UCLouvain Economics Seminar - Ioannis Kospentaris

Ioannis Kospentaris

(Athens University)

will give a presentation on 

The Effects of Secondary Corporate Loan Trade on Credit Issuance and Job Creation

Abstract

An increasing share of corporate loans, a critical source of firm credit, are sold off banks’ balance sheets and actively traded in a secondary over-the-counter market. We develop a microfounded equilibrium search-theoretic model with labor, credit, and financial markets to explore how this secondary loan market affects the real economy, highlighting a trade-off: while the market reduces the steady-state level of unemployment by 0.6pp, it amplifies its response to a 1% productivity drop from 3.6% to 4.3%. Secondary market frictions matter significantly: eliminating them would not only reduce unemployment by 1.2pp, but also dampen its volatility down to 2.7%.

Join with Miroslav Gabrovski (University of Hawaii Manoa) and Lucie Lebeau (Federal Reserve Bank of Dallas)

IRES Lunch Seminar - François Fontaine

François Fontaine

(PSE)

will give a presentation on 

TBA

Abstract

Leuven-Louvain Trade Seminar - Francesca Micocci

Francesca Micocci 

(IMT Lucca) 

will give a presentation on 

The heterogeneous impact of the EU-Canada agreement with causal machine learning

Abstract 

This paper introduces a causal machine learning approach to investigate the impact of the EU-Canada Comprehensive Economic Trade Agreement (CETA). We propose a matrix completion algorithm on French customs data to obtain multidimensional counterfactuals at the firm, product, and destination levels. We find a small but significant positive impact on average at the product-level intensive margin. On the other hand, the extensive margin shows product churning due to the treaty beyond regular entry-exit dynamics: one product in eight that was not previously exported substitutes almost as many that are no longer exported. When we delve into the heterogeneity, we find that the effects of the treaty are higher for products at a comparative advantage. Focusing on multiproduct firms, we find that they adjust their portfolio in Canada by reallocating towards their first and most exported product due to increasing local market competition after trade liberalization. Finally, multidimensional counterfactuals allow us to evaluate the general equilibrium effect of the CETA. Specifically, we observe trade diversion, as exports to other destinations are re-directed to Canada.

with Lionel Fontagné (PSE) and Armando Rungi (IMT Lucca)

UCLouvain Economics Seminar - Jishnu Das

Jishnu Das

(Georgetown University)

will give a presentation on 

TBA

Abstract: 

IRES Lunch Seminar - Jean-François Maystadt

Jean-François Maystadt

(IRES/LIDAM, UCLouvain)

will give a presentation on 

TBA

Abstract: 

UCLouvain Economics Seminar - Vasily Korovkin

Vasily Korovkin

(Universitat Pompeu Fabra)

will give a presnetation on 

TBA

Abstract: 

IRES Lunch Seminar - Morgane Rigaux

Morgane Rigaux

(ULB) 

will give a presnetation on 

TBA

Absrtract: 

Leuven-Louvain Trade Workshop - Thao Trang Nguyen

Thao Trang Nguyen

(Maastricht University)

will give a presentation on 

Special economic zones and firm performance: Evidence from Vietnam

with Karsten Mau and Tania Treibich (Maastricht University)

UCLouvain Economics Seminar - Ashley Wong

Ashley Wong

(Tilburg University)

will give a presentation on 

TBA

Abstract: