Title: "A Fair Day’s Pay for a Fair Day’s Work: Optimal Tax Design as Redistributional Arbitrage" Abstract:We study optimal tax design based on the idea that policy-makers face trade-offs betweenmultiple margins of redistribution. Within a Mirrleesian economy with labor income, consumption,and retirement savings, we derive a novel formula for optimal non-linear income and savingsdistortions...
Topic: "Estimating Nonlinear Heterogeneous Agents Models with Neural Networks” Abstract: Economists typically make simplifying assumptions to make the solution and estimation of their highly complex models feasible. These simplifications include approximating the true nonlinear dynamics of the model, disregarding aggregate uncertainty or assuming that all agents are identical. While relaxi...
Topic: Expectation and Wealth Heterogeneity in the Macroeconomy Abstract: We document systematic differences in macroeconomic expectations across U.S. households and rationalize our findings with a theory of information choice. We embed this theory into an incomplete-markets model with aggregate risk. Our model is quantitatively consistent with the pattern of expectation heterogeneity in the...
Each Event will be announced separatly with more information at least three days ahead. dateSpeakerTopic05.04.2023Alexandre Kohlhas (Oxford)"Expectation and Wealth Heterogeneity in the Macroeconomy"12.04.2023Matthias Rottner (Bundesbank)"Estimating Nonlinear Heterogeneous Agents Models with Neural Networks”19.04.2023Nicolas Werquin (Chicago Fed)"A Fair Day’s Pay for a Fair Day’s Work: Opt...
Titel: "Serial Entrepreneurship in China" Abstract: This paper studies entrepreneurship and the creation of new firms through the lens of serial entrepreneurs, i.e., entrepreneurs who establish more than one firm. Drawing on data on the universe of all firms in China, we document key facts about serial entrepreneurs and how they differ from non-serial entrepreneurs. We develop a theoretical...
Topic: "Non-Linear Productivity and Investment Dynamics" Abstract: The nature of productivity shocks is a central feature of models of heterogeneous-firm dynamics. Using firm-level data from Spain, we show that the observed productivity dynamics differ from those implied by the canonical, linear AR(1) representation with normally-distributed shocks. We document that the productivity process...
Topic: "Labor Market Power, Tax Progressivity and Inequality" Abstract: tba Location: IZA, Schaumburg-Lippe-Str. 9, Conference Room 9...
Topic: "Price Posting and Sticky Prices: A Monetary Macro Mode" Abstract: We introduce price posting and information frictions into a canonical monetary macro model. Despite costless price adjustment, insufficient search incentives prevent market clearing. The model has an interval of steady-state price levels. Under successful inflation-targeting, the equilibrium price level is selected by...
Topic: "Anatomy of Technology in the Firm" Abstract: We collect data on the technologies used across business functions of establishments in Vietnam, Senegal, and Cear ́a (Brazil), and construct technology sophistication mea- sures at the business function level. The variance of technology sophistication across the business functions of an establishment is 2.8 times larger than the cross-fi...
Topic: "Redistribution with Performance Pay" Abstract: Half of the jobs in the U.S. feature pay-for-performance. We derive novel incidence and optimum formulas for the overall rate of tax progressivity and the top tax rates when such labor contracts arise from moral hazard frictions within firms. Optimal taxes account for the fiscal externalities and welfare consequences of two distinct for...