Calendrier du 06 avril 2023
Macroeconomics Seminar
Du 06/04/2023 de 16:00 à 17:15
PSE- 48 boulevard Jourdan, 75014 Paris, salle R2-21
PAZ-PARDO Gonzalo (ECB)
The aggregate and distributional implications of credit shocks on housing and rental markets
écrit avec Juan Castellanos and Andrew Hannon
We propose a joint model of the aggregate housing and rental markets in which both house prices and rents are determined endogenously. Households can choose their housing tenure status (renters, homeowners, or landlords) depending on their age, wealth, and income. We use our model to study the introduction in Ireland in 2015 of macroprudential policies that limited loan-to-value (LTV) and loan-to-income (LTI) ratios of newly originated mortgages. The introduction of stringent LTV and LTI ratios mitigates house price growth, but increases rents and reduces homeownership rates. As a result, middle-income households are negatively affected.
Du 06/04/2023 de 12:30 à 13:30
Salle R1-14, Campus Jourdan, 75014 Paris
WEBER Giacomo (PSE)
*
Travail et économie publique externe
Du 06/04/2023 de 12:30 à 13:30
PSE- 48 boulevard Jourdan, 74014 Paris, salle R1-09
HARJU Jarkko (VATT)
Stairway to Heaven? Selection into Entrepreneurship, Income Mobility and Firm Performance
Using full-population panel data from Finland, we provide evidence on selection into entrepreneurship and the dynamic implications of establishing a new business. Individuals at the very top of the personal income distribution are much more likely to start a new incorporated business compared to others. There is no similar selection based on parental income, but more than half of new entrepreneurs have entrepreneurial parents. Entrepreneurship is associated with similar income gains (on average 20%) over comparable wage earners throughout both personal and parental income distributions. However, key ?rm-level outcomes such as productivity and job creation are positively linked with personal income. This suggests that high-income individuals do not particularly bene?t from entrepreneurship personally, but their businesses are associated with the largest positive spillovers in the society. In contrast, we ?nd no signi?cant di?erences in ?rm outcomes by parental income or parental background in entrepreneurship. Finally, we show that both selection and income gains from entrepreneurship are re?ected in the high share of entrepreneurs at the top of the income distribution.
TOM (Théorie, Organisation et Marchés) Lunch Seminar
Du 06/04/2023 de 12:30 à 13:30
Salle R1-14, Campus Jourdan, 75014 Paris
WEBER Giacomo (PSE)
*On Coarseness in Organizations
I investigate a team-task assignment problem for a fully informed designer who wants to maximize overall effort. The designer faces two problems: (i) how to sort heterogeneous (on their cost of effort) agents into pairs; (ii) how to assign a task from a set of heterogeneous tasks to each pair. Tasks are characterized by different degrees of strategic complementarity. The complete information case serves as a benchmark: the designer should pair agents assortatively and assign tasks with higher degree of complementarity to more efficient pairs. I assume that agents from different departments who work together on some task will form "coarse beliefs" on the actions of their opponents. The designer can exploit coarseness to induce an overall higher level of effort, by pairing the least efficient workers across departments and the most efficient within. I compare these findings with the case of incomplete information.
Behavior seminar
Du 06/04/2023 de 11:00 à 12:00
Online
DAYSAL Meltem (University of Copenhagen)
Antidepressant Use and School Performance: Evidence from Danish Administrative Data
We investigate impacts of antidepressant treatment on academic achievement among Danish children who are referred to a child psychiatrist. Leveraging quasi-random assignment of patients to psychiatrists with different prescribing tendencies, we find that treatment significantly increases test scores, especially in math and among girls. Treatment effects are larger among children of less educated mothers who, in general, are less likely to be treated, indicating negative selection on observables. However, a marginal treatment effects approach reveals that the effects are larger among children most likely to benefit from treatment, suggesting positive selection on unobservables. The marginal treatment effects are almost always positive, suggestive of under-prescribing of SSRI for children. This conjecture is confirmed by policy experiments indicating that expanding treatment among children of less educated mothers yields large test score increases, but restricting access to treatment among children of highly educated mothers harms their performance