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Three Essays in Macroeconomics.

Li Bergolis, Matteo.

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Three Essays in Macroeconomics.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Three Essays in Macroeconomics./
Author:	Li Bergolis, Matteo.
Description:	126 p.
Notes:	Source: Dissertation Abstracts International, Volume: 76-10(E), Section: A.
Contained By:	Dissertation Abstracts International76-10A(E).
Subject:	Economic theory. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3705306
ISBN:	9781321782127

Three Essays in Macroeconomics.
Li Bergolis, Matteo.

Three Essays in Macroeconomics. - 126 p.

Source: Dissertation Abstracts International, Volume: 76-10(E), Section: A.

Thesis (Ph.D.)--Northwestern University, 2015.

During economic downturns, labor markets are characterized not only by a higher unemployment rate and by lower transitions from unemployment to employment, but also by a reduction in the transitions from job to job. In Chapter 1, I propose a new mechanism to explain the reduction in job-to-job flows. I argue that when workers start a new job, the risk of separation is initially higher. Therefore, in a recession, workers are more reluctant to leave their existing jobs because they know that if they end up separating early from their new jobs, they would face longer unemployment spells. Using data from the Survey of Income and Program Participation (SIPP), I show that hazard rates of separation are initially high after a job-to-job transition. I then extend the job ladder model of Burdett and Mortensen (1998) to introduce the risk of early match dissolution and capture the mechanism described above. I estimate the model using U.S. data and find that workers' reluctance to move generates a drop in the transition rate of 10 percentage points in a recession of the size of the Great Recession. Moreover, this mechanism generates a decrease in productivity of about 1 percent.

ISBN: 9781321782127Subjects--Topical Terms:

1556984
Economic theory.

Three Essays in Macroeconomics.
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245 1 0 $a Three Essays in Macroeconomics.
300 $a 126 p.
500 $a Source: Dissertation Abstracts International, Volume: 76-10(E), Section: A.
500 $a Adviser: Guido Lorenzoni.
502 $a Thesis (Ph.D.)--Northwestern University, 2015.
520 $a During economic downturns, labor markets are characterized not only by a higher unemployment rate and by lower transitions from unemployment to employment, but also by a reduction in the transitions from job to job. In Chapter 1, I propose a new mechanism to explain the reduction in job-to-job flows. I argue that when workers start a new job, the risk of separation is initially higher. Therefore, in a recession, workers are more reluctant to leave their existing jobs because they know that if they end up separating early from their new jobs, they would face longer unemployment spells. Using data from the Survey of Income and Program Participation (SIPP), I show that hazard rates of separation are initially high after a job-to-job transition. I then extend the job ladder model of Burdett and Mortensen (1998) to introduce the risk of early match dissolution and capture the mechanism described above. I estimate the model using U.S. data and find that workers' reluctance to move generates a drop in the transition rate of 10 percentage points in a recession of the size of the Great Recession. Moreover, this mechanism generates a decrease in productivity of about 1 percent.
520 $a Chapter 2 studies the impact of advancements in basic science on the real economy. We construct a novel dataset of seminal academic papers in various scientific fields and interpret them as the exogenous advent of innovation possibilities ("scientific shocks") for innovating firms. By using patent data, we directly link academic papers to firm-level observables. We then develop a two-sector, dynamic general equilibrium model with endogenous technical change and information frictions to classify scientific shocks into two broad categories: "breakthrough" scientific shocks, which generate a positive response in investment and in the rate of return on capital; and "dead-end" scientific shocks, which generate a positive response in investment but have a negative impact on the rate of return on capital. We characterize the dynamic response of investment, labor, R&D, output, and Tobin's q of firms exposed to breakthrough and dead-end shocks. We show that, while only breakthrough shocks generate economically successful technologies, dead-end shocks can have a substantial contribution to long-run growth through dynamic technological spillovers.
520 $a In Chapter 3 we construct a novel dataset linking seminal academic articles to innovating firms. We use the Web of Science, the most complete and accurate data source on scientific publications available, to select seminal scientific papers. These are identified as the most cited academic publications in peer-reviewed journals, for each scientific field. We then link these papers to citing patents on USPTO, and eventually to the universe of firms on Compustat by using data on patent ownership. Differently from Gaetani and Li Bergolis (2015), this procedure does not generate potential biases in the selection of seminal scientific papers. We use the dataset to trace an identikit of firms whose innovation is highly relying on the insights provided by seminal papers. We show that smaller and younger firms tend to be more exposed to seminal scientific papers, a result which is consistent with recent related findings in the literature. These findings shed light on the interaction between firms and science, and can provide valuable guidance for the allocation of R&D subsidies among innovating firms.
590 $a School code: 0163.
650 4 $a Economic theory. $3 1556984
650 4 $a Labor economics. $3 642730
650 4 $a Journalism. $3 576107
650 4 $a Mass communication. $3 2144804
650 4 $a Web studies. $3 2122754
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710 2 $a Northwestern University. $b Economics. $3 1020895
773 0 $t Dissertation Abstracts International $g 76-10A(E).
790 $a 0163
791 $a Ph.D.
792 $a 2015
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3705306