Research

UNPUBLISHED PAPERS

with Vincent Danos, Stefania Marcassa and Mathis Oliva

ABSTRACT: We propose a framework for the fundamental valuation of utility tokens. Our model endogenizes the velocity of circulation of tokens and yields a pricing formula that is fully microfounded. According to our model, tokens are valuable because they have to be immediately accessible when the services are needed, a requirement that is reminiscent of the cash-in-advance constraint. The equilibrium price paths of successful projects go through two successive phases: A speculative phase where marginal holders are investors that do not intend to use the services and, later on, a user phase where all tokens are held by clients. Calibrating the model, we find that it helps rationalizing the extreme volatility and significant valuation of tokens early on during the adoption stage.

with Pierre Cahuc and Franck Malherbet

Reject-and-resubmit, Journal of Political Economy

ABSTRACT: According to French law, employers have to pay at least six months salary to employees whose seniority exceeds two years in case of unfair dismissal. We show, relying on data, that this regulation entails a hike in severance payments at two-year seniority which induces a significant rise in the job separation rate before the two-year threshold and a drop just after. The layoff costs and its procedural component are evaluated thanks to the estimation of a search and matching model which reproduces the shape of the job separation rate. We find that total layoff costs increase with seniority and are about four times higher than the expected severance payments at two years of seniority. Counterfactual exercises show that the fragility of low-seniority jobs implies that layoff costs reduce the average job duration and increase unemployment for a wide set of empirically relevant parameters.

PAPERS BY TOPICS

BLOCKCHAIN

with Vincent Danos, Stefania Marcassa and Mathis Oliva


with Benjamin Walter

Journal of Political Economy, 2021, Vol. 129(8), pp. 2415-2452



with Andrea Canidio, Vincent Danos and Stefania Marcassa

Principles of Blockchain Systems, Synthesis Lectures on Computer Science, 2021, Vol. 9, No. 2



with Vincent Danos and Hamza El Khalloufi

FInancial Cryptography and Data Security. FC 2021 International Workshops. FC 2021. Lecture Notes in Computer Science, vol 12676


with Vincent Danos and Jean Krivine

2nd International Conference on Blockchain Economics, Security and Protocols (Tokenomics 2020)

INFORMATION ECONOMICS

Journal of Economic Theory, Vol.191, January 2021

Previous version "Reputation Cycles"


with Winfried Koeniger

Review of Economic Dynamics, 2018, Vol. 27, pp. 1-26


Mathematics and Financial Economics, 2015, Vol. 9(3), pp. 169-193


Theoretical Economics, 2014, Vol. 9, pp. 865-914


Journal of Economic Theory, 2012, Vol. 147(5), pp. 1787-1817


Economics Bulletin, 2005, Vol. 12: No. 10, pp. 1-8

LABOR ECONOMICS

with Pierre Cahuc and Franck Malherbet

Reject-and-resubmit, Journal of Political Economy


Journal of Economic Theory, Vol.191, January 2021

Previous version "Reputation Cycles"


with Gabriel Felbermayr and Giammario Impullitti

Journal of the European Economic Association, 2018, Vol. 16(5), pp. 1476-1539


Journal of Economic Theory, 2012, Vol. 147(5), pp. 1787-1817


with Gabriel Felbermayr and Hans-Jorg Schmerer

European Economic Review, 2011, Vol. 55(6), pp. 741-758


with Gabriel Felbermayr and Hans-Jorg Schmerer

Journal of Economic Theory, 2011, Vol. 146(1), pp. 39-73


Journal of the European Economic Association, 2011, Vol. 9(2), pp. 278-317


Journal of Applied Econometrics, 2010, Vol. 25(6), pp. 929-962


Economic Journal, 2007, Vol. 117 (June), F302–F332


Review of Economic Dynamics, 2007, Vol. 10 (1), pp. 106-125


The B.E. Journal of Macroeconomics (Contributions), 2006, Vol. 6 (1), Article 2

SELECTED PUBLICATIONS

with Benjamin Walter

Journal of Political Economy, 2021, Vol. 129(8), pp. 2415-2452


Journal of Economic Theory, Vol.191, January 2021

Previous version "Reputation Cycles"


with Gabriel Felbermayr and Giammario Impullitti

Journal of the European Economic Association, 2018, Vol. 16(5), pp. 1476-1539


with Winfried Koeniger

Review of Economic Dynamics, 2018, Vol. 27, pp. 1-26


Mathematics and Financial Economics, 2015, Vol. 9(3), pp. 169-193


Theoretical Economics, 2014, Vol. 9, pp. 865-914


Journal of Economic Theory, 2012, Vol. 147(5), pp. 1787-1817


with Gabriel Felbermayr and Hans-Jorg Schmerer

European Economic Review, 2011, Vol. 55(6), pp. 741-758


with Gabriel Felbermayr and Hans-Jorg Schmerer

Journal of Economic Theory, 2011, Vol. 146(1), pp. 39-73


Journal of the European Economic Association, 2011, Vol. 9(2), pp. 278-317


Journal of Applied Econometrics, 2010, Vol. 25(6), pp. 929-962


Economic Journal, 2007, Vol. 117 (June), F302–F332


Review of Economic Dynamics, 2007, Vol. 10 (1), pp. 106-125


The B.E. Journal of Macroeconomics (Contributions), 2006, Vol. 6 (1), Article 2


Economics Bulletin, 2005, Vol. 12: No. 10, pp. 1-8

OTHER PUBLICATIONS

with Andrea Canidio, Vincent Danos and Stefania Marcassa

Principles of Blockchain Systems, Synthesis Lectures on Computer Science, 2021, Vol. 9, No. 2



with Vincent Danos and Hamza El Khalloufi

FInancial Cryptography and Data Security. FC 2021 International Workshops. FC 2021. Lecture Notes in Computer Science, vol 12676


with Vincent Danos and Jean Krivine

2nd International Conference on Blockchain Economics, Security and Protocols (Tokenomics 2020)


L'effet des coûts de licenciement sur la durée des emplois des travailleurs peu qualifiés en France

with Pierre Cahuc and Franck Malherbet

Revue Française d’Économie, 2019, Vol. 0(1), pp. 15-43


with Gabriel Felbermayr

Nordic Economic Policy Review, 2013, Vol. 1, pp. 45-72