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TZID:America/Detroit
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DTSTART:20070311T020000
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BEGIN:VEVENT
DTSTAMP:20260922T000256
DTSTART;TZID=America/Detroit:20260924T113000
DTEND;TZID=America/Detroit:20260924T125000
SUMMARY:Workshop / Seminar:Wealth Dynamics and Path Dependence
DESCRIPTION:This paper shows that trade integration and financial constraints can make specialization history-dependent even when sectors have the same long-run productivity potential. I develop a dynamic multisector general equilibrium model with heterogeneous entrepreneurs facing persistent productivity shocks. Financial frictions make firms' ability to expand depend on their wealth\, which connects sectoral production and growth to wealth distribution. In a closed economy\, relative prices respond to scarcity: initially disadvantaged sectors become more profitable and catch up with initially favored sectors. In an open economy\, international markets limit this price response\; initially favored sectors accumulate more wealth and account for larger long-run shares of production. I conduct a quantitative analysis using data on Peruvian firms\, households\, national accounts\, tariffs\, and international trade\, and show that tighter financial constraints and greater trade exposure amplify the persistent effects of initial differences in capital allocation on sectoral specialization.
UID:151563-21911767@events.umich.edu
URL:https://events.umich.edu/event/151563
CLASS:PUBLIC
STATUS:CONFIRMED
CATEGORIES:seminar,International,Economics
LOCATION:North Quad - 4325
CONTACT:
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BEGIN:VEVENT
DTSTAMP:20260921T224823
DTSTART;TZID=America/Detroit:20260929T113000
DTEND;TZID=America/Detroit:20260929T125000
SUMMARY:Workshop / Seminar:On the Investment Network and Development
DESCRIPTION:Capital accumulation\, productivity growth and sectoral reallocation are salient features of economic development. These features are interconnected through the means for production and heterogeneous uses of different capital types across sectors\, i.e. the investment network. Our paper introduces the first harmonized measures of the investment network across the development spectrum and documents novel empirical regularities\, including systematic changes in the network with development. We propose a simple theory linking these disparities\, which are endogenous to the path of sectoral prices\, to differences in income per capita across countries. We show that the elasticity of output to sectoral productivity depends on the investment network\, is highest in the Construction sector in developing countries\, and in the ICT and Service sector in developed countries. Forces related to structural change\, sectoral productivity and shifts in sectoral linkages drive this heterogeneity. For our sample of 58 countries\, we show that 28% of cross-country differences in income per capita can be accounted for by disparities in the investment network. These differences are twice as large as the role of capital in income disparities obtained from standard development accounting.
UID:149560-21906704@events.umich.edu
URL:https://events.umich.edu/event/149560
CLASS:PUBLIC
STATUS:CONFIRMED
CATEGORIES:Macroeconomics,Economics,seminar
LOCATION:North Quad - 4325
CONTACT:
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BEGIN:VEVENT
DTSTAMP:20260904T102731
DTSTART;TZID=America/Detroit:20261006T113000
DTEND;TZID=America/Detroit:20261006T125000
SUMMARY:Workshop / Seminar:Did R&D Misallocation Contribute to Slower Growth?
DESCRIPTION:This paper provides evidence that rising misallocation in the R&D sector con- tributed to the recent slowdown in U.S. productivity growth. I develop a growth accounting framework allowing for misallocation of R&D resources across firms cap- tured by wedges between their marginal costs and benefits of R&D. I show that R&D wedges can be measured from R&D returns and document large and persistent differ- ences in R&D returns across U.S.-listed firms. Combining data and model\, I estimate that frictions reduced productivity growth by 11% over 1975–2014 and that rising misallocation in the R&D sector accounts for 32% of the growth slowdown.
UID:149561-21906705@events.umich.edu
URL:https://events.umich.edu/event/149561
CLASS:PUBLIC
STATUS:CONFIRMED
CATEGORIES:seminar,Economics,Macroeconomics
LOCATION:North Quad - 4325
CONTACT:
END:VEVENT
BEGIN:VEVENT
DTSTAMP:20260726T182550
DTSTART;TZID=America/Detroit:20261013T113000
DTEND;TZID=America/Detroit:20261013T125000
SUMMARY:Workshop / Seminar:Michael Beauregard Seminar in Macroeconomics: Tuesday\, October 13
DESCRIPTION:--
UID:149562-21906706@events.umich.edu
URL:https://events.umich.edu/event/149562
CLASS:PUBLIC
STATUS:CONFIRMED
CATEGORIES:seminar,Economics,Macroeconomics
LOCATION:North Quad - 4325
CONTACT:
END:VEVENT
BEGIN:VEVENT
DTSTAMP:20260901T135721
DTSTART;TZID=America/Detroit:20261027T113000
DTEND;TZID=America/Detroit:20261027T125000
SUMMARY:Workshop / Seminar:The Devil is in the Tail: Macroeconomic Tail Risk Expectations of Firms
DESCRIPTION:This paper examines novel survey evidence on firms’ beliefs about macroeconomic tail risk and their role in investment decisions. In a large survey of firms\, I elicit the subjective probability of a severe macroeconomic downturn and firms’ exposure to such events. Using observational and experimental variation\, I find that a higher probability of a severe macroeconomic downturn substantially lowers investment\, particularly for more exposed firms\, beyond what can be explained by changes in firms’ subjective first and second moments. In a heterogeneous firm model calibrated to the survey evidence\, tail risk concerns make fiscal policy particularly effective for stabilizing investment.
