Credit and Labour Market Foundations of the Macroeconomy

Lead Research Organisation: University of Edinburgh
Department Name: Sch of Economics

Abstract

The crisis and its aftermath have thrown up many challenges for macroeconomics. For the past thirty years the predominant methodology in macroeconomics has been a class of models that assume an absence of heterogeneity across firms, individuals, etc., and assume that individuals have access to well-functioning insurance markets.

These models have been widely criticised for providing no insight into the current crisis. The crisis has highlighted i) the extreme nature of labour market responses as unemployment has remained high while nominal wages have remained inflexible; ii) the importance of credit markets in generating as well as propagating shocks.. It is our view that that a deeper understanding of credit and labour markets, how they interact and how shocks in these markets aggregate and propagate is fundamental to the understanding of the macroeconomy. This agenda requires building a model of the economy based on realistic features of credit and labour markets including differences in information among agents, differences in attitudes towards risk, the inability to specify or contract upon all future contingencies, and recognising the limits of contractual enforceability. It requires an understanding of how behaviour in individual markets aggregates and how, in turn, the macroeconomic environment feeds back to individual markets. Our aim is to transform research in macroeconomics and to build its foundations on a thorough understanding of credit and labour markets.

Credit markets: We will consider why financial markets occasionally dry up, why banks simultaneously borrow and lend to each other and how this affects financial risk and monetary policy. An important component of this analysis is that differences in information between holders of assets and potential buyers creates illiquidity, that is, holders find it costly to reverse an asset trade once made. The relationship between contagious illiquidity and market failure, such as we have seen in the financial crisis, is a core element of this theme.

Labour markets: Traditional models have difficulties accounting for the fluctuations, and the sluggishness in responses, of employment and wages. We will investigate this issue from two angles. First, we will look into the black-box of standard job search models by examining how job-seekers determine which jobs to apply for, how this changes with unemployment and how selections depend on occupation, salary and travel distance. Second, we will examine the nature of the employment relationship after job search is completed, its durability, the evolution of wages and productivity and the dependence of both on current, past, and anticipated macroeconomic conditions.

The macroeconomy: An economy is the aggregation of the activities in individual markets. It is important to know if behaviour at the level of individual markets is amplified or washed-out at the aggregate level. For example, if employment responses at the firm level are sluggish, does this imply sluggish responses at the macro level? Understanding this aggregation issue requires insight into the structure of employment responses at the firm level. We expect that the joint analysis of credit and labour markets and how they aggregate will provide new insights for the understanding of the macroeconomy.

Planned Impact

Policy Impact: The main beneficiaries of our proposed research are policy makers in the areas of fiscal and monetary policy and labour market policy. In particular, it will be of benefit to UK Treasury, the Bank of England, the UK Department for Work and Pensions (DWP) and other similar policy institutions in the EU and overseas. We have strong links with economists in policy institutions already. These include Bart Hobijn (San Francisco Fed), Aysegul Sahin (New York Fed), and David Ratner (Federal Reserve Board), all of whom have agreed to become visitors. David Miles of the Monetary Policy Committee has agreed to collaborate on the project as a co-investigator at the Bank of England. He will help co-ordinate our links with government and bank research economists and policy makers.

There are large potential gains from improved monetary, fiscal and labour market policy. Our field experiments on job search will involve cooperation with the DWP (Universal Jobmatch and Jobcentre Plus in particular) and will lead to advice on optimal incentive schemes for improving the job finding process. Potential gains include: lower benefit payments, better matches between employers and employees, and reductions of the significant costs to individuals of lengthy unemployment spells. The application of new micro-founded models in policy circles is in its infancy and our goal is to strengthen the channel from conception of new ideas to their application and implementation. Impact will be achieved by disseminating research findings through knowledge mobilisation activities such as: Focus Papers, Policy Forum series, seminar presentations and training events for government and bank economists, policy-oriented sessions at our annual conference, networking with key stakeholders and an effective web site. The Scottish Institute for Research in Economics (SIRE) has successfully organised policy forums with the Scottish Government over the last four years and we intend to use this as a template for discussions with stakeholders from the start of the project.

