Warning! The directory is not yet complete and will be amended until the beginning of the term.
390012 UK PhD-VGSE: Macroeconomics (2017W)
Continuous assessment of course work
Labels
Registration/Deregistration
Note: The time of your registration within the registration period has no effect on the allocation of places (no first come, first served).
- Registration is open from Fr 08.09.2017 09:00 to Th 21.09.2017 12:00
- Deregistration possible until Sa 14.10.2017 23:59
Details
max. 24 participants
Language: English
Lecturers
Classes
Thursday, 11.00 - 12.30 h
Seminarroom 3rd floor, Doctoral Colleg
Information
Aims, contents and method of the course
This course is aimed at doctoral students with a special research interest in macroeconomics. Papers and models covered in this course have in common that they introduce models of firm dynamics and worker turnover that allow for interactions between the two when firms and/or workers are heterogeneous. A particular focus will lie on this interaction in light of incomplete financial markets – an area of research that has received much attention from theorists as well as applied economists. Students are equipped with the tools needed to fully understand these articles, and encouraged to formulate their own research question(s). The ultimate goal is to help students take off on an independent research project.
Assessment and permitted materials
Following a thorough introduction of the underlying theories of firm turnover, worker turnover and wage-determination schemes, each student is expected to present at least one of the papers assigned from the reading list. The presentation should last for about 40 minutes, leaving time for discussion. All other students are required to have carefully read these papers in advance and to participate in the discussion. There is a final exam on the last day of class.
Minimum requirements and assessment criteria
The course grade will be based on in-class presentation (40%), participation during class hours (30%), and a final exam (30%).
Examination topics
All course material is relevant for the final exam.
Reading list
I MotivationII Theories of Firm and Worker Dynamics1a. HOPENHAYN, H. 1992. “Entry, exit and firm dynamics in long-run equilibrium,” Econometrica 60:1127-1150.
1b. HOPENHAYN, H., R. ROGERSON 1993. “Job turnover and policy evaluation. A general equilibrium analysis,” Journal of Political Economy 101:915-938.
2a. BURDETT, K., K. JUDD 1983. “Equilibrium price dispersion,” Econometrica 51:955-969.
2b. BURDETT, K., D. MORTENSEN 1998. “Wage differentials, employer size and unemployment,” International Economic Review 39:257-273.
3. MORTENSEN, D. 2003. Wage dispersion: Why are similar workers paid differently? MIT-Press: Cambridge, chs. 2 and 3.
4. MOEN, E. 1997. “Competitive search equilibrium,” Journal of Political Economy 105:384-411.
5. STOLE, L, J. ZWIEBEL 1996. “Intra-firm bargaining under nonbinding contracts,” Review of Economic Studies 63:375-410.
6. GARIBALDI, P., E. MOEN 2010. “Job-to-job movements in a simple search model,” American Economic Review, P&P 100:343-347.III Recent Applications to Questions in Macroeconomics or Finance1. KAAS, L., P. KIRCHER 2015. “Efficient firm dynamics in a frictional labor market,” American Economic Review 105:3030-3060.
2. CLEMENTI, G. L., B. PALAZZO 2016. “Entry, exit, firm dynamics, and aggregate fluctuations,” American Economic Journal: Macroeconomics, forthcoming.
3. ELSBY, M., R. MICHAELS 2013. “Marginal jobs, heterogeneous firms and unemployment flows,” American Economic Journal: Macroeconomics 5:1-48.
4. COLES, M., D. MORTENSEN 2013. “Equilibrium labor turnover, heterogeneity and unemployment” working paper, University of Essex and Northwestern University.
5. BAGGER, J., F. FONTAINE, F. POSTEL-VINAY, M. ROBIN 2014. „Tenure, experience, human capital, and wages,“ American Economic Review 104:1551-1596.
6. BOERI, T., P. GARIBALDI, E. MOEN 2017. „Financial constraints in search equilibrium: Mortensen Pissarides meet Holmstrom and Tirole,“ Labour Economics, forthcoming.
7. GUISO, L, M. PAGANO, F. SCHIVARDI 2005. “Insurance within the firm,” Journal of Political Economy 113:1054-1087.
8. ELLUL, A., M. PAGANO, F. SCHIVARDI 2015. “Employment and wage insurance within firms: Worldwide evidence,” CEPR DP No. 10711.
9. BENTOLILA, S., M. JANSEN, G. JIMENEZ 2017. „When credit dries up: Job losses in the Great Recession,“ Journal of the European Economic Association, forthcoming.
10. WACHTER, J., M. KILIC 2015. “Risk, unemployment and the stock market: A rare-event based explanation of labor market volatility,” NBER WP 21575.
1b. HOPENHAYN, H., R. ROGERSON 1993. “Job turnover and policy evaluation. A general equilibrium analysis,” Journal of Political Economy 101:915-938.
2a. BURDETT, K., K. JUDD 1983. “Equilibrium price dispersion,” Econometrica 51:955-969.
2b. BURDETT, K., D. MORTENSEN 1998. “Wage differentials, employer size and unemployment,” International Economic Review 39:257-273.
3. MORTENSEN, D. 2003. Wage dispersion: Why are similar workers paid differently? MIT-Press: Cambridge, chs. 2 and 3.
4. MOEN, E. 1997. “Competitive search equilibrium,” Journal of Political Economy 105:384-411.
5. STOLE, L, J. ZWIEBEL 1996. “Intra-firm bargaining under nonbinding contracts,” Review of Economic Studies 63:375-410.
6. GARIBALDI, P., E. MOEN 2010. “Job-to-job movements in a simple search model,” American Economic Review, P&P 100:343-347.III Recent Applications to Questions in Macroeconomics or Finance1. KAAS, L., P. KIRCHER 2015. “Efficient firm dynamics in a frictional labor market,” American Economic Review 105:3030-3060.
2. CLEMENTI, G. L., B. PALAZZO 2016. “Entry, exit, firm dynamics, and aggregate fluctuations,” American Economic Journal: Macroeconomics, forthcoming.
3. ELSBY, M., R. MICHAELS 2013. “Marginal jobs, heterogeneous firms and unemployment flows,” American Economic Journal: Macroeconomics 5:1-48.
4. COLES, M., D. MORTENSEN 2013. “Equilibrium labor turnover, heterogeneity and unemployment” working paper, University of Essex and Northwestern University.
5. BAGGER, J., F. FONTAINE, F. POSTEL-VINAY, M. ROBIN 2014. „Tenure, experience, human capital, and wages,“ American Economic Review 104:1551-1596.
6. BOERI, T., P. GARIBALDI, E. MOEN 2017. „Financial constraints in search equilibrium: Mortensen Pissarides meet Holmstrom and Tirole,“ Labour Economics, forthcoming.
7. GUISO, L, M. PAGANO, F. SCHIVARDI 2005. “Insurance within the firm,” Journal of Political Economy 113:1054-1087.
8. ELLUL, A., M. PAGANO, F. SCHIVARDI 2015. “Employment and wage insurance within firms: Worldwide evidence,” CEPR DP No. 10711.
9. BENTOLILA, S., M. JANSEN, G. JIMENEZ 2017. „When credit dries up: Job losses in the Great Recession,“ Journal of the European Economic Association, forthcoming.
10. WACHTER, J., M. KILIC 2015. “Risk, unemployment and the stock market: A rare-event based explanation of labor market volatility,” NBER WP 21575.
Association in the course directory
Last modified: Mo 07.09.2020 15:46