Calendrier du 26 juin 2018
PSI-PSE (Petit Séminaire Informel de la Paris School of Economics) Seminar
Du 26/06/2018 de 17:00 à 18:00
VANNIER Brendan ()
Firm diversity, Financing Patterns, Financial Crises
Paris Trade Seminar
Du 26/06/2018 de 14:30 à 16:00
PSE, 48 boulevard Jourdan, 75014 Paris - salle R1-09
MEJEAN I. (Polytechnique)
Search Frictions in International Good Markets
écrit avec Clémence Lenoir (CREST-ENSAE) et Julien Martin (UQAM)
We develop and estimate a model of search frictions in international good markets and study its implications for individual and aggregate trade flows. The mdoel introduces random meeting of buyers in an otherwise standard Eaton and Kortum (2002) framework. We show that search frictions impede aggregate exports but have a non-trivial impact on individual firms' trade. A reduction in these frictions increases sellers' exposure to foreign buyers but also reduces their chance to be the lowest cost supplier because of more competition among sellers. We build on this model to structurally estimate search frictions faced by French exporters using a generalized method of moments and firm-to-firm French export data. We document the magnitude of these frictions across sectors and destinations and show that their presence help; i) reconcile the EK framework with heterogeneity in firm-level export behaviours; and ii) quantify the relative role of search frictions and productivity heterogeneity in the selection of firms into export.
Applied Economics Lunch Seminar
Du 26/06/2018 de 12:30 à 13:30
R1-09, Campus Jourdan, 48 boulevard Jourdan, 75014 Paris
ZHU Junyi(Bundesbank)
PASTEAU Etienne(PSE)
Love and money with inheritance: marital sorting by labor income and inherited wealth in the modern partnership
As the importance of capital is resurging in rich countries, the dynamics of wealth
inequality are being increasingly affected by inheritance distribution. The relative
attraction derived from inherited wealth and acquired human capital in marital
choices may be undergoing change. We expand the traditional dimension of assortative
mating through only labor income to cover both labor income and inheritance.
This paper studies the concentration and substitutability of these two traits in
forming partnerships using data for Germany from the Panel on Household Finances
(PHF). Relative to France, Germany’s aristocratic wealth has experienced more
negative shocks since WWII, social stratification is perceived as less acute, and half
of the country went through decades of communism. However, our results come
quantitatively close to the distributional outcomes seen in France. By assuming a
sequential revelation of inheritance and labor income in marital sorting, we develop
a stylized multidimensional matching model which adequately replicates the sorting
pattern observed using marginal distributions of these two traits from either gender.
Our estimate suggests inheritance is about two and a half times more important
than labor income in explaining marriage choice. This quantitative result seems to
characterize the expected lifetime inheritance and labor income after marriage for
Germany under the actual rate of return, growth rate, demographics as well as rapid
expansion of bequest flows in recent history.
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