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UID:event-13053@www.amse-aixmarseille.fr
DTSTAMP:20260414T112602Z
CREATED:20260414T112602Z
LAST-MODIFIED:20260414T112602Z
STATUS:CONFIRMED
SEQUENCE:0
SUMMARY:Eco-lunch - Marco Fongoni
DTSTART:20260305T110000Z
DTEND:20260305T120000Z
DESCRIPTION:This paper advances a theory of unemployment hysteresis---trans
 itory shocks leave \\emph{permanent} effects---based on a model of endogeno
 us path-dependent wage rigidity under incomplete employment contracts. Work
 ers' relative wage comparisons---incumbents' aversion to wage cuts and new 
 hires' concern with pay inequality---imply wage increases are partially irr
 eversible\, generating path dependence and asymmetry in wage adjustments. D
 uring recessions\, hiring wages fail to adjust fully downward\, depressing 
 job creation and producing hysteresis effects and large unemployment fluctu
 ations. A quantitative assessment shows that these effects can be significa
 nt under plausible calibrations of the cost of wage cuts and the sensitivit
 y of workers to relative wages.  A 1\\% transitory shock can generate a pe
 rmanent increase in unemployment of about 0.5\\% to 15\\%\, with benchmark 
 values around 1.5–5.5\\%. The paper concludes by discussing the implicati
 ons of the theory for the effectiveness of monetary policy and the empirica
 l research on hysteresis effects\, suggesting promising directions for futu
 re research.\\n\\nContact: Houda Hafidi : houda.hafidi[at]sciencespo-aix.fr
 Federico Trionfetti : federico.trionfetti[at]univ-amu.fr\n\nPlus d'informat
 ions: https://www.amse-aixmarseille.fr/fr/evenements/marco-fongoni-0
LOCATION:MEGA - Salle Carine Nourry\, 424\, Chemin du Viaduc\, 13080 Aix-en
 -Provence
URL;VALUE=URI:https://www.amse-aixmarseille.fr/fr/evenements/marco-fongoni-0
CONTACT:Houda Hafidi : houda.hafidi[at]sciencespo-aix.frFederico Trionfetti
  : federico.trionfetti[at]univ-amu.fr
TRANSP:OPAQUE
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