UCLouvain Economics Seminar

The UCLouvain Economics Seminars is jointly organized by CORE and IRES.

Practical details

Organizer

Gonzague Vannoorenberghe

When ? :

On Thursday, 12:45 - 14:00

Where? :

Doyen 22, Place des doyens, 1348 Louvain-la-Neuve

Please note that the due to noise caused by the works at theather Jean Vilar, seminars from 14 March to 12 May, will be relocated in room More 52.

Programme for the academic year 2021 - 2022

SEPTEMBER 2021

30 Lisa Spantig (RTWH Aachen/Essex)
Flexible Microcredit: Effects on Loan Repayment and Social Pressure (with K. Czura and A. John)

Abstract

Flexible repayment benefits borrowers, but practitioners fear diminished repayment morale. We study repayment choices in rigid and flexible loan contracts with discretion in repayment timing. Using a lab-in-the-field experiment with microcredit borrowers in the Philippines, we identify moral hazard and quantify social pressure. In our rigid benchmark contract, repayment is higher than payoff maximization predicts. Flexibility substantially lowers both repayment and social pressure. Our results are consistent with a strong social norm for repayment, which is weakened by introducing flexibility. This suggests that cooperative behavior determined by social norms may erode if the applicability of these norms is not straightforward.

OCTOBER 2021

26 TUESDAY Marc Klemp (University Of Copenhagen)
Human Dispersal from Africa and Group Formation

NOVEMBER 2021

4 Ricardo Reis (LSE) ONLINE
The constraint on public debt when r < g but g < m

Abstract

With real interest rates below the growth rate of the economy, but the marginal product of capital above it, the public debt can be lower than the present value of primary surpluses because of a bubble premia on the debt. The government can run a deficit forever. In a model that endogenizes the bubble premium as arising from the safety and liquidity of public debt, more government spending requires a larger bubble premium, but because people want to hold less debt, there is an upper limit on spending. Inflation reduces the fiscal space, financial repression increases it, and redistribution of wealth or income taxation have an unconventional effect on fiscal capacity through the bubble premium.

11 Armistice

18 Francesca Monti (UCLouvain)
Heterogeneous Beliefs in the Phillips Curve

Abstract

We establish a set of novel empirical facts concerning cross-section distributions of inflation expectations reported in surveys. Almost all the variation in expectations about their mean may be summarized via three factors we call disagreement, skew, and shape. We adopt a functional principal component regression approach to estimating forward-looking models of inflation that exploits the heterogeneity present in individual-level data. By using survey information more effectively, our approach reveals an enhanced role for expectations in inflation dynamics that is robust to lagged inflation, trend inflation, and supply factors. Our findings hold in similar form across two major economies.

25 Olivier Loisel (ENSAE)
A Model of Post-2008 Monetary Policy

Abstract

Since the end of 2008, the Federal Reserve has b een communicating its monetary p olicy in terms of two instruments under its direct control: the interest rate on bank reserves (IOR rate), and the size of its balance sheet. We intro duce banks and bank reserves into the basic New Keynesian mo del to assess the main consequences of this p olicy change. We show that our mo del can account, in qualitative terms, for three key features of US inflation during the 2008-2015 zero-lower-bound (ZLB) episo de: no significant deflation, little inflation volatility, and no significant inflation following quantitative-easing p olicies. Crucial to this result is our assumption that demand for bank reserves got close to satiation, but did not reach full satiation. We intro duce liquid government b onds into the mo del to reconcile our non-satiation assumption with the fact that Treasury-bill rates dropp ed b elow the IOR rate during the ZLB episo de. Lo oking ahead, we explore the implications of our mo del for the normalization of monetary p olicy and its future op erational framework (floor vs. corridor system). In particular, we find that current and expected future IOR-rate hikes and balance-sheet contractions are always deflationary in our model, thus ruling out Neo-Fisherian effects

joint with Behzad Dibat

DECEMBER 2021

2 Mario F. Carillo (University of Naples)
Fascistville: Mussolini’s New Towns and the Persistence of Neo-Fascism

Abstract

This paper explores the link between infrastructures built by autocratic regimes and political values in the wake of the transition to democracy and in the long run. In Fascist Italy (1922-43), Mussolini founded 147 “New Towns” (Città di Fondazione). Exploring municipality-level data before and after their construction, I document (i) that the New Towns enhanced local electoral support for the Fascist Party and (ii) that the effect persisted through democratization, enhancing local support for Italy’s neo-fascist party, which endured until recent times. Placebo estimates of New Towns planned but not built and spatial regression discontinuity design both support a causal interpretation of this pattern. Survey respondents near the New Towns currently exhibit preferences for a stronger leader in politics, for nationalism, and for the fascists as such. The effect is greater for individuals who lived under the Fascist Regime and is transmitted across generations inside the family. The findings suggest that authoritarian leaders may exploit public investment programs to induce a favorable view of their ideology, which persists across institutional transitions and over the long term.

9 Matthias Rodemeier (Bocconi University)
Buy Baits and Consumer Sophistication: Theory and Field Evidence from Large-Scale Rebate Promotions

Abstract

Can firms exploit behavioral biases to increase profits? Does consumer sophistication about these biases limit the scope of exploitation? To answer these questions, I run a series of natural field experiments with over 600,000 consumers and estimate novel sufficient statistics of consumer sophistication. The empirical application is a ubiquitous and widely regulated form of price discrimination: rebates that need to be actively claimed by consumers. These promotions are suspected of boosting sales even though many consumers eventually fail to claim the rebate—a phenomenon marketers refer to as “slippage.” I show theoretically that consumers’ subjective redemption probabilities can be inferred from how demand responds to rebates as opposed to simple price reductions. I identify these elasticities in three natural field experiments with a major online retailer, in which I randomize prices, redemption requirements, and reminders. Results reveal that claimable rebates in fact increase sales substantially even though 47% of consumers do not redeem the rebate. However, consumers exhibit a remarkable degree of sophistication: the demand response to a rebate is only 76% of the demand response to an equivalent price reduction. Structural estimates imply that consumers are almost perfectly aware of their inattention but vastly underestimate the hassle of redemption by 20 EUR per consumer. Exploiting this misperception increases the profitability of rebates by up to 260%.

The paper can be found here: https://drive.google.com/file/d/1zgH-BDx-psjSHzDGVIx4kfNB2HBg1EMe/view

FEBRUARY 2022

3 Peter Egger (ETH Zurich) ONLINE
Empirical productivity distributions and international trade

10 Elie Murard (University of Alicante) CANCELLED

17 Johannes Haushofer (Stockholm University) CANCELLED

24 Sonia Bhalotra (Warwick University) ONLINE
Antidepressant use and academic achievement: Evidence from Danish administrative data

Abstract

We investigate impacts of antidepressant use in childhood on academic achievement at age 16 using linked register data on individuals in Denmark. Leveraging quasi-random assignment of patients to child psychiatrists with different prescribing tendencies, we find that antidepressant treatment significantly increases test scores. Treatment effects are larger and only precisely estimated for math (rather than Danish) and for girls (rather than boys). Marginal treatment effects are positive across a large part of the distribution, and the slope of the MTE curve reveals selection on unobservables into gains. Investigating heterogeneity in treatment effects on observables, we find the reverse: treatment effects are driven by the children of less educated mothers but, taking all cases rather than the marginal cases picked out by the instrument, these families are less likely to be treated. Overall, our results indicate large detrimental impacts of mental health disorders on cognitive performance, and high returns to antidepressant treatment. They are consistent with evidence that depression and anxiety have a larger impact on math performance, and that girls are more sensitive to these conditions.