UID:149567-21906712@events.umich.edu
URL:https://events.umich.edu/event/149567
CLASS:PUBLIC
STATUS:CONFIRMED
CATEGORIES:Economics,Macroeconomics,seminar
LOCATION:North Quad - 4325
CONTACT:
END:VEVENT
BEGIN:VEVENT
DTSTAMP:20260727T094525
DTSTART;TZID=America/Detroit:20261103T113000
DTEND;TZID=America/Detroit:20261103T125000
SUMMARY:Workshop / Seminar:Michael Beauregard Seminar in Macroeconomics: Tuesday\, November 3
DESCRIPTION:--
UID:149568-21906713@events.umich.edu
URL:https://events.umich.edu/event/149568
CLASS:PUBLIC
STATUS:CONFIRMED
CATEGORIES:seminar,Economics,Macroeconomics
LOCATION:North Quad - 4325
CONTACT:
END:VEVENT
BEGIN:VEVENT
DTSTAMP:20260727T094651
DTSTART;TZID=America/Detroit:20261110T113000
DTEND;TZID=America/Detroit:20261110T125000
SUMMARY:Workshop / Seminar:Michael Beauregard Seminar in Macroeconomics: Tuesday\, November 10
DESCRIPTION:--
UID:149570-21906714@events.umich.edu
URL:https://events.umich.edu/event/149570
CLASS:PUBLIC
STATUS:CONFIRMED
CATEGORIES:seminar,Macroeconomics,Economics
LOCATION:North Quad - 4325
CONTACT:
END:VEVENT
BEGIN:VEVENT
DTSTAMP:20260727T095035
DTSTART;TZID=America/Detroit:20261117T113000
DTEND;TZID=America/Detroit:20261117T125000
SUMMARY:Workshop / Seminar:Michael Beauregard Seminar in Macroeconomics: Tuesday\, November 17
DESCRIPTION:--
UID:149571-21906715@events.umich.edu
URL:https://events.umich.edu/event/149571
CLASS:PUBLIC
STATUS:CONFIRMED
CATEGORIES:Economics,Macroeconomics,seminar
LOCATION:North Quad - 4325
CONTACT:
END:VEVENT
BEGIN:VEVENT
DTSTAMP:20260901T142229
DTSTART;TZID=America/Detroit:20261201T113000
DTEND;TZID=America/Detroit:20261201T125000
SUMMARY:Workshop / Seminar:Micro Responses to Macro Shocks
DESCRIPTION:We study panel data regression models when the shocks of interest are aggregate and there are omitted macro and micro-level shocks of any relative size. This speaks to a large empirical literature that targets impulse responses via panel local projections. We show how to interpret the estimated coefficients when responses are heterogeneous and that a simple recipe leads to uniformly valid inference over the macro–micro composition of the errors: including lags as controls and then clustering at the time level. Finally\, we use our methods to reassess the role of firm financial frictions in shaping the transmission of monetary policy.
UID:149572-21906716@events.umich.edu
URL:https://events.umich.edu/event/149572
CLASS:PUBLIC
STATUS:CONFIRMED
CATEGORIES:Econometrics,Economics,Macroeconomics,seminar
LOCATION:North Quad - 4325
CONTACT:
END:VEVENT
BEGIN:VEVENT
DTSTAMP:20260727T095345
DTSTART;TZID=America/Detroit:20261208T113000
DTEND;TZID=America/Detroit:20261208T125000
SUMMARY:Workshop / Seminar:Michael Beauregard Seminar in Macroeconomics: Tuesday\, December 8
DESCRIPTION:--
UID:149573-21906717@events.umich.edu
URL:https://events.umich.edu/event/149573
CLASS:PUBLIC
STATUS:CONFIRMED
CATEGORIES:Economics,Macroeconomics,seminar
LOCATION:North Quad - 4325
CONTACT:
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