Calendrier du 14 mars 2024
Macroeconomics Seminar
Du 14/03/2024 de 16:00 à 17:15
PSE- 48 boulevard Jourdan, 75014 Paris, salle R2-21
BHANDARI Anmol (University of Minnesota)
A Perturbational Approach for Approximating Heterogeneous-Agent Models
écrit avec Thomas Bourany, David Evans, and Mikhail Golosov
We develop a perturbational technique to approximate equilibria of a wide class of discrete-time dy-
namic stochastic general equilibrium heterogeneous-agent models with complex state spaces, including
multi-dimensional distributions of endogenous variables. We show that approximating policy functions
and stochastic process that governs the distributional state to any order is equivalent to solving small
systems of linear equations that characterize values of certain directional derivatives. We analytically
derive the coefficients of these linear systems and show that they satisfy simple recursive relations,
making their numerical implementation quick and efficient. Compared to existing state-of-the-art tech-
niques, our method is faster in constructing first-order approximations and extends to higher orders,
capturing the effects of risk that are ignored by many current methods. We illustrate how to apply
our method to a broad set of questions such as impacts of first- and second-moment shocks, welfare
effect of macroeconomic risk and stabilization policies, endogenous household portfolio formation, and
transition dynamics in heterogeneous agent general equilibrium settings.
Texte intégral
TOM (Théorie, Organisation et Marchés) Lunch Seminar
Du 14/03/2024 de 12:30 à 13:30
R2-21
BORISOVA Polina (PSE)
Hyperbolic Experimentation
écrit avec Nikhil Vellodi
Travail et économie publique externe
Du 14/03/2024 de 12:30 à 13:30
PSE- 48 boulevard Jourdan, 74014 Paris, salle R1-09
HELM Ines (LMU Munich)
Displacement Effects in Manufacturing and Structural Change
écrit avec Alice Kügler and Uta Schönberg
We investigate the consequences of structural change for workers displaced from the manufacturing sector. Manufacturing establishments traditionally employed low- and high-wage workers in similar proportions and paid substantial wage premiums to both types of workers. Structural change has led to the disappearance of these jobs, particularly for low-wage workers. Decomposing displacement wage losses, we show that low-wage workers suffer considerable losses in establishment premiums following displacement, whereas high-wage workers tend to fall down the match quality ladder. With ongoing structural change, losses in wages and establishment premiums have increased over time, especially for low-wage workers, in part because they are increasingly forced to switch to low-knowledge service jobs where establishment premiums are low. Our findings further highlight that structural change and layoffs in manufacturing have significantly contributed to job polarization and the rise in assortative matching of workers to firms.
Behavior seminar
Du 14/03/2024 de 11:00 à 12:00
R2-21
SCHOENMAECKERS Jérôme (HEC Liège, CIRIEC)
We are not all equal! Impact of socio-economic status on loss of autonomy in the old age
écrit avec Mathieu Lefebvre, Université de Strasbourg; Jérôme Schoenmaeckers, HEC-Liège
We use data from the SHARE and HRS surveys (2010-2020) to estimate the relationship between socio-economic status, mortality, risk and duration of dependency for people aged 50 and over. The results show that wealthier individuals have a higher probability of survival, regardless of the estimation method used (OLS or IV). The strength of this relationship varies from country to country, and in Europe we observe that in the more Bismarckian countries wealth explains survival more than in the Beveridgian countries. Finally, on the basis of a Cox survival model, we also show that the least wealthy individuals are those who have a greater probability of becoming dependent, but also those who experience the longest periods of loss of autonomy in old age. Our results therefore identify a triple penalty linked to socio-economic status, summarised by the finding that the poorest people live for a shorter time, are more likely to become dependent and do so for a longer period.