Joint with Meltem Daysal, Mircea Trandafir, Nis Vestergård Lydiksen

MARCH 2022

3 Miriam Kohl (Johannes Gutenberg-University)
Unilateral Tax Policy in the Open Economy

10 Patricio Dalton (Tilburg University) CORE B-135
Developing Goals for Development: Experimental Evidence from Cassava Processors in Ghana

Abstract

We train a random sample of small informal Ghanaian cassava processors on two simple practices: production measurement and goal setting. The former is essential for any firm to survive, let alone grow. The latter is an ubiquitous practice in the western world and a proven method to enhance productivity. Despite their importance, these practices are not systematically used by small informal firms in the developing world. While neither practice requires substantial material resources to be implemented, both may require a change in mind-set and deep-rooted norms. We follow the cassava processors for two months after training, and collect daily data on production and goals. We find a significant positive effect of goal-setting on productivity. Firms trained in goal-setting increase their productivity by 50% relative to those trained in production measurement only. In particular, male employers and employers who are less well-educated, with less experience in goal-setting, with smaller firms, and who are more impatient and more risk-averse set higher goals. Finally, we observe that, on average, workers systematically underachieve their daily production targets to a moderate extent, which suggests that goals are kept rather high as a motivational device. All in all, we confirm that goal setting can be an elective and inexpensive tool to increase productivity amongst small informal enterprises in non-western cultures.

17 Mine Senses (Johns Hopkins University) CANCELLED

24 Seetha Menon (University of Southern Denmark) More 52
The effect of domestic violence on cardiovascular risk

Abstract

The prevalence of metabolic risk factors that contribute to cardiovascular disease (CVD), such as hypertension and high plasma glucose levels have seen a substantial increase globally. Violence elevates stress and increases CVD risk and yet, there is sparse evidence on the relationship between domestic violence and CVD risk factors. This study presents new empirical evidence by leveraging biomarker data from a large nationally representative survey. I find (i) a consistent positive causal effect of physical violence on prevalence of hypertension amongst women, (ii) a positive causal effect of emotional and sexual violence on prevalence of hypertension amongst women, (iii) No discernible effects of domestic violence on CVD risk for the men in these relationships.

31 Michel Beine (University of Luxembourg) More 52
New York, Abu Dhabi, London or Stay at Home? Using a Cross-Nested Logit Model to Identify Complex Substitution Patterns in Migration

Abstract

We propose a cross-nested logit (CNL) approach to address the question of how people revise their migration decisions when facing changes in the global environment. Compared with the popular logit model, the CNL allows for more sophisticated substitution patterns between destinations. Using migration aspiration data from India, we show that the CNL approach outperforms competing approaches in terms of quality of fit and predictive power, implies stronger heterogeneity in responses to shocks, and highlights complex and intuitive substitution patterns. We document the low degree of substitutability between the home and foreign alternatives as well as within subgroups of particular countries. This approach allows to capture spillover effects of a given immigration policy on immigration pressures faced by other countries of destination.

Joint with Michel Bierlaire and Frédéric Docquier.

APRIL 2022

21 Pilar Garcia-Gomez (Erasmus University of Rotterdam) More 52
Gender and performance of collaborative research: evidence from student teams

Abstract

Research is increasingly a collaborative team exercise involving multiple researchers, yet little is known about how the composition of such teams affects their research output. This paper examines how the gender composition of research teams influences their performance. We take advantage of a field experiment in which first-year economics students are randomly paired together and perform research-like tasks. We find large differences in research performance, as measured by the grades they receive, by gender composition. All-male teams are significantly outperformed by both mixed and all-female research teams. These differences remain even when comprehensively controlling for the individual research aptitude of the group members. No comparable compositional effect is found for other characteristics, such as ethnicity and socio-economic status.

Joint with Max Coveney, Teresa Bago d'Uva

28 Laurence J. Kranich (SUNY at Albany) More 52
Subject to Influence: Endogenous Effects on (Social) Preferences

MAY 2022

5 Jean-Baptiste Michau (Polytechnique) More 52
Fiscal Policy under Secular Stagnation: An Optimal Pump-Priming Strategy

Abstract

How can the government move the economy from a secular stagnation equilibrium, with under-employment and a permanently binding zero lower bound, to a neoclassical equilibrium, with full employment? This can be achieved through a temporary, but massive, fiscal stimulus to overheat the economy such as to raise the inflation anchor. Despite the substantial cost of overheating the economy, this policy is typically optimal. The lack of fiscal space cannot prevent the government from pump priming the economy through fiscal policy. It may in fact help spur inflation. To keep a tight control over the price level, government debt should have a sufficiently long maturity.

12 Olivier Sterck (Oxford University) More 52
The Freedom to Choose: Theory and Quasi-Experimental Evidence on Cash Transfer Restrictions

Abstract

Should cash transfer programmes restrict consumer choice? For example, should food assistance delivered in cash be restricted to food and exclude temptation goods? Theoretically, Southworth (1945) showed that restrictions induce (1) a substitution effect away from restricted goods and (2) a negative wealth effect if transfers are extra-marginal and resale of goods is costly. The welfare impact on transfer recipients is negative. We test Southworth’s theory by exploiting a natural experiment in a refugee settlement in Kenya, where some refugees receive monthly cash transfers restricted to food while others get unrestricted cash transfers. We corroborate Southworth’s predictions empirically: restricted transfers increase participation in a shadow resale market and negatively affect non-food expenditure, temptation-goods spending, and subjective well-being. Consistent with theory, restrictions have no significant effect on food consumption. Our results show that policy-makers should avoid restrictions to maximise positive impacts on transfer beneficiaries.
With Jade Siu and Cory Rodgers

19 Gilat Levy (LSE) CANCELLED
Political social-learning: short-term memory and cycles of polarisation

Abstract:

In this paper we explore the effect of short-term memory on political outcomes in a model in which politics is viewed as a collective learning process. We analyse a dynamic model in which voters use past observations to make inferences about the true data generating process, and political parties are self-interested with polarised ideal policies. Voters balance party loyalty with a desire to vote for the party whose policy is a based on a better interpretation of past observations. We show that short-term memory leads to political cycles of polarisation and consensus. A short-term history involving only periods of consensus implies little variation in voters’ data, and hence less precise knowledge about the true state of the world; this allows parties to push their self interests. Alternatively, periods of polarisation imply sufficient variation which at some point allows voters to be confident about what is the true model; this forces parties to converge on the policy that fits that model. Our framework also sheds light on the relation between policy uncertainty and political polarisation, and on the effects of crises on political competition.

JUNE 2022

2 Felix Koenig (Carnegie Mellon)
Does Work-Time Regulation Cost Jobs? The Impact of PTO Regulation

Abstract:

"Paid time off is one of the most common and most valued amenities of employment contracts. This study analyses the labor market effects of mandating paid time off. We leverage a German court ruling that mandated more time off for specific age groups in some industries and find that the ruling significantly increased paid time off, with no adverse effects on employment or wages. We interpret these results through the lens of canonical labor market models and find evidence for imperfect competition in the labor market. Our results suggest a similar degree of market power of employers over low and high-paid workers."

Archives

In this section you will find the programmes of the previous years. Click to expand the content.

