It will be presented in Session 72: “Topics in Monetary Policy I”, on Thursday, August 20, 2020, at 18:00 UTC, which corresponds to 15:00 in Brasilia and 13:00 in Nashville.
The recorded session is already available on the ESWC 2020 site or directly here on youtube:
Mine is the second of three presentations. It starts around the 33rd minute.
In a few words, the paper shows that dealing with inflationary pressures is much costlier in heterogeneous societies in which there are very different preferences regarding the trade-off inflation-growth. The main policy suggestion is that having staggered terms for the president and the central banker reduces informational asymmetries and, thereby, the social cost of monetary stabilizations.
On Thursday, all the presenters will be available online for questions from the audience, only on the WCES’s site.
Please find below a copy of UCEMA’s announcement. The virtual seminar is open access, but you need to register in order to be able to access it. To register, click here.
Análisis Económico: Job security, attitude towards risk and preference for social insurance: A note on Earnings inequality and welfare spending’ by Moene and Wallerstein
In a seminal 2003 article, Karl Moene and Michael Wallerstein show that richer citizens support higher spending in social policies targeting the unemployed, whereas they prefer lower spending in policies targeting the employed. This paper argues that this result is driven by two strong assumptions: citizens’ coefficient of relative risk aversion (CRRA) is greater than one, and all citizens face the same probability of losing their jobs. By modelling the stylized fact that job security is positively correlated with income, we show that much higher levels of risk aversion may be needed for the rich to support higher spending in unemployment policy. Furthermore, a significant change in the distribution of job security – due to a sudden economic crisis, for example – may alter the way inequality affects preferences for social insurance. A case study for Brazil before and after the 2008 World Financial Crisis illustrates of such social preference change.
Mauricio Bugarin: University of Brasilia and Vanderbilt University
El seminario será dictado en inglés sin traducción simultánea y está basado un trabajo en co autoría con Yasushi Hazama ( Institute of Developing Economies, IDE/JETRO, Japón)
The World Congress of the Econometric Society is the most important meeting of the Econometric Society and is held once every five years. This years’ meeting was expected to take place at Bocconi University, Milan, Italy but, due to the Covid 19 pandemic, the Congress is going virtual.
Please read the version of the paper accepted for presentation at the ESWC 2020 here.
O Economics and Politics Research Group (EPRG, http://www.econpolrg.com), o Programa CAPES-JSPS “Partnership for a change: Toward a Framework of Brazil-Japan Cooperation to Engage in Current and Future Issues” e o Programa Capes PrINT “Desigualdade, globalização, e seus efeitos sobre a sociedade contemporânea” têm o prazer de convidá-lo(a) para o Evento EXTRAORDINÁRIO descrito a seguir.
Brasileiros no Japão: Situação atual e perspectivas