English

Description

The objective of this course to a better understanding of the nature and role of intermediaries and

financial markets, the transformations that affect them, the instability phenomena that are intrinsically

linked to the financial markets and to regulation policies. At the end of this course, the student should

be able to:

describe the evolution of the financial system and its profound transformation in recent decades;

understanding financial innovation and understanding the emergence of new players; to understand the

phenomena of financial instability (bank failures, speculative bubbles, crises), to diagnose and analyze

their effects; apply the main contributions of behavioral economics to finance; Identify cases of market

failure and legitimize financial regulation; discuss the modalities of public intervention and ongoing

reform projects; to compare the objectives and modes of intervention of the central banks and to

interpret developments in monetary policy. The monetary creation mechanism, the traditional

objectives and missions of monetary policy, the different ways of financing the economy, the merits of

intermediaries and financial markets, the basic principles of modern financial theory (arbitration,

Choice of portfolio, risk management, corporate finance), the economic foundations of public

intervention.

Probabilités appliquées à la finance

B4091415 / mbfa

4 ECTS



Produits dérivés et gestion des risques

B4091215 / mbfa

6 ECTS

Description

Ce cours propose une description détaillée de la plupart des produits dérivés « plain vanilla » et

exotiques, et de leur modes d‘évaluation. Il permet, ainsi, de comprendre le principe de la couverture

et de l‘arbitrage en utilisant les contrats à terme. Une partie de ce cours est consacrée à la théorie des

options en temps discret pour introduire par la suite le modèle binomial de Cox-Ross-Rubinstein et

d‘expliquer comment converger vers le modèle d‘évaluation en temps continu de Black & Scholes. Ce

cours permettra aussi aux étudiants d'appréhender le risque via la gestion dynamique d‘un portefeuille

d‘options.

Plan du cours

1. Opérations & Contrats à terme

Les options :

Les options Part I: Introduction

Les options Part II : Quelques combinaisons des stratégies de base

Les options Part III : Evaluation des options par le modèle binomial

2. Modélisations des rendements des actifs en temps continu

3. Evaluation des options en temps continu

4. Le modèle de Black & Scholes

5. Quelques extensions du cadre de Black, Sholes et Merton

6. La gestion Dynamique et la couverture d'un portefeuille d'options

7. Les produits dérivés de taux d‘intérêts

8. Les contrats de FRA

9. Les caps, floors et collars

10. Les SWAPS de taux d‘intérêt et swaptions

11. Les options exotiques

English

Description This course provides a detailed description of most derivatives "plain vanilla" and exotics and their

evaluation methods. It thus enables to understand the principle of hedging and arbitrage using futures

contracts. Part of this course is devoted to the theory of discrete time options to subsequently introduce

the binomial model of Cox-Ross-Rubinstein and to explain how it converges to the evaluation model

in continuous time of Black-Scholes. This course will also enable students to understand the risk

through active management of a portfolio of options.

Course Outline

1. Operations & Futures contracts

Options:

I: Introduction

II: Basic strategy combinations

III: Option Evaluation through the binominal model

2. Modeling asset returns in continuous time

3. Options evaluation in continuous time

4. The Black & Scholes model

5. Extensions of Black, Scholes and Merton

6. Dynamic management & hedging of portfolio options

7. Interest rate derivatives


8. The FRA contracts

9. Caps, floors and collars

10. SWAPS for interest rates and swaptions

11. Exotic options

Development Economics

02U0609 / PSME

4 ECTS

Description

Development thinking is broad and diverse and it has changed considerably over time. The

multiplicity of angles and approaches to development is unlimited: from pro-poor growth

to the role of human capital, the role of markets and policies, the role of institutions and more recently

the role of individuals and group empowerment, and country ownership; we can easily multiply and

cross-fertilise the various sectors and concepts. Nevertheless, the focus of the six sessions will be

Human Development. Understanding the patterns and drivers of human development will be the main

challenge. Human development is the expansion of people‘s freedom and capacity to live long, healthy

lives with universal access to education, fair job opportunities and basic services. People are both the

beneficiaries and the drivers of human development, as individuals and in groups. Today‘s challenges

also require a new policy outlook. While there are no silver bullets or magic potions for human

development, some policy implications are clear. First, we cannot assume that future development will

mimic past advances: opportunities today and in the future are greater in many respects. Second,

varied experiences and specific contexts preclude overarching policy prescriptions and point towards

more general principles and guidelines that need to be adapted to specific contexts. Third, major new

challenges must be addressed—most prominently, the massive pollution of nature and destruction of

biodiversity. To explore new ways and thinking about human development, we will follow the

"Programme Cycle Management" (PCM) methodology which breaks a programme down into its five

distinct yet inter related phases. Following each step of the PCM approach (programming,

identification, formulation, implementation, monitoring & evaluation) will provide an interactive

roadmap for the Development landscape. This practical approach will also facilitate the inclusion of

country case studies to better understand the practical aspects of Aid and Cooperation.

Health economics

02UZ0909 / PSME

4 ECTS

Description

Health economics applies the tools of economics to issues of the organisation, delivery, and financing

of health care. The objectives of this course are to: (1) develop an understanding of the relevance of

economic concepts to the health care sector, (2) to describe the system of health care financing and

delivery arrangements in the health care sector, and (3) to impart an understanding of the role of

economic factors in the development of public policy concerning health and health care.

Requirements

Microeconomics 1, Macroeconomics 1

Course Outline


The nature of health economics. Overview of the structure of the sub disciplines of health economics.

The role of health economics in health care decision making.

Part 1:

Demand for medical services.

Medical care and utility.

Demand for health in the Grossman model.

Uncertainty of medical care.

Determinants of health inequalities.

Part 2:

The private-public mix for health insurance.

Health care finance and expenditure in OECD countries.

The French model

Principles of insurance theory.

Social insurance versus market insurance.