Archives 2020-2021

OCTOBER 2020

15 Julien Martin (UQAM)
Corporate tax avoidance and industry concentration

22 Philipp Kircher (Cornell / UCLouvain)
An Economic Model of the Covid-19 Pandemic with Young and Old Agents: Behavior, Testing and Policies
joint with Luiz Brotherhood, Cezar Santos, and Michele Tertilt

Abstract

This paper investigates the importance of the age composition in the Covid-19 pandemic. We augment a standard SIR epidemiological model with individual choices on work and non-work social distancing. Infected individuals are initially uncertain unless they are tested. We find that older individuals socially distance themselves substantially in equilibrium. Con-fining the old even more reduces their welfare. Confining the young ex-tends the duration of the epidemic, with negative consequences on the old if the epidemic cannot be controlled after confinement. Testing and quarantines save lives, even if conducted just on the young, as does separation of activities by age. Combining policies can increase the welfare of both the young and the old

29 Nir Jairmovich (University of Zurich)
The Safety Net as a Springboard? A General Equilibrium Based Policy Evaluation

Abstract

We develop a search-and-matching model where the magnitude of unemployment insurance benefits affects the likelihood that unemployed actually engage in active job search. To quan- titively discipline this relation we use administrative data of unemployed search audits. We use the model to quantify the effects of unemployment reforms. For small benefits' increases, the policymaker faces a trade-off between an uptick in the measure of unemployed actually searching and a fall in the unemployment exit-rate conditional on searching. For larger bene- fits' increases, an active search margin magnifies the benefits' disincentives, leading to a bigger drop in the employment rate than previously thought.

NOVEMBER 2020

5 Tessa Bold (University of Stockholm, Institute for International Economic Studies) CANCELLED

12 Amelie Schiprowski (University of Bonn)
Interview Sequences and the Formation of Subjective Assessments

Abstract

Interviewing is a decisive stage of most processes that match candidates to firms or organizations. This paper studies how the interview assessment of a candidate depends on the other candidates seen by the same evaluator, and their relative timing in particular. We leverage novel administrative data covering about 29,000 one-to-one interviews conducted within the admission process of a prestigious study grant program in Germany. Identification relies on the quasi-random assignment of candidates to evaluators and time slots. We find that a candidate's assessment decreases when her evaluator receives a better candidate draw. Moreover, the influence of the previous candidate is about three times stronger than the influence of the average other candidate in the sequence. The empirical pattern suggests that evaluators exhibit a contrast effect caused by the interplay between the associative recall of prior candidates and the attention to salient quality differences.

Abstract

19 Michèle Belot (Cornell University)
Eliciting time preferences when income and consumption change over time
joint with Philipp Kircher and Paul Muller

Abstract

We propose a new method of eliciting individual time preference measures in settings where income or consumption changes over time. Standard time preference measures elicit the marginal value of money across different periods of time. If income remains constant, in standard models this identifies the discount factor. If income is volatile (and perfect smoothing infeasible), it measures the discount factor and changes in the marginal consumption utility. Our method relies on allocating lottery tickets with low winning probabilities but high rewards. In standard intertemporal choice models, the high reward decouples the allocation of lottery tickets from the current and expected future income levels (i.e., from changes in wealth and other income over time). We validate our method on experimentally on two student samples drawn from the same pool. One set of students is asked about discount factors in December at a time when their current budget is reduced by extraordinary expenditures for Christmas and Saint Nicholas gifts. The other one is asked in February when no such extra constraints exist. Finally, we apply our method to elicit discount factors from unemployed job seekers which naturally have varying income streams.

DECEMBER 2020

3 Özlem Bedre-Defolie (ESMT Berlin)
Hybrid Platform Model

Abstract

We provide a canonical and tractable model of a trade platform which enables buyers and sellers to transact and charges commission for hosting third party products. We extend it for “hybrid" platforms (like Amazon), which also resell their own products. The hybrid platform controls both the number of differentiated products (variety) it hosts and their prices via its own product price and commission. We micro-found the model by engaging three key recent conceptual innovations: a mixed oligopoly demand model where a large player (the platform’s product) interacts with a monopolistically competitive fringe (3rd party sellers); long-run aggregative games with free entry to model seller entry; Weitzman's optimal search rule adapted to where buyers choose to participate on-board the platform depends on both heterogeneous outside options and joining costs. Allowing the platform sell its own product (hybrid mode) hurts consumers. The larger the market share of the platform's product, the higher the platform's commission on 3rd-party sales and the lower are consumer benefits. We support our theoretical predictions with some evidence from Amazon.

10 Willemien Kets (Oxford University)
A Theory of Strategic Uncertainty and Cultural Diversity

Abstract

We identify a new mechanism through which cultural diversity affects economic outcomes, based on a model of culture as shared cognition. Under this view, cultural diversity matters because it increases strategic uncertainty. The model can help better understand a variety of disparate evidence, including why homogeneous societies can be more conformist, why diverse societies may get stuck in a low-trust trap, why companies with a strong culture may fail to adopt superior work practices, and why autocratic rulers in diverse societies may overinvest in state capacity.

17 Evi Pappa (Universidad Carlos III)
It's Raining Money, Hallelujah: Empirical Evidence on the Effects of Helicopter Money Drops

Abstract

We derive direct inference on the macroeconomic effects of helicopter money drops using the random allocation of the Spanish Christmas Lottery in different provinces, as a natural experiment. This is the only case in the world where individuals living in one region randomly receive pure monetary transfers of a considerable amount. In particular, we study the monthly regional level data on unemployment from the National Employment Agency (SEPE) and CPI prices from the Spanish Statistical Office (INE) and individual and regional data on consumer sentiment regarding the Spanish and individual economic outlook drawn from the Spanish Center of Sociological Research (CIS). We show, using local projections, that the money drops reduce unemployment and increase CPI prices at the regional level. Money drops significantly boost economic sentiment for both current and future economic conditions both at the province and at the individual level and their effects are stronger during recessions. Such policies impact mostly the sentiment of younger, less educated and poorer individuals and women.

January 2021

14 Stefan Picher (ETH Zurich) !! 13:15 !!
Mandated Sick Pay: Coverage, Utilization and Welfare Effects

Abstract

This paper evaluates the labor market effects of sick pay mandates in the United States. Using the National Compensation Survey and difference-in-differences models, we estimate their impact on coverage rates, sick leave use, labor costs, and non-mandated fringe benefits. Sick pay mandates increase coverage significantly by 13 percentage points from a baseline level of 66%. Newly covered employees take two additional sick days per year. We find little evidence that mandating sick pay crowds-out other non-mandated fringe benefits. We then develop a model of optimal sick pay provision along with a welfare analysis. For a range of plausible parameter values, mandating sick pay increases welfare.

Joint with Johanna Catherine Maclean and Nicolas R. Ziebarth

18 Tiany Wang (University of Copenhagen) !! Monday 9:30 !!
Media, Pulpit, and Populist Persuasion: Evidence from Father Coughlin

Abstract

New technologies make it easier for charismatic individuals to influence others. This paper studies the political impact of the first populist radio personality in American history. Father Charles Coughlin blended populist demagoguery, anti-Semitism, and fascist sympathies to create a hugely popular radio program that attracted tens of millions of listeners throughout the 1930s. Exploiting variation in the radio signal strength as a result of topographic factors, I find that a one standard deviation increase in exposure to Coughlin’s anti-Roosevelt broadcast reduced FDR’s vote share by about two percentage points in the 1936 presidential election. Effects were larger in counties with more Catholics. An alternative difference-in-differences strategy exploiting Coughlin’s switch in attitude towards FDR during 1932-1936 confirms the results. Moreover, I find that places more exposed to Coughlin’s broadcast in the late 1930s were more likely to form a local branch of the pro-Nazi German-American Bund and sold fewer war bonds during WWII.

19 Marc Sangier (Aix-Marseille University) !! Tuesday 9:30 !!
Political Connections and White-collar Crime: Evidence from Insider Trading in France

Abstract

This paper investigates whether political connections affect individuals’ propensity to engage in white-collar crime. We identify connections by campaign donations or direct friendships and use the 2007 French Presidential election as a marker of change in the value of political connections to the winning candidate. We compare the behavior of Directors of publicly listed companies who were connected to the future President to the behavior of other non-connected Directors, before and after the election. Consistent with the belief that connections to a powerful politician can protect someone from prosecution or punishment, we uncover indirect evidence that connected Directors are more likely to engage in suspicious insider trading after the election: Purchases by connected Directors trigger larger abnormal returns, connected Directors are less likely to comply with trading disclosure requirements in a timely fashion, and connected Directors trade closer in time to their firms’ announcements of results.

