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Tobias Adrian (Federal Reserve Bank of New York)
Toulouse : TSE, 28 mai 2013, 14h00–14h45, salle MC 203
We present a theory of financial intermediary leverage cycles within a dynamic model of the macroeconomy. Intermediaries face risk-based funding constraints that give rise to procyclical leverage. The pricing of risk varies as a function of intermediary leverage, and asset return exposure to...
David Dillenberger (University of Pennsylvania)
Toulouse : TSE, 28 mai 2013, 11h00–12h30, salle MS 001
Rosario Crino (CEMFI - Madrid)
Toulouse : TSE, 27 mai 2013, 17h00–18h30, salle MS001
We argue that the large and growing North-South trade imbalances arisen over the last three decades may have exacerbated wage inequality worldwide. In particular, we show that in a standard Heckscher-Ohlin setup with a continuum of goods, a Southern trade surplus is associated with higher skill...
Justine Hastings (University of Brown)
TSE, 27 mai 2013, 14h00–15h30, salle MF 323
This paper examines how advertising impacts competition and equilibrium prices in the context of a privatized pension market. We use detailed administrative data on fund manager choices and worker characteristics at the inception of Mexico’s privatized social security system, where fund managers...
Adrien Vogt-Shilb (CIRED)
Toulouse : TSE, 27 mai 2013, 11h00–12h30, salle MS 001
Climate mitigation is largely done through investments in low-carbon capital that will have long-lasting effects on emissions. In a model that represents explicitly low-carbon capital accumulation, optimal marginal investment costs differ across sectors. They are equal to the value of avoided...
Samuele Centorrino (Toulouse School of Economics)
TSE, 24 mai 2013, 12h30–13h30, salle MF 429
Lyon, France, 24 mai 2013
Nicolas Dupuis (Toulouse School of Economics)
Toulouse : TSE, 23 mai 2013, 12h45–14h00, salle MF 323
In transport industries, constraints on the number of available seats, booking deadlines, and heterogeneous potential buyers allow for intertemporal price discrimination, as shown by the widely spread practice of revenue management. This practice obviously increases the company's profit since it...
Manufacture des Tabacs - Building S, Toulouse, 23–24 mai 2013
Igor Kheifets (New Economic School - Moscow)
Toulouse : TSE, 21 mai 2013, 14h00–15h30, salle MF 323
This paper proposes new specification tests for dynamic models with discrete responses. In particular, we test the specification of the conditional distribution of multinomial and count data, which is key to apply efficient maximum likelihood methods, to obtain consistent estimates of partial...
