Séminaires LEMMA

"Breaking Up With M: Cashless Limits Under Limited Commitment"

Guillaume ROCHETEAU (University of California at Irvine) 

Tuesday, 9 December 2025, 11h-12h

Lemma - 4 rue Blaise Desgoffe, 75006 Paris. Salle Maurice Desplas

Guillaume is Professor of Economics at the University of California at Irvine. His research interests lie in markets with frictions, money, liquidity, and unemployment. He will be visiting LEMMA from December 9 to January 5, 2026.

Abstract : As economies become increasingly cashless, what are the welfare implications of eliminating cash? We study environments where money and credit coexist but credit is constrained by limited commitment. We characterize allocations and welfare as cash use declines and when cash is removed. When credit is sustained through record keeping and the threat of exclusion, removing cash can raise debt limits and welfare. When credit is intermediated by banks with costly enforcement, welfare effects depend on market power and informational frictions: without frictions, aggregate welfare is unchanged but distributional effects arise; with asymmetries, aggregate welfare declines.

"Fact-Checking and Misinformation: Evidence from the Market Leader"

Emeric HENRY (Sciences Po) witth Julia Cage, Nathan Gallo, Moritz Hengel, Yuchen Huang

Tuesday, 2 December 2025, 11h-12h

Lemma - 4 rue Blaise Desgoffe, 75006 Paris. Salle Maurice Desplas

Emeric is Professor at the Economics Department in Sciences Po and chair of the department. He is a microeconomist using theory, experimental and empirical methods to study questions in law and economics, innovation and digital economics.