Joint with Thomas Bourveau and Renaud Coulomb

29 Francesca Monti (King's College) ) !! 13:15 !!
Nowcasting with large Bayesian vector autoregressions

Abstract

Monitoring economic conditions in real time,or nowcasting, is among the key tasks routinelyperformed by economists. Nowcasting entails some key challenges, which also characterisemodern Big Data analytics, often referred to as the three “Vs”: the large number of timeseries continuously released (Volume), the complexity of the data covering various sectors ofthe economy, published in an asynchronous way and with different frequencies and precision(Variety), and the need to incorporate new information within minutes of their release (Ve-locity). In this paper, we explore alternative routes to bring Bayesian Vector Autoregressive(BVAR) models up to these challenges. We find that BVARs are able to effectively handlethe three Vs and produce, in real time, accurate probabilistic predictions of US economicactivity and, in addition, a meaningful narrative by means of scenario analysis.

Joint with Jacopo Cimadomo, Domenico Giannone, Michele Lenza and Andrej Sokol

25 Alexandros Theloudis (LISER) !! Monday 9:30 !!
Consumption Inequality across Heterogeneous Families

Abstract:

What does preference heterogeneity imply for consumption inequality? This paperstudies the link from wage to consumption inequality within a lifecycle model of con-sumption and family labor supply. Its distinctive feature is that households have generalheterogeneous preferences over consumption and labor supply. The paper shows iden-tification of the joint distribution of unobserved household preferences separately fromthe observed distributions of incomes and outcomes. Estimation on data from the PanelStudy of Income Dynamics in the US reveals substantial unexplained heterogeneity inconsumption preferences but little unexplained heterogeneity in labor supply preferences.Consumption preference heterogeneity accounts for about a third of consumption inequal-ity in recent years and implies a distribution of partial insurance of wage shocks.

25 Marta Bozcon (University of Pittsburgh) !! Monday 13:15 !!
Quantifying Uncertainties in Estimates of Income and Wealth Inequality

Abstract:

I measure the uncertainty affecting estimates of economic inequality in theUS and investigate how accounting for properly estimated standard errors can affect theresults of empirical and structural macroeconomic studies. In my analysis, I rely upon twodata sets: the 1989–2019 Survey of Consumer Finances (SCF), which is a triennial surveyof household financial condition, and the 1991–2012 Individual Tax Model Public Use File(PUF), an annual sample of individual income tax returns. While focusing on six income andwealth shares within the top 10 percent, my results suggest that ignoring uncertainties inestimated income and wealth shares can lead to statistically imprecise conclusions about thepast and current levels of top income and wealth inequality, and therefore, lead to inaccuratepredictions and potentially ineffective policy recommendations. My analysis suggests thatfor the six top-decile income shares under consideration, the PUF estimates are considerablybetter than those constructed using the SCF; for wealth shares of the top 10 to the top 0.5percent, the SCF estimates appear to be more reliable than the PUF estimates; finally, forthe two most granular wealth shares, the top 0.1 and 0.01 percent, both data sets presentnon-trivial challenges that cannot be readily addressed.

27 Lukas Hoesch (Universitat Pompeu Fabra) !! Wednesday 09:15 !! - CANCELLED
Specification Tests Robust to Multiple Instabilities

Abstract

I develop a hypothesis test for model evaluation which is robust to time-variation in parameters. The proposed method can be applied in-sample and out-of-sample to any economic model based on moment conditions. In-sample, the test selects between two nested model specifications in the presence of parameter instabilities. Out-of-sample, the test can be used to evaluate the performance of model or judgmental forecasts robust to time-variation. The key feature of the proposed test is that it is particularly powerful in the presence of multiple shifts in parameters without imposing a specific form of time-variation. Further, the test statistic provides narrative evidence on which parts of the sample drive the rejection of the null hypothesis. Simulations show that the test is accurately sized in finite samples and is more powerful than tests assuming constant coefficients or a single break if the data-generating process exhibits multiple shifts in parameters. Using the proposed test, I document the presence of short-horizon predictability in the U.S. equity premium during the postwar period. I find evidence of predictability for a large set of variables once timevariation is taken into account. The test further provides evidence of heterogeneity in the location of predictability episodes across variables. The findings explain why traditional tests often fail to uncover predictability in the full sample and why studies that split the sample at different dates often arrive at conflicting results regarding the predictive ability of a wide class of variables.

28 Romual Méango (Munich Center for the Economics of the Aging) !! 09:15 !!
The (Option-)value of Overstaying

Abstract

The objective of this paper is to calculate asylum seekers’ex antereturns onoverstaying when their application is rejected. It takes advantage of a uniquesurvey designed to permit estimation of a structural model about the decision tooverstay. The proposed model sees this decision as a utility maximization problemwith uncertainty about the final choice. The paper proposes mild conditions fornonparametric identification of several objects of interest, including populationdistribution ofex antepecuniary benefits, non-pecuniary costs, surpluses, andoption-value created by the chance of becoming regularized in the future. Estimationis conducted using a semiparametric estimation procedure on a sample of Afghanasylum seekers.Ex antesurpluses of overstaying are predominantly positive butvery heterogeneous in the population. The pecuniary benefits explain a modestpart of these surpluses. In contrast, the option-value and the cost associated witha deportation are important components of the expected returns. Afghan asylumseekers are ready to spend a long time with a precarious status to eventually obtainthe right to stay and the amenities associated with it.

FEBRUARY 2021

4 Bernard Cornet (Université de Paris 1)
Market frictions, hedging complements, and put-call parity

Abstract

This paper considers financial markets with bid-ask spreads and studies the class of markets with hedging complements, a property formalized by the complementarity of its hedging price, in the same way as strategic complements is defined on agents’ payoff functions in game theory. The class of markets with hedging complements contains both markets with frictionless securities and the larger class markets with independent marketed securities together with the frictionless bond, assuming both to be arbitrage-free. Moreover, the hedging prices of the latter markets are proved to satisfy a tractable explicit formula, as the sum of a “generalized” convex Choquet integral and of a modular term. Finally this class of markets also satisfyg the put-call parity of Cerreia-Vioglio, Maccheroni, Marinacci, and Montrucchio (2015).

11 Luigi Butera (Copenhagen Business School)
A New Mechanism to Alleviate the Crises of Confidence in Science - With An Application to the Public Goods Game

Abstract

Recently a credibility crisis has taken hold across the social sciences, arguing that a component of Fischer (1935)’s tripod has not been fully embraced: replication. The importance of replications is not debatable scientifically, but researchers and journals’ incentives are not sufficient to encourage replications. We analyze a novel, decentral- ized approach promoting replications through beneficial gains between scholars and editors. We highlight the trade-offs involved in seeking independent replications before submission to journals, and demonstrate the operation of this method via an investi- gation of the effects of Knightian uncertainty on cooperation in public goods games, a pervasive but largely unexplored feature in the literature.

