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Seminars in Economics Jan Stuhler (Universidad Carlos III Madrid)

"Shift-share instruments and the Impact of Immigration" jointly organised by Collegio Carlo Alberto and Centro Studi Luca d'Agliano within the Migration Observatory Abstract A large number of papers in the immigration literature rely on geographic variation in the concentration of immigrants to identify the impact of immigration.  National flows of immigrants are often interacted with…

Monday Lunch Seminars Emilio Paolucci, Paolo Neirotti, Danilo Pesce (Politecnico di Torino)

"ICT-Based Innovation and the Changing Nature of Competition: Evidence from Information Intensive Industries in Italy" Abstract Despite the increasing interest in Information and Communication Technology’s (ICT) potential to transform industry structure and competition, there is still not comprehensive evidence on how ICT-related innovations affect competitive dynamics due to the low number of industry-level studies. Strategic…

Seminars in Economics Piero Gottardi (EUI)

"A Theory of Repurchase Agreements, Collateral Re-use, and Repo Intermediation" Abstract This paper characterizes repurchase agreements (repos) as equilibrium contracts starting from first principles. We show that a repo allows the borrower to augment its consumption today while hedging both agents against future market price risk. As a result, safer assets will command a lower…

Monday Lunch Seminars Toomas Hinnosaar (CCA)

"Rent-seeking contest design" Abstract This paper studies the relationship between information, incentives, and outcomes in rent-seeking contests. A common solution to limiting socially wasteful rent-seeking activities is transparency. I show that information strictly increases efforts in rent-seeking contests. Thus, the socially optimal rent-seeking contest provides as little information as possible about the competition. The model…

Monday Lunch Seminars Matteo Triossi (University of Chile)

"Costly Information acquisition: the role of abstention" Abstract Citizens have little and uneven levels of political knowledge, consistently with the rational ignorance hypothesis. The paper presents a strategic model of common value elections with voluntary voting and endogenous information acquisition accounting for these facts. While, under compulsory voting, majoritarian elections generically fail to completely aggregate…

Seminars in Economics Philipp Schmidt-Dengler (University of Vienna)

"Information and Price Dispersion: Theory and Evidence" abstract We study the empirical importance of consumer information in generating price dispersion. Limited information is the key element generating price dispersion in modelsof homogeneous goods markets. We show that in these models the global relationship between information and price dispersion is an inverse-U shape. We test this mechanism using a…

Monday Lunch Seminars Rigas Oikonomou (UC Louvain)

"Long Term Government Bonds" abstract We study the impact of debt maturity on optimal fiscal policy by focusing on the case where the government issues a bond of maturity N > 1: Isolating these e ffects helps provide insight into the construction of optimal government debt portfolios. We find long bonds may not complete the…

Monday Lunch Seminars Matteo Cacciatore (HEC Montreal)

"Market Reforms at the Zero Lower Bound" Abstract We study the impact of product and labor market reforms when an economy faces major slack and a binding constraint on monetary policy easing---such as the zero lower bound. To this end, we build a two-country two-final-goods model featuring endogenous producer entry, labor market frictions, and nominal…