Vážené kolegyne, Vážení kolegovia,

Pozývame Vás na ďalší seminár o empirickej ekonómii, ktorý sa uskutoční v knižnici Ústavu ekonomického výskumu Slovenskej akadémie vied (EÚ SAV) dňa 5. júna 2024 (streda) od 13:00 do 14:30 hod.

Tentokrát pozvanie prijal Juho Peltonen (University of Helsinki, Finland), ktorý prednesie prezentáciu s názvom: “Discount factor shocks and labor market outcomes in recent macroeconomic crises”

Abstrakt: This paper investigates the role of discount factor shocks on labour market fluctuations. In a dynamic stochastic general equilibrium search and matching labor market model, negative discount factor shocks decrease expected gains from job creations. As a result, firms are opening fewer job vacancies, and the value of each job decreases. When job destructions are endogenous, firms also can cut low productive jobs. In a real business cycle setting this amplifies the impact of discount factor shocks to unemployment. This paper further extends the analysis of the role and the quantitative significance of discount factor shocks from RBC-model to a model with endogenous job creations and destructions, capital investments, and monetary policy, and shows the significance of discount factor shocks as drivers of labor market fluctuations, even when the capital investments allow households to effectively smooth consumption over time. Furthermore, discount factor shocks are shown to correlate with the macro uncertainty measures. Since, the uncertainty during the last economic crisis, namely the Great Recession and Covid-19, has been exceptionally high, identification of historical shocks and their magnitude during these episodes is particularly interesting in explaining the labour market outcomes.

Seminár bude organizovaný hybridne. Pre záujemcov budú rečník a niekoľko diskutujúcich prítomných v knižnici EÚ SAV.