18 Kate Orkin (Blavatnik School of Governance, Oxford) - EOS Development Seminar
Aspirations, Assets, and Anti-Poverty Policies

Abstract

Aspirations for a better future can motivate people to make long-term investments. But do aspirations constrain investment only when people are poor, or do they continue to limit investment when people become wealthier? We run a 415-village field experiment in Western Kenya to study this relationship. We cross-randomize two interventions: a video documentary about successful people in similar villages who escaped poverty, which aims to increase aspirations; and a 2,273 USD PPP unconditional cash transfer. We find that aspirations limit investments: the psychological intervention alone increases aspirations, labour supply, expenditure on inputs, revenue, and education spending, by roughly one quarter to one third as much as the cash transfer. After people receive cash, their aspirations for income and wealth increase, and aspirations no longer constrain investments in economic activities. However, cash alone does not increase aspirations for and investments in children's education. In contrast, the group who receive both video and cash have higher education aspirations and invest more in children's education than the group who receive only cash. These results suggest that increases in wealth alone remove most of the constraints of aspirations on investment, but low aspirations may still limit longer-term, potentially high-return investments

25 Dennis Novy (University of Warwick)
Transitivity in Trade

Abstract

A large literature on social networks shows that individuals are more likely connected with each other if they have common connections with other individuals. We take this idea to trade between firms. Firms are more likely to trade with each other if they share common trading partners, and forming a new connection makes trade with other partners more likely. We embed such transitivity effects in a model of trade in differentiated products. Transitivity effects act as an externality leading to lower effective trade costs, especially over short distances where trade connections tend to be dense. This implies an agglomeration-like impact at the local level. We show that transitivity effects between firms translate to the aggregate level of trade between locations. In general equilibrium, the model yields a gravity framework with endogenous bilateral trade costs that depend on the intensity of shared trade links with third locations. On the empirical side, we use data on domestic US manufacturing shipments to estimate transitivity effects. Our results suggest that they can account for a sizeable fraction of the variation in trade flows.

MARCH 2021

4 Elie Murard (University of Alicante) !! CANCELLED!!

11 Vincent Dautel (LISER)
Investigating neighbourhood effects in welfare-to-work transitions

Abstract

We analyse the existence and underlying mechanisms of neighbourhood effects in welfare-to-work transitions in the context of a dominant proportion of foreign-born individuals. The analysis is based on Luxembourg social security longitudinal data, covering 2001–2015, and provides precise information at the postcode level, corresponding mostly to streets. Our identification strategy exploits the exogenous variations provided by the very fine data granularity and follows two paths. We first examine interactions among all neighbours using an individual-level analysis, before focusing on interactions among only welfare recipients using a matched-pair analysis. This second step allows us to deal with the mediating effect of welfare recipients’ citizenship. The main findings highlight the existence of neighbourhood effects in welfare-to-work transitions, which are also affected by the characteristics of the neighbours, including their citizenship. These characteristics suggest that social norms and/or stigma, prevail over the support for welfare recipients to find a job, and over the in-group support for welfare recipients. The matched-pair analysis provides contrasting results across citizenship for individuals from large-sized citizenship groups (interactions within the own group) and individuals from medium-sized groups (interactions between groups).

Joint with Alessio Fusco

18 Mine Senses (Johns Hopkins University) !! CANCELLED!!

25 Jackie Wahba (University of Southampton) !! CANCELLED!!

APRIL 2021

1 Sebastian Schmidt (ECB)
Expectations-driven liquidity traps: Implications for monetary and fiscal policy

Abstract

We study optimal time-consistent monetary and fiscal policy in a New Keynesian model where occasional declines in agents' confidence give rise to persistent liquidity trap episodes. Insights from widely-studied fundamental-driven liquidity traps are not a useful guide for enhancing welfare in this model. Raising the inflation target, appointing an inflation-conservative central banker, or allowing for the use of government spending as an additional stabilization tool can exacerbate deflationary pressures and demand deficiencies during the liquidity trap episodes. However, appointing a policymaker who is sufficiently less concerned with government spending stabilization than society eliminates expectations-driven liquidity traps.

22 Aleksei Parakhonyak (Oxford University)
Dynamic Consumer Search

Abstract

We consider a model in which firms sell differentiated products, and consumers are interested in buying repeatedly over time but need to search for price and product information. Firms and consumers turn over at an exogenous rate. We show that provided the search cost is not too large, the market exhibits pure strategy price dispersion. Specifically, older firms charge higher prices because they face a larger and `better-matched' demand. The fact that sellers gradually raise their prices over time also leads to rich consumer search and purchase dynamics. For example, consumers may initially search a lot for a product, return to the seller and buy for several periods, but then faced with successive price increases quit the firm and search again for a new product. We also provide conditions under which the ability of sellers to contact past customers and offer them personalized prices leads to higher consumer surplus.

29 Marisa Miraldo (Imperial College London)
Innovation Diffusion and Physician Networks: Keyhole Surgery for Cancer in the English NHS

Abstract

We examine the effect of a physician network on medical innovation using novel matched patient-physician-hospital panel data. The data include every relevant physician and all patients in the English NHS for 15 years and physicians’ workplace histories for more than 20. The dynamic network arising from physician mobility between hospitals over time allows us to separate unobserved physician and hospital heterogeneity from the effect of the network. We build on standard peer-effects models by adding cumulative peer behaviour and allow for particularly influential physicians (‘key players’), whose identities we estimate. We find positive effects of peer innovation take-up, number of peers, and proximity in the network to both pioneers of the innovation and key players. Counterfactual estimates suggest that early intervention targeting young, connected physicians with early take-up can significantly increase aggregate take-up.

MAY 2021

6 Mathieu Couttenier (University of Lyon) - EOS Development Seminar
The Economic Costs of Conflict: A Production Network Approach

Abstract

We provide new evidence on how conflict adversely affects economic outcomes. Specifically, we ask whether and how the production network is a first-order determinant of the propagation of conflict to firms outside of conflict zone. Using microdata on Indian manufacturing plants and geo-coded information on Maoist insurgency, we first provide an estimate of the direct exposure to conflict. Firms located in conflict affected areas suffer a loss of 7-11% of their output. Estimating structurally a general equilibrium model of production networks, we then obtain an estimate for the overall macroeconomic impact of the Maoist insurgency by taking this propagation effects into account. We find that the Maoist insurgency resulted in a 0.4-0.7% decline in aggregate output of Indian’s manufacturing sector. Only the 20% of this loss is due to direct exposure to conflict, whereas the remaining 80% explained by the indirect exposure to conflict through the network production.

20 Han Bleichdrodt (Erasmus University Rotterdam) !! CANCELLED!!

Archives 2019-2020

Programme for the academic year 2019 - 2020

October 2019

3 Yair Antler (Tel Aviv University)
Multilevel Marketing: Pyramid-Shaped Schemes or Exploitative Scams

Abstract

Motivated by the growing discussion on the legitimacy of multilevel marketing schemes and their resemblance to pyramid scams, we compare the two phenomena based on their underlying compensation structures. We identify the conditions on the tendency of agents to spread information by word of mouth, under which a principal can design a pyramid scam to exploit a network of agents whose beliefs are coarse. We find that a pyramid scam is sustainable only if its underlying reward scheme compensates each participant based on at least two levels of recruitment, i.e., the people he recruits and the people they recruit.

10 Luca Fornaro (CREI)
Monetary Union and Financial Integration

Abstract

It is often argued that forming a monetary union increases financial integration and leads to a more efficient allocation of capital across member countries. To investigate this claim, this paper provides a model connecting monetary policy and international capital flows. The key feature of the model is that monetary policy affects the value of collateral that can be repossessed by creditors in case of default. Once a country has accumulated a large stock of external debt, it is optimal for the government to depreciate the exchange rate to expropriate foreign investors. Anticipating this, under flexible exchange rates international investors impose tight borrowing limits on foreign debtors. In a monetary union this source of exchange rate risk is absent, because national governments do not control monetary policy. Forming a monetary union thus increases financial integration by boosting borrowing capacity toward foreign investors. This process, however, does not necessarily lead to higher welfare. Higher financial integration may increase welfare by fostering capital flows from capital-abundant to capital-scarce countries. But a high degree of financial integration may also make episodes of inefficient capital flights out of capital-scarce countries possible.