Public Impact: We wish to raise the standard of the public debate on macroeconomic policy. The research will be of interest to the general public and we will seek to disseminate our work using public lectures as well as through the website and press. We will draw on the support of the press and public relations offices at Edinburgh and at the institutions of our Co-Is. SIRE also has a long-standing relationship with the David Hume Institute for dissemination of research outcomes to non-academic users and we will engage them in the work in Scotland.

Capacity Building: The research programme will involve four half-semester buyouts for early career researchers each year, and will involve six linked PhD studentships. These researchers will benefit from the interaction with our international Co-Is and other visitors. We will also involve our international Co-Is and visitors in leading master classes and impact seminars in conjunction with the Scottish Graduate School's (SGS-DTC) Summer School that takes place every June. These will be open to graduate students across Scotland and the UK, as well as government and bank economists, and the SGS will provide resources to video-capture these presentations.

Legacy: All newly collected data will be archived with the UK data archive and will be made publicly available for further research. The training materials and a host of other resources will also be made available via the project website for others to download and use. There will be a body of openly accessible research and a new generation of well-connected and well-trained macroeconomists to provide future leadership of the field.

Publications


10 25 50
Albrecht J (2016) Directed search in the housing market in Review of Economic Dynamics
Bartelsman E (2016) EMPLOYMENT PROTECTION, TECHNOLOGY CHOICE, AND WORKER ALLOCATION in International Economic Review
Carrillo-Tudela C (2016) The extent and cyclicality of career changes: Evidence for the U.K. in European Economic Review
Gautier P (2015) SORTING AND THE OUTPUT LOSS DUE TO SEARCH FRICTIONS in Journal of the European Economic Association
Gautier P (2016) Search costs and efficiency: Do unemployed workers search enough? in European Economic Review
 
Description Collaboration and discussion with Sveriges Riksbank. 
Organisation SP Sveriges Tekniska Forskningsinstitut AB
Country Sweden, Kingdom of 
Sector Private 
PI Contribution The MacCaLM project co-hosted the Sveriges Riksbank Annual Conference in September 2016. Principle Investigator, John Hardman Moore, conducted an interview with the Sveriges Riksbank Research Division for their newsletter, discussing the aims and importance of the project.
Collaborator Contribution Discussions will remain open for further collaborative efforts with Sveriges Riksbank.
Impact No outcomes at present.
Start Year 2016
 
Description Collaborations and discussion with the Bank of England. 
Organisation Bank of England
Country United Kingdom of Great Britain & Northern Ireland (UK) 
Sector Public 
PI Contribution The MacCaLM project has provided some financial support to Bank of England activities and invited representatives from the organisation to present seminars at the School of Economics. The MacCaLM project has invited Dr Gabor Pinter to become an Annual Fellow, assisting in his research and providing research guidance.
Collaborator Contribution Stephen Millard of the Bank of England presented a seminar at the School of Economics at the University of Edinburgh in February 2016 and again in November. Dr Gabor Pinter of the Bank of England has joined the MacCaLM project as an Annual Fellow as of November 2016. An application was submitted to the Bank of England Research Donations Committee (deadline 11th May 2016) for support for the SED conference and particularly the joint events with MacCaLM and MacCaLM researchers and stakeholders. This was approved by the Committee and the award of £5,000 will be made to MacCaLM for the pre-event. The pre-event will now be jointly organised with the Bank of England. The MacCaLM project will also co-host a Micro-Finance Workshop in London, also in June 2017.
Impact No outcomes at present.
Start Year 2016
 
Description Discussions and collaboration with Claudio Borio (Bank of International Investments) 
Organisation International Investment Bank
Country Russian Federation 
Sector Private 
PI Contribution The MacCaLM project extended an invitation to Claudio Borio of the Bank of International Investments to join the project's Advisory Group, to provide input and direction on the grant's research.
Collaborator Contribution Claudio Borio has provided invaluable insight into the project's research pathway. He provided MacCaLM researchers with an empirical paper, co-authored with Enisse Kharroubi (also of the Bank of International Investments and speaker at the MacCaLM 2016 Annual Conference) entitled 'Labour Reallocation and Productivity Dynamics: Financial Causes, Real Consequences.' This paper was discussed at the MacCaLM Executive Board in March 2016 and resulted in the agreement to abandon the 3-way split of the project, between macroeconomy, labour and financial markets. The project will now unify and look at the intersection of credit and labour markets.
Impact No outcomes at present.
Start Year 2016
 