Part 3:

Medical care production

Health care delivery system in Europe.

Physician behaviour with demand inducement.

Hospital theory and Diagnosis Related Groups (DRG) payment.

The pharmaceutical industry in the world.

Part 4. Public policy and assessment tools.

Health care and economic growth.

Defining equity and ethics criteria for health care provision.

The performance of health care systems in the world.

Deciding with economic assessment theories.

References

Arrow, K. J. (2001). Uncertainty and the Welfare Economics of Medical Care (American Economic

Review, 1963). Journal of Health Politics, Policy and Law, 26(5), 851-883.

Enthoven, A. C. (1984). The Rand experiment and economical health care.

Grossman, M. (1972). On the concept of health capital and the demand for health. Journal of Political

economy, 80(2), 223-255.

Indicators, O. E. C. D. (2011). Health at a Glance 2015.

Sen, A. (2008). Why and how is health a human right?. The Lancet, 372(9655), 2010.

Shleifer, A. (1985). A theory of yardstick competition. The RAND Journal of Economics, 319-327.

Van Doorslaer, E., Masseria, C., Koolman, X., & OECD Health Equity Research Group. (2006).

Inequalities in access to medical care by income in developed countries. Canadian medical

association journal, 174(2), 177-183.

Evaluation

Assessed work will consist in one final exam (50%) and a homework assignment (50%) that is a

power point presentation about health care system of one country (usually the country of origin of the

student). The topics must be approved by the professor.

Labor Economics

02UZ1109 / PSME

4 ECTS

Description


This course is an introduction to the field of labor economics. It focuses on applied theory and

empirical analysis. Its aim is to acquaint students with traditional topics in labor, as well as to

encourage the development of their research interests. Part 1 is dedicated to an analysis of the supply

of labor: how do workers decide to work for pay? How do individuals choose their level of investment

in human capital? Part 2 concentrates on the demand side, i.e. on the employers' incentives and

choices. Part 3 studies the interaction of supply and demand in the labor market and the wage

formation. Part 4 analyzes various features of modern labor markets such as the discrimination on the

labor market, migration, unemployment, inequality.

Requirements

Microeconomics 1, 2; Econometrics.

Class Requirements

In addition to mandatory readings and reports, there will be at least two problem sets, an oral

presentation of a topic in labor economics, and a final exam.

Course Grading

50% reports, problem sets, oral presentation, 50% final exam

Literature

Borjas, George J. Labor Economics. 5th ed. Boston, MA: McGraw-Hill/Irwin, 2010.

Ehrenberg, Ronald G., and Robert S. Smith. Modern Labor Economics. Theory and Public Policy.

11th ed. Prentice Hall, 2012. Cahuc, Pierre, and André Zylberberg. Labor economics. 2nd ed. MIT

press, 2014. (more advanced) Blau, Francine D., Marianne A. Ferber, and Anne E. Winkler. The

Economics of Women, Men, and Work. 6th ed. Upper Saddle River, NJ: Prentice-Hall, 2009.

(specialized in gender and family issues)

Political Economy

02U1209 / PSME

4 ECTS

Description

The global economy continues to be in a state of post-crisis, following the financial crisis in 2007-

2008 and the Great Recession. One key, easy-to-understand indicator of the on-going state of crisis is

interest rates. Since late 2008-early 2009, interest rates in the advanced economies have been stuck at

the "lower bound", i.e. near 0%, and sometimes even negative. This is unprecedented in history, and

suggests that we are living through a new phase of capitalism, and that the era of neoliberal capitalism

may be ending.

The outcome of this on-going state of post-crisis is hard to predict, but there are indications that we

may be returning to a world of more nationalist, and protectionist economic policies: world trade is no

longer growing, the Brexit vote in the United Kingdom in June 2016 has clearly expressed voter

concerns about immigration and globalization. More importantly, the election of Donald Trump as

President of the United States expresses such electoral pressures too, and could lead to radical changes

in the international order. One should be careful about making predictions at this stage, but if the US

steps back from the broadly free-trade policy it has pursued since World War II, and if it disengages

from the international institutions which it played a lead role in creating at that time (the IMF, World

Bank, the GATT and then WTO, etc.), then this could have significant consequences for the global

economy.

Course Outline

This course will look at political economy aspects of these developments, from an institutional and

historical perspective. The course covers several major themes, which are largely presented in


1 The crisis of the 1970s

i) the rise of inflation, the breakdown of the Bretton Woods system, the shift to fiat money; ii) the

monetarist critique of fiscal policy and government spending (public choice theory, the political

business cycle); iii) the critique of government bureaucracy and public management of the economy

(the theory of bureau, the use of knowledge) .

2 The neoliberal paradigm

i) the primacy of monetary policy and the emergence of the Jackson Hole consensus; ii) market

deregulation, privatisation and the weakening of labour; iii) New Public Management.

3 The "End of History", varieties of capitalism and the Great Moderation (1989 to 2007-2009)

i) a review of the varieties of capitalism literature in the advanced capitalist economies;

ii) the development of Asia (the "NICs", the ASEAN countries, the development of China and India);

iii) the Great Moderation and the imbalances of the global economy.

4 Financial deregulation and a short history of financial crises i) The growth of global capital markets

(financial futures, London as an offshore centre, self-regulation by markets); ii) The "Third World

Debt Crisis" in the 1980s, the "Asian Crisis" in 1997, LTCM, the New Economy and the Dotcom

Bubble. iii) The "global imbalances" of the 2000s (the international savings glut, the USA as

"consumer of last resort", the dominance of "Anglo-Saxon" capitalism).

5 The Financial Crisis (2007-2008) and the persistent state of crisis i) Massive systemic failure and the

financial crisis; ii) Unconventional monetary policy and the limits of current macroeconomic policy;

iii) Debt overhang and the fundamental contradictions of today's capitalism.

