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					                                       Olivier Cardi
                                        January 2009



Address
         e        e
Universit´ Panth´on-Assas (Paris 2)
                                  e
Equipe de Recherche sur les March´s,
l’Emploi et la Simulation (ERMES)
                    e
12, Place du Panth´on
75230 Paris Cedex 05
Phone: +33 1 44 41 89 70
Fax: +33 1 40 51 81 30
E-mail: olivier.cardi@u-paris2.fr


Education


 Specialization: Open Economy Macroeconomics, Dynamic Optimization.


2004                                                   e
                  Ph.D., Economics, University of Panth´on-Assas (Paris 2), Highest distinction.



Thesis
2004              Thesis title: “International Macroeconomic Dynamics: The Effects of Permanent
                  and Temporary Terms of Trade Shocks” (in french) - Advisor: Professor Aim´ Scan-e
                                                        e
                  navino (University of Paris 2 Panth´on-Assas) - Date of Defense: May 24th 2004
                  with the highest distinction - Referees: Raouf Boucekkine (UCL, IRES, CORE),
                  Philippe Weil (ULB, ECARES) - Chair: Cuong Le Van (CNRS, Paris 1) - Other
                  jury members: Paul De Grauwe (KUL, CES), Bertrand Wigniolle (Paris 1, EU-
                  REQua).
                  Short description: Our thesis investigates the dynamic and steady-state effects of unan-
                  ticipated permanent and temporary terms of trade shocks within two-good dynamic gen-
                  eral equilibrium models allowing for preferences to be time separable and time non sepa-
                  rable (i.e. habit-forming behavior, recursive preferences). We suggest a new explanation
                  of the J-curve phenomenon which relies on the degree of habit persistence in consump-
                  tion, the magnitude of capital installation costs, the import content of consumption and
                  investment expenditure, and the duration of the adverse terms of trade perturbation. In
                  line with recent empirical evidence, in particular estimations by Leonard and Stockman
                  (2002): the short-run current account deficit is demand-driven, the current account sur-
                  plus phase triggered by the negative investment flow is associated with a fall in real GDP,
                  savings and investment co-vary over the transition to the steady-state.



Positions
from sept 2005    Current position: Assistant-Professor, University of Paris 2, ERMES.
sept 2004-aug 2005 Post-doc, University catholique of Louvain, IRES.
oct 2003-aug 2004 Research-Assistant, University of Luxembourg, CREA.
jun 2001-sept 2003 Researcher in Economics, University of Luxembourg, CREA.
sept 2000-may 2001 Research-Assistant, University of Paris 2, CEMEFG.
nov 1997-aug 2000 Doctoral Fellowship, University of Paris 2, CEMEFG.


Publications
                                                      c
  1. Bertinelli, Luisito, Olivier Cardi, Teoman Pamuk¸u, Eric Strobl, and Robert Thornton (2008)
     The determinants of excess worker turnover in Luxembourg. International Journal of Manpower.
     Accepted for publication.
  2. Cardi, Olivier (2007) The zero-root property: Permanent vs. transitory terms of trade shocks.
     Review of International Economics, vol. 15 (4), pp. 782-802.
  3. Cardi, Olivier (2007) Another view of the J-curve. Macroeconomic Dynamics, vol. 11 (2), pp.
     153-174.
                                                     c
  4. Bertinelli, Luisito, Olivier Cardi, Teoman Pamuk¸u, and Eric Strobl (2006) The evolution of the
     firm size distribution: Evidence from Luxembourg. Small Business Economics, vol. 27 (4), pp.
     301-311 .


Work in Revision and Resubmit
  1. Cardi, Olivier (2008) The crowding-out effect and habit persistence in consumption.
                                                 e
  2. Cardi, Olivier (2008) Chocs des termes de l’´change et ajustement non monotone du solde
     courant.


Work under Submission
  1. Cardi, Olivier and Romain Restout (2008) Tax reform in two-sector general equilibrium.
  2. Cardi, Olivier (2008) Habit persistence and effectiveness of fiscal policy in an open economy.



Other Publications
                                                                 e                 u          e       e
  1. Bourgain, Arnaud, Olivier Cardi et Patrice Pieretti (2004) D´terminants des coˆts et comp´titivit´-
     prix dans une petite ´conomie ouverte. Cahiers Economiques du Statec, n0 96, pp. 39-63.
                          e
  2. Cardi, Olivier et Patrice Pieretti (2003) Croissance d’un petit pays dans un espace international.
     Cahiers Economiques du Statec, n0 95, pp. 53-76.
                                                                               a
  3. Bourgain, Arnaud, Olivier Cardi et Patrice Pieretti (2002) Performances ` l’exportation et
                e
     productivit´ globale des facteurs : le cas des branches marchandes luxembourgeoises. Cahiers
     Economiques du Statec, n0 93, pp. 41-55.