17 Markus Dertwinkel-Kalt ( Frankfurt School of Finance and Management)
Salience Effects in Portfolio Selection
This seminar will take place at More 57 instead of Doyens 22.

Abstract

Portfolio under-diversification is one of the most pervasive phenomena in household finance. We show that salience theory of choice under risk synthesizes seemingly disparate explanations for under diversification that have been established in the literature: skewness preferences and correlation misperception. On the one hand, we study under-diversification with symmetric assets and find that salience theory can rationalize experimental evidence on naive diversification. On the other hand, we derive predictions on the role of correlation for portfolio selection with skewed assets, which allow us to distinguish between our salience-based explanation of under-diversification and naive decision rules such as the 1/N-heuristic. We plan to test our novel predictions in a lab experiment.

31 Jacques Crémer (Toulouse School of Economics)
Migration Between Platforms

Abstract

We study incumbency advantage in platform industries, where the utility of participating in a platform is increasing in the mass of users participating in that platform. Individuals receive stochastic opportunities to migrate from an incumbent to a new (entrant) platform, which they can accept or wait until the next opportunity arises. Individuals have an incentive to delay migration until enough other users have migrated, which provides a micro-foundation for incumbency advantage. When users obtain more frequent migration opportunities, the cost of delaying migration is reduced, so incumbency advantage increases. Migration technologies that allow for large groups of individuals to migrate in a short period of time (i.e., coordination) are also associated with higher incumbency advantage. There always exists some capacity constraint by the entrant which increases the cost of delaying migration and thereby reduces incumbency advantage. Multi-homing reduces incumbency advantage but does not eliminate it. When individuals have heterogeneous preferences for the two platforms, there can be welfare losses due to excessive segregation of individuals across the platforms.

Link to the paper

November 2019

7 Mark Weder (Aarhus University)
Do We Really Know that Monetary Policy was Destabilizing in the 1970s?

Abstract

The paper re-examines whether the Federal Reserve's monetary policy was a source of instability during the Great Inflation by estimating a sticky-price model with positive trend inflation, commodity price shocks and sluggish real wages. Our estimation provides empirical evidence for substantial wage-rigidity and finds that the Federal Reserve responded aggressively to inflation but negligibly to the output gap. In the presence of non-trivial real imperfections and well-identified commodity price-shocks, U.S. data prefers a determinate version of the New Keynesian model: monetary policy-induced indeterminacy and sunspots were not causes of macroeconomic instability during the pre-Volcker era.

14 Julia Cagé (Sciences-Po)
Heroes and Villains: The Effects of Combat Leadership on Collaboration in War-Time France

Abstract

Do political leaders alter the course of history by changing political preferences and behaviours? We answer this question by showing how World War I combat exposure to Philippe Pétain - a French general officer at the time who later served as the Chief of State of Vichy France from 1940 to 1944 - led people to collaborate with the German occupant and the Vichy regime. Uniquely in the literature, we digitized a newly declassified dataset on nearly 100,000 individuals who collaborated during World War II. We also construct a new dataset of all the location of the regiments that fought during World War I, in particular during the Battle of Verdun Pétain is consider the "victor" of. We find that communes where regiments fought the Battle of Verdun under direct command of Pétain in 1916, compared to similar communes that fought the same Battle under a different general, had 30% more collaborators during WWII. We show that rotation at Verdun under Pétain was as good as randomly assigned. Yet, in those communes, more people joined collaborationist paramilitary groups, militated in collaborationist political organisations, or directly collaborated with the Nazi regime e.g by joining the Gestapo. We also provide evidence that this translated into a durable Left-Right swing in post-War France.
(joint with Anna Dagorret, Pauline Grosjean and Saumitra Jha)

21 Filomena Garcia (Indiana University)
Nationalistic bias in collusion competition

28 Juan Carluccio (Banque de France)
Dissecting the impact of imports from low-wage countries on French consumer prices

Abstract

We provide a quantitative assessment of the impact of imports from low-wage countries (LWCs) on CPI inflation in France during 1994-2014, using detailed micro data on imports and exports. The share of imports from low-wage countries in consumption increased from about 2% to 7%, and resulted in a negative impact on CPI inflation of about 0.17 pp per year on average. This effect decomposes in three channels. 1) The substitution channel, capturing the replacement of domestic production by goods from LWCs, accounts for almost -0.05 pp. 2) The rise in the proportion of LWC goods in total imports weighed down on imported inflation. This channel reduced French CPI inflation by 0.06 pp per year. 3) Instrumental variable estimation of the competition channel at the product level shows that the increase in the market share of LWCs in French expenditures led to a negative effect of 0.06 pp on CPI inflation.

(joint with Erwan Gautier (Banque de France) and Sophie Guilloux-Nefussi (Banque de France))

December 2019

5 Jochen Mankart (Bundesbank)
House Price Expectations and Housing Choice

Abstract

What is the role of heterogeneous house-price expectations for boom-bust cycles in the housing market? We exploit a unique Dutch panel data set on households'house price expectations and their consumption, savings and housing choices for the period 2003-2016. This period was characterized by a pronounced boom-bust cycle in the housing market. Conditioning the sample on household heads who report non-zero house price expectations, we nd that expectations closely track realized house prices. We next develop a structural life-cycle model of the Dutch housing market where we distinguish household types according to their house price expectations. We employ a calibrated model variant to test if observed variations in expectations can account for the housing boom-bust cycle. First results show that our model closely matches the observed fluctuations of the rent-to-price ratio in the data but overshoots the size of the housing boom.

12 Anastasios Karantounias (Fed Atlanta)
Greed versus Fear : Optimal Time-Consistent Taxation with Default

Abstract

This paper studies the optimal time-consistent distortionary taxation when the repay- ment of government debt is not enforceable. The government taxes labor income or issues non-contingent debt in order to finance an exogenous stochastic stream of fiscal shocks. Debt can be repudiated subject to some default costs. Optimal policy is characterized by two opposing incentives: an incentive to postpone taxes by issuing more debt for the future (“Greed”), and an incentive to tax more currently in order to avoid punishing de- fault premia (“Fear”). A Generalized Euler Equation (GEE) captures these two effects and determines the optimal back-loading or front-loading of tax distortions. Even if de- fault risk is small, tax-smoothing is severely limited. The same mechanisms operate also in environments with long-term debt.

February 2020

6 Martin Peitz (University of Mannheim)
Add Clutter, Time Use, and Media Diversity

Abstract

We introduce advertising congestion along with a time-use model of consumer choice among media. Both consumers and advertisers multi-home. Higher equilibrium advertising levels ensue on less popular media platforms because platforms treat consumer attention as a common property resource: smaller platforms internalize less the congestion from advertising and so advertise more. Platform entry raises the ad nuisance “price” to consumers and diminishes the quality of the consumption experience on all platforms. With symmetric platforms, entry still leads to higher consumer benefits. However, entry of less attractive platforms can increase ad nuisance levels so much that consumers are worse off.

13 Alex Armand (Nova School of Business and Economics)
Does Information Break the Political Resource Curse? Experimental Evidence from Mozambique

Abstract

The political resource curse is the idea that natural resources can lead to the deteriorationof public policies through corruption and rent-seeking by those closest to political power. Oneprominent consequence is the emergence of conflict. This paper takes this theory to the datafor the case of Mozambique, where a substantial discovery of natural gas recently took place.Focusing on the anticipation of a resource boom and the behavior of local political structuresand communities, a large-scale field experiment was designed and implemented to follow thedissemination of information about the newly-discovered resources. Two types of treatmentsprovided variation in the degree of dissemination: one with information targeting only localpolitical leaders, the other with information and deliberation activities targeting communitiesat large. A wide variety of theory-driven outcomes is measured through surveys, behavioralactivities, lab-in-the-field experiments, and georeferenced administrative data about local con-flict. Information given only to leaders increases elite capture and rent-seeking, while infor-mation and deliberation targeted at citizens increases mobilization and accountability-relatedoutcomes, and decreases violence. While the political resource curse is likely to be in play,the dissemination of information to communities at large has a countervailing effect.

