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UID:event-10403@www.amse-aixmarseille.fr
DTSTAMP:20260422T014921Z
CREATED:20260422T014921Z
LAST-MODIFIED:20260422T014921Z
STATUS:CONFIRMED
SEQUENCE:0
SUMMARY:Macro and labor market seminar - Francisco Queirós
DTSTART:20240209T113000Z
DTEND:20240209T123000Z
DESCRIPTION:We study how firm heterogeneity and market power affect macroec
 onomic fragility\, defined as the probability of long slumps. We propose a 
 theory in which the positive interaction between firm entry\, competition a
 nd factor supply can give rise to multiple steady-states. We show that when
  firms are highly heterogeneous in terms of productivities\, even small tem
 porary shocks can trigger firm exit and make the economy spiral in a compet
 ition-driven poverty trap. We calibrate our model to incorporate the well-d
 ocumented trends on rising firm heterogeneity in the US economy\, and show 
 that they significantly increase the likelihood and length of slow recoveri
 es. We use our framework to study the 2008–09 recession and show that the
  model can rationalize the persistent deviation of output and most macroeco
 nomic aggregates from trend\, including the behavior of net entry\, markups
  and the labor share. Post-crisis cross-industry data corroborates our prop
 osed mechanism. We conclude by showing that firm subsidies can be powerful 
 in preventing long slumps and can lead to up to a 21% increase in welfare.\
 \n\\nContact: Marco Fongoni : marco.fongoni[at]univ-amu.frFrancesco Gaudio 
 : francesco-saverio.gaudio[at]univ-amu.fr\n\nPlus d'informations: https://
 www.amse-aixmarseille.fr/fr/evenements/francisco-queir%C3%B3s
LOCATION:Îlot Bernard du Bois - Salle 15\, AMU - AMSE\, 5-9 boulevard Maur
 ice Bourdet\, 13001 Marseille
URL;VALUE=URI:https://www.amse-aixmarseille.fr/fr/evenements/francisco-queir%C3%B3s
CONTACT:Marco Fongoni : marco.fongoni[at]univ-amu.frFrancesco Gaudio :&nbsp
 \;francesco-saverio.gaudio[at]univ-amu.fr
TRANSP:OPAQUE
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