Title: "Idiosyncratic Risk and the Equity Premium" (with H. Zhou)

This seminar is via Zoom, details to follow.

Fuller details on DR@W Forum https://warwick.ac.uk/research/priorities/behaviour-brain-society/draw/forum/

This seminar is joint with Bristol University and will be hosting today's event.

Title: Identification and (Fast) Estimation of Nonlinear Panel Models with Additively Separable Two-Way Fixed Effects, with Martin Mugnier (CREST)

Abstract: In this paper, we study the identification and fast estimation of a class of nonlinear panel models with additively separable two-way fixed effects widely used in empirical research. We propose a novel identification strategy and show that all structural parameters of the model (heterogeneous slopes, individual/time fixed effects, and link function) can be nonparametrically identified when T is large. We propose a novel iterative procedure to implement the routinely used MLE. This procedure fully parallelizes the updates of the estimates of individual/time fixed effects. This feature largely alleviates computational burdens when the dataset is large and delivers precise estimates using only fractional running time in the presence of a large number of fixed effects. We revisit Aghion et al. (2013) and investigate the causal effect of institutional ownership on firm innovation in the US. Allowing firms to react differently to institutional ownership changes, the estimates obtained by using our method suggest non-negligible heterogeneity in the causal effect, partly explained by the “Superstar Firm Hypothesis”.

Title to be advised.

Seminar organisers: Manuel Bagues & Ludovica Gazze

Title of paper: Market-Based Mechanisms (with Francisco Poggi)

Organiser: Dr Subhasish Dey

NSS based study is the title of the talk.

1-1:30pm - Steve Proud
1:30-2pm - Guglielmo Volpe.

The seminar will take place on MS Teams

The POLECON webinar takes place on the first Wednesday of every month at 3 pm (UK time).

This series of webinars is organised by the CEPR Political Economy Group together with the Research and Policy Network on Populism and Research and Policy Network on Conflict. REGISTER

Steven Callander (Stanford University) will present a paper titled: Market Competition and Political Influence: An Integrated Approach.
The paper is co-authored with Dana Foarta (Stanford University) and Takuo Sugaya (Stanford University).
The session will be moderated by Helios Herrera (University of Warick and CEPR).

Sarah Auster (University of Bonn)

Title, "Dynamic Information Acquisition under Ambiguity" (with Yeon-Koo Che and Konrad Mierendorff)

This seminar is via Zoom

Title: Experience of social mobility and support for redistribution: Beating the odds or blaming the system?

This is via Zoom link: https://monash.zoom.us/j/84025020086?pwd=QnVmalZPR3ZmWWxiZVdyN1k2NWxKUT09

Two 30mins presentations:

Ivan Yotzov presenting : Skill Traps and Regional Divergence

Gabriele Guaitoli title to be advised.

Title: Shaking Legitimacy: The Impact of Earthquakes on Conflict in Historical China

Organisers: Bishnupriya Gupta & Claudia Rei

Title to be advised.

Seminar organisers: Manuel Bagues & Ludovica Gazze

Title:: Colonial institutions and income inequality: evidence from India (1910-1916)
Abstract: This paper studies the relationship between land revenue systems and the levels of agricultural income inequality in colonial India during the 1910s. The first district-level comparative estimates of agricultural income inequality are introduced using wage/income ratios. The type of settlement -which determined when land revenue demands had to be reassessed- is used as an instrument for the land revenue systems to analyse their causal impact on agricultural income inequality. Results show that districts with a larger proportion of non-landlord land revenue systems presented more egalitarian agricultural income distributions. This was due to non-landlord land revenue systems allowing for lower rents and thus a more egalitarian distribution of income.

This seminar is in Cowling Room (S2.77) and also via MS Teams (link: https://teams.microsoft.com/l/meetup-join/19%3aeafd670486bc4ed6be08da79cf05d9ca%40thread.tacv2/1634574367248?context=%7b%22Tid%22%3a%2209bacfbd-47ef-4465-9265-3546f2eaf6bc%22%2c%22Oid%22%3a%228ec30312-2024-48f8-8887-a0ba5de175b2%22%7d)

George Lukyanov (Ecole Polytechnique), "Reputation for Learning with Moral Hazard" (with Stepan Svistunov and Anna Vlasova) (slides)

Join Zoom Meeting
https://us02web.zoom.us/j/84672587838?pwd=T2MraE5MNWFsYi8rUzNlUVkwRUwrZz09

Meeting ID: 846 7258 7838 Passcode: SET2021

This seminar is joint with Bristol University and Warwick will be hosting today's event.

