Brown Bag Seminar Series/Alumni Corner

Fall 2020

Tuesday October 6, 2020 Noon

Dr. Christopher Elias

Associate Professor, Eastern Michigan University

"Bayesian Estimation of a Medium-Scale New Keynesian Model with Heterogeneous Expectations"

Abstract:

This paper constructs a medium-scale New Keynesian model with heterogeneous expectations by employing the Euler equation adaptive
learning technique. Two agent-types are similar in all ways except in how they form expectations. Agent-type A uses a correctly specified model while agent-type B uses a misspecified model that omits an important subset of variables. The model is estimated using post-World War II U.S. data and results show that there is significant expectational heterogeneity in the data and that the heterogeneous expectations model fits the data better than a homogeneous expectations benchmark model.

Registration is in the following link: Zoom

Tuesday November 3, 2020 Noon

Ms. Judy Keenan*

Director, EEOC

*Alumni Corner event co-sponsored with Women in Economics Club

Registration is in the following link: Zoom

Tuesday December 1, 2020 Noon

Dr. Daniel Giedeman (Professor, Grand Valley State), Dr. Kuhelika De (Assistant Professor, Grand Valley State) and Dr. Ryan Compton (Professor, University of Manitoba) 

"Macroeconomic Shocks and Racial Labor Market Differences"

Abstract:

We investigate the effects of three structural macroeconomic shocks (monetary, demand, and supply) on the labor market outcomes of black and white Americans using a factor augmented vector autoregression (FAVAR) framework with 136 United States macroeconomic indicators from 1973 to 2017. Our results indicate that adverse macroeconomic shocks have differential effects on labor market outcomes for blacks and whites, hurting blacks disproportionately relative to whites. Black Americans’ labor market outcomes appear to be significantly more sensitive to macroeconomic shocks than are the outcomes for white Americans. Our findings indicate that business-cycle costs are disproportionately borne by black Americans and that racial inequality in the labor market rises in recessions. The strongest effects occur in recessions caused by supply side disturbances. Our results suggest policymakers should take account of these heterogeneous effects when designing policy.

Registration is in the following link: Zoom