Description Discussions and collaborations with Gary Gillespie (Chief Economist, Scottish Government) 
Organisation Scottish Government
Country United Kingdom of Great Britain & Northern Ireland (UK) 
Sector Public 
PI Contribution The MacCaLM project has provided the Scottish Government with an insight into the research being conducted by its investigators have are open to the possibility of building knowledge exchange relationship with the Scottish Government. The MacCaLM project has invited the Scottish Government to take part in the 2017 Annual Conference.
Collaborator Contribution The Scottish Government have agreed to provide the MacCaLM project with £5,000 in contribute towards the Society for Economic Dynamics Annual Meeting, held in association with the MacCaLM.
Impact No outcomes at present.
Start Year 2016
 
Description Bank of England Seminar (Millard) 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Policymakers/politicians
Results and Impact Stephen Millard of the Bank of England visited the University and presented "The Great Recession and the UK Labour Market to MacCaLM researchers and other colleagues from the University's School of Economics in February 2016. Further discussions were held with Professor Millard following the seminar and plans were made for future activity, including specific joint working at MacCaLM's 2017 annual conference events.

Stephen Millard returned in November 2016 to present his paper 'How do shocks and frictions within financial markets affect the real economy?'.
Year(s) Of Engagement Activity 2016
 
Description Christopher Busch seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Christopher Busch (University of Cologne) presented his paper 'Occupational Switching and Wage Risk' during a seminar at the University of Edinburgh, including MacCaLM researchers in November 2016.
Year(s) Of Engagement Activity 2016
 
Description Credit Cycles 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Industry/Business
Results and Impact John Moore presented a paper called 'Credit Cycles' at a Research Forum on Macro-Finance held by the Bank of England, Centre for Central Banking Studies, Bank of England, London.
Year(s) Of Engagement Activity 2016
URL http://www.bankofengland.co.uk/education/Documents/ccbs/annualreport/ar2016.pdf
 
Description D. Miles video (Capital Requirements, Monetary Policy and Bank Risk) 
Form Of Engagement Activity Engagement focused website, blog or social media channel
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Public/other audiences
Results and Impact David Miles appeared in a Youtube video for the channel Video Vox discussing research related to the MacCaLM project - Capital Requirements, Monetary Policy and Bank Risk.
Year(s) Of Engagement Activity 2016
URL https://www.youtube.com/watch?v=zUXxqrEDCKA&index=3&list=PLt9jC4Ylzr6AX17eaduT_1IESXx7esVOF
 
Description D. Miles video (UK Mortgage Markets, Problems and Prospects) 
Form Of Engagement Activity Engagement focused website, blog or social media channel
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Public/other audiences
Results and Impact David Miles appeared in a Youtube video for the channel Video Vox discussing research related to the MacCaLM project - UK Mortgage Markets, Problems and Prospects.
Year(s) Of Engagement Activity 2016
URL https://www.youtube.com/watch?v=_372Hcnl2k4
 
Description D. Miles video for Financial Times 
Form Of Engagement Activity Engagement focused website, blog or social media channel
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Media (as a channel to the public)
Results and Impact David Miles discussed the 'Crisis in Economics' with the Financial Times, posted on their website.
Year(s) Of Engagement Activity 2017
URL https://www.ft.com/content/f1c1dd00-d812-11e6-944b-e7eb37a6aa8e
 
Description D.Miles interview with the Daily Mail. 
Form Of Engagement Activity A press release, press conference or response to a media enquiry/interview
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Public/other audiences
Results and Impact David Miles was interviewed by the Daily Mail newspaper in an article 'Buy-to-let tax crackdown branded a 'terrible tax change' that will drive landlords to hike rents' in February 2017. The interview is posted on their website.
Year(s) Of Engagement Activity 2017
URL http://www.dailymail.co.uk/money/buytolet/article-4187714/Buy-let-tax-crackdown-branded-terrible-tax...
 