6 The changing International Political Economy (IPE) i) A review of the historical concepts of IPE

(the American, British and radical schools); ii) Dany Rodrik's "Globalisation Paradox"; iii) Brexit,

Trump and the new disorder.

Epistemology and history of economic thought

0242510 / PSME

4 ECTS

Description

The cross-fertilization of the two fields of economic methodology (or economic epistemology) and

history of economic thought has recently known important developments.

The course will aim at presenting some major currents of economic theory at the light of two centuries

of reflection over the ―scientific‖ characterization of economics.

Topics will include: the age of liberalism and some 19th century methodological debates (induction

versus deduction; normative theories versus positive theories); the « marginalist revolution » and the

Methodenstreit; the invention of econometrics: measurement with or without theory?; Karl Popper and

the lessons from the Vienna Circle; Thomas Kuhn and Michel Foucault: a structuralist approach to

economic paradigms; ―post-modernism‖ and some developments of contemporary economic theory.

Outline

The course is structured around seven chapters.

0. Introduction: economic theory ―between‖ words and things

1. The classical age 1. Methodological legacies and discussions

1.1. Realism versus nominalism: Ockham‘s razor

1.2. Induction versus deduction (the is-ought problem – or Hume‘s ―guillotine‖); positive versus

normative statements

1.3. Apriorism and the ceteris paribus hypothesis

1.4. John Stuart Mill‘s ―inexact and separate‖ science of economics

2. The classical age 2. The invention of liberalism: analytical and doctrinal debates

2.1. The Physiocratic School - or how economic theory became an autonomous field of thought

2.2. Adam Smith and the ―invention‖ of liberalism

2.3. David Ricardo's magnificent dynamics: an analytical demonstration in favour of free trade


3. Marginalism

3.1. Elements of theoretical foundations

3.2. Alfred Marshall‘s realism and its analytical and methodological consequences

3.3. Léon Walras‘s rationalism and its analytical and methodological consequences

3.4. The Methodenstreit

4. The 20th century methodological debates in economic theory 1

4.1. A new conception of science: the Vienna Circle

4.2. Karl Popper‘s Logic of scientific discovery

4.3. Hard cores and protective belts: Imre Lakatos‘s scientific research programs

5. The 20th century methodological debates in economic theory 2 – some analytical backgrounds

5.1. The years of high theory and the Keynesian ―revolution‖

5.2. Measure without theory? How economics became a ―tooled discipline‖: the invention of

econometrics and the Koopmans-Vining quarrel

5.3. A second empirical turn: the first attempts in experimental economics

6. The 20th century methodological debates in economic theory 3

6.1. Thomas Kuhn‘s scientific revolutions

6.2. ―Post-modernism‖: new questions in economic methodology

6.3. ―Economic imperialism‖, interdisciplinarity, transdisciplinarity, pluridisciplinarity

6.4. On the ―performativity‖ of economic theories

7. Conclusion: The contemporary ―turns‖ in economic theory

Literature

- in English:

Roger E. Backhouse, A History of Modern Economic Analysis. Oxford, Basil Blackwell, 1985,

downloadable att: http://www.socscistaff.bham.ac.uk/backhouse/homepage/hmea/contents.html

John B. Davis & D. Wade Hands (eds.), The Elgar Companion to Recent Economic Methodology.

Aldershot: Edward Elgar, 2012.

John B. Davis, D. Wade Hands & Uskali Mäki (eds.), The Handbook of Economic Methodology.

Aldershot: Edward Elgar, 1998.

Ian Hacking, The Social Construction of What? Cambridge, Harvard University Press, 1999 + French

translation: Paris, La Découverte, 2001.

D. Wade Hands, Reflection without Rules. Economic Methodology and Contemporary Science Theory,

Cambridge, Cambridge University Press, 2001.

Thomas S. Kuhn, The Structure of Scientific Revolutions (1962), 2nd ed., Chicago, The University of

Chicago Press, 1970 + French translation: Paris, Flammarion, 1983.

Donald MacKenzie, Fabian Muniesa & Lucia Siu (eds.), Do Economists Make Markets? On the

Performativity of Economics, Princeton, Princeton University Press, 2007.

- in French:

Daniel Andler, Anne Fagot-Largeault et Bertrand Saint-Sernin, Philosophie des sciences, 2 vols.,

Paris, Gallimard (Folio essais), 2002.

Giorgio Israel, La mathématisation du réel, Paris, Seuil, 1998.

Dominique Pestre, Introduction aux Science Studies, Paris, La Découverte (coll. « Repères »), 2006.

Population Economics

02U1611 / PSME

4 ECTS

Course not offered this year


Principles of Finance

02U1309 / PSME

4 ECTS

Description

The objective of this course is to provide an introduction to financial concepts by analyzing financial

practices both from a corporate and market perspective. In this context we will focus on the

assessment of the financial health of a company and its valuation based on its financial statements.

Moreover, a special attention will be devoted to the risk-return trade-off in the context of portfolio

theory as well as to the understanding of fixed income securities and derivatives.

This course is based on a combination of concepts, cases and discussions, thus students‘ participation

in classes in highly recommended.

After completing the course, students should be able to:

- Read and understand reported accounting data of a company

- Identify and use financial analysis tools

- Apply different methods in investment decision

- Understand the notion of risk

- Apply securities valuation methods

- Explain the role played by derivative securities in the financial markets

Course Outline 1. Introduction: Asset classes and financial instruments

2. Investment decision rules

3. Risk and return. Portfolio analysis.

4. Equity valuation

5. Fixed income securities

6. Payout policy

7. Derivatives

Literature

Bodie, Z., Kane, A, Marcus, A.J., ―Investments‖, 8th edition, McGraw Hill, New York, 2009

Richard A. Brealey, Stewart C. Myers, Franklin Allen, ―Principles of Corporate Finance‖, 9th

International Edition, McGraw Hill, New York

Jonathan Berk, Peter DeMarzo, ―Corporate Finance‖, Pearson Education, Inc., 2007

Stickney, C., R. Weil., K.,Schipper, J. Francis, ―Financial Accounting: An Introduction to Concepts,

Methods, and Uses‖, 13th edition. South-Western Cengage Learning, 2009

Grading

The final exam will consist on a 2 hours test based on open questions, mini case studies and MCQs.

