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X-WR-CALDESC:Events for CREST
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DTSTART;TZID=Europe/Helsinki:20240513T121500
DTEND;TZID=Europe/Helsinki:20240513T133000
DTSTAMP:20260816T184040
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SUMMARY:Sylvain CATHERINE (University of Pennsylvania) "Interest-rate risk and household portfolios"
DESCRIPTION:Macro seminar\nTime : 12h15 – 13h30 \nDate : 13 Mai 2023 \nSalle 3001 \nSylvain CATHERINE (University of Pennsylvania) “Interest-rate risk and household portfolios” \nAbstract: How are households exposed to interest-rate risk? When rates fall\, house-holds face lower future expected returns but those holding long-term assets— disproportionately the wealthy and middle-aged—experience capital gains. We study the hedging demand for long-term assets in a portfolio choice model.\nThe optimal interest-rate sensitivity of wealth is hump-shaped over the life cy-cle. Within cohorts\, it increases with wealth and earnings. These predictions fit observed patterns in the United States\, suggesting a relatively efficient dis-tribution of interest-rate risk. By protecting workers from rate fluctuations\, Social Security limits the welfare consequences of rising wealth inequality when rates fall. \nJoint work : Max Miller (Harvad University)\, James D. Paron (University of Pennsylvania)\, Natasha Sarin (Yale Law School). \nJean-Baptiste MICHAU (CREST) \n
URL:https://crest.science/event/sylvain-catherine-university-of-pennsylvania-t-b-a/
CATEGORIES:Macroeconomics,Seminars
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DTSTART;TZID=Europe/Helsinki:20240513T161500
DTEND;TZID=Europe/Helsinki:20240513T173000
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CREATED:20240507T124609Z
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UID:17005-1715616900-1715621400@crest.science
SUMMARY:Senay SOKULLU (Univ Bristol) - "Identification and Estimation of Demand Models with Endogenous Product Entry and Exit"
DESCRIPTION:Paris Econometrics Seminar CREST – PSE – Sciences Po\nTime: 04:15 pm – 05:30 pm\nDate: 13th of May\nRoom : 3001 \n  \nSenay SOKULLU (Univ Bristol) – “Identification and Estimation of Demand Models with Endogenous Product Entry and Exit” \nAbstract : This paper deals with the endogeneity of firms’ entry and exit decisions in demand estimation. Product entry decisions lack a single crossing property in terms of demand unobservables\, which causes the inconsistency of conventional methods dealing with selection. We present a novel and straightforward two-step approach to estimate demand while addressing endogenous product entry. In the first step\, our method estimates a finite mixture model of product entry accommodating latent market types. In the second step\, it estimates demand controlling for the propensity scores of all latent market types. We apply this approach to data from the airline industry. \nCoauthored with Jonathan Roth \n  \nOrganizers:\nElia Lapenta – CREST/ENSAE\nPhilipp Ketz – CNRS/PSE\nClément de Chaisemartin – Sciences Po \nSponsors:\nCREST \n
URL:https://crest.science/event/senay-sokullu-univ-bristol-identification-and-estimation-of-demand-models-with-endogenous-product-entry-and-exit/
CATEGORIES:Paris Econometrics Seminar,Seminars
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