20 Gabriella Conti (University College London)
Long-Term Health Effects of Prenatal and Infancy Home Visiting: Evidence from a Randomized Trial

Abstract

Home visiting programmes are increasingly being implemented for expectant families and those with young children identified with vulnerabilities or risks for poorer outcomes, however evidence on their long-term impacts is surprisingly scarce. In this paper we study the health impacts at the 18-year follow-up of the Memphis randomized controlled trial of the Nurse Family Partnership (NFP), one of the oldest and most thoroughly evaluated nurse home visitation programs in the United States. We find lower rates of hypertension in the mothers who were visited by the nurses in pregnancy and postnatally, and lower prevalence of obesity in their adolescent children. These effects are mostly concentrated in girls and their mothers, and can be traced back since the prenatal and the birth period. Our results provide importance new evidence on the potential role of prenatal and infancy home visiting in preventing or delaying the onset of costly chronic health conditions.

27 Austin Wright (University of Chicago)
Rebel Capacity and Combat Tactics

Abstract

Classic and modern theories of rebel warfare emphasize the role of unexpected attacks against better equipped government forces. We test implications of a simple model of combat and information-gathering using highly detailed data about Afghan rebel attacks, insurgent-led spy networks, and counterinsurgent operations. Timing of rebel operations responds to changes in the group's access to resources. Results are supplemented with numerous robustness checks as well as a novel IV approach that uses machine learning and high frequency data on local agronomic inputs. Main effects are significantly enhanced in areas where rebels have the capacity to spy on and infiltrate military installations. Consistent with the model, shocks to labor scarcity and government surveillance operations have the opposite effect on attack timing.

March 2020

5 Anandi Mani (Oxford University)
Congnitive Droughts

Abstract

This paper tests whether worryingabout rainfall risk impairsfarmers’ decision-making, through worse cognition. Behavioraltheories predict that worries could impose a psychological tax on farmers, reducing the quality of their decisionsand, in turn,leading to material consequences at all times and across all states of nature –even when negative rainfall shocks do not materialize down the line. Using a novel technology to run lab experiments in the field, we combine survey experiments and recent rainfall shocks to estimate the effects of worryingabout rainfall risk on farmers’ cognition.We find that worries about rainfall increase farmers’ cognitive load and their susceptibility to a variety ofbehavioral biases. In theory, insurance could mitigatethose effects by alleviating the material consequences of rainfall risk. To test this hypothesis, we randomly assignoffers of an index insurance product, and find that it does not affect farmers’ worries about rainfall, cognitive load,or susceptibility to biases. These resultssuggest that farmers’ anxiety might berelatively difficult to alleviate.

12 Day Manoli (University of Texas Austin) !! CANCELLED !!
Long-term Effects of Job Search Assistance: Experimental Evidence Using Administrative Tax Data

Abstract

This paper uses administrative tax data to examine the long-term effects of an experimental job-search assistance program operating in Nevada in 2009. The program required randomly-selected unemployed workers who had just started collecting unemployment insurance (UI) benefits to undergo an eligibility review and receive personalized job-counseling services. The program led to substantial short-term reductions in UI receipt, and to persistent, long-term increases in employment and earnings. The program also affected participants’ family outcomes, including total income, tax filing, tax liability, and home ownership. These findings show that job-search assistance programs may produce substantial long-term effects for participants and their families.
(with M. Michaelides and A. Patel)

19 Mine Senses (John's Hopkins) !! CANCELLED !!

26 Marc Klemp (Univerity of Copenhagen) !! CANCELLED !!

April 2020

2 Dylan Glover (INSEAD) !! CANCELLED !!

23 Andrea Guariso (Trinity College) !! CANCELLED !!

30 Daniel Yi Xu (Duke University) !! CANCELLED !!

May 2020

7 Oriol Carbonell Nicolau (Rutgers University) !! CANCELLED !!

14 Elena Esposito (DEEP-HEC) !! CANCELLED !!

June 2020

4 Michèle Belot / Philip Kircher (EUI)

11 Marie-Louise Leroux (UQAM)

Archives 2018 -2019

Employment Effects of Payroll Tax SubsidiesThursday October 4, 2018
Valerie Lechene (University College London)
A structural analysis of the decline of home cooked food

Thursday October 11, 2018
Régis Renault (Cergy-Pontoise)
Search Direction: Position Externalities and Position Bias

Thursday October 18, 2018
Gianmarco Ottaviano (LSE/Bologna)
Appropriability of Intellectual Assets and the Organization of Global Supply Chains

Thursday November 8, 2018
Mike Elsby (Uiversity of Edinburgh)
Male joblessness in the United States

Thursday November 15, 2018
Antonio Rosato (Cambridge University)
Projection of Private Values in Auctions

Thurday November 22
Nuno Coimbra (PSE)
Financial Cycles with Heterogeneous Intermediaries

Thursday, November 29, 2018
Maarten Bosker (University of Rotterdam)
Shock propagation in global supply chains. Evidence from the US-Vietnam Bilateral Trade Agreement

Thursday, December 6, 2018
Michal Kobielarz (KULeuven)
Unstable Monetary Unions – The Role of Expectations and Past Experience

Thurday, December 13, 2018
Seminar on immigration with L. Minale, H. Rapopport and M. Burzynski

2019

Thursday February 7, 2019
Sascha Becker (Warwick)
Effects of Catholic Censorship during the Counter-Reformation

Thursday Febraury14, 2019
Matteo Cervellati (Bologna)
Sovereign Polities and Pre-Industrial Development: Theory and Evidence for Europe 1000-1850

Thurday February 21, 2019
Botond Kőszegi (Central European University)
An Attention-Based Theory of Mental Accounting

Thursday February28, 2019
Sandy Tubeuf (UCLouvain, IRSS)
(In)-equality of opportunity in the allocation of R&D resources for rare diseases

Thursday March 7, 2019
Matthias Doepke (Northwestern)
Employment Protection, Investment in Job-Specific Skills, and Inequality Trends in the United States and Europe

Tuesday March 12, 2019
John Roemer (Yale University)
How we cooperate: A theory of Kantian optimization

Thurdsay March14, 2019
Regina Riphahn Erlangen (Nürnberg)
Employment Effects of Payroll Tax Subsidies

Thursday March 21, 2019
Gianluca Orefice (CEPII)
Immigration and Worker-Firm matching

Thurday March 28, 2019
Ferdinand Vieider (Ghent University)
Environmental Factors Shape Risk Preferences

Thursday April 4, 2019
James Fenske (Warwick)
Pre-Colonial Warfare and Long-Run Development in India

Thursday April 11, 2019
Chiara Farronato (Harvard Business School)
Consumer Protection in an Online World: An Analysis of Occupational Licensing

Thursday May 2, 2019
Alessandro Sommacal (University of Verona)
Flat tax reforms in Italy through the lens of an heterogenous agents OLG model

Thursday May 9, 2019
Day Manoli (University of Texas) !! CANCELLED !!

