Seminars in Economics

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Seminars in Economics

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Seminars in Economics Antonella Trigari (Università Bocconi)

"Financial Markets and Unemployment" abstract We study the importance of financial markets for (un)employment fluctuations in a model with matching frictions where firms issue debt under limited enforcement. Higher debt allows employers to bargain lower wages which in turn increases the incentive to create jobs. The transmission mechanism of `credit shocks' is different from the typical…

Seminars in Economics Bill Sandholm (University of Wisconsin, Madison)

"Sampling Best Response Dynamics and Deterministic Equilibrium Selection" Abstract We consider a model of evolution in games in which a revising agent observes the actions of a random number of randomly sampled opponents and then chooses a best response to the distribution of actions in the sample. We provide a condition on the distribution of…

Seminars in Economics Roman Inderst (Goethe University Frankfurt)

"Preserving Debt or Equity Capacity?" abstract In a dynamic model of optimal security design, we show when firms should preserve "equity capacity" through choosing high target leverage or "debt capacity" through choosing low target leverage. Thereby, firms reduce a problem of underinvestment or overinvestment when they must raise future financing under asymmetric information. Which problem…

Seminars in Economics Giovanni Peri (University of California, Davis)

"The Effect of International Trade and Migration on Income" abstract This paper explores the relationship between economic openness and income per person using crosscountry data. To address endogeneity concerns we extend the instrumental-variables strategy first usedby Frankel and Romer (1999). First, we show that geographic characteristics, relative to the location of acountry are successful in…

Seminars in Economics Andrew Chesher (University College London)

"Structural Econometrics with Discrete Outcomes" abstract Discrete outcomes are ubiquitous in econometrics. Much information about human behaviour in response to economic stimuli and motivations is provided by data recording variously: choices amongst discrete, ordered or unordered alternatives, attitudes, preferences and strengths of response recorded on ordinal scales, counts of occurrences of events, and so forth.…

Seminars in Economics Juuso Toikka (Massachusetts Institute of Technology)

"Efficiency in Games with Markovian Private Information" (joint with Juan Escobar) abstract We study repeated Bayesian n-player games in which the players' privately known types evolve according to an irreducible Markov chain, type transitions are independent across players, and players have private values. Our main result shows that, with communication, any Pareto-efficient payoff vector above a minmax value can…

Seminars in Economics Larry Samuelson (Yale University)

"Reputation with Analogical Reasoning" Abstract We consider a repeated interaction between a long-run player and a sequence of short-run players, in which the long-run player may either be rational or may be a mechanical type who plays the same (possibly mixed) action in every stage game. We depart from the classical model, exemplied by Fudenberg…

Seminars in Economics Jakub Kastl (Stanford University)

"The 2007 Subprime Market Crisis Through the Lens of European Central Bank Auctions for Short-Term Funds" Abstract We study European banks’ demand for short-term funds (liquidity) during the summer 2007 subprime market crisis. We use bidding data from the European Central Bank’s auctions for one-week loans, their main channel of monetary policy implementation. Our analysis…

Seminars in Economics Miklós Koren (Central European University)

"Machines and machinists: Capital-skill complementarity from an international trade perspective" Abstract We estimate the effect of imported machines on the wages of machine operators utilizing Hungarian linked employer-employee data. We infer exposure to imported machines from detailed trade statistics of the firm and the occupation description of the worker. We find that workers exposed to…