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The number of unique customers, as opposed to transactions per customer or dollar sales per transaction, consistently accounts for about 80% of sales variation. The top growing and shrinking merchants account for the majority of total sales reallocation over time, through their acquisition and loss of customers. To illustrate potential implications, we write down an endogenous growth model with a customer margin. In this model, the customer margin drastically increases the size of the largest retailers and their contribution to overall growth, boosting aggregate innovation and growth in the process.", "occurrence_notes":null, "guid":"149557-21906701@events.umich.edu", "permalink":"http:\/\/events.umich.edu\/event\/149557", "building_id":"1005177", "building_name":"North Quad", "campus_maps_id":"553", "room":"4325", "location_name":"North Quad", "has_livestream":0, "cost":"", "tags":["Macroeconomics","seminar","Economics"], "website":"http:\/\/www.lsa.umich.edu\/econ", "sponsors":[ { "group_name":"Michael Beauregard Seminar in Macroeconomics", "group_id":"3552", "website":"" } ], "image_url":"https:\/\/events.umich.edu\/media\/attachments\/2026\/08\/event_149557_original-2.png", "styled_images":{ "event_thumb":"https:\/\/events.umich.edu\/media\/cache\/event_thumb\/media\/attachments\/2026\/08\/event_149557_original-2.png", "event_large":"https:\/\/events.umich.edu\/media\/cache\/event_large\/media\/attachments\/2026\/08\/event_149557_original-2.png", "event_large_2x":"https:\/\/events.umich.edu\/media\/cache\/event_large_2x\/media\/attachments\/2026\/08\/event_149557_original-2.png", "event_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/event_large_lightbox\/media\/attachments\/2026\/08\/event_149557_original-2.png", "group_thumb":"https:\/\/events.umich.edu\/media\/cache\/group_thumb\/media\/attachments\/2026\/08\/event_149557_original-2.png", "group_thumb_square":"https:\/\/events.umich.edu\/media\/cache\/group_thumb_square\/media\/attachments\/2026\/08\/event_149557_original-2.png", "group_large":"https:\/\/events.umich.edu\/media\/cache\/group_large\/media\/attachments\/2026\/08\/event_149557_original-2.png", "group_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/group_large_lightbox\/media\/attachments\/2026\/08\/event_149557_original-2.png", "event_large_crop":"https:\/\/events.umich.edu\/media\/cache\/event_large_crop\/media\/attachments\/2026\/08\/event_149557_original-2.png", "event_list":"https:\/\/events.umich.edu\/media\/cache\/event_list\/media\/attachments\/2026\/08\/event_149557_original-2.png", "event_list_2x":"https:\/\/events.umich.edu\/media\/cache\/event_list_2x\/media\/attachments\/2026\/08\/event_149557_original-2.png", "event_grid":"https:\/\/events.umich.edu\/media\/cache\/event_grid\/media\/attachments\/2026\/08\/event_149557_original-2.png", "event_grid_2x":"https:\/\/events.umich.edu\/media\/cache\/event_grid_2x\/media\/attachments\/2026\/08\/event_149557_original-2.png", "event_feature_large":"https:\/\/events.umich.edu\/media\/cache\/event_feature_large\/media\/attachments\/2026\/08\/event_149557_original-2.png", "event_feature_thumb":"https:\/\/events.umich.edu\/media\/cache\/event_feature_thumb\/media\/attachments\/2026\/08\/event_149557_original-2.png" }, "occurrence_count":1, "first_occurrence":21906701 } , "149558-21906702": { "datetime_modified":"20260820T111711", "datetime_start":"20260915T113000", "datetime_end":"20260915T125000", "has_end_time":1, "date_start":"2026-09-15", "date_end":"2026-09-15", "time_start":"11:30:00", "time_end":"12:50:00", "time_zone":"America\/Detroit", "event_title":"Why Didn't the U.S. Unemployment Rate Rise at the End of WWII? 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Second, even accounting for the smaller fall in GDP, the unemployment rate rose much less than predicted by Okun\u2019s Law. We develop a new decomposition method that reveals how unusual movements in labor force participation rates, hours worked, and productivity led to a breakdown in Okun\u2019s law during the 1940s. Third, the U.S. labor market worked with astounding efficiency: despite large sectoral shifts at the end of the war, most of the workers who separated from their jobs moved directly into new jobs without experiencing unemployment. 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