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  • BONHOMME Stéphane (10)
  • POSTEL-VINAY Fabien (8)
  • MAGNAC Thierry (7)
  • MEGHIR Costas (7)
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  • Article (47)
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in Les produits dérivés : quelles conséquences économiques ? Publication date 1996
ORLÉAN André
ROBIN Jean-Marc
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in Annals of Statistics Publication date 2016
BONHOMME Stéphane
JOCHMANS Koen
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A constructive proof of identification of multilinear decompositions of multiway arrays is presented. It can be applied to show identification in a variety of multivariate latent structures. Examples are finite-mixture models and hidden Markov models. The key step to show identification is the joint diagonalization of a set of matrices in the same non-orthogonal basis. An estimator of the latent-structure model may then be based on a sample version of this joint-diagonalization problem. Algorithms are available for computation and we derive distribution theory. We further develop asymptotic theory for orthogonal-series estimators of component densities in mixture models and emission densities in hidden Markov models.

in American Economic Review Publication date 2017-04
LISE Jeremy
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We develop an equilibrium model of on-the-job search with ex ante heterogeneous workers and firms, aggregate uncertainty, and vacancy creation. The model produces rich dynamics in which the distributions of unemployed workers, vacancies, and worker-firm matches evolve stochastically over time. We prove that the surplus function, which fully characterizes the match value and the mobility decision of workers, does not depend on these distributions. This result means the model is tractable and can be estimated. We illustrate the quantitative implications of the model by fitting to US aggregate labor market data from 1951-2012. The model has rich implications for the cyclical dynamics of the distribution of skills of the unemployed, the distribution of types of vacancies posted, and sorting between heterogeneous workers and firms.

in Econometrica Publication date 2002-11
POSTEL-VINAY Fabien
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We construct and estimate an equilibrium search model with on–the–job–search. Firms make take–it–or–leave–it wage offers to workers conditional on their characteristics and they can respond to the outside job offers received by their employees. Unobserved worker productive heterogeneity is introduced in the form of cross–worker differences in a "competence" parameter. On the other side of the market, firms also are heterogeneous with respect to their marginal productivity of labor. The model delivers a theory of steady–state wage dispersion driven by heterogenous worker abilities and firm productivities, as well as by matching frictions. The structural model is estimated using matched employer and employee French panel data. The exogenous distributions of worker and firm heterogeneity components are nonparametrically estimated. We use this structural estimation to provide a decomposition of cross–employee wage variance. We find that the share of the cross–sectional wage variance that is explained by person effects varies across skill groups. Specifically, this share lies close to 40% for high–skilled white collars, and quickly decreases to 0% as the observed skill level decreases. The contribution of market imperfections to wage dispersion is typically around 50%.

in Economic History Review Publication date 1992-08
POSTEL-VINAY Gilles
ROBIN Jean-Marc
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Studies of the scale and pattern of food consumption in France during the early modern period down to the mid nineteenth century have usually underscored the extent to which households depended on local agricultural production. In a country which was still rural, even peasant in character, the means of sustenance were seen as regionally varied and almost immutable over time. In this view, most of the food available in a given place came from the family land or from farms in the neighbourhood, and people were thus assumed to have found more than go per cent of their consumption needs within a very small area, perhaps within a radius of three miles (...).

in Review of Economic Dynamics Publication date 2004
POSTEL-VINAY Fabien
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We consider an equilibrium search model with on-the-job search where firms set wages. When an employee receives an outside job offer, it is optimal for the employer to try to retain the employee by matching the offer. This results in a wage increase for the worker. However, if workers are able to vary their search intensity, then this ‘offer-matching’ policy runs into a moral hazard problem. Knowing that outside offers lead to wage increases, workers tend to search more intensively, which is costly for the firms. Assuming that firms can commit never to match outside offers, we examine the set of firm types for which it is preferable to do so. In particular, we show that a plausible pattern is one where a ‘dual’ labor market emerges, with ‘bad’ jobs at low-productivity, nonmatching firms and ‘good’ jobs at high-productivity, matching firms.

in COGITO, la lettre de la recherche à Sciences Po Publication date 2018-04
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Y a t-il plus de chômeurs qualifiés lorsque l’économie est en récession ? Les chômeurs sont-ils alors plus souvent contraints d’accepter des emplois de moindre qualité ? À l’inverse, les employés trouvent-ils plus facilement de meilleurs emplois lorsque l’économie rebondit ? Pour répondre à ces questions, Jean-Marc Robin, chercheur au Département d’économie de Sciences Po, et Jeremy Lise, Associate Professor à l’Université du Minnesota, ont élaboré un modèle macroéconomique très riche qu’ils ont calibré sur données américaines. Ils en ont fait l’exposé dans la très prestigieuse The American Economic Review : The Macro-dynamics of Sorting between Workers and Firms. Aperçu.

We compare earnings inequality and mobility across the U.S., Canada, France, Germany and the U.K. during the late 1990s. A flexible model of earnings dynamics that isolates mobility within a stable earnings distribution, allowing, or not, for fixed effects is estimated. Earnings trajectories are then simulated given baseyear earnings and lifetime annuity value distributions are constructed. Equalizing mobility is positively correlated with earnings inequality. The models with and without fixed effects provide upper and lower bounds, respectively, on the resultant lifetime inequality levels, and reveal that the countries have more similar long run inequality levels than cross-section measures suggest.

Publication date 2011-09
JACQUEMET Nicolas
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We propose a search-matching model of the marriage market that extends Shimer and Smith (2000) to allow for labor supply. We characterize the steady-state equilibrium when exogenous divorce is the only source of risk. The estimated matching probabilities that can be derived from the steady-state flow conditions are strongly increasing in both male and female wages. We estimate that the share of marriage surplus appropriated by the man increases with his wage and that the share appropriated by the woman decreases with her wage. We find that leisure is an inferior good for men and a normal good for women.

In this paper,we construct a nonparametric estimator of the distributions of latent factors in linear independent multi-factor models under the assumption that factor loadings are known. Our approach allows to estimate the distributions of up to L(L+1)/2 factors given L measurements. The estimator works through empirical characteristic functions. We show that it is consistent, and derive asymptotic convergence rates. Monte-Carlo simulations show good finite-sample performance, less so if distributions are highly skewed or leptokurtic. We finally apply the generalized deconvolution procedure to decompose individual log earnings from the PSID into permanent and transitory components.

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