RSS FeedUpcoming EventsSeminar 251, Labor: Spring Break, March 28https://events.berkeley.edu/econ/event/229409-seminar-251-labor-spring-break

Seminar 251

https://events.berkeley.edu/econ/event/229409-seminar-251-labor-spring-break
CANCELED: Labor Lunch Seminar: Spring Break, March 29https://events.berkeley.edu/econ/event/236146-labor-lunch-seminar-spring-break

Labor Lunch

https://events.berkeley.edu/econ/event/236146-labor-lunch-seminar-spring-break
Seminar 231, Public Finance:, April 1https://events.berkeley.edu/econ/event/228791-seminar-231-public-finance

Seminar 231

https://events.berkeley.edu/econ/event/228791-seminar-231-public-finance
Seminar 211, Economic History: Nancy Qian (Northwestern) “The Impact of the Chinese Exclusion Act on U.S. Economic Development” joint with Development, April 1https://events.berkeley.edu/econ/event/237245-seminar-211-economic-history-nancy-qian-northwestern-

Please note the change in time and location.

https://events.berkeley.edu/econ/event/237245-seminar-211-economic-history-nancy-qian-northwestern-
Seminar 271: “The Impact of the Chinese Exclusion Act on U.S. Economic Development”, April 1https://events.berkeley.edu/econ/event/237561-seminar-271-the-impact-of-the-chinese-exclusion-act-o

Joint with Economic History

https://events.berkeley.edu/econ/event/237561-seminar-271-the-impact-of-the-chinese-exclusion-act-o
Seminar 208, Microeconomic Theory: “Equilibrium Selection in Participation Games, with Applications to Security Issuance”, April 1https://events.berkeley.edu/econ/event/239527-seminar-208-microeconomic-theory-equilibrium-selectio

Abstract: In many applied settings, an activity requires a critical mass of participants to be worthwhile. This can give rise to multiple equilibria. We study seven well-known equilibrium selection theories: two heuristic arguments, two models with rational players, and three from the evolutionary literature. With one exception, each relies on strategic complementarities. We weaken this to a mild single crossing property and show that the theories’ predictions have a common form: an agent plays a best response to some fictional distribution of the participation rate of her opponents. We then use this robust framework to study security design in a setting in which issuance revenue is used to fund investments that are, in turn, used to pay distributions on the securities. We show that all monotone securities are underpriced and that debt is optimal as it is the least underpriced. Moreover, underpricing in equity offerings can be mitigated by share rationing and a minimum sales requirement.

 

Paper links:

https://www.dmfrankel.com/UAES.pdf

https://www.dmfrankel.com/GGSD.pdf

https://events.berkeley.edu/econ/event/239527-seminar-208-microeconomic-theory-equilibrium-selectio
SEM 217: Sunil Wahal, Arizona State University, April 2https://events.berkeley.edu/econ/event/241060-sem-217-sunil-wahal-arizona-state-university

Abstract: TBA

https://events.berkeley.edu/econ/event/241060-sem-217-sunil-wahal-arizona-state-university
Student Faculty Macro Lunch: “Monetary Policy in a Multimarket Economy: The Role of Demand and Adjustment Costs”, April 2https://events.berkeley.edu/econ/event/237175-student-faculty-macro-lunch-monetary-policy-in-a-mult

Abstract: What is the role of demand elasticities and price adjustment costs in shaping the heterogeneous response of firms’ markups to monetary policy shocks? In this paper, we build a novel heterogeneous firms New Keynesian model where markups evolve endogenously over firms’ life cycle, which we further enrich with firm-specific price rigidities and a multi-market structure. Crucially, firms’ growth is market-specific, leading to heterogeneous size and markup distributions on different markets. Since markets cannot be identified in the data, we show that market shares are badly proxied by firm size and can instead be empirically related to firm age. This is consistent with evidence that old firms in Compustat have a more countercyclical markup response after an unexpected contractionary monetary policy shock. Our framework predicts that dominant firms on each market face a more inelastic demand, which implies a lower pass-through rate from costs to prices, but also higher costs to adjust prices. Therefore, after a contractionary monetary policy shock, dominant firms pass less the reduction in marginal costs to prices compared to competitors, and increase their markups by more, as we document empirically. Both margins point towards important implications for monetary policy transmission and amplification

https://events.berkeley.edu/econ/event/237175-student-faculty-macro-lunch-monetary-policy-in-a-mult
Econ 218, Psychology and Economics Seminar: Avner Strulov-Shlain, April 2https://events.berkeley.edu/econ/event/236413-econ-218-psychology-and-economics-seminar-avner-strul