Description David Frankel seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact David Frankel (Iowa State University) presented his paper 'Efficient Ex-Ante Stabilization of Firms' seminar ie the Iowa State Edinburgh, including MacCaLMresearchers in November 2016.
Year(s) Of Engagement Activity 2016
 
Description Giammario Impullitti seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Giammario Impullitti (University of Nottingham) presented his paper 'Firm Dynamics and Residual Inequality in Open Economies (Joint with Gabriel Felbermayr and Julien Prat)' at a seminar at the University of Edinburgh, including MacCaLM researchers in April 2016.
Year(s) Of Engagement Activity 2016
 
Description Giovanni Gallipoli seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Giovanni Gallipoli (Vancouver School of Economics, UBC) presented their paper 'The Costs of Occupational Mobility: An Aggregate Analysis (Joint with Guido Matias Cortes)' at a seminar at the University of Edinburgh, including MacCaLM researchers.
Year(s) Of Engagement Activity 2010,2016
 
Description Gregory Jolivet seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Gregory Jolivet presented their paper 'Consumer Search Costs and Preferences on the Internet (Joint with Helen Turon, University of Bristol)' at a seminar at the University of Edinburgh, including MacCaLM researchers in February 2016.
Year(s) Of Engagement Activity 2016
 
Description Hakki Yazici seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Hakki Yazici presented their paper 'Wage Risk and the Skill Premium (Joint with Ctirad Slavik)' at a seminar at the University of Edinburgh, including MacCaLM researchers in October 2016.
Year(s) Of Engagement Activity 2016
 
Description Hartmut Lehmann seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Hartmut Lehmann (University of Bologna) presented their paper 'Risk Attidudes, Informal Employment and Wages: Evidence from a Transistion Country (Joint with Thomas Dohmen and Melanie Khamis)' at a seminar at the University of Edinburgh, including MacCaLM researchers in January 2017.
Year(s) Of Engagement Activity 2017
 
Description Helene Turon 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Helene Turon (University of Bristol) presented their paper 'Home Production of Childcare and Labour Supply Decisions in a Collective Household Model' at a seminar at the University of Edinburgh, including MacCaLM researchers in November 2016.
Year(s) Of Engagement Activity 2016
 
Description Hugo Hopenhayn seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Hugo Hopenhayn (UCLA) presented their paper 'On the Direction of Innovation' (Joint with Francesco Squintani) at a seminar at the University of Edinburgh, including MacCaLM researchers in October 2016.
Year(s) Of Engagement Activity 2016
 
Description J. Hassler conference speaker (Conference Economics Policy) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Other audiences
Results and Impact John Hassler presented his paper 'Climate Policy' to an academic audience at the Conference Economics Policy (London) in October 2015.
Year(s) Of Engagement Activity 2015
 
Description J. Hassler panel discussion (Cambridge) 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Other audiences
Results and Impact John Hassler presented his paper 'Experiences from the Swedish crisis in the 1990s' to an academic audience at the University of Cambridge in October 2015.
Year(s) Of Engagement Activity 2015
 
Description J. Hassler panel paper (IMF/CEPS) 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Other audiences
Results and Impact John Hassler presented his paper 'Experiences from the Swedish crisis in the 1990s' to an academic audience at the International Monetary Fund and Centre for European Policy Studies in September 2015.
Year(s) Of Engagement Activity 2016
 
Description J. Hassler seminar (LSE London) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Other audiences
Results and Impact John Hassler presented his paper 'Energy saving and technical change' to an academic audience at LSE, London in December 2015.
Year(s) Of Engagement Activity 2015
 
Description J. Hassler seminar (Paris School of Economics) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Other audiences
Results and Impact John Hassler presented his paper 'The Fossil Episode' to an academic audience at the Paris School of Economics in February 2016.
Year(s) Of Engagement Activity 2016
 
Description J. Hassler seminar (Stockholm University) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Other audiences
Results and Impact John Hassler presented his paper 'Climate and the Macroeconomy' to an academic audience at Stockholm University in October 2016.
Year(s) Of Engagement Activity 2016
 