Recent Discussion Papers
  1. Cardi, Olivier and Romain Restout, Tax reform in two-sector general equilibrium (2008), ER-
     MES Discussion Paper 08-03.
  2. Cardi, Olivier (2008) Habit persistence in consumption and effectiveness of fiscal policy in an
     open economy. ERMES Discussion Paper 08-14.
                                                 e
  3. Cardi, Olivier (2008) Chocs des termes de l’´change et ajustement non monotone du solde
     courant. ERMES Discussion Paper 08-05.
  4. Cardi, Olivier (2008) The crowding-out effect and habit persistence in consumption. ERMES
     Discussion Paper 08-04.
  5. Cardi, Olivier and Romain Restout (2007) Permanent vs. temporary fiscal expansion in a two-
     sector small open economy. ERMES Discussion Paper 07-05.
  6. Cardi, Olivier (2005) The zero-root property: Permanent vs transitory terms of trade shocks.
     IRES Discussion Paper 2005-40.
  7. Cardi, Olivier (2005) Another view of the J-curve. IRES Discussion Paper 2005-39.
  8. Cardi, Olivier and Patrice Pieretti (2004) Growth performance of a small open economy in a
     multi-country context. CREA Discussion Paper 2004-3.
  9. Cardi, Olivier and Luisito Bertinelli (2004) A formal model of Krugman’s intuition on the J-
     curve. CORE Discussion Paper 2004-43.


Work in Progress
  1. Cardi, Olivier. Habits, labor market rigidities and crowding-in effects of fiscal policy in open
     economy.
  2. Cardi, Olivier, Romain Restout, Partha Sen, Roger Antoun and Elie Kolakez. Tax restructuring
     in a two-sector open economy with imperfectly competitive labor and product markets.
  3. Cardi, Olivier, and Stefan Schubert. Habit formation, catching up with the Joneses, and the
     dynamic effects of a terms of trade deterioration.


Economic Reports in French
                                         e                         e
  1. Cardi, Olivier (2003) Analyses th´oriques et empiriques des d´terminants de la productivit´  e
                                                         e
     globale des facteurs - Une application au Grand-Duch´ de Luxembourg. Perspectives de Politique
     Economique, n0 1 (december).
  2. Bourgain, Arnaud, Olivier Cardi, Patrice Pieretti et Guy Schuller (2004) Indicateurs de com-
     p´titivit´ du Luxembourg. Cahiers Economiques du Statec, n0 96, pp. 9-37.
      e       e
  3. Bourgain, Arnaud, Olivier Cardi, Patrice Pieretti et Guy Schuller (2003) Indicateurs de com-
     p´titivit´ du Luxembourg. Cahiers Economiques du Statec, n0 95, pp. 11-37.
      e       e


Conferences and Seminars
8th-9th january 2009 Tax Reform in two-sector general equilibrium (with Romain Restout), 13th
                  Conference of Theories and Methods of Macroeconomics (T2M), Strasbourg.
18th-19th sept 2008 The crowding-out effect, expenditure multipliers and habit persistence in con-
                  sumption, 57th Congress of the French Association of Economics (AFSE), Paris.
27th-31st august 2008 Tax Reform in two-sector general equilibrium (with Romain Restout), 23rd
                  Meeting of the European Economic Association (EEA), Milan.
16th-18th july 2008 Dynamic effects of a fiscal reform in a two-sector small open economy (with
                  Romain Restout), Far Eastern and South Asian Meeting of the Econometric Society
                  (FEMES), Singapore.
26th-28th june 2008 The crowding-out effect, expenditure multipliers and habit persistence in con-
                  sumption, 14th Conference on computing in economics and finance (CEF), Paris.
26th-28th june 2008 Permanent vs. temporary fiscal expansion in a two-sector small open economy
                  (with Romain Restout), 14th Conference on computing in economics and finance
                  (CEF), Paris.
10th april 2008   The crowding-out effect, expenditure multipliers and habit persistence in consump-
                  tion, ERMES seminar.
17th-18th jan 2008 The crowding-out effect, expenditure multipliers and habit persistence in con-
                  sumption, 12th Conference of Theories and Methods of Macroeconomics (T2M),
                  Paris.
17th-18th jan 2008 Permanent vs. temporary fiscal expansion in a two-sector small open economy
                  (with Romain Restout), 12th Conference of Theories and Methods of Macroeco-
                  nomics (T2M), Paris.
26th sept 2007    The crowding-out effect, expenditure multipliers and habit persistence in consump-
                  tion, seminar economics-finance, University of Luxembourg.
27th-31st aug 2007 Habit formation and fiscal policy in a semi-small open economy, 62nd European
                  Meeting of Econometric Society (ESEM), Budapest.
25th-27th may 2007 Permanent vs. temporary fiscal expansion in a two-sector small open economy
                 (with Romain Restout), 12 Spring Meeting of Young Economists (SMYE), Ham-
                 burg.
20th oct 2005     Another view of the J-curve, ERMES seminar, University of Paris 2.
15th-16th sept 2005 The zero-root property: Permanent vs transitory terms of trade shocks, 54th
                  Congress of the French Association of Economics (AFSE), Paris, Paris.
24th-27th aug 2005 Another view of the J-curve, 20th Annual Congress of the European Economic
                  Association (EEA), Amsterdam.
13th-14th jan 2005 A formal model of Krugman’s intuition on the J-Curve, 9th Conference of Theo-
                  ries and Methods of Macroeconomics (T2M), Lyon.
18th-19th nov 2004 A formal model of Krugman’s intuition on the J-Curve, 5th Doctoral Meetings
                  in International Trade and International Finance, Paris.
12th oct 2004            e               e                                            e
                  Activit´ de recherche-d´veloppement et croissance de la productivit´ au Luxem-
                  bourg: Une approche sectorielle, 1st edition of the Symposium En route to Lisbon,
                  Luxembourg.

