Séminaires LEMMA

Andrès SALAMANCA (UNIVERSITE CA' FOSCARI)
Mardi 26 septembre 2023, 11h-12h

Lemma - 4 rue Blaise Desgoffe, 75006 Paris. Salle Maurice Desplas

Abstract : We present and analyze a theory of cooperative bargaining under asymmetric information, based on the equity principles of the conditional random dictatorship—choosing with equal probability one of the individuals to act as a dictator under the participation constraint of the other players. Our approach leads to a unified bargaining solution that has as special cases the Shapley value in transferable utility games and the Maschler-Owen consistent value in non-transferable utility games. This solution is shown to be the smallest possible set satisfying two axioms: one of these axioms states what the solution should be for the class of problems where conditional random dictatorship yields an efficient outcome, and the other axiom relates the solutions of a problem to the solutions of its extensions.

" Consumer search and the long-run Phillips curve "

Guillaume ROCHETEAU (UC IRVINE)
Mardi 12 septembre 2023, 11h-12h

Lemma - 4 rue Blaise Desgoffe, 75006 Paris. Salle Maurice Desplas

Abstract : We construct a continuous-time, monetary model with frictional goods and labor markets to revisit the long-run relationship between inflation and unemployment. The novelty relative to the literature (e.g., Berentsen et al., 2011) is the possibility given to consumers to search sequentially among different sellers to fulfill idiosyncratic consumption shocks. The value of consumers’ outside options and firms’ market power are endogenous and depend on the inflation rate. The long-run Phillips curve is generically U-shaped, i.e., at low inflation rates, an increase in anticipated inflation reduces the unemployment rate whereas at high inflation rates it raises it.

" Migration and the Diffusion of Modern Fertility in Europe "