Description J. Hassler seminar (University of Edinburgh) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact John Hassler presented his paper 'The Fossil Episode' to an academic audience at the University of Edinburgh, including fellow MacCaLM researcher in June 2016.
Year(s) Of Engagement Activity 2016
 
Description Jennifer Hunt seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Jennifer Hunt (Rutgers School of Arts and Sciences) presented their paper 'Why Are Fewer Workers Earning Middle Wages and Is It a Bad Thing?' (Joint with Ryan Nunn) at a seminar at the University of Edinburgh, including MacCaLM researchers in March 2017.
Year(s) Of Engagement Activity 2017
 
Description Jesper Bagger seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Jesper Bagger (Royal Holloway, University of London) presented their paper 'An Empirical Model of Wage Dispersion with Sorting' (Joint with Rasmus Lentz) at a seminar at the University of Edinburgh, including MacCaLM researchers in November 2016.
Year(s) Of Engagement Activity 2016
 
Description Jesus Fernandez-Villaverde seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Jesus Fernandez-Villaverde (University of Pennsylvania) presented their paper 'Solution Methods for Models with Rare Disasters' (Joint with Oren Levintal) at a seminar at the University of Edinburgh, including MacCaLM researchers in May 2016.
Year(s) Of Engagement Activity 2016
 
Description Joan Luill seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Joan Luill (Universitat Autònoma de Barcelona, MOVE, and Barcelona GSE) presented their paper Internal 'Migration in Dual Labor Markets' (joint with Robert A Miller, Carnegie Mellon University) at a seminar at the University of Edinburgh, including MacCaLM researchers in Mar 2016.
Year(s) Of Engagement Activity 2016
 
Description John Moore interview with Sveriges Riksbank. 
Form Of Engagement Activity A magazine, newsletter or online publication
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Industry/Business
Results and Impact The interview followed Sveriges Riksbank's annual conference in September 2016, held in collaboration with MacCaLM. In the article, Professor Moore discusses the founding of MacCaLM, the research aims of the project and why these aims are so important. The interview has been published in Sveriges Riksbank's research news and distributed via the MacCaLM and the University of Edinburgh Economics websites.
Year(s) Of Engagement Activity 2016
URL http://www.maccalm.org/news/sveriges-riksbank-interview-with-john-hardman-moore/
 
Description Josef Zweimuller seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Josef Zweimuller (University of Zurich) presented their paper "Beyond Severance Pay: Labour Market Responses to the Introduction of Occupational Pensions in Austria" (Joint with Andreas Ketterman & Francis Kramarz) at a seminar at the University of Edinburgh, including MacCaLM researchers in May 2016.
Year(s) Of Engagement Activity 2016
 
Description Julian di Giovanni seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Julian di Giovanni (Universitat Pompeu Fabra) presented their paper 'International Spillovers and Local Credit Cycles: What do firm-bank-loan level data tell us?' (Joint with Y.S. Baskaya, S. Kalemli-Ozcan, J.-L. Peydro, and M.F. Ulu) at a seminar at the University of Edinburgh, including MacCaLM researchers in May 2016.
Year(s) Of Engagement Activity 2016
 
Description Kevin Donovan seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Kevin Donovan (University of Bristol) presented their paper 'Eliminating Uncertainty in Market Access: The Impact of New Bridges in Rural Nicaragua' (Joint with Wyatt Brooks) at a seminar at the University of Edinburgh, including MacCaLM researchers in March 2017.
Year(s) Of Engagement Activity 2017
 
Description L. Visschers conference speaker (Barcelona Summer Forum) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Other audiences
Results and Impact Ludo Visschers presented his paper 'Self-employment, Unemployment and Paid Employment over the Business Cycle' to an academic audience at the Barcelona Summer Forum in June 2015.
Year(s) Of Engagement Activity 2015
 
Description L. Visschers conference speaker (Research in Economic Dynamics Group Conference, Madrid) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Other audiences
Results and Impact Ludo Visschers presented his paper 'The Earnings Distribution and Sectoral Switching Over The Business Cycle' to an academic audience at the Research in Economic Dynamics Group Conference Madrid, Spain in September 2016.
Year(s) Of Engagement Activity 2016
 