Avner Strulov-Shlain, University of Chicago Booth School of Business

Title: Sophisticated Consumers with Inertia: Long-Term Implications from a Large Scale Field Experiment

Abstract: Are inert consumers aware of their future inertia? This field experiment offers two million readers of a European newspaper auto-renewing and auto-canceling contracts. Consumers are inert, yet sophisticated about their inertia: Auto-renew takers are inert, yet offering auto-renewing contracts lowers subscriptions by 24% and reduces the number of subscribers by 10% over two years. We estimate that 70% of readers in the population are inert, and the majority of them are sophisticated; among auto-renew subscribers, only 6% are sophisticated. Our results highlight the impact of sophistication about future biases on consumer behavior and market outcomes.

Link to Paper: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4065098

https://events.berkeley.edu/econ/event/236413-econ-218-psychology-and-economics-seminar-avner-strul
Seminar 281, International Trade and Finance: “The Political Economy of Carbon Taxes and Green Subsidies in a World Economy”, April 2https://events.berkeley.edu/econ/event/229456-seminar-281-international-trade-and-finance-the-polit

Seminar 281

https://events.berkeley.edu/econ/event/229456-seminar-281-international-trade-and-finance-the-polit
Seminar 237 - Macroeconomics/Monetary Economics: “Expectations, Anchoring, and Inflation in the COVID-19 Era”, April 2https://events.berkeley.edu/econ/event/237195-seminar-237-macroeconomicsmonetary-economics-expectat

Abstract: 

https://events.berkeley.edu/econ/event/237195-seminar-237-macroeconomicsmonetary-economics-expectat
Seminar 221, Industrial Organization: “Topic Forthcoming” Daniel Ackerberg, April 2https://events.berkeley.edu/econ/event/237871-seminar-221-industrial-organization-topic-forthcoming

Topic Forthcoming 

https://events.berkeley.edu/econ/event/237871-seminar-221-industrial-organization-topic-forthcoming
The Gender of Capital, April 4https://events.berkeley.edu/econ/event/237686-the-gender-of-capital

Why do women in different social classes accumulate less wealth than men? Why do marital separations impoverish women while they do not prevent men from maintaining or increasing their wealth? In this lecture, Céline Bessière will discuss her new co-authored book, The Gender of Capital, which reconsiders the effectiveness of legal reforms that legislate formal equality between men and women, while permitting inequality to persist in practice.

Registration is required. This event is in person and on Zoom. Space is limited. Register today

The Annual Stone Lecture is presented by the James M. and Cathleen D. Stone Center on Wealth and Income Inequality at UC Berkeley, a research hub for campus and beyond enabling UC Berkeley’s world-leading scholars to deepen our understanding of the inequality in society and formulate new approaches to address the challenge of creating a more equitable society. The Center serves as the primary convening point at UC Berkeley for research, teaching and data development concerning the causes, nature, and consequences of wealth and income inequalities with a special emphasis on the concentration of wealth at the very top. Learn more

About the book: The Gender of Capital, by Céline Bessière and Sibylle Gollac

Drawing on research spanning twenty years, the authors analyze what they call family wealth arrangements. They break with the common understanding of the family as an emotional haven of peace in a brutal capitalist world. Spouses and partners, brothers and sisters, fathers and mothers do not play the same part in family strategies of social reproduction, nor do they reap the same profits from them. The family is an economic institution that plays a central role in the production, circulation, control and evaluation of wealth. The meaning of this economic institution is revealed, in particular, in moments of marital breakdown and inheritance.

From the single mothers of the French “Yellow Vest” movement to the divorce of Jeff and MacKenzie Bezos, from the legacy of family businesses to the estate of the Trump family, the mechanisms of control and distribution of capital vary according to social class, yet they always result in the dispossession of women. Capital is gendered. This book describes how class society is perpetuated through the masculine appropriation of capital.


