Agenda du séminaire Macroeconomics Seminar
Macroeconomics Seminar
Le 16/05/2024 de 00:00:00 à 00:00:00
PSE- 48 boulevard Jourdan, 75014 Paris, salle
GUVENEN Fatih (University of Minnesota) International Macroeconomics Chair Lecture
Macroeconomics Seminar
Le 23/05/2024 de 16:00:00 à 17:15:00
PSE- 48 boulevard Jourdan, 75014 Paris, salle R1-13
This paper studies a HANK model with agents who respond to both idiosyncratic and aggregate uncertainty. Since aggregate uncertainty is modeled as ambiguity, it affects both the steady state and the linearized dynamics, allowing for fast computation and estimation with linear methods. The estimated model jointly fits cyclical variation in US macro aggregates and asset prices. In the presence of portfolio frictions, aggregate uncertainty shocks are a powerful driver of the business cycle, more so than idiosyncratic uncertainty shocks. Their effect is much stronger than in a representative agent model: portfolio substitution by capital owners helps fit investment and return dynamics.
LUETTICKE Ralph (University of Tübingen) HANK's Response to Aggregate Uncertainty in an Estimated Business Cycle Model
Macroeconomics Seminar
Le 13/06/2024 de 16:00:00 à 17:15:00
PSE- 48 boulevard Jourdan, 75014 Paris, salle R1-15
This paper estimates that the macroeconomic damages from climate change are at least three to five times larger than previously thought. We exploit natural variability in global temperature and rely on a time series approach. We find that a 1C increase in global temperature leads to a 12% decline in world GDP. We document that global temperature shocks correlate much more strongly with extreme climatic events than country-level temperature shocks that the traditional panel literature relies on, explaining why our estimate is substantially larger. We then use our reduced-form results to estimate structural damage functions in a standard neoclassical growth model. A business as usual warming scenario implies a present value welfare loss of 32% and a Social Cost of Carbon of $772 per ton of carbon dioxide, several orders of magnitude above previous estimates.
BILAL Adrien (Harvard) Unveiling the Macroeconomic Impact of Climate Change: Global vs. Local Temperature
écrit avec Diego Kanzig (Northwestern)
Macroeconomics Seminar
Le 20/06/2024 de 00:00:00 à 00:00:00
FUCHS-SCHüNDELN Nicola (Frankfurt) International Macroeconomics Chair Lecture
Macroeconomics Seminar
Le 17/10/2024 de 00:00:00 à 00:00:00
CARRILLO-TUDELLA Carlos (U of Essex) *
Macroeconomics Seminar
Le 06/03/2025 de 00:00:00 à 00:00:00
STERK Vincent (University College London) *
Macroeconomics Seminar
Le 15/05/2025 de 00:00:00 à 00:00:00
WOLF Christian (MIT) *
Macroeconomics Seminar
Le 12/06/2025 de 00:00:00 à 00:00:00
AUCLERT Adrien (Stanford) *