Calendrier du 06 décembre 2022
PSI-PSE (Petit Séminaire Informel de la Paris School of Economics) Seminar
Du 06/12/2022 de 17:00 à 18:00
R1.13
KOCH Xavier (PSE)
The EU ETS impact on firms green investment
GSIELM (Graduate Students International Economics and Labor Market) Lunch Seminar
Du 06/12/2022 de 13:00 à 14:00
Maison des Sciences Economiques, Salle 116
BOCQUET Leonard (PSE)
The Network Origin of Slow Labor Reallocation
There is a growing concern that workers reallocate quite slowly after certain structural shocks, e.g. trade liberalization episodes or automation. This contrasts with the predictions of the textbook random search model model, which suggest relatively fast recovery (in the month scale) after shocks. In this paper, I take a network perspective of the economy’s occupational structure and demonstrate how the network structure leads to a slowing-down of the worker reallocation dynamics. In the proposed framework, occupations are connected if transitions between them are feasible, and not connected otherwise. I make two contributions. First, I find that the occupational network is very sparse, hinting at large frictions to occupational mobility, and that there exists central bottleneck occupations which can block the reallocation process. Second, I extend the textbook random search and matching model with an occupational network, and I study worker reallocation dynamics after permanent asymmetric productivity shocks. I have three main findings: 1) worker reallocation dynamics is significantly more sluggish than in the textbook model, 2) the average transition rate - a traditional measure of reallocation intensity - is not informative about the speed of worker reallocation, and 3) the job finding rate in central occupations is a key determinant of reallocation speed. This has important implications for public policy, in particular regarding the targeting of employment subsidies or training schemes.
Applied Economics Lunch Seminar
Du 06/12/2022 de 12:30 à 13:30
Salle R1.09, Campus Jourdan
PLANTEROSE Bluebery (PSE)
Who Owns Offshore Real Estate? Evidence from Dubai
écrit avec Annette Alstadsæter (NMBU), Andreas Økland (NMBU) and Gabriel Zucman (UC Berkeley)
This paper analyzes a unique micro-dataset capturing the ownership of about 800,000 properties in Dubai. We use this dataset to document patterns in cross-border real estate investments, a blind spot in the analysis of financial globalization. We obtain four main findings. First, offshore real estate in Dubai is large: at least $146 billion in foreign wealth is invested in the Dubai property market. Second, geographical proximity and historic ties are key determinants of foreign investments in Dubai. About 20% of offshore Dubai real estate is owned by investors from India and 10% by investors from the United Kingdom; other large investing countries include Pakistan, Gulf countries, Iran, Canada, Russia, and the United States. These patterns hold when focusing on the most affluent neighborhoods, with the main difference that Indian investments become relatively smaller and Russian investments larger. Third, a number of conflict-ridden countries and autocracies have large holdings in Dubai relative to the size of their economy, equivalent to 5%–10% of their GDP. This suggests that the official net foreign asset position of a number of low- income economies is significantly under-estimated. Last, by matching properties owned by Norwegians to administrative tax records in Norway, we find that the probability to own offshore real estate rises with wealth, including within the very top of the wealth distribution. About 70% of Dubai properties owned by Norwegian taxpayers were not reported for tax purposes in 2019. These results suggest that the lack of cross-border exchange of information on real estate ownership is a significant issue for tax enforcement.