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)
International Relations Sorbonne School of Economics 2
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.
International Relations Sorbonne School of Economics 3
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
International Relations Sorbonne School of Economics 4
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
International Relations Sorbonne School of Economics 5
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).
International Relations Sorbonne School of Economics 6
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
International Relations Sorbonne School of Economics 7
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
International Relations Sorbonne School of Economics 8
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
International Relations Sorbonne School of Economics 9
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
International Relations Sorbonne School of Economics 10
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
International Relations Sorbonne School of Economics 11
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
International Relations Sorbonne School of Economics 12
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
International Relations Sorbonne School of Economics 13
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
International Relations Sorbonne School of Economics 14
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.
International Relations Sorbonne School of Economics 15
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
International Relations Sorbonne School of Economics 16
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).
International Relations Sorbonne School of Economics 17
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
Content not available – please contact the professor directly
European Integration
B4040215 / eco devt
4 ECTS
Content not available – please contact the professor directly
Firmes Multinationales
B4041215 / eco devt
4 ECTS
Content not available – please contact the professor directly
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.
International Relations Sorbonne School of Economics 18
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
International Relations Sorbonne School of Economics 19
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)
International Relations Sorbonne School of Economics 20
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
Content not available – please contact the professor directly
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
International Relations Sorbonne School of Economics 21
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
Content not available – please contact the professor directly
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
International Relations Sorbonne School of Economics 22
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
Content not available – please contact the professor directly
International Relations Sorbonne School of Economics 23
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
International Relations Sorbonne School of Economics 24
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
International Relations Sorbonne School of Economics 25
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
International Relations Sorbonne School of Economics 26
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
International Relations Sorbonne School of Economics 27
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
International Relations Sorbonne School of Economics 28
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
International Relations Sorbonne School of Economics 29
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
International Relations Sorbonne School of Economics 30
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,
International Relations Sorbonne School of Economics 31
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
Content not available – please contact the professor directly
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
International Relations Sorbonne School of Economics 32
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)
International Relations Sorbonne School of Economics 33
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
Content not available – please contact the professor directly
Economie de la santé
B4090915 / ecostat
4 ECTS
Content not available – please contact the professor directly
3rd Year Bachelor Courses
Histoire de la pensée économique
B3010415
6 ECTS
Content not available – please contact the professor directly
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
International Relations Sorbonne School of Economics 34
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
International Relations Sorbonne School of Economics 35
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 :
International Relations Sorbonne School of Economics 36
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
International Relations Sorbonne School of Economics 37
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
International Relations Sorbonne School of Economics 38
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).
International Relations Sorbonne School of Economics 39
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.
International Relations Sorbonne School of Economics 40
UFR06
Contrôle de Gestion (with TD)
F3011615
8 ECTS
Content not available – please contact the professor directly
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
Content not available – please contact the professor directly
International Relations Sorbonne School of Economics 41
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
International Relations Sorbonne School of Economics 42
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.