Calendrier du 22 septembre 2022
Macroeconomics Seminar
Du 22/09/2022 de 16:00 à 17:15
PSE- 48 boulevard Jourdan, 75014 Paris, salle R2-21
BALEY Isaac (UPF)
Cancelled
écrit avec Andrés Blanco
The Macroeconomics of Partial Irreversibility
We investigate the macroeconomic effects of partially irreversible investment arising from a wedge between the buying and selling price of capital. We derive sufficient statistics that characterize the implications of irreversibility for three long-run macroeconomic outcomes— capital allocation, capital valuation, and capital fluctuations. Measuring these statistics with investment microdata, we find that irreversibility distorts the allocation of capital, lowers capital valuation, and increases the persistence of capital fluctuations. Corporate income tax cuts, by lowering the deductibility of capital losses due to the price wedge, effectively increase irreversibility and structurally change long-run capital behavior.
Texte intégral
TOM (Théorie, Organisation et Marchés) Lunch Seminar
Du 22/09/2022 de 12:30 à 13:30
Salle R1-14, Campus Jourdan, 75014 Paris
JANTSCHGI Simon (UZH/Dauphine)
Markets and Transaction Costs
Transaction costs are omnipresent in markets but are often omitted in economic models. In markets in which the price is set to equate revealed supply and demand, we show that the presence of transaction costs can fundamentally alter incentive and welfare properties.
We categorize transaction costs into two types. Asymptotically uninfluenceable transaction costs---such as fixed and price fees---preserve the key properties of the model without transaction costs, namely asymptotic strategyproofness, efficiency, and robustness to misspecified beliefs and to aggregate uncertainty.
In contrast, influenceable transaction costs---such as spread fees---lead to complex strategic behavior (price guessing) that may result in severe market failure.
When transaction costs are collected as fees by an intermediary, we show that the same categorization determines the intermediary's optimal behavior.
Any uninfluenceable fee can maximize the intermediaries utility (e.g. revenue) if optimally scaled, while purely influenceable fees lead to zero revenue. Furthermore, all uninfluenceable optimally-scaled fees lead to the same welfare.
Our insights extend beyond markets equalizing demand and supply.
brown bag Travail et Économie Publique
Du 22/09/2022 de 12:30 à 13:30
PSE- 48 boulevard Jourdan, 74014 Paris, salle R2-01
COLY Caroline (PSE)
It's a man's world: culture of abuse, #MeToo and worker flows
écrit avec Cyprien Batut et Sarah Schneider-Strawczynski
Sexual harassment and sexists behaviors are pervasive issues in the workplace. Around 12% of women in France have been subjected to toxic behaviors at work in the last year, including sexist comments, sexual or physical harassment, or violence. Such toxic behaviors can not only deter women from entering the labor market, but can also lead them to leave toxic workplaces at their own expense. This article is one of the first to examine the relationship between toxic behaviors and worker flows. We use the #MeToo movement as an exogenous shock to France's workplace norms regarding toxic behaviors. We combine survey data on reported toxic behaviors in firms with exhaustive administrative data to create a measure of toxic behaviors risk for all French establishments. We use a triple-difference strategy comparing female and male worker flows in high-risk versus low-risk firms before and after #MeToo. We find that #MeToo increased women's relative exit rates in higher-risk workplaces, while men's worker flows remained unaffected. In particular, we see that women are more likely to quit their job and move to firms who pay 2% less on average. This demonstrates the existence of a double penalty for women working in high-risk environments, as they are not only more frequently the victims of toxic behaviors, but are also forced to quit their jobs in order to avoid them.