Thursday May16, 2019
Pietro Biroli (University of Zurich)
Genetics and Health Insurance: How Genes and Insurance Status Affect Smoking Decisions after Health Shocks

Thursday May 23, 2019
Sydney Ludvigson (New York University)
How the Wealth Was Won: Factor Shares as Market Fundamentals

Archives 2017-2018

Thursday September 21, 2017
Peter Dolton (University of Sussex)
The Optimal Length of the Working Day : Evidence from Hawthorne Experiments

Thursday September 28, 2017
Olivier Charlot (University of Cergy)
Taxation of Temporary Jobs: Good Intentions with Bad Outcomes

Thursday October 5, 2017
Catherine Guikinger (Namur University)
Buy as you Need Nutrition and Food Storage Imperfections

Thursday October 19, 2017 - CANCELLED
Katja Kaufmann (University of Mannheim)
Gender Peer effects, non-Cognitive Skills and Marriage Outcomes: Evidence from single-sex schools in the UK

Thursday October 25, 2017
Luis Cabral (New York University)
Standing on the Shoulders of Dwarfs: Dominant Firms and Innovation Incentives

Thursday November 2, 2017
Felix Kübler (University of Zurich)
Self-justified Equilibria in Dynamic Economies with Heterogenous Agent

Thursday, November 9, 2017
Bilal Zia (World Bank)
Learning Business Practices from Peers: Experimental Evidence from Small-Scale Retailers in Jakarta

Thursday, November 16, 2017
Paul Heidhues (University of Dusseldorf)
Unrealistic Expectations and Misguided Learning

Thursday, November 23, 2017
Cheti Nicoletti (University of York)
Do Parental Investment React to Changes in Child's Skills and Health

Thursday, November 30, 2017
Alain Venditti (Aix Marseille, School of Economics)
On Sunspot Fluctuations in Infinite-Horizon Models: A General Analysis

Thursday, December 7, 2017
Heiner Schumacher (KU Leuven)
Equilibrium Contracts and Boundedly Rational Expectations

Thursday, December 14, 2017
Ariell Reshef (PSE)
Techies, Trade and Skill-Biased Productivity: Firm Level Evidence from France

Thursday, February 1, 2018
V. Filipe Martins da Rocha (Université Dauphine)
Self-enforcing Debt Limits and Costly Default in General Equilibrium

Thursday, February 8, 2018
Heiko Karle (University of Frankfurt)
Competition and Information Quality in the Market for News

Thursday, February 15, 2018
Sebastian Krautheim (University of Passau)
The International Organization of Production in the Regulatory Vacuum

Thursday, February 22, 2018
Harris Dellas (University of Bern)
Fiscal Policy with an Informal Sector

Thursday, March 1, 2018
Simon Cornée (University of Rennes)
A Theory of Social Finance

Thursday, March 8, 2018
Grégory Jolivet (University of Bristol)
A Structural Analysis of Health and Labour Market Trajectories

Thursday, March 15, 2018
Ingela Alger (Toulouse School of Economics)
Uninvadable social behaviors and preferences in group- structured populations

Thursday, March 22, 2018
Stefano Gnocchi (Bank of Canada)
Downward Nominal Wage Rigidity Meets the Zero Lower Bound

Thursday, March 29, 2018
Manolis Galenianos (Royal Holloway)
Referral Networks and Inequality

Thursday April 19, 2018
Bernard Sinclair-Desgagné (HEC Montréal)
Measuring Innovation and Innovativeness: A data mining approach

Thursday, April 26, 2018
Simone Bertoli (FERDI)
Migration and co-residence choices: evidence from Mexico

Thursday, May 3, 2018
Hippolyte d'Albis (PSE)
Immigration and Fiscal Balance: Evidence from Western European Countries

Thursday May 17, 2018
Stefania Albanesi (University of Pittsburgh)
Changing Business Cycles: The Role of Women's Employment

Friday June 15, 2018
Melanie Meng Xue (Northwestern University)
High-Value Work and the Rise of the Women: The Cotton Revolution and Gender Equality in China

Archives 2016-2017

Thursday, September 22, 2016 - 12.45
Pedro Teles (Universidade Catolica Portuguesa)
More on the Taxation of Capital

Thursday, September 29, 2016
Valérie Smeets (Aarhus University)
Multi-product firms, import competition and the evolution of firm-product technical efficiencies

Thursday, October 6, 2016
Albert Marcet (CSIC), ICREA, UAB, MOVE, Barcelona GSE & CEPR)
Stock Price Booms and Expected Capital Gains?

Thursday, October 13, 2016
Nuno Palma (European University Institute and University of Groningen)
The existence and persistence of liquidity effects: evidence from a large-scale historical natural experiment

Thursday, October 20, 2016
Sandra McNally (University of Surrey)
Entry Through the Narrow Door: The Costs of Just Failing High Stakes Exams

Thursday, November 3, 2016
Karen Macours (PSE, Paris)
Schooling, Learning, and Earnings: Long-term Effects of a Conditional Cash Transfer Program in Nicaragua

Thursday, November 10, 2016
Shankha Chakraborty (University of Oregon)
Age-Specific Effects of Mortality Shocks and Economic Development

Thursday, November 17, 2016
Fabian Herweg (University of Bayreuth)
Optimal Cost Overruns: Procurement Auctions with Renegotiationv

Thursday, November 24, 2016
Paolo Giordani (LUISS "Guido Carli" University)
Market Frictions in Entrepreneurial Innovation:Theory and Evidence

Thursday, December 1, 2016
Fabrice Collard (University of Bern)
Public Debt as Private Liquidity: Optimal Policy

Thursday, December 8, 2016 - Cancelled
John Earle (Central European University)
Does Higher Productivity Dispersion Imply Greater Misallocation? A Theoretical and Empirical Analysis

Thursday, December 15, 2016
Andreas Moxnes (University of Oslo, CEPR & NBER)
Better, Faster, Stronger : Global Innovation and Trade Liberalization

Thursday, February 2, 2017
Piero Gottardi (European University Institute)
A Theory of Repurchase Agreements, Collateral Re-use, and Repo Intermediation

Thursday, February 9, 2017
Pierre Cahuc (Ecole Polytechnique et directeur du laboratoire de macroéconomie du CREST (INSEE))
Short-time Work and Employment in the Great Recession in France

Thursday, February 16, 2017
Kalina Manova (Oxford University)
Managing trade: evidence from China and the US

Thursday, February 23, 2017
Antonio Cabrales (University College London)
What You Know... Can't Hurt You? A Field Experiment on Relative Performance Feedback in Higher Education

Thursday, March 2, 2017
Takeshi Murooka (University of Munich)
The Timing of Choice-Enhancing Policies

Thursday, March 9, 2017
Pedro Vicente (Nova Lisbon)
Introducing Mobile Money in Rural Mozambique: Evidence from a Field Experiment

Thursday, March 16, 2017
Céline Poilly (Aix-Marseille University)
Do Misperceptions about Demand Matter ? Theory and Evidence

Thursday, March 23, 2017
Jose I. Silva (Girona University)
Local labor market effects of public employment

Thursday, March 30, 2017
Arnaud Costinot (MIT)
The More We Die, The More We Sell? A Simple Test of the Home-Market Effect

Thursday, April 20, 2017
Jérôme Pouyet (PSE)
Vertical Mergers in Platform Markets

Thursday, April 27, 2017
Alessandro Tarozzi (U. Pompeu Fabra)
Evaluation of Alternative Strategies to Increase Demand for and Responses to Information on Arsenic-contaminated Tubewell Water in Bangladesh

Thursday, May 4, 2017
David Neumark (University of California Irvine)
Is It Harder for Older Workers to Find Jobs? New and Improved Evidence from a Field Experiment

Thursday, May, 11, 2017
Gerard Llobet (CEMFI Madrid)
The Inverse Cournot Effect in Royalty Negotiations with Complementary Patents

Thursday, May 18, 2017
Juan J. Dolaldo (European University Institute)
From Dual to Unified Employment Protection : Transition and Steady State

Thursday, June 15, 2017
Murat Iyigun (University of Colorado - Boulder)
Why Wait? A Century of Education, Marriage Timing and Gender Roles