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Dear colleague,
join us for the upcoming MUES seminars. All seminars are conducted in English and are comprised of a 50-minute presentation followed by a 10-minute discussion session. These seminars are open to the public, and we warmly welcome spontaneous attendance. If you would like to have a bilateral conversation with any of our guests, join us for lunch, or attend the dinner with guests, please let us know in advance.
With best wishes,
MUES team
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Research Seminar - Economics, Job Talk | 12 February - 4:00 PM | Online | Angela Jiang | Personal website | University of Wisconsin-Madison
Where to Go After the Hospital: How Cost-Sharing and the Family Affect Post-Acute Care
This paper studies the relationship between patient cost-sharing and the demand for care after hospital stays (post-acute care), and how this relationship is mediated by non-medical custodial care needs and the presence of the family. Using plausibly exogenous variation in the number of free skilled nursing facility (SNF) days at hospital discharge, I first show that higher cost-sharing for SNFs leads to substitution away from SNFs to home health and routine discharges with no care. Moreover, for those who are already in a SNF, discharges rise sharply when cost-sharing begins. I further document that people with family are less likely to use SNFs, while people with custodial care needs are more likely to use SNFs. I use these findings to motivate a dynamic structural model that begins at hospital discharge and follows patients through further discharge decisions in different post-acute settings. Using the model, I explore the implications of alternative cost-sharing structures. I find that eliminating the non-linearity in SNF copay can generate large Medicare savings at small costs to the patients. Medicare subsidizing custodial care at home enhances patient welfare substantially for individuals without family, at no additional cost to Medicare. For patients with family, the same policy, while still beneficial to the patient, will increase Medicare costs substantially, resulting in a net zero effect overall. This event is online. Join the Teams meeting
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Research Seminar - Economics, Job Talk | 13 February - 11:00 AM | Hybrid meeting room | Eric Bruno Klemm | Personal website | University College London (UCL)
Early Retirement, Capital Adjustment and Technology Adoption
Older workers are often viewed as obstacles to innovation, suggesting that their exit allows firms to reallocate resources toward new capital and technology. I argue instead that older, experienced workers support both the continuity of current production and the capacity to integrate new technologies into existing operations. The key empirical challenge is that when retirements are anticipated, firms have time to transfer knowledge internally, making the productivity value of older workers difficult to observe. I address this by studying a 2014 German pension reform that unexpectedly lowered the early retirement age for experienced workers by up to 29 months, inducing a sudden and unanticipated loss of long-tenured employees. Firms exposed to the reform reduce capital accumulation, delay technology adoption, and experience subsequent declines in revenue and value added, consistent with the erosion of firm-specific human capital. To interpret these findings, I develop a stylized model in which older workers transfer uncodified, firm-specific knowledge that is essential for maintaining legacy capital and integrating new technologies into firms’ operations. The model predicts, and the data confirm, that unexpected retirements weaken firms’ ability to sustain production and slow the pace of technological upgrading. This event is both online and in person. Join the Teams meeting
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Research Seminar - Economics, Job Talk | 13 February - 1:00 PM | Hybrid meeting room | Bruno Cardinale Lagomarsino | Personal website | Brown University
Enlisting Change: The Labor Market Consequences of Military Conscription
I provide new evidence on the labor market impacts of military conscription using employer-employee administrative data covering the universe of men born between 1958 and 1975 in Argentina. For identification, I exploit the random assignment of draft eligibility generated by 18 draft lotteries. I find that draft eligibility depresses early-career outcomes: At ages 20-24, eligible men exhibit lower employment and earnings. These penalties fade with age and do not accumulate into sizable long-run losses. Eligibility to conscription increases the likelihood of holding formal employment and a permanent contract, with no average effect on medium- or long-run earnings. The enduring consequence of conscription is a modest reallocation of employment away from agricultural activities and toward service-oriented and higher-paying sectors, reducing employment in the lowest-wage activities among the most geographically disadvantaged individuals. Overall, these results indicate that conscription can affect industry sorting rather than merely disrupt labor market entry in early adulthood, but the magnitudes are modest and do not translate into measurable gains in earnings. This event is both online and in person. Join the Teams meeting
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Internal Research Seminar - Finance | 25 February - 12:00 PM | Academic Club | Zuzana Gric | Department od Finance
Distributional Effects of Borrower-Based Macroprudential Measures
Using household-level survey data on 22 European countries collected in four waves between 2010 and 2022, we document the distributional effects of borrower-based macroprudential measures (BBM). We find that the tightening of the BBM significantly reduces the availability of mortgages for lower-income households, leading to increased reliance on renting. Regulation works not only through the extensive margin by cutting off risky borrowers from the mortgage market, but also through the intensive margin by reducing the average loan amount of households with lower incomes. This reduction in risk has the positive side effect of lower borrowing costs, benefiting mainly households with above-average incomes. The easing of BBM, observed in several countries, does not yet fully reverse these effects.
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Research Seminar - Economics | 26 February - 2:00 PM | Hybrid meeting room | William King Leroy | Personal website | Charles University
Undocumented Immigration & Crime in the United States: A Micro-Level Analysis
This paper examines the relationship between undocumented immigration and crime using data covering approximately 16,000 migrant hotel rooms during the New York City migrant housing crisis. I exploit the timing of migrant busing from the southern border as an exogenous source of variation in a difference-in-differences specification. I find that an additional 100 migrant shelter hotel rooms (per 100k Hispanics) are associated with 1.11 more Hispanic arrests (per 100k Hispanics) at the modified zip code-by-week level. The baseline results are driven by cash-generating offenses, such as petit and grand larceny, and depend on service-sector business license rates.
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Internal Research Seminar - Business & Management | 04 March - 12:00 PM | Academic Club | Patrik Evžen Vaněk | Department of Business Management
Measuring Firm-Level Multinationality: What the Literature Does and What the Metrics Actually Capture
Systematic reviews show that multinationality is measured in many ways, yet these measures are often treated as equivalent. This study conducts a systematic literature review of multinationality metrics used since the 1960s and maps their operationalizations across empirical, theoretical, and review articles. Building on and extending Vaněk’s (2024) framework, the metrics are classified by construct, dimension, indicators, segmentation, and format, revealing substantial conceptual and structural differences behind similar-looking measures. Selected metrics are then empirically compared using Taiwanese firm data to show how they lead to conflicting assessments of internationalization. The study explains why multinationality is difficult to measure consistently and offers a structured basis for selecting and interpreting metrics in future research.
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Internal Research Seminar - Economics | 11 March - 12:00 PM | Academic Club | Tereza Butor | Department of Economics
TBA
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