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14:00 | Macro Research Seminar
Ludwig Maximilian University of Munich, Germany
Authors: Christopher Busch and Alex Ludwig
Abstract: We extend the canonical income process with persistent and transitory risk to cyclical shock distributions with left-skewness and excess kurtosis. We estimate our income process by GMM for US household data. Consistent with previous results, we find countercyclical variance and procyclical skewness of persistent shocks. All shock distributions are highly leptokurtic. We then show that in a standard incomplete-markets life-cycle model, first, the existence of this higher-order risk has non-trivial implications for self-insurance against shocks; second, it has sizable welfare implications, which depend on risk attitudes; third, it matters quantitatively for the welfare costs of cyclical idiosyncratic risk.
16:00 | Special Event
Week at Czech Academy of Sciences - Daniel Münich
How does scientometric information help evaluate scientific results? Where do different Czech scientific disciplines stand in relation to the world? These questions and more will be answered by economist Daniel Münich in a lecture of the Week at Czech Academy of Sciences on November 3 at 16:00 at the Institute of National Economy of the Academy of Sciences of the Czech Republic - Schebek Palace in Prague 1.
The lecture will introduce how scientometric information can help evaluate scientific results. Event participants will learn about where different Czech scientific disciplines stand in relation to the world, how big they are, and how they are publishing and citing successfully. This information can then be used by younger participants to choose a scientific career, as well as by those interested in finding partners for cooperation between the scientific and application-innovation spheres.
More on the Week of the Academy of Sciences of the Czech Republic.