Description L. Visschers conference speaker (SED Annual Meeting, Warsaw) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Other audiences
Results and Impact Ludo Visschers presented his paper 'Unemployment Risk and Wage differentials' to an academic audience at the Society for Economic Dynamics in Warsaw in June 2015.
Year(s) Of Engagement Activity 2015
 
Description L. Visschers conference speaker (Search and Matching Network Annual Conference, Amsterdam) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Other audiences
Results and Impact Ludo Visschers presented his paper 'Statistical Gender Discrimination In Joint Search Labor Market Equilibrium' to an academic audience at the Search and Matching Network Annual Conference, Amsterdam) in May 2016.
Year(s) Of Engagement Activity 2016
 
Description L. Visschers conference speaker (Spanish Economic Association [SAEe]) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Other audiences
Results and Impact Ludo Visschers presented his paper 'Statistical Gender Discrimination in Joint-Search Labor Market Equilibrium' to an academic audience at the Spanish Economic Association's Annual Conference.
Year(s) Of Engagement Activity 2016
 
Description L. Visschers seminar (The Einaudi Institute for Economics and Finance, Bank of Italy) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Other audiences
Results and Impact Ludo Visschers presented his paper 'Unemployment and Endogenous Reallocation over the Business Cycle' to an academic audience at The Einaudi Institute for Economics and Finance, Bank of Italy.
Year(s) Of Engagement Activity 2015
 
Description L. Visschers seminar (U. Autonoma de Barcelona) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Other audiences
Results and Impact Ludo Visschers presented his paper 'Unemployment and Endogenous Reallocation over the Business Cycle' to an academic audience at the U. Autonoma de Barcelona.
Year(s) Of Engagement Activity 2016
 
Description L. Visschers seminar (University of Essex) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Other audiences
Results and Impact Ludo Visschers presented his paper 'Unemployment and Endogenous Reallocation over the Business Cycle' to an academic audience at the University of Essex in February 2016.
Year(s) Of Engagement Activity 2016
 
Description L. Visschers seminar (University of Kent) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Other audiences
Results and Impact Ludo Visschers presented his paper 'Unemployment and Endogenous Reallocation over the Business Cycle' to an academic audience at the University of Kent min March 2016.
Year(s) Of Engagement Activity 2016
 
Description L. Visschers seminar (University of Oslo) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Other audiences
Results and Impact Ludo Visschers presented his paper 'Unemployment and Endogenous Reallocation over the Business Cycle' to an academic audience at the University of Oslo.
Year(s) Of Engagement Activity 2015
 
Description L. Visschers seminar (University of Southampton) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Other audiences
Results and Impact Ludo Visschers presented his paper 'Unemployment and Endogenous Reallocation over the Business Cycle' to an academic audience at the University of Southampton in March 2016.
Year(s) Of Engagement Activity 2016
 
Description Labour Market Frictions and Aggregate Employment Dynamics - Presentation at Search and Matching Workshop - University of Chile 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Michael Elsby attended a Workshop on Search and Matching in Chile on 19th November to give a talk on his paper "Labour Market Frictions and Aggregate Employment Dynamics" . This paper described results from his research for this project. The discussion paper will soon be available online. The talk led to discussion relating to the research.
Year(s) Of Engagement Activity 2015
URL http://www.dii.uchile.cl/wp-content/uploads/2015/11/Workshop-search-and-matching.pdf
 
Description Laurent Mathevet seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Laurent Mathevet (New York University) presented their paper 'Reputational Information Design' (Joint with David Pearce and Ennio Stacchetti) at a seminar at the University of Edinburgh, including MacCaLM researchers in January 2017.
Year(s) Of Engagement Activity 2017
 
Description M. Elsby - conference speaker (Centre for Economic Growth and Business Cycles) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Other audiences
Results and Impact Mike Elsby presented his paper 'Vacancy Chains' at the Centre for Economic Growth and Business Cycles conference in Manchester, UK to an audience of academics and business leaders.
Year(s) Of Engagement Activity 2016
 
