Tresor-Economics

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Trésor-Economics No. 240 - French agriculture and external shocks

French agriculture is constantly responding to external changes in world prices, food preferences, or supportive policies. The Magali 2.0 model makes it possible to estimate the contribution of these shocks to the medium-term evolution of farmers' production and incomes.... Lire la suite

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Trésor-Economics No. 239 - Lifetime worked hours in France

GDP per capita is calculated from the hourly productivity of labour and the average per capita volume of labour input. In its turn, the latter depends on the number of hours worked per year by persons in employment, the level of unemployment and the participation rate, which inter alia reflects the length of economically active life, between the ages of entry to and exit from the labour market.... Lire la suite

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Trésor-Economics No. 238 - The development of very short-term employment contracts in France

Since the 2000s, hires on very short-term fixed-term contracts (less than one month) have increased sharply and the median duration of fixed-term contracts has contracted.... Lire la suite

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Trésor-Economics No. 237 - World economic outlook in spring 2019: Diverging performances in the global slowdown

The global economy showed strong growth again in 2018, with world GDP up 3.7%. However, a slowdown is expected in 2019 and 2020 (world GDP growth seen at 3.4% p.a.), especially in advanced economies.... Lire la suite

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Trésor-Economics No. 236 - An overview of minimum wages in advanced economies

Most major advanced economies have a minimum wage. In Germany, Spain and the United Kingdom, there is a single national minimum wage, as in France.... Lire la suite

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Trésor-Economics No. 235 - How can government spending on education be made more efficient?

Investment in education provides substantial long-term gains for individuals, the economy and society as a whole. However, not all government intervention in this area is equally efficient in terms of meeting the goal of educating and training citizens who are able to make a living from their work.... Lire la suite

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Trésor-Economics No. 234 - The change in the labour share in value added in advanced economies

Analysis of how the value added is shared between production factors provides insight into trends in inequalities and private consumption. The division reflects both relative changes in the volumes of capital and labour, and the relative trends in compensation per unit of capital and labour. "Distributable surplus" is a helpful concept for studying the division of value added; it is the share of r... Lire la suite

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Trésor-Economics No. 233 - Relation between inflation and the cycle in the past five years

The business cycle has a significant effect on inflation, known as the Phillips effect: growth 1 point higher than its potential in a given year increases next-year inflation by 0.3 point. The correlation between inflation and the economy's position in the business cycle weakened in the 1970s and 1980s, but does not appear to have declined further in the past 15 years.In the past few years, French... Lire la suite

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Trésor-Economics No. 232 - Competition and market concentration in the United States

In most sectors, market concentration in the United States has been on the rise for the past two decades. Major companies have a larger market share than before, fuelling a renewed antitrust debate.This increase may be attributed to several phenomena, but it is difficult to disentangle their respective contributions. Reallocating production to highly productive and profitable companies (the so-cal... Lire la suite

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Trésor-Economics No. 231 - The global network of central bank swap lines

Bilateral swap lines are ex-ante arrangements between central banks that provide protection from foreign currency liquidity risk. These lines are not subject to conditionality, and foreign central banks can draw on them under predefined terms. From an economic standpoint, the transaction can be likened to a foreign currency loan, backed by local currency collateral, with the borrower bearing the f... Lire la suite