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...
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...
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...
Retreat 2019 "Schlosshotel Burgbrohl" from March, 25 to March, 27 SHEDULE Day 1 Monday March, 25 09:00 Walking Tour12:45 Lunch14:45 Seminar Faculty15:30 Break15:45 Short Presentations17:00 Student meets Supervisor Teams19:00 General Assembly Day 2 Tuesday March, 26 10:15 Job Market Presentations11:15 Seminar12:15 Short Presentations13:15 Lunch14:00 Job Market Presentations16:30 Stud...
Retreat 2020 Short Presentations by 1st year PhD PhDTopicDurationMartin Kornejew"Reconciling growing productivity dispersion with stable K/Y ratios"30 minSimon Heiler"Labor Markets and Portfolio Choice"30 minMoritz Mendel"The Option Value of Schooling"30 min Job Market Presentations by 3rd year PhD PhDTopicDurationNadezhda Zhuravleva"How Bad is Labor Market Concentration?"30 minKai Arv...
Retreat 2021. Reichenau Hotel "Mein Inselglück" from Saturday, Sep. 11 until Wednisday, Sep. 15 SHEDULE Day 1. Saturday, September 11 08:00 Departure17:00 Arrival, general assembly18:00 Barbecue Day 2. Sunday, September 12 09:00 Presentations of Faculty 10:30 Break11:00 Short Presentations12:30 Lunch14:00 Presentation Job Markets15:30 Break16:00 Students meet Supervisor1...
Retreat 2022. Seehotel Maria Laach from Friday, June 10 until Sunday, June 12 SHEDULE Day 1. Friday, June 10 8:00 Departure9:00 Arrival, Welcome10:00 Walking Tour13:00 Lunch14:30 Short Presentations16:00 Break16:30 Meeting19:00 Dinner Day 2. Saturday, June 11 7:00 Breakfast8:30 Short Presentations10:00 Break10:30 Research Ideas12:30 Lunch14:00 Presentations Job Market15:30 Bre...
Topic: "A Quantitative Theory of the Credit Score" (with S. Chatterjee, K. Dempsey, V. Rios-Rull) Abstract: What is the role of credit scores in credit markets? We argue that it is a stand-in for a market assessment of a person’s unobservable type (which here we take to be patience). We pose a model of persistent hidden types where observable actions shape the public assessment of a perso...
Topic: "Redistribution with Performance Pay" (joint paper with A. Ndiaye and N. Werquin) 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 on total earnings and bonuses, when such labor contracts arise from moral hazard frictions within firms. Optimal taxes accou...
Topic: “Wealth, Wages, and Employment” (joint with Per Krusell and Jinfeng Luo) Abstract: We look at environements where workers differ on wealth and wages and where they choose which wage/job to look for. They sometimes quit, lose their jobs or switch to other jobs. We use this structure to investigate the degree of job rigidity by matching the cyclical volatility of job to job transiti...
Topic: "Global demand for financial assets, falling real interest rates and macroeconomic instability" (with Enrique Mendoza) Abstract: The sharp, secular decline in the world real interest rate of the past thirty years suggests that the observed surge in global demand for financial assets outpaced the growth in supply. We argue that this phenomenon was driven by (i) faster growth in emergin...
"The Fiscal and Welfare Effects of Policy Responses to the Covid-19 School Closures" (joint paper with Nicola Fuchs-Schündeln, Andre Kurmann, Etienne Lale, Alexander Ludwig, Irina Popova) Abstract: Using a structural life-cycle model and data on school visits from Safegraph and school closures from Burbio, we quantify the heterogeneous impact of school closures during the Corona crisis on c...
"Corporate Taxation and Carbon Emissions "(joint paper with Thorsten Martin and Julien Sauvagnat) by Luigi Lovino, Bocconi University Abstract: We study the relationship between corporate taxation and carbon emissions in the U.S. We find that dirty firms pay lower profit taxes – the opposite of what optimal taxation of negative externalities prescribes. This relationship is driven by dirt...
“Fiscal Rules and Discretion with Risk of Default” (joint paper with Chiara Felli and Liyan Shi) by Facundo Piguillen, EIEF Abstract: It is widely believed that governments tend to over accumulate debt, which gives rise to the need for fiscal rules. This paper studies the optimal fiscal and default rules when governments can default on their debt obligations. We build a continuous-time...
"Price setting with strategic complementarities as a Mean Field Game", by Francesco Lippi, EIEF via Zoom May 4th, 2022 Please see here for more information on MEF-seminars (Macro/Econometrics/Finance)...
"When should we tax firms? Optimal corporate taxation with firm heterogeneity" by Alais Martin Baillon, Sciences Po April 27th, 2022 Please see here for more information on MEF-seminars (Macro/Econometrics/Finance)...
"Occupation Mobility, Human Capital and the Aggregate Consequences of Task-Biased Innovations" by Alexander Monge Naranjo, Eurpean University Institute April 20th, 2022 Please see here for more information on MEF-seminars (Macro/Econometrics/Finance)...
"Additive Growth" by Thomas Philippon, NYU Stern April 6th, 2022 Please see here for more information on MEF-seminars (Macro/Econometrics/Finance)...
"Narratives about the Macroeconomy" by Christopher Roth, University of Cologne April 13th, 2022 Please see here for more information on MEF-seminars (Macro/Econometrics/Finance)...
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Jesse Perla, Univerity of British Columbia December 15, 2021 Please see here for more information on MEF-seminars (Macro/Econometrics/Finance)....
Laura Castillo-Martinez, Duke University December 8, 2021 Please see here for more information on MEF-seminars (Macro/Econometrics/Finance)....
Urban Jermann, Wharton School of the University of Pennsylvania December 1, 2021 Please see here for more information on MEF-seminars (Macro/Econometrics/Finance)....
Guido Lorenzoni, Northwestern University November 24, 2021 Please see here for more information on MEF-seminars (Macro/Econometrics/Finance)....
Eugenia Gonzalez-Aguado, Toulouse School of Economics November 17, 2021 Please see here for more information on MEF-seminars (Macro/Econometrics/Finance)....