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UID:961dd2895df330fdb1b41d0928e8a052
CATEGORIES:Seminars
CREATED:20190410T165153
SUMMARY:Lunch Seminar: Tzuo Hann Law - Boston College
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Cash Flow Constraints on Labor and Debt Contracts joint with Garth Baughma 
 and Marco Brianti \nAbstract:\nIn an effort to understand the interactions 
 between labor and capital, this paper combines a standard model of labor ma
 rkets, the competitive search framework, with two standard financial fricti
 ons, costly state verification and cash flow constraints. Qualitatively, th
 e model provides a novel explanation for the priority of unpaid wages in US
  bankruptcy, and suggests that some estimates of the indirect costs of bank
 ruptcy are misspecified if they ignore wages. Quantitatively, the model rea
 sonably matches a number of moments, and provides rich predictions about th
 e relationships between a number of variables. We conclude that the interac
 tion between these frictions should be taken seriously and point out potent
 ial implications for studies of business cycles, fiscal analysis, labor eco
 nomics, bankruptcy policy, and optimal capital structure.\n
DTSTAMP:20260405T045608Z
DTSTART:20190514T130000Z
DTEND:20190514T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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