Crise et Répartition

B4050815 / ses

4 ECTS

Description

We would like to suggest that historical evolution of macroeconomics results from the works of

different communities, each with its own vision and practice of doing research. Schumpeter observed

in his 1954 History of Economic Analysis that worldview lies at the core of any process of scientific

process. His focus was on vision of authors while the present course will refer to visions shared by a

group. The canons of such community may be explicit, but more often are tacit. Besides, such

communities are not isolated and impermeable but may rather overlap. The purpose of this min-course

is to provide a new picture of the historical development of macroeconomics by focusing on


communities who, by addressing problems of (in)-stability, came to develop specific ―visions‖. We

think such a work may help shedding new light on the wide variety of macroeconomic approaches.

The lecture focuses as well on financialization as this notion lies at the heart of most of applied non-

standard approaches in economics. During the last decades, the rise of finance is analyzed here

through different points of view: organizational transformations of firms (relations between

shareholders and managers, employment relations and inter-firm relations), macro-dynamics (wage-

profit allocation, trends and economic policies), transformations of finance itself (rise of instability,

securitization, derivatives) and evolution of the role of households in finance (financialization of daily

life, anchor for monetary stability). Both facts on and theories of financialization, including critical

ones, are presented.

Course Outline

1. Stagnation and local (in)-stability

Economists from the Warsaw Institute interacted in the early 1930s with three kinds of groups. The

first was a socialist community; the second was a group of high-level academia and monetary

economists; the third was a group of econometricians. In connection with these three groups, each

with its own political and intellectual background, they came to develop a new vision of (in)-stability

which may fairly be summarized as the idea that economies are stagnant but subject to local

instability. Warsaw (1929-36) M. Kalecki, O. Lange, M. Breit, E. Lipinski

2. Growth and local instability

In accordance with the ‗principle of instability‘ developed by Harrod, economists from Cambridge

explored in the late 1930s the vision of growing economies subject to repetitive crises. Their works

mostly resorted on specific adjustments of natural growth, warranted growth and actual growth in

relation to a particular treatment of nonlinearities. Along these lines, self-sustained growth was

assumed to come with local instability because forces that make the warranted rate move towards the

natural rate were assumed to drag along with it a fall in the actual rate. Cambridge, UK. (1934-1939)

R. Harrod, N. Kaldor

3. Global instability and local stability

In the early 1940s, European émigrés addressed the Corridor « Hypothesis » subsequently taken up by

Leijonhuvfud in the late 1960s and James Tobin in the 1970s. Within the Walrasian framework and in

reference to Keynes‘s General Theory as well as to Fisher, they outlined the vision that the resilience

of the economy depends on the extent of its displacement from a (hypothetically) perfectly

coordinated state. In particular, the ability of ―market forces‖ to bring the economy back towards

―equilibrium‖ without the aid of policy interventions was assumed to be significant only inside the

corridor, but very much weaker, if not entirely absent, outside of it. Cowles Commission (1941-1945)

and Cowles Foundations (1970‘s), O. Lange, J. Marshak, J. Mosak, J. Tobin

4. Growth and full employment policies

In the first mid-1960s, MIT economists suggest a new way to deal with instability by addressing

growth issues in absence of short-run problems. It is on this basis that neoclassical synthesis

principles that has guided the Council of Economic Advisers (CEA) (1961-1965) was built. In

particular, the neoclassical growth model was considered effective, provided that proper fiscal and

monetary policies were implemented and instability problems were solved. As such, the Keynesian

and neoclassical approaches were made compatible without assuming economies were stable and

reach automatically their long-run paths. MIT (mid 1950s and early 1960) R. Solow, P. Samuelson, A.

Sen

5. Instability and indetermination

The overlapping generations set up became established in the early 1980s as one of the workhorse

models for macroeconomics. Initially came the discovery by Michael Woodford (1984) and others that

a well posed real competitive overlapping generations model had the capacity to generate a continuum

of equilibria, all converging asymptotically to the same steady state, a result not to be found in

standard Walrasian formulation. That overlapping generations might have a continuum of equilibria

was well known since Samuelson (1958). What was new for macroeconomists is that indeterminacy,


rather than being a problem, was actually a powerful way to address macroeconomic instability issues

a real asset from an analytical point of view. Another line of research was initiated by Jean-Michel

Grandmont (1983, 1985) who used overlapping generations model to generate a large variety of

fluctuating trajectories. Following from these works, a number of authors argued that similar results

could occur in models with infinitely lived agents if the aggregate economy is characterized by the

existence of various kinds of market imperfections. Woodford‘s stance was that once these

imperfections are introduced, anything important for business cycle modeling was lost and one could

hence stop considering overlapping generations models. Cepremap, MIT (early 1980s) J. M.

Grandmont, R. Guesnerie, Woodford.

