Calendrier du 11 octobre 2018
Macroeconomics Seminar
Du 11/10/2018 de 15:45 à 17:00
PSE - 48 boulevard Jourdan, 75014 Paris, salle R2-21
WEI Shang-Jin (Columbia Graduate School of Business)
*Understanding the divergence between PPI and CPI: the role of global value chains.
This paper starts by documenting a new fact that consumer price index (CPI) and producer price index (PPI) used to move in tandem within a given country around the world, but start to diverge after 2000. Understanding the source of divergence is important as it potentially affects optimal monetary policies. We propose an explanation via the lens of global value chains. With increased length of production chains, the baskets of CPI and PPI have become more different. We build a model with multi-stage production, and derive tractable analytical solutions to show this point. Moreover, in the model, as production becomes longer, both CPI and PPI become less responsive to a given shock to the first stage of production, and the reduction in responsiveness is greater for CPI. We show that the key predictions of the model are confirmed in the data. Furthermore, we compare model predictions at the country level using calibrations and empirical patterns, and find that the two line up well as well.
Texte intégral
Travail et économie publique externe
Du 11/10/2018 de 12:30 à 13:45
HENSVIK Lena (Institute for Evaluation of Labour Market and Education Policy)
The Skill-Specific Impact of Past and Projected Occupational Decline
écrit avec Co-author: Oskar Nordström Skans
We show that the occupation-level association between employment growth and worker endowments of cognitive abilities and productive traits is monotonically positive, despite the polarizing relationship to wage ranks. Employment has primarily increased in occupations where workers have larger-than-average endowments of Social maturity and Verbal and Technical abilities. Occupations where workers rely on Psychological energy and Inductive abilities have instead declined. Projections of future occupational decline and automation risks are even more skill-biased but otherwise show similar associations to most of our specific skill-measures. Existing projections thus suggest that the same types of workers will continue to gain and lose in the coming decades.
TOM (Théorie, Organisation et Marchés) Lunch Seminar
Du 11/10/2018 de 12:30 à 13:30
salle R2-20, campus Jourdan - 48 bd Jourdan 75014 Paris
PEREZ Lucas (PSE)
Information Design with Agency
écrit avec Jacopo Bizzotto (University of Oslo) and Adrien Vigier (Norwegian Business School)
We study the problem of a principal who relies on an agent for the production of public information destined to the players of a continuation game. The agent has access to a status quo procedure to generate information. The principal is given the opportunity to design a better procedure, but her design is constrained by the status quo in two ways: First, the new procedure must use the same set of signals as the status quo procedure; Second, the agent incurs a cost of switching to the new procedure. The principal can reward the agent with monetary transfers up to a limited liability constraint, but we assume that procedures are not contractible, only signals are. The principal therefore faces a problem of information design with agency in which she must trade off informativeness about the states of the world to influence the continuation game with informativeness about the choice of the agent to reduce the cost of agency. We provide a general methodology for solving these problems and characterize optimal implementable procedures. We examine comparative statics with respect to switching cost. Finally, we apply our results to information acquisition, leak prevention and persuasion examples.
Behavior seminar
Du 11/10/2018 de 11:00 à 12:00
salle R2-01, campus Jourdan - 75014 Paris
LEPINTEUR Anthony (Université de Luxembourg)
The Asymmetric Experience of Gains and Losses in Job Security on Health
Is workers' health more sensitive to losses than gains in job security? While loss aversion, whereby losses loom larger than gains, is typically examined in relation to decisions about anticipated outcomes, I
first show using a large sample of workers from the European Household Community Panel and value-added models that losses in job security have a larger eff ect on health than equivalent job security gains. Second, I address endogeneity issues using the 1999 rise in the French Delalande tax as a quasi-natural experiment. It allows evaluating separately the causal impact of exogenous gains and losses in job security on workers' health. Di fference-in-diff erences estimation results con
rm that lower job security generates signifi
cant and robust losses in self-assessed health. Meanwhile a greater feeling of job security does not translate into a higher level of self-assessed health. These results are in line with the predictions of the model linking job security to health under the hypothesis of loss aversion built in this paper. This article also demonstrates that losses in health induced by lower job security are not transitory.