Title: Delegation, Communication, and Firm Outcomes

Abstract: While a rich theoretical literature argues that organizational structure matters for outcomes in organizations, empirical evidence is scarce. We construct new data on internal communications and regulatory outcomes for the agency that approves environmental permits for firms in one state in India. We use an event study approach to analyze a delegation reform in which junior officers were given the authority to approve or reject applications from firms in certain industries. Delegation was followed, but partially, as junior officers were often bypassed entirely. Communication patterns within the regulator changed, and affected applications were more likely to be approved.

Title to be advised.

Seminar organisers: Manuel Bagues & Ludovica Gazze

Title to be advised.

Title: Developing Innovation - The Impact of MNC R&D Labs on Domestic Innovation in India

Abstract: India has been an R&D hub for American and European firms, which have set up centres across the country since 1985. This paper investigates the nature of the relationship between patenting by these R&D laboratories and local Indian entities engaged in innovation. Studying this relationship through a model of horizontal spillovers offers insights into the global distribution of R&D. Using a novel data set scraped from the Indian Patent Database (InPASS) on patent applications filed between 1990 and 2019, I study the impact that patenting by the R&D centres has on local patenting activity. Linking the results to literature on spillovers of FDI, I investigate the mechanisms through which these spillovers occur. We use the results to highlight the policy implications of the globalisation of knowledge production for developing countries.

This seminar is in-person and via MS Teams (link: https://teams.microsoft.com/l/meetup-join/19%3aeafd670486bc4ed6be08da79cf05d9ca%40thread.tacv2/1634574367248?context=%7b%22Tid%22%3a%2209bacfbd-47ef-4465-9265-3546f2eaf6bc%22%2c%22Oid%22%3a%228ec30312-2024-48f8-8887-a0ba5de175b2%22%7d)

Title of paper to be advised.

This seminar is via Zoom, details to follow.

Raffaele will be visiting the department for this Seminar - Roberto Pancrazi will be hosting this visit.

Title: Marginal Tax Rate Changes in the Long-Run: Evidence from a Structural Estimation, With Patrick Macnamara (U. of Manchester) and Myroslav Pidkuyko (Bank of Spain).

Abstract: Using a structural life-cycle model, we estimate the long-run behavioral response to marginal tax rate changes along the income distribution. We find statistically significant long-run tax elasticities of income of around 0.7 for all taxpayers. We also estimate that the richest top 1 percent displays the highest elasticities of taxable income. In our economy, agents who are sufficiently productive can obtain higher returns on their wealth by choosing to be entrepreneurs. Return heterogeneity, in combination with earning risk and tax progressivity, increases the incentives to save and invest for the richest, high-return entrepreneurs, thus amplifying their income responses to marginal tax changes. This reallocation of capital increases aggregate productivity, generating a larger boost in equilibrium wages. This, in turn, strengthens the income response of the bottom 90 percent, but nevertheless, their response is smaller than at the top.

Shari will present the paper titled

Do Youth Employment Programs Work? Evidence from the New Deal

Abstract: We study the Civilian Conservation Corps (CCC) – the first and largest youth training program in
the U.S. in operation between 1933 and 1942 – to provide the first comprehensive assessment of
the short- and long-term effects of means-tested youth employment programs. We use digitized
enrollee records from the CCC program in Colorado and New Mexico and matched these records
to the 1940 Census, WWII enlistment records, Social Security Administration records, and death
certificates. We find that enrollees who spent more time in CCC training grew taller, lived longer
lives and had higher lifetime earnings as a result of their participation in the program. We also
find modest increases in the educational attainment of the participants and increases in short term
geographic mobility. In contrast, we find no evidence that their labor force participation or wages
increased in the short run. To assess the internal and external validity of the results, we compare
our estimates to those derived from a randomized evaluation of Job Corps, the modern version of
the CCC, conducted in the 1990s. The RCT’s results show that our empirical strategy delivers
estimates that are in line with the experimental estimates. Overall, we find significant long-term
benefits in both longevity and earnings, suggesting short and medium-term evaluations
underestimate the returns of training programs, as do those that fail to consider effects on
longevity.

Organisers: Bishnupriya Gupta & Claudia Rei

Title to be advised.

Seminar organisers: Manuel Bagues & Ludovica Gazze

Title to be advised.

Title of paper to be advised.

This seminar is via Zoom, details to follow.

Title: Identifying Heterogeneous Bank Responses to US Monetary Policy Shocks