16th-17th sept 2004 A Formal Model of Krugman’s Intuition on the J-Curve, 53rd Congress of the
                  French Association of Economics (AFSE), Paris.

18th-19th sept 2003 Growth performance of a small open economy in a multi-country context, 52nd
                  Congress of the French Association of Economics (AFSE), Paris.
19th april 2002                 e                         e                            e
                  La productivit´ globale des facteurs : d´composition sectorielle et d´terminants,
                  Seminar at the Luxembourg Ministry of Economics.
16th jan 2002                   e                                                   e
                  La productivit´ globale des facteurs et l’impact de la recherche-d´veloppement,
                  Workshop New aspects of competitiveness, University of Luxembourg.
31st july 2001               e                         e
                  Productivit´ globale des facteurs : d´terminants et pistes possibles pour le Lux-
                  embourg, Seminar at the Luxembourg Ministry of Economics.


Completed Projects
jan 2003-dec 2004 Competitiveness Project (2004) with the National Institute of Statistics of Lux-
                  embourg (Statec).
jan 2002-dec 2003 Competitiveness Project (2003) with the National Institute of Statistics of Lux-
                  embourg (Statec).
june 2001-may 2002 Public Policy Project (Poleco) with the Ministry of Economics of Luxembourg.
Teaching
from oct 2005                                              e
                   Assistant-Professor, University of Panth´on-Assas (Paris 2), 1st of B.A. in eco-
                   nomics and law, Macroeconomics (36H), 3rd year of B.A. in economics and law,
                   Economics principle and Economic Policy (46H), Economics Principle, Public Ex-
                   ams Preparation (34H), 3rd year of B.A. in economics and law, International Eco-
                   nomics (from 2009, 39H)

                                                          e
sept 2000-may 2001 Teaching-Assistant, University of Panth´on-Assas (Paris 2), 2nd year of B.A. in
                 economics, Monetary and Financial Economics (45H), Macroeconomics (45H).

                                                        e
sept 1998-sept 2000 Junior Lecturer, University of Panth´on-Assas (Paris 2), 2nd year of B.A. in
                  economics, Monetary and International Macroeconomics (45H).



Grants and Prizes
                                                      e
2005 Prize for PhD in Economics, from University Panth´on-Assas Paris 2.
2004 Grant for post-doc, from the Luxembourg Ministry of Education.
2004 Grant for PhD publication, from the Fonds National de la Recherche (Luxembourg).
1997 Doctoral Fellowship, from the Ministry of national education, research and technology (France).



Other Academic and Administrative Activities
   • Refereeing: Louvain Economic Review and Mathematical Social Sciences.
   • Member of the Board of Recruitment of University of Paris 2 in Economics (2007-2008).
   • Organization of a working group on search theory (together with Etienne Lehmann, University
     of Paris 2, Ermes, 2006).
   • Management of the research center’s internet site (University of Luxembourg, CREA, 2002-
     2004).
   • Member of the Luxembourg Economic Papers’ Editorial Coordination (Review in Economics of
     the University of Luxembourg) (University of Luxembourg, CREA, 2002-2003).



References
   Prof. Raouf Boucekkine
            e
   Universit´ Catholique de Louvain (UCL)     CORE and IRES
   3, Place Montesquieu                        e
                                              T´l: +32 10 47 38 48
   B-1348 Louvain-La-Neuve                    Fax: +32 10 47 39 45
   Belgium                                    E-mail: boucekkine@ires.ucl.ac.be



   Prof. Partha Sen
   Department of Economics      Phone (Office): 91-11-27666533
   Delhi School of Economics    Phone (Home): 91-11-26321026
   Delhi - 110 007              Fax: 91-11-27667159
   India                        E-mail: partha@econdse.org

				
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