About the speaker:
Céline Bessière is a Professor of sociology at Paris Dauphine University (PSL University) and a senior member at the Institut Universitaire de France. She is currently a Visiting Professor at the Institute of French Studies at New York University. She studies the material, economic and legal dimensions of family, in particular through the analysis of inheritance and marital breakdown. Her new project is about gender and wealth accumulation in Europe. Her research is at the crossroads of several fields: economic sociology, sociology of law and justice, sociology of gender, class and family. Her most recent book, The Gender of Capital, was recently adapted into a graphic novel with Jeanne Puchol. Read more

https://events.berkeley.edu/econ/event/237686-the-gender-of-capital
Seminar 242, Econometrics: Kirill Borusyak “Design-Based Estimation of Structural Parameters, with an Application to Demand”, April 4https://events.berkeley.edu/econ/event/241933-seminar-242-econometrics-kirill-borusyak-design-based

“Design-Based Estimation of Structural Parameters, with an Application to Demand”

We develop a design-based methodology for using as-good-as-random shocks to estimate key parameters in a class of structural models. Our approach uses recentered instruments to avoid restrictions on how model unobservables relate to predetermined variables. In the classical setting of estimating demand for differentiated products, this approach avoids the strong assumption of exogenous product characteristics. We illustrate these ideas by leveraging exchange rate shocks to estimate the demand for automobiles.

https://events.berkeley.edu/econ/event/241933-seminar-242-econometrics-kirill-borusyak-design-based
Seminar 211, Economic History: Pavel Bacherikov (Berkeley), April 8https://events.berkeley.edu/econ/event/237247-seminar-211-economic-history-pavel-bacherikov-berkele

Speaker: Pavel Bacherikov

https://events.berkeley.edu/econ/event/237247-seminar-211-economic-history-pavel-bacherikov-berkele
Seminar 271: “Poverty at Higher Frequency” Jonathan Morduch, April 8https://events.berkeley.edu/econ/event/237563-seminar-271-poverty-at-higher-frequency-jonathan-mord

Speaker: Jonathan Morduch

https://events.berkeley.edu/econ/event/237563-seminar-271-poverty-at-higher-frequency-jonathan-mord
Seminar 208, Microeconomic Theory: Topic Forthcoming (copy), April 8https://events.berkeley.edu/econ/event/239528-seminar-208-microeconomic-theory-topic-forthcoming

Topic Forthcoming

https://events.berkeley.edu/econ/event/239528-seminar-208-microeconomic-theory-topic-forthcoming
Seminar 221, Industrial Organization: “Topic Forthcoming” Tomás Domínguez-Iino, April 9https://events.berkeley.edu/econ/event/237873-seminar-221-industrial-organization-topic-forthcoming

Topic Forthcoming

https://events.berkeley.edu/econ/event/237873-seminar-221-industrial-organization-topic-forthcoming
Econ 235, Finance Lunch Seminar: “Does Mortgage Forbearance Prevent Financial Distress in the Long Run? Household Balance Sheet Evidence and Macroeconomic Implications”, April 11https://events.berkeley.edu/econ/event/239232-econ-235-finance-lunch-seminar-does-mortgage-forbeara

The Finance Student Lunch Seminar meets intermittently on Thursdays in Evans 597 from 12:45pm.

https://events.berkeley.edu/econ/event/239232-econ-235-finance-lunch-seminar-does-mortgage-forbeara
Seminar 211, Economic History: TBD, April 15https://events.berkeley.edu/econ/event/237246-seminar-211-economic-history-tbd

Speaker: 

https://events.berkeley.edu/econ/event/237246-seminar-211-economic-history-tbd
Seminar 208, Microeconomic Theory: Topic Forthcoming (copy), April 15https://events.berkeley.edu/econ/event/239529-seminar-208-microeconomic-theory-topic-forthcoming

Topic Forthcoming

https://events.berkeley.edu/econ/event/239529-seminar-208-microeconomic-theory-topic-forthcoming
Seminar 291, Departmental Seminar (Joint with Development): Monica Martinez-Bravo, April 17https://events.berkeley.edu/econ/event/236172-seminar-291-departmental-seminar-joint-with-developme

