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  1. Automation, globalization and vanishing jobs
    a labor market sorting view
    Autor*in: Faia, Ester; Laffitte, Sébastien; Mayer, Maximilian; Ottaviano, Gianmarco I. P.
    Erschienen: [2020]
    Verlag:  Centre for Economic Performance, London School of Economics and Political Science, London

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    Schriftenreihe: CEP discussion paper ; no 1695 (May 2020)
    Schlagworte: automation; offshoring; two-sided heterogeneity; positive assortativity; wage inequality; horizontal specialization; core-task-biased technological change
    Umfang: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  2. Dynamic labor reallocation with heterogeneous skills and uninsured idiosyncratic risk
    Autor*in: Faia, Ester; Kudlyak, Marianna; Shabalina, Ekaterina
    Erschienen: October 2021
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    Occupational specificity of human capital motivates an important role of occupational reallocation for the economy's response to shocks and for the dynamics of inequality. We introduce occupational mobility, through a random choice model with dynamic... mehr

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    Occupational specificity of human capital motivates an important role of occupational reallocation for the economy's response to shocks and for the dynamics of inequality. We introduce occupational mobility, through a random choice model with dynamic value function optimization, into a multi-sector/multi-occupation Bewley (1980)-Aiyagari (1994) model with heterogeneous income risk, liquid and illiquid assets, price adjustment costs, and in which households differ by their occupation-specific skills. Labor income is a combination of endogenous occupational wages and idiosyncratic shock. Occupational reallocation and its impact on the economy depend on the transferability of workers' skills across occupations and occupational specialization of the production function. The model matches well the statistics on income and wealth inequality, and the patterns of occupational mobility. It provides a laboratory for studying the short- and long-run effects of occupational shocks, automation and task encroaching on income and wealth inequality. We apply the model to the pandemic recession by adding an SIR block with occupation-specific infection risk and a ZLB policy and study the impact of occupational and aggregate labor supply shocks. We find that occupational mobility may tame the effect of the shocks but amplifies earnings inequality, as compared to a model without mobility.

     
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    hdl: 10419/250455
    Schriftenreihe: Discussion paper series / IZA ; no. 14794
    Schlagworte: occupational mobility; heterogeneous agents; skills; income and wealth inequality; discrete choice optimization
    Umfang: 1 Online-Ressource (circa 75 Seiten), Illustrationen
  3. The value of firm networks
    a natural experiment on board connections
    Autor*in: Faia, Ester; Mayer, Maximilian; Pezone, Vincenzo
    Erschienen: [2021]
    Verlag:  Leibniz Institute for Financial Research SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    We present causal evidence on the e↵ect of boardroom networks on firm value and compensation policies. We exploit a ban on interlocking directorates of Italian financial and insurance companies as exogenous variation and show that firms that lose... mehr

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    We present causal evidence on the e↵ect of boardroom networks on firm value and compensation policies. We exploit a ban on interlocking directorates of Italian financial and insurance companies as exogenous variation and show that firms that lose centrality in the network experience negative abnormal returns around the announcement date. The key driver of our results is the role of boardroom connections in reducing asymmetric information. The complementarities with the input-output and cross-ownership networks are consistent with this channel. Using hand-collected data, we also show that network centrality has a positive e↵ect on directors' compensation, providing evidence of rent sharing.

     
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    hdl: 10419/243277
    Schriftenreihe: SAFE working paper ; no. 269
    Schlagworte: Firm Networks; Natural Experiment; Executives' Compensation; Interlocking Directorates
    Umfang: 1 Online-Ressource (circa 66 Seiten), Illustrationen
  4. Dynamic labor reallocation with heterogeneous skills and uninsured idiosyncratic risk
    Autor*in: Faia, Ester; Shabalina, Ekaterina; Kudlyak, Marianna
    Erschienen: 2021
    Verlag:  Federal Reserve Bank of San Francisco, [San Francisco, CA]

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    Schriftenreihe: Working papers series / Federal Reserve Bank of San Francisco ; 2021, 16 (June 2021)
    Schlagworte: Occupational Mobility; Heterogeneous Agents; Skills; Income and Wealth Inequality; Discrete Choice Optimization
    Umfang: 1 Online-Ressource (circa 73 Seiten), Illustrationen
  5. Health externalities and policy: the role of social preferences
    Autor*in: Alfaro, Laura; Faia, Ester; Lamersdorf, Nora; Saidi, Farzad
    Erschienen: August 2021
    Verlag:  ECONtribute, Bonn

