Elie Vidal-Naquet*, Anna Belianska**
Anushka Chawla: anushka.chawla[at]univ-amu.fr
Kenza Elass: kenza.elass[at]univ-amu.fr
Carolina Ulloa Suarez: carolina.ulloa-suarez[at]univ-amu.fr
*After 2 years of starting to take environmental measures, in 2009 France generalized the reimbursement by the employer of half of the public transport costs. Using an administrative database with information on job-search criteria and a difference-in-difference analysis, this paper aims to investigate the effect of commuting costs on the job search process. To perform the difference-in-difference approach, I use geographic differences in reform exposure. Preliminary results show a positive correlation between reform exposure and commuting distance.
**We study the transmission of macroeconomic uncertainty shocks on household indebtedness in a New Keynesian model featuring two types of agents – top 5% and the rest. We show that the transmission of aggregate uncertainty on household indebtedness is due to households’ precautionary motives as well as "capital-spirit"-type preferences. Including capitalist spirit preferences in a simple New-Keynesian framework generates an increase in household loan-to-value ratio consistent with what was observed in the U.S. economy during recent recessions.