Calendrier du 12 octobre 2023
Macroeconomics Seminar
Du 12/10/2023 de 16:00 à 17:15
PSE- 48 boulevard Jourdan, 75014 Paris, salle R2-01
ELSBY Mike (University of Edinburgh)
Spatial Hysteresis
We devise a tractable model of persistent heterogeneity in the propensity to move. The model admits analytical solutions for household values, migration flows, and the distribution of mobility types across space, a fundamental challenge posed by the environment. Equilibrium mobility is ordered: locations facing adverse (favorable) shocks shrink (grow) via population flows in order of mobility type, starting with the most mobile. Spatial gaps emerge not only in labor market outcomes, but also in the composition of mobility types. Spatial convergence involves closing both gaps, and generically takes longer. Labor market outcomes display endogenous history dependence whereby locations with greater shares of mobile types exhibit greater resilience to adverse shocks. Auspicious locations are heterogeneous and feature high population churn; inauspicious locations become increasingly homogeneous and sclerotic. Confronting the model with data on population flows dating back to the 1960s, we find support for these predictions.
Du 12/10/2023 de 16:00 à 17:00
R1.14
CADOREL Jean-Laurent ()
The french historical yield curve since 1870
Macro Workshop
Du 12/10/2023 de 13:00 à 14:30
R1-13
ELINA Eustache (PSE)
From Labor Income to Wealth Inequality: General Equilibrium
The past 40 years have been characterized by a decrease in the rate of return on safe assets, an increase in the equity premium, an increase in the price of financial assets, and an increase in labor income and wealth inequality. Using a heterogeneous-agent model featuring permanent labor income inequality, a two-asset structure, and non-homothetic preferences, we investigate the impact of an increase in permanent labor income inequality on wealth inequality. As rich households save a higher share of their permanent income than poorer ones, a more skewed permanent labor income distribution increases aggregate savings. With imperfect competition, a higher level of savings leads to a higher valuation of firms and a limited increase in capital stock. The induced capital gains increase wealth inequality due to portfolio heterogeneity
PEPES (Paris Empirical Political Economics) Working Group
Du 12/10/2023 de 12:30 à 14:00
R2.01
BISIN Alberto ()
Marriage, Fertility, and Cultural Integration in Italy - with Giulia Tura (Università Milano - Bicocca)
We study cultural integration as an equilibrium of marital matching and intrahousehold decisions regarding fertility and cultural socialization. Structural estimates reveal strong demand to preserve cultural identity on the part of immigrants and little acceptance of the immigrants’ cultural diversity of natives. These demands depend crucially and interestingly on parental education. Nonetheless, we simulate substantial, though heterogeneous, integration rates across immigrant groups, 75% on average over one generation. Counterfactuals show how more accepting preferences of the natives would lead to slower cultural integration, while a reduction in economic incentives to immigrants would increase it. Finally, we evaluate a policy enhancing social welfare by strengthening the ethnic network of immigrants.
Travail et économie publique externe
Du 12/10/2023 de 12:30 à 13:30
PSE- 48 boulevard Jourdan, 74014 Paris, salle R1-09
KOTSADAM Andreas (University of Oslo)
Peer effects on authoritarianism – Evidence from the Norwegian Armed Forces
We explore the social basis of authoritarian orientations, proposing that attitudes are molded by perceptions of what is adequate in a given social setting. We test this proposition through a pre-registered field and survey experiment in the Norwegian Armed Forces, randomly assigning soldiers to different rooms and finding that assignment to roommates with higher levels of authoritarian orientations increased soldiers' own authoritarianism. Further survey-experimental evidence reveal that learning about others' authoritarianism levels changed both perceptions and attitudes. The findings suggest that authoritarian orientations have a social basis, rather than being a deeply held and stable orientation shaped merely by formative experiences.