Description M. Elsby - conference speaker (SED Annual Meeting 2016) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Other audiences
Results and Impact Mike Elsby presented his paper 'Labor Market Frictions and Aggregate Employment' to an academic audience at the Society for Economic Dynamics in Toulouse, France.
Year(s) Of Engagement Activity 2016
 
Description M. Elsby seminar (Birmingham) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Other audiences
Results and Impact Mike Elsby presented his paper 'Labor Market Frictions and Aggregate Employment' to an academic audience at the University of Birmingham.
Year(s) Of Engagement Activity 2016
 
Description M. Elsby seminar (Cambridge) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Other audiences
Results and Impact Mike Elsby presented his paper 'Vacancy Chains' to an academic audience at the University of Cambridge.
Year(s) Of Engagement Activity 2016
 
Description M. Elsby seminar (Centre for Macroeconomic Research, University of Cologne) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Other audiences
Results and Impact Mike Elsby presented his paper 'Labour Market Frictions and Aggregate Employment' to an academic audience at the Centre for Macroeconomic Research at the University of Cologne in October 2016.
Year(s) Of Engagement Activity 2016
 
Description M. Elsby seminar (Oslo and Akerhus University College of Applied Sciences) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Other audiences
Results and Impact Mike Elsby presented his paper 'Labour Market Frictions and Aggregate Employment' to an academic audience at Oslo and Akerhus University College of Applied Sciences.
Year(s) Of Engagement Activity 2016
 
Description M. Elsby seminar (Royal Holloway) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Other audiences
Results and Impact Mike Elsby presented his paper 'Vacancy Chains' to an academic audience at the University Royal Holloway, London.
Year(s) Of Engagement Activity 2016
 
Description M. Elsby seminar (St Louis Federal Reserve Bank) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Other audiences
Results and Impact Mike Elsby presented his paper 'The Aggregate Effects of Labor Market Frictions' to an academic audience at the St Louis Federal Reserve Bank (United States).
Year(s) Of Engagement Activity 2016
 
Description M. Elsby seminar (University of Bristol) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Other audiences
Results and Impact Mike Elsby presented his paper 'Microeconomic Frictions and Aggregate Employment Dynamics' to an academic audience at the University of Bristol in October 2016.
Year(s) Of Engagement Activity 2016
 
Description M. Elsby workshop (ADEMU) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Other audiences
Results and Impact Mike Elsby presented his paper 'Vacancy Chains' to an academic audience at the ADEMU workshop on Job Creation, Job Destruction and Productivity Growth.
Year(s) Of Engagement Activity 2016
 
Description M. Elsby workshop (National Bureau of Economic Research) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Other audiences
Results and Impact Mike Elsby presented his paper 'The Aggregate Effects of Labor Market Frictions' at the National Bureau of Economic Research to an academic audience.
Year(s) Of Engagement Activity 2016
 
Description M. Guell seminar (Universidad Pablo de Olavide) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Other audiences
Results and Impact Maia Guell presented her paper '"Unemployment Duration Variance Decomposition a la ABS: Evidence from Spain' for an academic audience at the Universidad Pablo de Olavide (Seville) in January 2016.
Year(s) Of Engagement Activity 2016
 
Description M. Shapiro chaired by Federal Economic Statistics Advisory Committee 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Industry/Business
Results and Impact Matthew Shapiro chaired a meeting of the Federal Economic Statistics Advisory Committee at the University of Michigan.
Year(s) Of Engagement Activity 2017
 
Description MacCaLM 2nd Annual Conference 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact Annual MacCaLM Meeting of all Co-Is and additional visitors from the academic and federal banking sectors. Week long series of seminars and discussions between all those involved.
Year(s) Of Engagement Activity 2016
 
Description Marcel Bluhm seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Marcel Bluhm (Wang Yanan Institute for Studies in Economics at Xiamen University, China) presented their paper '" Interbank Intermediation' at a seminar at the University of Edinburgh, including MacCaLM researchers in February 2016.
Year(s) Of Engagement Activity 2016
 
