REDUCING OVERREACTION TO CENTRAL BANKS' DISCLOSURES: THEORY AND EXPERIMENT

Financial markets are known for overreacting to public information. Central banks can reduce this overreaction either by disclosing information to only a fraction of market participants (partial publicity) or by disclosing information to all participants but with ambiguity (partial transparency). In theory, overreaction can be similarly reduced by either communication strategy. A laboratory experiment shows that both communication strategies succeed in reducing overreaction, though not as much as theory predicts. The opportunity in our information age for central banks to choose between partial publicity and partial transparency to control the market reaction is then discussed.     

Non‐Parametric Estimation of the Conditional Distribution of the Interjumping Times for Piecewise‐Deterministic Markov Processes

This paper presents a non‐parametric method for estimating the conditional density associated to the jump rate of a piecewise‐deterministic Markov process. In our framework, the estimation needs only one observation of the process within a long time interval. Our method relies on a generalization of Aalen's multiplicative intensity model. We prove the uniform consistency of our estimator, under some reasonable assumptions related to the primitive characteristics of the process. A simulation study illustrates the behaviour of our estimator.     

The heterogeneity of ethnic employment gaps

This paper investigates the heterogeneity of ethnic employment gaps using a new single-index based approach. Instead of stratifying our sample by age or education, we study ethnic employment gaps along a continuous measure of employability, the employment probability minority workers would have if their characteristics were priced as in the majority group. We apply this method to French males, comparing those whose parents are North African immigrants and those with native parents. We find that both the raw and the unexplained ethnic employment differentials are larger for low-employability workers than for high-employability ones. We show in a theoretical framework that this heterogeneity can be accounted for by homogeneous underlying mechanisms and is not evidence for, say, heterogeneous discrimination. Finally, we discuss our main empirical findings in the light of simple taste-based vs. statistical discrimination models.     

British Cities and Ethnic Minorities in the Post-war Era: From Xenophobic Agitation to Multi-Ethnic Government

This essay retraces the history of immigration and ethnic minority politics in British cities in the post-war era. It shows that British cities evolved in that period from an attitude of indifference and/or hostility to immigrants in the late 1950s, to the creation of race-sensitive policies in the context of a bipartisan effort to depoliticize the issue at the national level in the 1960s, and finally to increasing participation of minorities in the politics of the Labour Party from the late 1970s onward.     

Development of objective discomfort evaluation indicators for a task-oriented motion using less constrained motion concept: application to automotive pedal clutching task

This paper presents a method to develop objective discomfort evaluation indicators for a task oriented motion using the concept of less constrained movement. The basic idea is to compare imposed and less constrained movements in order to identify relevant biomechanical parameters for defining objective discomfort indicators. The task of automotive pedal clutching was chosen for illustrating the proposed method. Based on discomfort questionnaire and motion analysis of the experimental data, four discomfort indicators were proposed. Two of them were based on the ankle joint angle around flexion/extension axis at the beginning and the end of the clutch pedal depression. The third one was defined using knee flexion/extension joint torque at the end of the clutch pedal depression. The last indicator was defined as the relative lateral position of the heel compared to the average pedal lateral position for less constrained configurations. A global discomfort function was also defined as a weighted sum of all indicators. Globally, the proposed global discomfort indicator succeeded in differentiating the tested configurations in agreement with experimental observation. As expected, less discomfort rating is obtained for less constrained movement when compared with the corresponding imposed one.