6. Old and new analysis of financialization

With authors like Marx, Hilferding and Lenin, finance as such has been considered for the first time as

playing a central role in the accumulation process. But the theme has been overlooked later on during

the 20th century, until Krippner (2007), Epstein (2005), Duménil & Lévy (2004) and others from the

regulation and the post-keynesian schools developed the idea that advanced capitalist countries were

experiencing a new era of financialization since the beginning of the 1980‘s. Marx, Hilferding, Lenin

Krippner (2007), Epstein (2005), Duménil & Lévy (2004), van der Zwan (2014)

7. Financialization of firms and employment relations

This chapter presents some classical research on corporate governance, shareholder value and the

transformations of firms. The notion of social logics of finance is also developed. Lazonick &

O‘Sullivan (2000), Bryan & Rafferty (2006, 2015)

8. Finance and macroeconomic instability

Neoliberalism, financial deregulation, income distribution, endogenous money, role of banks and

financial system, formalization of path-dependency, long-run dynamics, stock flow consistent models,

securitization, derivatives. Duménil & Lévy (2011), Spencer (2013), Passarella (2014), Sawyer

(2014), Fine (2016)

Economie du travail et de l’emploi

B4050215 / ses

6 ECTS


Histoire de la pensée économique contemporaine

B4050415 / ses

6 ECTS

Description

L‘objectif du cours d‘Histoire de la Pensée Economique est d‘abord d‘introduire à la connaissance de

quelques auteurs majeurs qui ont marqué l‘histoire de la discipline et dont la connaissance fait partie

du patrimoine intellectuel des économistes : Adam Smith, David Ricardo, Karl Marx, Léon Walras et

John Maynard Keynes. Mais au-delà d‘une restitution spécifiquement historique, l‘objectif de cet

enseignement est également de donner les éléments nécessaires à la mise en perspective historique des

connaissances acquises au cours des études d‘économie depuis l‘année de L1. Il s‘agit alors : (i) de

faire apparaître aux étudiants les liens avec d‘autres disciplines dont aujourd‘hui encore, l‘analyse

économique conserve l‘empreinte ; (ii) de rappeler que l‘économie s‘appréhende à travers une

démarche pluraliste, d‘un point de vue tant méthodologique que théorique.

Plan du cours


1. Introduction générale : pourquoi faire l‘histoire de la pensée économique ?

2. Adam Smith (1723-1790)

a. De la philosophie morale à l‘économie – Adam Smith face à ses prédécesseurs

b. La Théorie des Sentiments Moraux

c. La Richesse des Nations

3. David Ricardo (1772-1823)

a. La période des écrits monétaires

b. Autour de l‘Essai sur les Profits

c. Des Principes à ‗Valeur absolue et valeur d‘échange‘

4. Karl Marx (1818-1883)

a. Les concepts fondamentaux

b. Genèse du capital

c. La transformation des valeurs en prix de production

d. Théories des crises : paupérisation ; schémas de reproduction ; tendance à la baisse du taux de profit

5. Léon Walras (1834-1910)

a. Les fondements philosophiques du projet économique de Walras

b. L‘économie pure

c. L‘économie sociale

6. John Maynard Keynes (1883-1946)

a. Le Traité de probabilité

b. Du Tract sur la réforme monétaire aux ‗équations fondamentales‘ du Traité de la Monnaie

c. Éléments de permanence et de différenciation dans la Théorie générale

L‘accent sera placé sur la genèse et les projets intellectuels dans lesquels se sont inscrites les

différentes théories ainsi que sur leur structure. Les travaux dirigés seront plus spécialement consacrés

à un travail sur les textes des auteurs concernés.

English

Description

The objective of the course on the History of Economic Thought is to introduce to the knowledge of

the major authors who have marked the history of the discipline and whose knowledge is part of the

intellectual heritage of economists: Adam Smith, David Ricardo, Karl Marx, Leon Walras and John

Maynard Keynes. Beyond a specifically historical restitution, the objective of the course is also to give

the necessary elements to put into historical perspective the knowledge acquired during the studies of

economy (since the first Bachelor year). In particular: (i) to show the students the links with other

disciplines of which today economic analysis still retains the imprint; (ii) to recall that the economy is

apprehended through a pluralistic approach, from both a methodological and a theoretical point of

view.

Course Outline

1. General introduction: why make the history of economic thought?

2. Adam Smith (1723-1790)

at. From moral philosophy to economics - Adam Smith faced with his predecessors

b. Theory of Moral Sentiments

c. The Wealth of Nations

3. David Ricardo (1772-1823)

at. The period of monetary writings

b. Around the Profit Test

c. From Principles to 'Absolute Value and Exchange Value'

4. Karl Marx (1818-1883)

at. The basic concepts

b. Genesis of Capital

c. The transformation of values into production prices

d. Crisis theories: impoverishment; Reproductive patterns; Downward trend in the rate of profit

5. Leon Walras (1834-1910)


at. The philosophical foundations of the Walras economic project

b. Pure economy

c. The social economy

6. John Maynard Keynes (1883-1946)

at. The Treaty of Probability

b. From the Tract on monetary reform to the 'fundamental equations' of the Mint Treaty

c. Elements of permanence and differentiation in the General Theory

Emphasis will be placed on the genesis and the intellectual projects in which the different theories and

their structure have been inscribed. The work directed will be devoted especially to a work on the texts

of the authors concerned.

Sociologie des institutions

B4050615 / ses

4 ECTS


Economie de la santé

B4090915 / ecostat

4 ECTS


3rd Year Bachelor Courses

Histoire de la pensée économique

B3010415

6 ECTS


Relations monétaires internationales

B30102015

6 ECTS

Description

Après une description de la mondialisation financière et du marché des changes, ce cours traite des

conditions d‘équilibre sur le marché des changes et introduit pas à pas les différents modèles de

détermination des taux de change. Il se poursuit ensuite avec l‘étude des régimes de change et des

crises de balance des paiements. Il se termine avec un chapitre sur les interdépendances internationales

et l‘économie de l‘union monétaire. Les travaux dirigés sont conçus en lien étroit avec le cours.

Des connaissances solides en macroéconomie keynésienne et en économie monétaire sont souhaitables

pour suivre utilement cet enseignement.

English


Description

After a description of financial globalization and the foreign exchange market, this course treats the

equilibrium conditions in the foreign exchange market and introduces progressively the different

models of exchange rate determination. It then proceeds with the study of exchange rate regimes and

balance of payments crises. It concludes with a chapter on international interdependencies and the

economy of monetary unions. The tutorials are designed in close connection with the course.

