Calendrier du 25 mars 2021
Macroeconomics Seminar
Du 25/03/2021 de 17:00 à 18:15
Using Zoom
PETERMAN William (Federal Reserve Board)
Macroeconomic Implications of Inequality and Income Risk
We explore the relationship between measured income and wealth inequality, income risk, and the macroeconomy in a nonlinear overlapping-generations model in which households face uncertain streams of labor income and returns on their savings. To manage those risks, households can apportion their savings to a bond, whose return is safe and identical across households, and a productive asset, whose return is uncertain and can differ persistently across households. We find that greater inequality in households' labor income and the return on their savings is generally associated with higher measured wealth inequality, a lower risk-free rate, and higher risk premiums. These findings suggest that the factors behind the observed rise in inequality over the past few decades might also have contributed to the observed fall in the risk-free rate and widening gap between the risk-free rate and the rate of return on capital. We discuss how these and other macroeconomic effects depend on the nature of income risk and portfolio choices.
Travail et économie publique externe
Du 25/03/2021 de 16:00 à 17:00
Using Zoom
CHYN Eric (Dartmouth College)
The Long-Run Effects of School Racial Diversity on Political Identity
How do early-life experiences shape political identity? We examine the end of race-based busing in Charlotte-Mecklenburg schools, an event that led to large changes in school racial composition. Using administrative data, we compare party affiliation in adulthood for students who had lived on opposite sides of newly-drawn school boundaries. Consistent with the contact hypothesis, we find that a 10-percentage point increase in the share of minorities in a white student's assigned school decreased their likelihood of registering as a Republican by 2 percentage points (12 percent). Our results suggest that schools in childhood play an important role in shaping partisanship.
Behavior Working Group
Du 25/03/2021 de 11:30 à 12:30
CHARROIN Liza (Université Paris 1)
Rumors diffusion in the lab
écrit avec Francis Bloch (PSE) and Sudipta Sarangi (Virginia Tech)