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BEGIN:VEVENT
UID:5abe8131e6975bc18ed726852bb4f188
CATEGORIES:Seminars
CREATED:20210126T152241
SUMMARY:WEBINAR: Edoardo Maria Acabbi - Universidad Carlos III de Madrid
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nLeveraging on Human Capital: Labor Rigidities and Sorting over the Busi
 ness Cycle" joint with Luca Mazzone (IMF) and Andrea Alati (LSE)\n\n\nAbstr
 act:\nThis paper introduces a structural model of the labor market that fea
 tures worker and firm heterogeneity, where workers accumulate human capital
  and can search on the job. Wages are determined through an optimal dynamic
  contract. Downward wage rigidity arises endogenously through limited commi
 tment on the firm side. Aggregate fluctuations alter the sorting between wo
 rkers and firms and distort incentives to accumulate human capital. We show
  that insurance incentives and contractual rigidities, together with limits
  to the intensity of investment in human capital, generate long term costs 
 of business cycle fluctuations. Scarring effects arise in absence of demand
  externalities or informational frictions, as a direct result of physical c
 onstraints to investment and limited commitment by workers. Once inefficien
 tly separated, workers that look for employment in bad times direct their s
 earch towards less productive firms, a fact which has long lasting conseque
 nces for their working career. Using administrative data on the universe of
  Italian labor contracts provided by the social security administration (IN
 PS), we provide empirical evidence of these mechanisms. \n
DTSTAMP:20260908T223316Z
DTSTART:20210325T170000Z
DTEND:20210325T180000Z
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TRANSP:OPAQUE
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