Strong knowledge in Keynesian macroeconomics and monetary economics is desirable to usefully

follow this teaching.

Théorie des organisations et des marchés

B3010615

6 ECTS

Description

Ce cours entend sensibiliser les étudiants à la diversité des dispositifs qui organisent les activités de

production et d‘échange dans une économie de marché. Il introduit les problèmes de coordination et

d‘incitations au cœur de ces dispositifs. Il le fait en utilisant les outils de l‘analyse économique

moderne. L‘objectif est de donner une vision cohérente des modes d‘organisation de l‘activité

économique aux étudiants qui s‘arrêteront à la fin de la licence, et d‘introduire un ensemble de thèmes

au centre des débats économiques actuels, thèmes qui seront approfondis par la suite pour ceux qui

continueront dans les masters.

Préalables

Microéconomie intermédiaire ; introduction aux mathématiques pour économistes.

Références

Menard, Claude Economie des organisations, La découverte, 2012

Gibbons, Robert et John Roberfts Handbook of Organizations, Princeton/ Princeton University Press,

2012

English

Description This course intends to introduce the students to the diversity of organizational arrangements in modern

market economies. In a certain sense it can be viewed as a deep remodeling of the traditional

microeconomic perspective. Problems of coordination and incentives as well as the trade-off among

alternative modes of organization will be at the core of the analysis. Insights on problems of

innovation will also be on the agenda. Although the course requires a basic understanding of the

fundamental tools of economics, the orientation is not technical but rather focuses on issues at stake.

The goal is to provide students with a coherent vision of the diverse organizational arrangements that

structure economic activities of production and exchange in an increasingly globalized environment.

Requirements

Intermediate Microeconomics; Introduction to math for economists

Introduction l'économétrie

B3010815

6 ECTS

Description


Cet enseignement constitue le premier cours d'économétrie du parcours de Magistère en Economie. A

ce titre, la première partie du cours (Chapitres Ia VI) se concentre sur la compréhension des notions

fondamentales de l'économétrie que sont l'inférence statistique et les critères de qualité de l'estimation

dans le cadre du modèle linéaire. Un accent particulier est mis sur la compréhension plutôt que les

démonstrations { qui seront largement reprises et approfondies dans le cadre des enseignements de 2e

année de magistère ainsi que sur les problèmes et applications spécifiques rencontrées dans la pratique

de l'économétrie. La deuxième partie du cours propose une introduction aux thèmes d'économétrie

avancée qui seront développés dans les enseignements ultérieurs (Estimation MCQG, problèmes

d'endogénite). Le cours est accompagné de 12 séances de Travaux Dirigés. Tous les documents et

informations relatifs au cours comme au TD sont disponibles sur l'EPI Paris 1.

Plan du cours

I Introduction

1.1 Qu'est-ce que l'économétrie ?

1.2 Modèle économétrique

1.3 Les données

II Premiers pas : la régression linéaire

2.1 Les moindres carrés

2.2 Les choses sérieuses: estimation et inférence

III L'estimateur des Moindres Carrés Ordinaires

3.1 Identification par les MCO

3.2 Précision des MCO

3.3 Illustration

IV Spécification et variables particulières

4.1 La généralité de la linéarité

4.2 Modélisation

4.3 Variables explicatives particulières

V Inférence { Les MCO sous hypothèse de normalité des résidus

5.1 Hypothèse de normalité

5.2 Notion de test statistique

5.3 Tests sous hypothèse de normalité

5.4 Prévision et intervalles de prévision

VI Estimation des MC sous contraintes linéaires

6.1 Imposer les contraintes : L'estimateur des MC Contraints

6.2 Tester les contraintes : les Tests de Ficher

6.3 Applications du Test de Fisher

VII Généralisations des moindres carrés

7.1 Précision { les Moindres Carrés généralisés

7.2 Identification { Variables instrumentales

7.3 Applications { Evaluation des politiques publiques

Evaluation

Le contrôle continu (30%) s'appuie sur deux devoirs maison, auxquels s'ajoute une note d'assiduité et

de participation au cours et au TD (10%) un examen écrit (60%).

Littérature

Un certain nombre de de manuels sont proposés sur le site du cours. La principale référence,

permettant d'approfondir le cours après leur traitement en séance est :


B. Crépon, N. Jacquemet. Econométrie appliquée - Méthodes d'évaluation des politiques publiques,

DeBoeck,

English

Description

This course is the first course on econometrics in the course of the Magisterium in Economics. As

such, the first part of the course (Chapters Ia-VI) focuses on understanding the basic notions of

econometrics, namely statistical inference and the quality criteria of estimation in the linear model.

Particular emphasis is placed on understanding rather than demonstrations, which will be widely

repeated and deepened in the framework of the second year of the magisterium, as well as on the

specific problems and applications encountered in the practice of econometrics. The second part of the

course offers an introduction to the topics of advanced econometrics which will be developed in

subsequent courses (Estimation MCQG, problems of endogenite). The course is accompanied by 12

sessions of Directed Work. All documents and information relating to the course and to the TD are

available on EPI Paris 1.

Course Outline

I Introduction

1.1 What is econometrics?

1.2 Econometric models

1.3 The datasets

II First steps: linear regression

2.1 The least squares

2.2 Estimation and inference

III The Ordinary Least Squares

3.1 Identification by MCOs

3.2 Accuracy of OLS

3.3 Illustration

IV Specification and Specific Variables

4.1 The generality of linearity

4.2 Modeling

4.3 Specific explanatory variables

V Inference (OLS under the assumption of normality of residuals)

5.1 Hypothesis of normality

5.2 Notion of statistical test

5.3 Tests under Normality Assumption

5.4 Forecast and Forecast Intervals

VI Estimation of MC under linear constraints

6.1 Imposing constraints: The MC constraint estimator

6.2 Testing Constraints: Files Tests

6.3 Fisher Test Applications

VII Generalizations of least squares

7.1 Accuracy of Generalized Least Squares

7.2 Identification {Instrumental Variables

7.3 Applications {Evaluation of public policies

Evaluation


Continuous assessment (30%) is based on two homework assignments, plus an attendance and

participation to the course and TD (10%) a written examination (60%).