    Social preferences facilitate the internalization of health externalities, for example by reducing mobility during a pandemic. We test this hypothesis using mobility data from 258 cities worldwide alongside experimentally validated measures of social... mehr

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    Social preferences facilitate the internalization of health externalities, for example by reducing mobility during a pandemic. We test this hypothesis using mobility data from 258 cities worldwide alongside experimentally validated measures of social preferences. Controlling for time-varying heterogeneity that could arise at the level at which mitigation policies are implemented, we find that they matter less in regions that are more altruistic, patient, or exhibit less negative reciprocity. In those regions, mobility falls ahead of lockdowns, and remains low after the lifting thereof. Our results elucidate the importance, independent of the cultural context, of social preferences in fostering cooperative behavior.

     
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    hdl: 10419/244343
    Schriftenreihe: ECONtribute discussion paper ; no. 109
    Schlagworte: social preferences; pandemics; mobility; health externalities; mitigation policies
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  6. Social interactions in a pandemic
    Autor*in: Alfaro, Laura; Faia, Ester; Lamersdorf, Nora; Saidi, Farzad
    Erschienen: August 2021
    Verlag:  ECONtribute, Bonn

    Externalities and social preferences, such as patience and altruism, play a key role in the endogenous choice of social interactions, which in turn affect the diffusion of a pandemic or patterns of social segregation. We build a dynamic model,... mehr

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    Externalities and social preferences, such as patience and altruism, play a key role in the endogenous choice of social interactions, which in turn affect the diffusion of a pandemic or patterns of social segregation. We build a dynamic model, augmented with an SIR block, in which agents optimally choose the intensity of both general and group-specific social interactions. The equilibria in the baseline and the SIR-network model result from a matching process governed by optimally chosen contact rates. Taking into account agents’ endogenous behavior generates markedly different predictions relative to a naıve SIR model. Through a planner’s problem, we show that neglecting agents’ response to risk leads to misguided policy decisions. Mobility restrictions beyond agents’ restraint are needed to the extent that aggregate externalities are not curtailed by social preferences.

     
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    hdl: 10419/244344
    Schriftenreihe: ECONtribute discussion paper ; no. 110
    Schlagworte: social interactions; pandemics; SIR network models; social preferences; social planner; targeted policies
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  7. Elusive safety
    the new geography of capital flows and risk
    Autor*in: Alfaro, Laura; Faia, Ester; Judson, Ruth A.; Schmidt-Eisenlohr, Tim
    Erschienen: [2020]
    Verlag:  Harvard Business School, [Boston, MA]

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    Schriftenreihe: Working paper / Harvard Business School ; 20, 099
    Schlagworte: Steueroase; Kapitalmobilität; Wertpapier; Steuervermeidung; Investitionsrisiko; USA
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  8. Biases in Information Selection and Processing
    Survey Evidence from the Pandemic
    Autor*in: Faia, Ester; Fuster, Andreas; Pezone, Vincenzo; Zafar, Basit
    Erschienen: 2021
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    How people form beliefs is crucial for understanding decision-making under uncertainty. This is particularly true in a situation such as a pandemic, where beliefs will affect behaviors that impact public health as well as the aggregate economy. We... mehr

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    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    How people form beliefs is crucial for understanding decision-making under uncertainty. This is particularly true in a situation such as a pandemic, where beliefs will affect behaviors that impact public health as well as the aggregate economy. We conduct two survey experiments to shed light on potential biases in belief formation, focusing in particular on the tone of information people choose to consume and how they incorporate this information into their beliefs. In the first experiment, people express their preferences over pandemic-related articles with optimistic and pessimistic headlines, and are then randomly shown one of the articles. We find that respondents with more pessimistic prior beliefs about the pandemic are substantially more likely to prefer pessimistic articles, which we interpret as evidence of confirmation bias. In line with this, respondents assigned to the less preferred article rate it as less reliable and informative (relative to those who prefer it); they also discount information from the article when it is less preferred. We further find that these motivated beliefs end up impacting incentivized behavior. In a second experiment, we study how partisan views interact with information selection and processing. We find strong evidence of source dependence: revealing the news source further distorts information acquisition and processing, eliminating the role of prior beliefs in article choice

