DateNameTitel11.10.2023Cristina Arellano (Minneapolis)tba18.10.2023Anton braun (Atlanta)tba25.10.2023Corina Boar (NYU)tba08.11.2023Marion Goussé (CRESTENSAI)tba15.11.2023Matthias Meier (Mannheim)tba22.11.2023Petr Sedlacek (Frankfurt/Barcelona)tba13.12.2023Ctirad Slavik (CERGE-EI)tba20.12.2023Juliane Begenau (Stanford)tbaFaculty Room, Juridicum...
The cluster ECONtribute: Markets and Public Policy, together with the University of Cologne, will be funded as a Cluster of Excellence by the German Research Foundation (DFG). Congratulations to the spokespersons Isabel Schnabel (University of Bonn) and Felix Bierbrauer (University of Cologne)...
Prestigious Prizes and Honors for Economists of the University of Bonn, Research Training Group 2281
The RTG congratulates two of our principal investigators for being awarded the following prestigious prizes of the Verein für Socialpolitik, the German Economic Association: Isabel Schnabel for the Gustav-Stolper-Preis and Moritz Schularick for the Hermann-Heinrich-Gossen Prize. Congratulations also to Benny Moldovanu, the head of Bonn’s Graduate School in Economics, for being invited to ho...
Title: “Taxing Wealth and Capital Income when Returns are Heterogeneous” Abstract: When is a wealth tax preferable to a capital income tax? We study this question theoretically in a perpetual youth model with entrepreneurs and workers, in which entrepreneurial firms are subject to idiosyncratic productivity shocks and collateral constraints. We focus on the steady state equilibrium that...
Title: “The Downward Spiral” Abstract: There have been more than 500,000 opioid overdose deaths since 2000. To analyze the opioid epidemic, a model is constructed where individuals, with and without pain, choose whether to misuse opioids knowing the probabilities of addiction and dying. These odds are functions of opioid use. Markov chains are estimated from the US data for the college a...
Title: “Late Bloomers? The Causes and Consequences of Graduating from College Later in Life” Abstract: It is a well-known fact that the college share in advanced countries has been increasing in the past several decades. This is generally attributed to the cohort succession model; whereby successive cohorts obtain more education. Despite this consensus, using a shift-share decomposition...
Topic: “Tax and Transfer Progressivity at the US State Level” Abstract: Combining a variety of survey and administrative data, this paper measures the progressivity of taxes and transfers for each of the US states and contrasts it to progressivity at the federal level. Our findings are fourfold: (i) the tax and transfer system is progressive at the federal level; (ii) state and local tax...
Topic: "How Have You Found Your Job? Effects of the Job Search Channels on Labour Market Outcomes in Germany" Abstract: The most popular method to acquire a job is to use one’s circle of acquaintances or socialnetworks to find a position. However, in the current research, there is still no clear conclusionif this job search method has positive implications for different job outcomes such...
Topic: "The Macroeconomic Consequences of Exchange Rate Depreciations" Abstract: We study the consequences of “regime-induced” exchange rate depreciations by comparing outcomes for peggers versus floaters to the US dollar in response to a dollar depreciation. Pegger currencies depreciate relative to floater currencies and these depreciations are strongly expansionary. The boom is not as...
Topic: "Shopping Frictions and Household Heterogeneity: Theory and Empirics" Abstract: This paper shows that price dispersion matters for shaping individual household consumption. Using detailed scanner data, I document that the high-earning employees pay from 2 to 7% higher prices than the low-earning ones for exactly the same or very similar goods. The causal link between the income level...
Topic: "HOW DO GASOLINE PRICES RESPOND TO A COST SHOCK?" Abstract: In a broad class of sticky price models, theory predicts that the ratio of the kurtosis to the frequency of price changes is a sufficient statistic for the cumulative impulse response of prices (CIRP) to a nominal shock. Using several millions of daily gasoline prices in France, we provide supporting evidence of this predicti...
Topic: "Assortative Mating and Wealth Inequality" Abstract:We use population data on capital income and wealth holdings for Norway to measure asset positions and wealth returns before individuals marry and after the household is formed. These data allow us to establish a number of novel facts. First, individuals sort on personal wealth rather than parents' wealth. Assortative mating on own wea...
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...
Topic: "Monetary Policy during a Cost-of-Living Crisis" 12:15-13:30, Faculty Room (Juridicum) Abstract: This paper studies the effects of monetary policy during times when sectoral supply shocks raise the cost of living, in particular for low-income households. We present a multi-sector Heterogeneous-Agents New-Keynesian model with a generalized, non-homothetic preferences, giving rise to h...
Topic: “Firm Heterogeneity, Market Power and Macroeconomic Fragility” 12:15-13:30, Juridicum, Faculty Room Abstract We study how firm heterogeneity and market power affect macroeconomic fragility, defined as the probabilityof long-lasting recessions. We propose a theory in which the positive interaction between firm entry,competition and factor supply can give rise to multiple steady sta...
Topic: "Strategic Complementarities in a Dynamic Model of Fintech Adoption" 12:15-13:30 via Zoom Abstract This paper develops a dynamic model of technology adoption featuring a network effect, in which the benefitsfor users increase with the number of adopters. We argue that such an effect is an inherent feature of severaltechnologies, such as means of payments. We show that network effects...
Each Event will be announced separatly with more information at least three days ahead. DateTimeSpeakerTopic12.10.202212:15-13:30Francesco Lippi (EIEF)"Strategic Complementarities in a Dynamic Model of Fintech Adoption"19.10.202212:15-13:30Alessandro Ferrari (Zurich)"Strategic Complementarities in a Dynamic Model of Fintech Adoption"26.10.202212:15-13:30Nezih Guner (CEMFI)canceled02.11.202212:1...
Retreat 2018 from April, 12 to April, 14 SHEDULE Day 1 Thursday April, 12 09:00 Welcome09:15 Seminar10:15 Skill training 1 "Positioning your topic and motivating your talk"12:00 Short presentations13:00 lunch14:00 Short presentaions15:15 Skill training 2 "tailoring your talk to the audience"17:00 Student meet Supervisor team19:00 Dinner & social event Day 2 Friday April, 13 09:0...