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UID:event-11478@www.amse-aixmarseille.fr
DTSTAMP:20260421T223444Z
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SUMMARY:Macro and labor market seminar - Priit Jeenas
DTSTART:20241206T113000Z
DTEND:20241206T123000Z
DESCRIPTION:The exposure of firms and financial institutions to aggregate s
 hocks is a key driver behind financial crises. This paper studies how idios
 yncratic uninsurable labor income risk faced by lender households influence
 s the concentration of aggregate risk on borrower entrepreneurs' balance sh
 eets. I propose a tractable model of households' idiosyncratic labor risk a
 nd embed it into a workhorse business cycle framework with informational as
 ymmetries in entrepreneurial financing and privately optimal contracting. T
 he presence of idiosyncratic labor income risk affects aggregate fluctuatio
 ns and risk concentration through two explicit channels: i) endogenous incr
 eases in the share of human wealth in households’ total wealth increase r
 ealized idiosyncratic consumption risk\, given labor income risk\; and ii) 
 cyclicality in the idiosyncratic labor income risk itself leads to cyclical
 ity in realized consumption risk. In the calibrated model with nominal rigi
 dities\, both channels make households less reluctant to bear aggregate ris
 k\, resulting in its higher concentration on the balance sheets of entrepre
 neurs. Quantitatively\, the former channel plays a small role\, while empir
 ically plausible countercyclicality in idiosyncratic labor income risk can 
 lead to considerable amplification of aggregate volatility\, reminiscent of
  conventional financial accelerator dynamics.\\n\\nContact: Marco Fongoni :
  marco.fongoni[at]univ-amu.frAlexandros Loukas : alexandros.loukas[at]univ-
 amu.fr\n\nPlus d'informations: https://www.amse-aixmarseille.fr/fr/evenemen
 ts/priit-jeenas
LOCATION:Îlot Bernard du Bois - Salle 17\, AMU - AMSE\, 5-9 boulevard Maur
 ice Bourdet\, 13001 Marseille
URL;VALUE=URI:https://www.amse-aixmarseille.fr/fr/evenements/priit-jeenas
CONTACT:Marco Fongoni : marco.fongoni[at]univ-amu.frAlexandros Loukas : ale
 xandros.loukas[at]univ-amu.fr
TRANSP:OPAQUE
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