     
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    Schriftenreihe: NBER working paper series ; no. w28484
    Schlagworte: Entscheidung unter Unsicherheit; Erwartungsbildung; Coronavirus; Kommunikationsmedien
    Umfang: 1 Online-Ressource, illustrations (black and white)
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    Hardcopy version available to institutional subscribers
  9. Biases in information selection and processing
    survey evidence from the pandemic
    Autor*in: Faia, Ester; Fuster, Andreas; Pezone, Vincenzo; Zafar, Basit
    Erschienen: [2021]
    Verlag:  Leibniz Institute for Financial Research SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    How people form beliefs is crucial for understanding decision-making under uncertainty. This is particularly true in a situation such as a pandemic, where beliefs will affect behaviors that impact public health as well as the aggregate economy. We... mehr

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    How people form beliefs is crucial for understanding decision-making under uncertainty. This is particularly true in a situation such as a pandemic, where beliefs will affect behaviors that impact public health as well as the aggregate economy. We conduct two survey experiments to shed light on potential biases in belief formation, focusing in particular on the tone of information people choose to consume and how they incorporate this information into their beliefs. In the first experiment, people express their preferences over pandemic-related articles with optimistic and pessimistic headlines, and are then randomly shown one of the articles. We find that respondents with more pessimistic prior beliefs about the pandemic are substantially more likely to prefer pessimistic articles, which we interpret as evidence of confirmation bias. In line with this, respondents assigned to the less preferred article rate it as less reliable and informative (relative to those who prefer it); they also discount information from the article when it is less preferred. We further find that these motivated beliefs end up impacting incentivized behavior. In a second experiment, we study how partisan views interact with information selection and processing. We find strong evidence of source dependence: revealing the news source further distorts information acquisition and processing, eliminating the role of prior beliefs in article choice.

     
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    hdl: 10419/230671
    Schriftenreihe: SAFE working paper ; no. 307
    Schlagworte: Belief updating; confirmatory biases; endogenous information acquisition; media polarization; source dependence; COVID-19
    Umfang: 1 Online-Ressource (circa 87 Seiten), Illustrationen
  10. Banks' systemic risk and monetary policy
    Autor*in: Faia, Ester; Karau, Soeren
    Erschienen: 15 January 2019
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP13456
    Umfang: 1 Online-Ressource (circa 59 Seiten), Illustrationen
  11. Monetary policy and the cost of heterogeneous wage rigidity
    evidence from the stock market
    Autor*in: Faia, Ester; Pezone, Vincenzo
    Erschienen: 21 December 2018
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Discussion paper series / Centre for Economic Policy Research ; DP13407
    Umfang: 45 Seiten, Illustrationen
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  12. Bank networks
    contagion, systemic risk and prudential policy
    Autor*in: Aldasoro, Iñaki; Delli Gatti, Domenico; Faia, Ester
    Erschienen: [2015]
    Verlag:  SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    We present a network model of the interbank market in which optimizing risk averse banks lend to each other and invest in non-liquid assets. Market clearing takes place through a tâtonnement process which yields the equilibrium price, while traded... mehr

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    We present a network model of the interbank market in which optimizing risk averse banks lend to each other and invest in non-liquid assets. Market clearing takes place through a tâtonnement process which yields the equilibrium price, while traded quantities are determined by means of a matching algorithm. Contagion occurs through liquidity hoarding, interbank interlinkages and fire sale externalities. The resulting network configuration exhibits a coreperiphery structure, dis-assortative behavior and low density. Within this framework we analyze the effects of prudential policies on the stability/efficiency trade-off. Liquidity requirements unequivocally decrease systemic risk but at the cost of lower efficiency (measured by aggregate investment in non-liquid assets). Equity requirements tend to reduce risk (hence increase stability) without reducing significantly overall investment.

     
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    hdl: 10419/203292
    Auflage/Ausgabe: This Draft: July 2015
    Schriftenreihe: SAFE working paper ; no. 87
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  13. Bank and sovereign debt risk connection
    Autor*in: Darracq Pariès, Matthieu; Faia, Ester; Rodriguez Palenzuela, Diego
    Erschienen: [2013]
    Verlag:  SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    Euro area data show a positive connection between sovereign and bank risk, which increases with banks' and sovereign long run fragility. We build a macro model with banks subject to moral hazard and liquidity risk (sudden deposit withdrawals): banks... mehr

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    Euro area data show a positive connection between sovereign and bank risk, which increases with banks' and sovereign long run fragility. We build a macro model with banks subject to moral hazard and liquidity risk (sudden deposit withdrawals): banks invest in risky government bonds as a form of capital buffer against liquidity risk. The model can replicate the positive connection between sovereign and bank risk observed in the data. Central bank liquidity policy, through full allotment policy, is successful in stabilizing the spiraling feedback loops between bank and sovereign risk.

