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News & events

This page contains news about CSE and its members, information about CSE events, and non-technical summaries of some of the research conducted by CSE members.

SaM Inaugural Conference in Bristol, honoring 2010 Nobel Laureates Dale Mortensen and Chris Pissarides

13 December 2010

The European Search and Matching (SaM) network will hold its inaugural conference on July 4-5, 2011 at the University of Bristol. The event will be hosted and jointly sponsored by CSE.

Keynote lectures will be given by Nobel Laureates Chris Pissarides (a past CSE guest), and Dale Mortensen, in addition to which the organizers expect to include between 12-15 contributed papers in the program to be presented in plenary sessions, plus 10-15 papers to be presented in a poster session.

The call for paper is out, with a deadline for submissions on February 28th, 2011. All details are on the SaM web site.

Klaus Waelde joins CSE

25 June 2010

CSE is delighted to welcome Professor Klaus Waelde, from the University of Mainz, as its second external fellow. Klaus has been working on economic theory, business cylces and international trade since the beginning of his PhD in 1992. He has published in leading international journals, such as Journal of Economic Theory, Economic Journal or International Economic Review. Recent work also focuses on unemployment and inequality. He also contributed chapters to a graduate-level textbook on Applied Intertemporal Optimization (soon to be published).

To find out more about Professor Klaus Waelde, go to his Homepage.

CSE's Gregory Jolivet wins 5th EALE prize

1 March 2010

Gregory Jolivet of CSE is the year 2009 winner of the 5th "EALE Labour Economics Prize" for the best paper published in Labour Economics during the period 2008-2009. The prize is funded by the European Association of Labour Economists. Gregory received the prize for his paper "A Longitudinal Analysis of Search Frictions and Matching in the U.S. Labor Market", published in Labour Economics, vol. 16, in 2009. Information about the prize is available from the EALE website.

Public sector lifetime premium in Europe

19 January 2010

The focus of most of the existing literature on public-private pay inequality is on differences in earnings levels. Yet the public-private differences are equally marked in terms of earnings mobility, earnings dispersion and job loss risk. Matt Dickson (from CMPO), Fabien Postel-Vinay and Helene Turon (both from CSE) present a measure of the lifetime value of employment in either sector using data from the European Community Household Panel survey. The common format of the ECHP permits the analysis to be carried out for six different European countries – Germany, The Netherlands, France, Italy, Spain and Portugal. This is first time this modelling strategy has been applied to multi-country data, affording an international perspective on public-private pay inequalities.

The paper - still work in progress — is available here.

Unemployment and Small Cap Returns

11 January 2010

In other work (see below "Cyclical Employment Patterns"), CSE's Fabien Postel-Vinay and Yale University's Giuseppe Moscarini find a distinct cyclical pattern of the relative performance of large and small businesses in terms of net job creation. Large employers destroy proportionally more jobs during and right after recessions, and create proportionally more jobs late in expansions, relative to small employers. Differential size growth between small and large firms is strongly positively correlated with the unemployment rate. This pattern is observed both in a 1978-2005 census of U.S. employers, the Business Dynamics Statistics, and among listed companies, in Compustat.

In a follow-up paper presented at the 2010 ASSA convention in Atlanta, Moscarini and Postel-Vinay show that this cyclical pattern of relative performance is also reflected in stock returns. Specifically, differences in returns between benchmark portfolios of small cap stocks and portfolios of large cap stocks are also positively correlated with the unemployment rate.

Moscarini and Postel-Vinay propose an explanation of both facts based on dynamic competition between employers of different sizes and different productivities. For full details, see the paper.

Pieter Gautier joins CSE

15 June 2009

Professor Pieter Gautier from Amsterdam's Free University and Tinbergen Institute was CSE's first visitor from June 15-June 18. He worked with CSE's Fabien Postel-Vinay on a joint theoretical project about the allocation of students differing in wealth and ability into schools, in a world where average student ability within a school matters for school quality. At the end of his visit, Pieter accepted to become CSE's first external fellow. Welcome aboard!

To find out more about Professor Pieter Gautier, go to his Homepage.

Employment in Large Firms More Cyclically Sensitive

3 March 2009

In times of recession job losses in large companies naturally attract a great deal of media interest. This is not simply because dramatic job losses make compelling headlines. Recent research by Bristol's Fabien Postel-Vinay and Giuseppe Moscarini (Yale University) has confirmed that employment in large firms is cyclically more sensitive than employment in small firms. In a recent Bristol working paper they report that large firms destroy proportionally more jobs during and after recessions and create proportionally more jobs late in expansions.

Moscarini and Postel-Vinay's conclusions were based on the new US Census Bureau's Business Dynamic Statistics and they confirmed their findings using data for other countries including the UK. They analysed the employment patterns of small and large firms spanning four business cycles. In the US case a small firm is defined as one with fewer than 50 employees and a large firm one with more than 1,000 employees.

Moscarini and Postel-Vinay sketch a simple model of firm dynamics to explain these cyclical features, an explanation based on differential hiring and employment turnover frictions.

The topical relevance of these results has naturally attracted media interest. Time magazine's on-line business section reported Moscarini and Postel-Vinay's findings under the headline 'Why are large companies losing more jobs than small ones?'

© Centre for Structural Econometrics 2009