12 pm - 1 pm in Evans 648 (We start right at noon, not at Berkeley time!)

https://events.berkeley.edu/econ/event/236172-seminar-291-departmental-seminar-joint-with-developme
Econ 235, Finance Lunch Seminar: “Experience Effect on Portfolio / Housing Choices”, April 18https://events.berkeley.edu/econ/event/239233-econ-235-finance-lunch-seminar-experience-effect-on-p

The Finance Student Lunch Seminar meets intermittently on Thursdays in Evans 597 from 12:45pm.

https://events.berkeley.edu/econ/event/239233-econ-235-finance-lunch-seminar-experience-effect-on-p
Seminar 242, Econometrics: Jeffrey Woolridge, April 18https://events.berkeley.edu/econ/event/241934-seminar-242-econometrics-jeffrey-woolridge

Topic forthcoming

https://events.berkeley.edu/econ/event/241934-seminar-242-econometrics-jeffrey-woolridge
Seminar 211, Economic History: Joachim Voth (Zurich) joint with Political Economy, April 22https://events.berkeley.edu/econ/event/237095-seminar-211-economic-history-joachim-voth-zurich-join

Please note the change in time and location

https://events.berkeley.edu/econ/event/237095-seminar-211-economic-history-joachim-voth-zurich-join
Seminar 271: “Topic Forthcoming” Simone Schaner, April 22https://events.berkeley.edu/econ/event/237565-seminar-271-topic-forthcoming-simone-schaner

Speaker: Simone Schaner

https://events.berkeley.edu/econ/event/237565-seminar-271-topic-forthcoming-simone-schaner
Seminar 208, Microeconomic Theory: Topic Forthcoming (copy), April 22https://events.berkeley.edu/econ/event/239530-seminar-208-microeconomic-theory-topic-forthcoming

Topic Forthcoming

https://events.berkeley.edu/econ/event/239530-seminar-208-microeconomic-theory-topic-forthcoming
Seminar 221, Industrial Organization: “Topic Forthcoming” Mert Demirer, April 23https://events.berkeley.edu/econ/event/237877-seminar-221-industrial-organization-topic-forthcoming

Topic Forthcoming

https://events.berkeley.edu/econ/event/237877-seminar-221-industrial-organization-topic-forthcoming
Seminar 242, Econometrics: Adam Rosen, April 25https://events.berkeley.edu/econ/event/241935-seminar-242-econometrics-adam-rosen

Topic forthcoming

https://events.berkeley.edu/econ/event/241935-seminar-242-econometrics-adam-rosen
Seminar 211, Economic History: Lars Jonung (Lund University), April 29https://events.berkeley.edu/econ/event/242410-seminar-211-economic-history-lars-jonung-lund-univers

Speaker: Lars Jonung

https://events.berkeley.edu/econ/event/242410-seminar-211-economic-history-lars-jonung-lund-univers
Seminar 271: “Topic Forthcoming” David Atkin, April 29https://events.berkeley.edu/econ/event/237566-seminar-271-topic-forthcoming-david-atkin

Joint with International Trade

https://events.berkeley.edu/econ/event/237566-seminar-271-topic-forthcoming-david-atkin
Seminar 208, Microeconomic Theory: Topic Forthcoming (copy), April 29https://events.berkeley.edu/econ/event/239531-seminar-208-microeconomic-theory-topic-forthcoming

Topic Forthcoming

https://events.berkeley.edu/econ/event/239531-seminar-208-microeconomic-theory-topic-forthcoming
Seminar 221, Industrial Organization: “Topic Forthcoming” Sam Altmann, April 30https://events.berkeley.edu/econ/event/237879-seminar-221-industrial-organization-topic-forthcoming

Topic Forthcoming

https://events.berkeley.edu/econ/event/237879-seminar-221-industrial-organization-topic-forthcoming
Seminar 271: “Topic Forthcoming” Yusuf Neggers, May 6https://events.berkeley.edu/econ/event/237564-seminar-271-topic-forthcoming-yusuf-neggers

Speaker: Yusuf Neggers

https://events.berkeley.edu/econ/event/237564-seminar-271-topic-forthcoming-yusuf-neggers