     
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    hdl: 10419/203265
    Auflage/Ausgabe: This draft: November 2013
    Schriftenreihe: SAFE working paper ; no. 7
    Umfang: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  14. Endogenous banks' networks, cascades and systemic risk
    Autor*in: Bluhm, Marcel; Faia, Ester; Krahnen, Jan Pieter
    Erschienen: 2014
    Verlag:  SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    We develop a network model whose links are governed by banks' optmizing decisions and by an endogenous tâtonnement market adjustment. Banks in our model can default and engage in re-sales: risk is transmitted through direct and cascading... mehr

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    We develop a network model whose links are governed by banks' optmizing decisions and by an endogenous tâtonnement market adjustment. Banks in our model can default and engage in re-sales: risk is transmitted through direct and cascading counterparty defaults as well as through indirect pecuniary externalities triggered by re-sales. We use the model to assess the evolution of the network configuration under various prudential policy regimes, to measure banks' contribution to systemic risk (through Shapley values) in response to shocks, and to analyze the effects of systemic risk charges. We complement the analysis by introducing the possibility of central bank liquidity provision.

     
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    hdl: 10419/203268
    Auflage/Ausgabe: This draft: June 2014
    Schriftenreihe: SAFE working paper ; no. 12
    Umfang: 1 Online-Ressource (circa 76 Seiten), Illustrationen
  15. Trust in the monetary authority
    Autor*in: Bursian, Dirk; Faia, Ester
    Erschienen: 2013
    Verlag:  SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    Trust in policy makers fluctuates significantly over the cycle and a¤ects the transmission mechanism. Despite this it is absent from the literature. We build a monetary model embedding trust cycles; the latter emerge as an equilibrium phenomenon of a... mehr

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    Trust in policy makers fluctuates significantly over the cycle and a¤ects the transmission mechanism. Despite this it is absent from the literature. We build a monetary model embedding trust cycles; the latter emerge as an equilibrium phenomenon of a game-theoretic interaction between atomistic agents and the monetary authority. Trust affects agents.stochastic discount factors, namely the price of future risk, and through this it interacts with the monetary transmission mechanism. Using data from the Eurobarometer surveys we analyze the link between trust and the transmission mechanism of macro and monetary shocks: empirical results are in line with theoretical ones.

     
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    hdl: 10419/203269
    Auflage/Ausgabe: This draft: July 2013
    Schriftenreihe: SAFE working paper ; no. 14
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  16. Robot adoption, worker-firm sorting and wage inequality
    evidence from administrative panel data
    Autor*in: Faia, Ester; Ottaviano, Gianmarco I. P.; Spinella, Saverio
    Erschienen: 08 July 2022
    Verlag:  Centre for Economic Policy Research, London

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    Universitätsbibliothek Mannheim
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    Schriftenreihe: Array ; DP17451
    Schlagworte: Core-task biased technological change; sorting; between and within wage inequality; finite mixture models; Technology adoption; robots; shift-shares; assortative matching; Bertrandpoaching
    Umfang: 1 Online-Ressource (circa 79 Seiten)
  17. Granular investors and international bond prices
    scarcity-induced safety
    Autor*in: Faia, Ester; Salomão, Juliana; Ventula Veghazy, Alexia
    Erschienen: 10 July 2022
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP17454
    Schlagworte: heterogeneous investors; Market Segmentation; securities data; uncovered andcovered interest rate parity; scarcity channel; duration extraction channel; asset safety
    Umfang: 1 Online-Ressource (circa 70 Seiten), Illustrationen
  18. Ambiguity attitudes, leverage cycle and asset prices
    Autor*in: Bassanin, Marzio; Faia, Ester; Patella, Valeria
    Erschienen: 19 July 2019
    Verlag:  Centre for Economic Policy Research, London

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    Auflage/Ausgabe: This draft: July 2019
    Schriftenreihe: Array ; DP13875
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  19. Automation, globalization and vanishing jobs
    a labor market sorting view
    Autor*in: Faia, Ester; Laffitte, Sébastien; Mayer, Maximilian; Ottaviano, Gianmarco I. P.
    Erschienen: 20 May 2020
    Verlag:  Centre for Economic Policy Research, London

