Suchergebnisse

In this paper we compare the welfare effects of unemployment insurance (UI) with an universal basic income (UBI) system in an economy with idiosyncratic shocks to employment. Both policies provide a safety net in the face of idiosyncratic shocks. While the unemployment insurance program should do a better job at protecting the unemployed, it suffers from moral hazard and substantial monitoring costs, which may threaten its usefulness. The universal basic income, which is simpler to manage and immune to moral hazard, may represent an interesting alternative in this context. We work within a dynamic equilibrium model with savings calibrated to the United States for 1990 and 2011, and provide results that show that UI beats UBI for insurance purposes because it is better targeted towards those in need.

Résumé Nous présentons un modèle à générations imbriquées avec capital humain et capital physique, afin d'étudier le rapport entre l'hétérogénéité des agents et la croissance agrégée. L'analyse souligne la souplesse de la structure à générations imbriquées pour l'étude de la dépendance réciproque entre la distribution du capital humain et la dynamique macroéconomique. En distinguant différents régimes de croissance, nous montrons que la présence d'effets d'entraînement dans la fonction d'accumulation du capital humain permet de générer un processus de convergence, même dans le cas d'une croissance endogène à taux constant. La distribution initiale du capital humain joue par ailleurs un rôle non neutre sur la croissance agrégée.

Medieval universities are one of the most original creations of Western civilization. Students were educated by a plurality of masters, and scholars came from all parts of Europe. In this paper, we build an original database of thousands of scholars from university sources, and map the academic market in the medieval and early modern periods. Using a random utility model, we show that scholars tend to agglomerate in the best universities, and that this phenomenon is more pronounced within the upper tail of the talent distribution (positive sorting). The quality of scholars is measured by their publications. Agglomeration and sorting patterns testify to a functioning academic market, made possible by political fragmentation and the use of a common language (Latin). Using counterfactual simulations, we show that market forces shaped the geographic distribution of upper-tail human capital across Europe, and contributed to bolstering European universities at the dawn of the Humanistic and Scientific Revolutions.

Medieval universities are one of the most original creations of Western civilization. Students were educated by a plurality of masters, and scholars came from all parts of Europe. In this paper, we build an original database of thousands of scholars from university sources, and map the academic market in the medieval and early modern periods. Using a random utility model, we show that scholars tend to agglomerate in the best universities, and that this phenomenon is more pronounced within the upper tail of the talent distribution (positive sorting). The quality of scholars is measured by their publications. Agglomeration and sorting patterns testify to a functioning academic market, made possible by political fragmentation and the use of a common language (Latin). Using counterfactual simulations, we show that market forces shaped the geographic distribution of upper-tail human capital across Europe, and contributed to bolstering European universities at the dawn of the Humanistic and Scientific Revolutions.

Medieval universities are one of the most original creations of Western civilization. Students were educated by a plurality of masters, and scholars came from all parts of Europe. In this paper, we build an original database of thousands of scholars from university sources, and map the academic market in the medieval and early modern periods. Using a random utility model, we show that scholars tend to agglomerate in the best universities, and that this phenomenon is more pronounced within the upper tail of the talent distribution (positive sorting). The quality of scholars is measured by their publications. Agglomeration and sorting patterns testify to a functioning academic market, made possible by political fragmentation and the use of a common language (Latin). Using counterfactual simulations, we show that market forces shaped the geographic distribution of upper-tail human capital across Europe, and contributed to bolstering European universities at the dawn of the Humanistic and Scientific Revolutions.