Estimados Académicos y Académicas FEN,

Les extendemos la invitación al seminario que organiza el Departamento de Economía, en el que se presentará el trabajo titulado "Labor Market Anatomy of a Macroeconomic Crisis".

Expone: Will Lu, , Economista Senior, Departamento de Análisis Económico, Banco Central.

Co-autores: Kevin Donovan, Todd Schoellman y Joseph H. Padkte.

Abstract: Labor markets are the central mechanism for passing aggregate shocks to the idiosyncratic earnings of households and consequently for determining their welfare costs. This paper uses a combination of aggregate and micro data covering labor markets from dozens of countries and hundreds of recessions to document three new findings about this mechanism. First, the distribution of labor market responses to recessions includes a tail of events that are much longer and more severe than is typically studied in the literature. Second, these events tend to be associated with macroeconomic crises, notably house price busts, commodity price shocks, and systemic financial crises. Third, the microdata show that macroeconomic crises are broad-based across sectors, involve spikes in separation rates and job-finding rates, and have stronger effects for marginally attached workers, including the young, less educated, and workers with low job tenure.

El formato será presencial y el seminario se desarrollará en la Sala P-305.

Saludos cordiales,

Dirección de Investigación