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  20. The value of firm networks
    a natural experiment on board connections
    Autor*in: Faia, Ester; Mayer, Maximilian; Pezone, Vincenzo
    Erschienen: 14 April 2020
    Verlag:  Centre for Economic Policy Research, London

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  21. Automation, globalization and vanishing jobs
    a labor market sorting view
    Autor*in: Faia, Ester; Laffitte, Sébastien; Mayer, Maximilian; Ottaviano, Gianmarco I. P.
    Erschienen: May 2020
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    We show, theoretically and empirically, that the effects of technological change associated with automation and offshoring on the labor market can substantially deviate from standard neoclassical conclusions when search frictions hinder efficient... mehr

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    We show, theoretically and empirically, that the effects of technological change associated with automation and offshoring on the labor market can substantially deviate from standard neoclassical conclusions when search frictions hinder efficient assortative matching between firms with heterogeneous tasks and workers with heterogeneous skills. Our key hypothesis is that better matches enjoy a comparative advantage in exploiting automation and a comparative disadvantage in exploiting offshoring. It implies that automation (offshoring) may reduce (raise) employment by lengthening (shortening) unemployment duration due to higher (lower) match selectivity. We find empirical support for this implication in a dataset covering 92 occupations and 16 sectors in 13 European countries from 1995 to 2010.

     
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    Schriftenreihe: Discussion paper series / IZA ; no. 13267
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  22. Educational inequality, assortative mating and women empowerement
    Autor*in: Faia, Ester
    Erschienen: 31 March 2020
    Verlag:  Centre for Economic Policy Research, London

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  23. Elusive safety
    the new geography of capital flows and risk
    Autor*in: Alfaro, Laura; Faia, Ester; Judson, Ruth A.; Schmidt-Eisenlohr, Tim
    Erschienen: April 2020
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Using a unique confidential data set with industry disaggregation of official U.S. claims and liabilities, we find that dollar-denominated securities are increasingly inter-mediated by tax havens financial centers (THFC) and by less regulated funds.... mehr

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    Using a unique confidential data set with industry disaggregation of official U.S. claims and liabilities, we find that dollar-denominated securities are increasingly inter-mediated by tax havens financial centers (THFC) and by less regulated funds. These securities are risky and respond to tax rates and prudential regulations, suggesting tax avoidance and regulatory arbitrage. Issuers are mostly intangible-intensive multinationals, that can more easily move across borders. Investors require a high Sharpe ratio, suggesting search for yield. In contrast, safe treasuries are mainly held by the foreign official sector and increased with quantitative easing policies. Facts on the privately held securities are rationalized through a model where multinationals with heterogeneous default probabilities endogenously choose to shift profits to a THFC against a cost and are funded by global intermediaries with endogenous monitoring intensity. A fall in debt costs, due to an increase in global savings channeled by low regulated intermediaries, raises firms' profits. More firms can afford to enter the THFC and, as they appear elusively safer, intermediaries reduce monitoring intensity, increasing ex post risk.

     
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    Schriftenreihe: CESifo working paper ; no. 8249 (2020)
    Schlagworte: Steueroase; Kapitalmobilität; Wertpapier; Steuervermeidung; Investitionsrisiko; USA
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  24. The heterogeneous cost of wage rigidity
    evidence and theory
    Autor*in: Faia, Ester; Pezone, Vincenzo
    Erschienen: [2020]
    Verlag:  Leibniz Institute for Financial Research SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    Using a unique confidential contract level dataset merged with firm-level asset price data, we find robust evidence that firms' stock market valuations and employment levels respond more to monetary policy announcements the higher the degree of wage... mehr

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    Using a unique confidential contract level dataset merged with firm-level asset price data, we find robust evidence that firms' stock market valuations and employment levels respond more to monetary policy announcements the higher the degree of wage rigidity. Data on the renegotiations of collective bargaining agreements allow us to construct an exogenous and accurate measure of wage rigidity. The amplification induced by wage rigidity is stronger for firms with high labor intensity and low profitability. There are clear distributional consequences of monetary policy. We rationalize the evidence through a model in which firms in different sectors feature different degrees of wage rigidity due to staggered renegotiations vis-a-vis unions.

     
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    Auflage/Ausgabe: Current draft: January 2020
    Schriftenreihe: SAFE working paper ; no. 242
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  25. Insolvency-illiquidity, macro externalities and regulation
    Autor*in: Faia, Ester
    Erschienen: 15 October 2019
    Verlag:  Centre for Economic Policy Research, London

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