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Andrea Vedolin
IDEI, September 23, 2013, 12:30–14:00, room MF 323
We study the feedback from hedging mortgage portfolios on the level and volatility of interest rates. We incorporate the supply shocks resulting from hedging into an otherwise standard dynamic term structure model, and derive two sets of predictions which are strongly supported by the data: First,...
Mar Reguant (University of Stanford)
Toulouse: TSE, September 23, 2013, 11:00–12:30, room MS 001
We assess the long-run dynamic implications of market-based regulation of carbon dioxide emissions in the US Portland cement industry. We consider several alternative policy designs, including mechanisms that use production subsidies to partially offset compliance costs and border tax adjustments...
Robert Boyd (Arizona State University)
Toulouse: IAST, September 20, 2013, 11:30–12:30, room MS001
Human cooperation is very different from that observed in other mammals. Most striking, humans cooperate on much larger scales than other mammals. It is widely accepted that such large-scale cooperation is maintained by norms enforced by third parties. However, humans are also exceptional...
Laurence Jacquet (THEMA - Université Cergy Pontoise)
Toulouse: TSE, September 20, 2013, 10:00–11:15, room MS 001
This paper explores the use of workfare as part of a tax mix when labor supply responses are along the extensive margin. In an economy where the government has a priori chosen any tax-and-benefit schedule, we show that, despite their common goal of providing additional incentives for individuals to...
Toulouse: IAST, September 19, 2013, 18:00–20:00, room Amphi Cujas
Margherita Comola (Paris School of Economics)
Toulouse: TSE, September 19, 2013, 11:00–12:30, room MF 323
We study how social networks change as a result of an exogenous expansion in formal financial access and show how to estimate the effects of these changes on household outcomes. We use a unique household panel dataset that contains detailed information on the network of informal financial...
Adam Rosen (University College London)
Toulouse: TSE, September 17, 2013, 15:30–17:00, room MS 001
The ability to allow for exible forms of unobserved heterogeneity is an essential ingredient in modern microeconometrics. In this paper we extend the application of instrumental variable (IV) methods to a wide class of problems in which multiple values of unobservable variables can be associated...
Marija Vukotic
September 17, 2013
Luis Rayo (London School of Economics)
TSE, September 16, 2013, 14:00–15:30, room MF 323
An expert must train a novice. The novice initially has no cash, so he can only pay the expert with the accumulated surplus from his production. At any time, the novice can leave the relationship with his acquired knowledge and produce on his own. The sole reason he does not is the prospect of...
Erzo G.J. Luttmer (University of Minnesota and Federal Reserve Bank of Minneapolis)
Toulouse: TSE, September 16, 2013, 12:30–14:00, room MF323
This paper adds imitation by incumbent firms, and not just by new entrants, to the model of selection and growth developed in Luttmer [2007]. Noisy firm-level innovation and imitation give rise to a long-run growth rate that exceeds the average rate at which individual firms innovate. It can be...