Conjoncture

B3011215

4 ECTS

Description

L'analyse conjoncturelle s'attache à la présentation et à la compréhension des évolutions économiques

de très court terme. Elle a pour objectif d‘établir un diagnostic sur l‘évolution récente de l‘économie et

d'apporter un éclairage sur les perspectives d'évolution au cours des prochains mois. Après avoir

précisé les enjeux de l‘analyse de la conjoncture et la nature des informations disponibles, ce cours

présentera une succession de thèmes emblématiques pour lesquels les indicateurs seront détaillés et

analysés. Il a pour ambition d‘amener les étudiants à une compréhension fine des mécanismes

économiques à l‘oeuvre dans le court terme, ainsi que des analyses fournies par les instituts de

conjoncture nationaux et internationaux. Les notes de conjoncture de ces instituts constitueront

l‘essentiel des sources mobilisées.

Plan du cours

1. Introduction générale - Analyse et information conjoncturelle

2. Climat des affaires

3. Confiance des ménages

4. Inflation et pouvoir d'achat

5. Prévoir la croissance

6. Marché du travail : créations d'emplois et chômage

7. Taux d'intérêt et taux de change

8. Conjoncture européenne

Références

- Jobert T. & X. Timbeau (2011), L’analyse de la conjoncture, Coll. Repères, La Découverte

- Carnot N., Koën V. & B. Tissot (2011), Economic forecasting, Palgrave Mac Millan

- Blanchard O. & D. Cohen (2007), Macroéconomie, Pearson

- Benassy-Quéré A., Coeuré B., Jacquet P. & J. Pisani-Ferry (2012), Politique économique,

3ème édition, de Boeck

English

Description

The business cycle analysis focuses on the presentation and understanding of very short-term

economic developments. Its objective is to make a diagnosis of recent economic developments and to

shed light on the outlook for the future in the coming months. After specifying the turbulences of

accuring business cycles and the nature of the information available, this course will present a

succession of emblematic themes for which the indicators will be detailed and analyzed. It aims to

bring students to a fine understanding of the economic mechanisms at work in the short term, as well

as the analysis of national and international business institutes. The cyclical development of these

institutes will constitute the main sources mobilized.

Course Outline

1. General Introduction - Business Cycle Analysis and Information

2. Business climate

3. Household confidence

4. Inflation and purchasing power


5. Forecast growth

6. Labor market: job creation and unemployment

7. Interest rates and exchange rates

8. European Conjoncture

Mondialisation et intégration régionale

B3011415

4 ECTS

Description

Ce cours analyse certaines thématiques de la littérature économique sur les migrations et le commerce

international. Dans la première partie, nous analyserons les déterminants de la migration et ses

conséquences sur le prix et marché du travail. Nous aborderons aussi la littérature économique

concernant l‘immigration en situation irrégulière et la ségrégation urbaine des immigrés. Dans la

deuxième partie, nous étudierons la relation entre commerce international et questions

environnementales. Nous utiliserons aussi la théorie des jeux pour réfléchir sur les politiques

commerciales stratégiques. Une partie du cours est consacrée à l‘analyse économique des mouvements

altermondialistes et à la présentation des théories du choix public appliquées à la protection

commerciale.

English

Description

The aim of the course is to present topics in the economics of migration and international trade. In the

first part, we will analyze the determinants of migration and the impact of migration on labor market

outcomes and prices of goods and services. We will also present the literature on undocumented

migration and residential segregation of immigrants. In the second part of the course, we will study the

relationship between international trade and the environment. We will use tools from game theory to

shed light on strategic trade policies. The course will also deal with the economic analysis of anti-

globalization movements and public choice theory applied to trade protectionism.

Mécanismes financiers d’entreprise

B3011615

4 ECTS

Description

Le cours « Mécanismes financiers » propose aux étudiants d'acquérir les principes de base de la

théorie financière. Il s‘appuie sur le manuel de Jonathan Berk et Peter DeMarzo, adapté par Gunther

Capelle-Blancard, Nicolas Couderc et Nicolas Nalpas, publié aux éditions Pearson Education France.

Le cours couvre essentiellement les parties I à III de l‘ouvrage.

La partie I pose les fondements de la finance d‘entreprise et présente les sources de

financement à la disposition des entreprises (chapitre 1). Les états financiers, qui sont des

documents indispensables à toute décision financière, sont introduits au chapitre 2, tandis que

le chapitre 3 traite de la Loi du prix unique et du principe de la valeur actuelle.

La partie II aborde les questions relatives à la valeur temps de l‘argent : les opérations

d‘actualisation et de capitalisation (chapitre 4), les taux d‘intérêt (chapitre 5) et l‘évaluation

des obligations (chapitre 6).


La partie III s‘intéresse à la manière de valoriser une entreprise ou un projet. Cette partie

étudie successivement les critères de choix d‘investissement (chapitre 7), la planification

financière (chapitre 8) et l‘évaluation des actions (chapitre 9).

Note : les autres chapitres de l‘ouvrage seront abordés en M1 dans les cours « Choix de portefeuille »,

« Evaluation des actifs financiers » et « Finance d'entreprise »

voir https://sites.google.com/site/capelleblancard/home/enseignement/mecanismes-financiers

English

The course « Mécanismes financiers » is based on the first parts of the textbook "Corporate Finance"

by Jonathan Berk and Peter DeMarzo. It offers coverage of the major principles used in finance.

