Calendrier du 13 octobre 2022
Macroeconomics Seminar
Du 13/10/2022 de 16:00 à 17:15
PSE- 48 boulevard Jourdan, 75014 Paris, salle R2-01
CHALLE Edouard (Pse & Cnrs)
Inequality and optimal exchange-rate policy
écrit avec Sushant Acharya
We study optimal exchange rate stabilization in a tractable Small Open HANK Economy with endogenous consumption risk and rich cross-sectional inequalities. Besides the closed-economy channels, aggregate demand management operates through the real exchange rate, which affects both GDP (through expenditure switching) and national income (through the relative price of foreign goods) and ultimately feeds back to domestic cross-sectional heterogeneity. We show that these open-economy channels require stabilizing the exchange rate substantially more in HANK than in RANK after aggregate productivity shocks; this is because stabilizing the exchange rate mitigates expenditure switching and the implied fluctuations in domestic inequalities. The same is true in response to capital-flow shocks, provided that agents are sufficiently risk averse.
brown bag Travail et Économie Publique
Du 13/10/2022 de 12:30 à 13:30
PSE- 48 boulevard Jourdan, 74014 Paris, salle R2-01
IRAIZOZ Ander ()
Saving for Retirement as a Self-Employed Worker: Evidence from the Voluntary Pension Scheme in Spain
This paper investigates the effect of pension saving incentives for self-employed workers. For this, I take advantage of the unique setting offered by the Spanish pension system, which allows the self-employed in Spain to voluntarily decide on the level of their Social Security contributions (SSC). I exploit the change in public pension saving incentives induced by the 1997 pension reform using a difference-in-differences approach. I find that the self-employed give modest saving responses relative to the magnitude of the return provided by the Spanish public pension system. I provide evidence implying that the low salience of the expected return to pension contributions is one of the main drivers of such a modest response. Overall, this paper concludes that a voluntary system without salient saving incentives does not support transferring resources across the life-cycle for self-employed workers.
PEPES (Paris Empirical Political Economics) Working Group
Du 13/10/2022 de 12:00 à 14:00
Sciences Po.
PAPAIOANNOU Elias (LBS)
Forced Displacement and Human Capital
écrit avec with Giorgio Chiovelli, Stelios Michalopoulos, and Sandra Sequeira
We examine the impact of conflict-driven displacement on human capital by looking at the Mozambican civil war (1977-1992), during which more than four million civilians fled to the countryside, cities, refugee camps, and settlements in neighboring countries. First, we present descriptive patterns linking displacement to education and sectoral employment for the entire population. Second, we compare brothers and sisters separated during the war. Displaced individuals invest more in education than their siblings who stayed behind, particularly rural-born children escaping to urban areas. Third, we jointly estimate place-based and uprootedness effects as potential mechanisms. Both are present, with displacement fostering education and decreasing attachment to agriculture by the same rate as exposure to an environment approximately half-a-standard deviation more developed than one's birthplace. Fourth, we report on an original survey we conducted in Mozambique's largest Northern city, whose population doubled during the civil war. Those displaced to Nampula have significantly higher education than their siblings who remained in the countryside. Besides, their education has converged to non-mover urban dwellers. However, internally displaced people report significantly lower social/civic capital and have worse mental health three decades after the war. Jointly the results suggest that forced displacement, especially to cities, can trigger human capital investments and break links with subsistence agriculture but at the cost of lasting social and psychological traumas.
Du 13/10/2022 de 11:00 à 12:00
Behavior seminar
Du 13/10/2022 de 11:00 à 12:00
R2-21
ATTEMA Arthur (Erasmus School of Health Policy & Management )
*Decomposing Social Risk Preferences for Health and Wealth
This study reports the results of the first artefactual field experiment designed to measure the prevalence of aversion toward social risks for health and wealth in a large and demographically representative sample. We identify social risk preferences for wealth and health for losses and gains, and decompose these attitudes into four different dimensions: viz., an individual risk dimension, a collective risk dimension, an ex-post inequality dimension and an ex-ante inequality dimension. The results of a non-parametric analysis suggest that aversion to risk and inequality is the modal preference for outcomes in health and wealth in the domain of gains and losses. Furthermore, we find stronger ex-ante than ex-post inequality aversion for health gains, and the opposite for health losses. These differences are of the same sign but not significant for wealth gains and losses. A parametric decomposition reveals that attitudes toward individual risk are moderated by the domain of the outcomes; respondents are risk neutral for individual members of society in the loss domain for health and wealth. These results highlight the importance of considering different components of social risk preferences when managing social risk.
Behavior Working Group
Du 13/10/2022 de 10:00 à 11:00
DEKEL Amit (PSE)
Testing myopic and farsighted stability concepts: a network formation experiment