Calendrier du 05 novembre 2020
Macroeconomics Seminar
Du 05/11/2020 de 16:00 à 17:15
USING ZOOM
LIPPI Francesco (EIEF)
The Macroeconomics of Sticky Prices with Generalized Hazard Functions
écrit avec Fernando Alvarez and Aleksei Oskolkov
We give a thorough analytic characterization of a large class of sticky-price models where the firm's price setting behavior is described by a generalized hazard function. Such a function provides a tractable description of the firm's price setting behavior and allows for a vast variety of empirical hazards to be fitted. This setup is microfounded by random menu costs as in Caballero and Engel (1993) or, alternatively, by information frictions as in Woodford (2009). We establish two main results. First, we show how to identify all the primitives of the model, including the distribution of the fundamental adjustment costs and the implied generalized hazard function, using the distribution of price changes or the distribution of spell durations. Second, we derive a sufficient statistic for the aggregate effect of a monetary shock: given an arbitrary generalized hazard function, the cumulative impulse response of output to a once-and-for-all monetary shock is proportional to the ratio of the kurtosis of the steady-state distribution of price changes over the frequency of price adjustment. We prove that Calvo's model yields the upper bound and Golosov and Lucas's model the lower bound on this measure within the class of random menu cost models.
Texte intégral
TOM (Théorie, Organisation et Marchés) Lunch Seminar
Du 05/11/2020 de 12:30 à 13:30
salle R1-09, campus Jourdan - 75014 Paris
BLOCH Francis ( Université Paris 1 Panthéon Sorbonne)
Myopic and Farsighted Stable Sets in 2-player Strategic-Form Games
This paper revisits the analysis of stable sets in two-player strategic- form games using recent advances in farsighted stability. Our two main contributions are (i) to establish a connection between myopic stable sets and the stable matchings of an auxiliary two-sided matching problem and (ii) to provide a characterization of singleton farsighted stable sets based on a structural property of 2-player games called “the block partition property.” Our analysis also generalizes and unifies existing results on myopic and farsighted stable sets in 2-player games.
brown bag Travail et Économie Publique
Du 05/11/2020 de 12:30 à 13:30
USING ZOOM
CHAROUSSET Pauline (PSE)
Does Time to Degree Affect Participation in Higher Education and Labour Market Outcomes? Evidence from the French Vocational Track Reform
In 2009, the French reform of the vocational track aimed at increasing the average schooling level of vocational track students. The reform tried to boost the attractiveness of the vocational baccalauréat path, by replacing the two-stage 4-year curriculum by an integrated 3-year curriculum. Using two alternative empirical strategies, we show that the reform considerably improved vocational track students' educational attainment and access to academic credentials. We estimate that the reform increased vocational track students' probability of obtaining the baccalauréat by 9.9 percentage points, from a baseline of 26.5 percent, and their rate of access to higher education by 3.0 percentage points, from a baseline of 10.9 percent. Some labour market outcomes might be available by Thursday!
Behavior seminar
Du 05/11/2020 de 11:00 à 12:00
online
L’HARIDON Olivier (Université Rennes 1)
An Effective and Simple Tool for Measuring Loss Aversion
écrit avec Craig S. Webb (Department of Economics, University of Manchester) and Horst Zank (Department of Economics, University of Manchester)
For prospect theory (PT), a truth-telling mechanism for assessing personal beliefs, the quadratic scoring rule, is extended to obtain a new measurement tool for loss aversion. Under the plausible assumption that utility is linear for small scale gains and similar for losses, the loss aversion index (short: lambda ) measures the size of the concave kink of the gain-loss utility function at the reference point. We control for the bias captured by decision weights in PT, and quantify efficiently with only three quadratic scores. The additional benefits of the new tool are inherited from characteristic properties of scoring rules: they are relatively simple to implement, easy to understand by subjects, incentive compatible, and they dispense of chained measurements. In an experiment, we demonstrate these features of the new tool for risk and extend it to ambiguity; we find a median value of lambda= 1 at the aggregate level for both sources of uncertainty. Probability and event weighting, while less pronounced, accord with earlier findings from the literature; specifically, we find that these weights depend on the sign of the corresponding outcomes, supporting reference-dependent preferences. Event weighting persist at the individual level; after controlling for these weights, we find very few subjects who are loss averse or gain seeking.