Part I lays the foundations. In Chapter 1, we introduce the corporation and other business forms. We

examine how stock markets facilitate trading among investors, the role of the financial manager, and

conflicts surrounding ownership and control of corporations. Chapter 2 reviews basic corporate

accounting principles and the financial statements on which the financial manager relies. Chapter 3,

―Arbitrage and Financial Decision Making,‖ introduces the core ideas on which finance is built—the

Law of One Price, net present value, and risk—that are the basis of the unifying framework that will

guide the student throughout the course.

Part II presents the basic tools that are the cornerstones of finance. Chapter 4 introduces the time value

of money and describes methods for estimating the timing of cash flows and computing the net present

value of various types of cash flow patterns. Chapter 5, ―Interest Rates,‖ provides an extensive

overview of issues that arise in estimating the appropriate discount rate. In Chapter 6, ―Investment

Decision Rules,‖ we present and critique alternatives to net present value for evaluating projects.

Part III applies these newly learned valuation principles for discounting cash flows developed from

Part II to both real and financial assets. We explain the basics of valuation for capital projects (Chapter

7), bonds (Chapter 8), and stocks (Chapter 9). In Chapter 9 we also discuss the issue of market

efficiency and implications for financial managers.

Online ressources: https://sites.google.com/site/capelleblancard/home/enseignement/mecanismes-

financiers

Mathématiques avancées

B3012315

4 ECTS

Description

Le cours va couvrir premièrement quelques éléments de logique et théorie des ensembles. Ensuite

nous ferons quelques révisions et compléments sur les nombres complexes et matrices, de sorte à

pouvoir calculer les puissances successives et les exponentielles de matrices. Nous aborderons ensuite

les systèmes dynamiques discrets linéaires. Sous réserve de temps, nous pourrons aborder les systèmes

dynamiques directs non linéaires, les systèmes dynamiques continus, voire l'optimisation.

English

Description

This lecture will begin with some tools concerning the logic and the set theory. We will next continue

with some recalls concerning complex numbers et matrices, in order to be able to evaluate exponents

and exponentials of matrices. After, we will study the linear discrete dynamical systems. If possible,

we will continue with nonlinear ones, continuous dynamical systems and optimization.

https://sites.google.com/site/capelleblancard/home/enseignement/mecanismes-financiers




UFR06

Contrôle de Gestion (with TD)

F3011615

8 ECTS


Planification et Contrôle (with TD)

F4081216 / Master course

8 ECTS

Description

Ce module traite de la comptabilité des sociétés commerciales. Plus particulièrement, de

l'enregistrement dans les comptes des opérations liées la vie des sociétés.

Plan du cours

1. Constitution de sociétés

2. Imposition des bénéfices

3. Affectation du résultat

4. Modification du capital : Augmentation

5. Modification du capital : diminution

6. Emprunts obligataires

7. Fusion de sociétés

8. Consolidation des comptes

English

Description

This course deals with the accounting of commercial orientated companies. More specifically, the

accountability of related operations of specific companies.

Course Outline

1. Formation of companies

2. Taxation of profits

3. Appropriation of the result

4. Change in capital: Increase

5. Change in capital: decrease

6. Bond loans

7. Merger of companies

8. Consolidation of accounts

Marketing de la distribution

F4091216

6 ECTS



Ressources Humaines

F40A1216 / Master course

6 ECTS

Description

Ce cours est destiné aux étudiants souhaitant s‘orienter en Ressources Humaines mais également à

ceux souhaitant devenir managers.

Son objectif est de comprendre les enjeux actuels des ressources humaines, présenter les outils

mobilisés en entreprise pour chaque thématique RH et expliquer le rôle du manager dans

l‘accompagnement des salariés. Le cours est construit autour d‘apports théoriques, d‘applications

pratiques et d‘interventions de professionnels.

English

Description

This course is designed for students wishing to be oriented in Human Resources but also for those

wishing to become managers. Its objective is to understand the current challenges of human resources,

to present the tools mobilized in company for each HR issue and to explain the role of the manager

between different elements in the company. The course is built around theoretical contributions,

practical applications and interventions of professionals.

UFR27

Statistique 2

27432105

4 ECTS

Description

Ce cours a pour objectif de maîtriser les outils standards pour l'étude, l'identification et la prédiction

des séries temporelles.

Plan du cours 1. Définition et propriétés générales des processus, stationnarité

2. Estimation de tendance et saisonnalité

3. Exemples de séries temporelles: processus ARMA, ARCH et chaînes de Markov

4. Théorèmes limite pour des séries temporelles

5. Estimation paramétrique pour des séries temporelles

6. Tests et sélection de modèle

7. Prédiction pour des séries temporelles

English

Description

This course aims to master the standard tools for the analysis, identification and prediction of time

series models.

Course Outline

1. Definition and general properties of processes, stationarity

2. Trend Estimation and Seasonality

3. Examples of time series: ARMA, ARCH and Markov chains


4. Limit theorems for time series

5. Parametric estimation for time series

6. Tests and model selection

7. Prediction for time series

Assurance théorie et pratique

2731005

4 ECTS

Description

Les grandes étapes de l‘histoire de l‘assurance. Définition juridique de l‘assurance : assurance vie,

assurance non-vie. Organisation de la profession et du marché. Demande d‘assurance : risque et

―risquophobie‖. Offre d‘assurance : mutualisation des risques, loi des grands nombres et théorème

central limite. Principes généraux de calcul des primes d‘assurance et probabilité de ruine de

l‘assureur. Nécessité d‘un chargement de sécurité et de fonds propres.

English

Description

The major stages in the history of insurance models. Legal definition of insurance: life insurance, non-

life insurance. Organization of the sector and the market. Application for insurance: risk and risk

aversion. Insurance offer: mutualization of risks, law of large numbers and central limit theorem.

General principles for calculating insurance premiums and the likelihood of collapse of the insurer.

Necessity of a security loading and own funds.

Documents

Sorbonne School of Economics Ecole d’économie de la · PDF fileSorbonne School of Economics Ecole d’économie de la ... The aim of the Macroeconomic policy course is to teach