Our working papers are contributions from our researchers, or invited speakers at the seminars of the Centre d’analyse économique. These articles are those of the respective authors and do not express opinions or positions of the CAE. These documents are downloadable for free in order to facilitate the exchange and economic research. You can obtain documents that are not available directly from their authors. If you want to cite these papers in your own work, please obtain permission from the authors or inquire about the existence of a newer version or a version published in a journal. Our Working Papers are indexed by RePEc and available here.