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On January 9th, President Obama named Adriana Lleras-Muney as a recipients of the Presidential Early Career Awards for Scientists and Engineers (PECASE), the highest honor bestowed by the United States Government on science and engineering professionals in the early stages of their independent research careers. “I congratulate these outstanding scientists and engineers on their impactful work,” President […]
Johannes F. Schmieder, Till von Wachter and Stefan Bender, “The Effect of Unemployment Benefits and Nonemployment Durations on Wages”, American Economic Review, Vol. 106, No. 3 (March 2016), pp. 739-777.
A commonly held view is that adverse macroeconomic shocks are greatly amplified when firms are financially unsound. For example a large adverse macroeconomic shock will trigger the bankruptcy of highly levered firms. When it does not trigger bankruptcies, this shock will create a debt overhang amongst highly levered firms, slowing down investment. A related amplification […]
This weekend the department hosted a conference in honor of Hugo Hopenhayn. Since receiving his Ph.D. from Minnesota, Professor Hopenhayn has made fundamental contributions to industrial organization, macroeconomics and finance. Professor Hopenhayn is perhaps best known for his work on the evolution of industries, where he has provided elegant, tractable and quantitatively accurate models of […]
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UCLA Department of Economics