Seminars in Economics

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Seminars in Economics

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Seminars in Economics Stepan Jurajda (CERGE-EI)

"Comparing Real Wage Rates using McWages" abstract Thanks to the standardized work protocol and technology of McDonald’s restaurants across the globe, the hourly wage rate of Basic Crew McDonald’s workers offers consistent, easy-to-interpret, and up-to-date wage comparisons. First, the wage rate expressed in a common currency measures the costs of labor in prices of tradables…

Seminars in Economics Gyongyi Loranth (University of Vienna)

"Multinational Banks and Supranational Supervision" Abstract We study the supervision of multinational banks (MNBs), allowing both for national and supranational supervisions. National supervision leads to insuffi cient monitoring of MNBs due to a coordination problem between supervisors. Supranational supervision solves this problem and generates more monitoring. However, this increased monitoring can have unintended consequences, as it also aff ects…

Seminars in Economics Jeff Ely (Nothwestern University)

"Dynamic Multi-Agent Persuasion" abstract I study dynamic persuasion mechanisms with multiple agents.  A principal privately observes the evolution of a stochastic process and sends messages over time to strategically interacting agents.  Filtering information allows the principal to control beliefs and higher order beliefs, thereby influencing the behavior of agents.  In a stylized example of a…

Seminars in Economics Rachel Griffith (IFS)

"Estimating Demand Parameters with Choice Set Misspecication" abstract We describe methods to estimate demand parameters in the presence of choice set misspeci-cation due to unobserved individual choice sets. We show that a consumer's probability ofmaking a choice from her true choice set can be written as the probability she makes the samechoice from a universal…

Seminars in Economics Andrea Weber (University of Mannheim)

"Does Extending Unemployment Benefits Improve Job Quality?" abstract Contrary to standard search model predictions, prior studies failed to estimate a positive effectof unemployment insurance (UI) on reemployment wages. This paper estimates a positive UIwage effect exploiting an age-based regression discontinuity in Austrian administrative data. Asearch model incorporating duration dependence determines the UI wage effect as…

Seminars in Economics Jordi Gali (CREI and UPF)

"Insider-Outsider Labor Markets, Hysteresis and Monetary Policy" Abstract I develop a version of the New Keynesian model with insideroutsider labor markets and hysteresis that can account for the high persistence of of European unemployment. I study the implications of that environment for the design of monetary policy. A simple interest rule that includes the unemployment…

Seminars in Economics Francesco Squintani (University of Warwick)

"Information Revelation and Pandering in Elections" Abstract Does electoral competition induce office motivated candidates to commit to policies that reflect their information? Or do candidates hide their information, and pander to the electorate's beliefs? We find that efficient information aggregation is precluded, but candidates' platforms may be informative: Equilibrium policy can at best be based…

Seminars in Economics Matt Wiswall (Arizona State University)

"Estimation of Children's Skill Formation when Children's. Skills are Unobserved" abstract We develop a new estimator for the process of skill formation where individuals' skills are unobserved (latent) and measured in data with error. Our model of skill formation has a dynamic factor structure where the latent skills of individuals evolve endogenously over the life-cycle…