Calendrier du 02 mai 2024
Macroeconomics Seminar
Du 02/05/2024 de 16:00 à 17:15
PSE- 48 boulevard Jourdan, 75014 Paris, salle R2-21
CANTORE Cristiano (Sapienza University )
A tail of labor supply and a tale of monetary policy
écrit avec Filippo Ferroni Chicago Fed, Haroon Mumtaz Queen Mary University of London and Angeliki Theophilopoulou Brunel University London
We study the interaction between monetary policy and labor supply decisions at the household level. We uncover evidence of heterogeneous responses and a strong countercyclicality of hours worked in the left tail of the income distribution, following a monetary policy shock in the U.S. and the U.K. That is, while aggregate hours and labor earnings decline, employed individuals at the bottom of the income distribution increase their hours worked in response to an interest rate hike. Moreover, their response is stronger in magnitude relative to other income groups. We rationalize this using a two-agent New-Keynesian (TANK) model where our empirical findings can be replicated with heterogeneity in the sensitivity of marginal utility of consumption and a stronger income effect for the Hand-to-Mouth households. This setup uncovers a novel channel of transmission of monetary policy via inequality generated by the Hand-to-Mouth substitution of leisure for consumption following a negative income shock. Using a quantitative model with both intensive and extensive margin of labor
supply that replicates our evidence, we show that this new channel reduces the amplification of monetary policy via inequality generated by the heterogeneous behavior of unemployment along the income distribution.
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Travail et économie publique externe
Du 02/05/2024 de 12:30 à 13:30
PSE- 48 boulevard Jourdan, 74014 Paris, salle R2-21
RAUH Christopher (University of Cambridge)
Beliefs About Maternal Labor Supply
écrit avec Teodora Boneva, Marta Golin, and Katja Kaufmann
We provide representative evidence on the perceived returns to maternal labor supply. A mother’s decision to work is perceived to have sizable impacts on child skills, family outcomes, and the mother's future labor market outcomes. Beliefs about the impact of additional household income can account for some, but not all, of the perceived positive effects. Perceived returns are predictive of labor supply intentions under different policy scenarios related to childcare availability and quality, two factors that are also perceived as important. An information experiment reveals that providing information about benefits of mothers working causally affects labor supply intentions.
Behavior seminar
Du 02/05/2024 de 11:00 à 12:00
ZOOM
FRIEBEL Guido (Goethe University, Frankfurt, Germany)
Gender Promotion Gaps in Knowledge Work: The Role of Task Assignment in Teams
écrit avec Cagatay Bircan, Guido Friebel ,Tristan Stahl
Using rich data on personnel records, work assignments, and performance in a financial
institution, we uncover the mechanisms leading to promotion gaps in knowledge
teamwork. There is a substantial promotion gap for women in early careers. Analyzing
over 10,000 investment projects, we find that assignments to project team leaderships
(a “promotable” task) are crucial in explaining the gaps in promotions and affect longterm
careers. We find causal evidence that male supervisors favor male bankers. A
survey among employees indicates that women perceive to be disadvantaged in the
assignments of tasks, but they do not differ in aspirations and demand for these roles.