Description Nicolas Roys seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Nicolas Roys (Royal Holloway, University of London) presented their paper 'Skills Prices, Occupations and Changes in the Wage Structure' (Joint with Christopher Taber) at a seminar at the University of Edinburgh, including MacCaLM researchers in May 2016.
Year(s) Of Engagement Activity 2016
 
Description Nobuhiro Kiyotaki seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Nobuhiro Kiyotaki (Princeton University) presented their paper 'Liquidity, Business Cycles, and Monetary Policy' at a seminar at the University of Edinburgh, including MacCaLM researchers in March 2016.
Year(s) Of Engagement Activity 2016
 
Description P. Kircher Job Search (Ingeus) 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Professional Practitioners
Results and Impact Philipp Kircher presented a workshop held in association with Ingeus to an academic and professional audience in London, in November 2016.
Year(s) Of Engagement Activity 2007,2016
 
Description P. Kircher meeting with Department of Work and Pensions and visit to Welsh Government. 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Policymakers/politicians
Results and Impact Philipp Kircher visited the team running the DWP job search web-site in Leeds on 15th March 2016. They discussed low-cost interventions to advise unemployed job seekers. Contacts: Wendy Popplewell and Tom Toy.

Philipp Kircher visited a workshop organised by the Welsh Government and the Department of Work and Pensions at the University of Cardiff on 20th April 2016. The audience of around 40 was made up mainly of policy makers. He presented the discussion paper http://www.econ.ed.ac.uk/papers/id262_esedps.pdf The DWP are interested in better more cost effective systems to advise job seekers.
Year(s) Of Engagement Activity 2016
 
Description Paul Beaudry seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Paul Beaudry (Vancouver School of Economics, University of British Columbia) ' Putting the Cycle back into Business Cycle Analysis' (Joint with Dana Galiziayand Franck Portier) at a seminar at the University of Edinburgh, including MacCaLM researchers in August 2016.
Year(s) Of Engagement Activity 2016
 
Description Pietro Garibaldi seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Pietro Garibaldi (Collegio Carlo Alberto) presented their paper "A clash of generations? Increase in Retirement Age and Labor Demand for Youth" (Joint with Tito Boeri and Espen Moen) at a seminar at the University of Edinburgh, including MacCaLM researchers in November 2016.
Year(s) Of Engagement Activity 2016
 
Description Project Kick Off Conference 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach International
Primary Audience Professional Practitioners
Results and Impact First Annual Conference for the MacCaLM Project. Attendees from Research and Banking and Policy Sectors.

This conference launched the project and was the starting point of joint project research. A wide audience of researchers was informed about the project and its objectives.

In the 2 week period around the conference a number of visitors remained in Edinburgh and ad hoc seminars and discussions were held each day.
Year(s) Of Engagement Activity 2015
 
Description Ralph Ossa seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Ralph Ossa (University of Chicago) presented their paper 'Accounting for the New Gains from Trade Liberalisation' (Joint with Chang-Tai Hsieh, Nicholas Li and Mu-Jeung Yang) at a seminar at the University of Edinburgh, including MacCaLM researchers in January 2017.
Year(s) Of Engagement Activity 2017
 
Description Ramon Marimon seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Ramon Marimon (European University Institute) presented their paper 'Breaking the Spell with Credit-Easing' (Joint with Gaetano Gaballo) at a seminar at the University of Edinburgh, including MacCaLM researchers in November 2016.
Year(s) Of Engagement Activity 2016
 
Description Rasmus Lentz seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact Rasmus Lentz (University of Wisconsin) presented their paper 'Training and Search On the Job' (Joint with Nicolas Roys) at a seminar at the University of Edinburgh, including MacCaLM researchers in May 2016.
Year(s) Of Engagement Activity 2016
 
Description William Fuchs seminar 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Other audiences
Results and Impact William Fuchs (UC Berkeley) presented their paper 'Information Spill overs in Asset Markets with Correlated Values' (Joint with Vladimir Asriyan and Brett Green) at a seminar at the University of Edinburgh, including MacCaLM researchers in October 2016.
Year(s) Of Engagement Activity 2016