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It is ideal for those who pursue high level professional careers in industry and government, or further study for the Ph.D. degree. The department offers a program of mentoring for students who want to pursue graduate education in economics (CARE). Virtually all theories of economic growth predict a positive relationship between population size and productivity. Business dynamism - namely job reallocation, firm entry and creative destruction - is declining. As far as immigration is concerned, there is still lots to understand in terms of the importance of the type of skills immigrants bring. 37 (2), pages 281-306, November. New research by Yale Economist Michael Peters suggests that a large refugee settlement after World War II had three important consequences: Large and persistent increase in the size of the local population; It spurred local industrialization by increasing labor in the manufacturing sector and decreasing labor in the agriculture sector; and And they, luckily, had taken pictures of the old census publications, which I could digitize. I think we need more work to understand what happens when the population shrinks. There, details are also given on how to add or correct references and citations. Students are exposed to detailed descriptions of 'how to' embark on a new venture in a logical manner. Negotiation and Take it or Leave it in Common Agency Journal of Economic Theory July 2003, Volume 111, Issue 1, Pages 88-109. . Michael Peters, Yale - Department of Economics Michael Peters, Yale Home Michael Peters, Yale When September 18, 2017 4:00 pm -5:30 pm Where 613 Kern Michael Peters from Yale will present "Spatial Structural Change". American Economic Journal . Business dynamism - namely job reallocation, firm entry and creative destruction - 20 PDF View 7 excerpts, cites results and methods ", Michael Peters & Sergei Severinov, 2001. hWR8~}aU)$pnf[=dXdf3 #LZ%HOKqe;sLX"e"a.j0&5uB0tpV p?dc>'53i[C^kq6C_jQylAt;23].8^AQx>nsl?Xge1Wp\g>. For example, the US Military Government in Bavaria, published an internal report which explicitly discussed how the arrival of the refugees in rural Bavaria presented opportunities for firms to move to locations near idle workers. With leading researchers in economic theory, econometrics, international economics, and macroeconomics, the Economics Department at Penn State is an outstanding department. Michael Peters is an Associate Professor of Economics at Yale University and a Faculty Research Fellow at the NBER. He received his undergraduate degree in Economics at the University of Mannheim and his PhD from MIT. Michael Peters is an Associate Professor of Economics at Yale University and a Faculty Research Fellow at the NBER. Please note that most corrections can take a couple of weeks to filter through the various RePEc services. However, these gains were heavily skewed toward high-income households living in urban districts. . Empirical Evidence from the Executive Labor Market, Reciprocal Relationships and Mechanism Design, Reciprocal relationships and mechanism design, Canadian Journal of Economics/Revue canadienne d'conomique, On the Revelation Principle and Reciprocal Mechanisms in Competing Mechanism Games, Other Regarding Preferences: Outcomes, Intentions, or Interdependence, Non-cooperative foundations of hedonic equilibrium, The Pre-Marital Investment Game: Addendum, Technical Appendix to Internet Auctions with Many Traders, Unobservable Heterogeneity in Directed Search, Internet Trading Mechanisms And Rational Expectations, Econometric Society 2004 North American Winter Meetings, Pure Strategies and No Externalities with Multiple Agents, Negotiation and Take it or Leave it in Common Agency, Negotiation and take it or leave it in common agency, Common Agency and the Revelation Principle, Limits of Exact Equilibria for Capacity Constrained Sellers with costlySearch, Limits of Exact Equilibria for Capacity Constrained Sellers with Costly Search, Competition Among Mechanism Designers in a Common Value Environment, Competition among mechanism designers in a common value environment, A Revelation Principle For Competing Mechanisms, A Revelation Principle for Competing Mechanisms, On the Equivalence of Walrasian and Non-Walrasian Equilibria in Contract Markets: The case of Complete Contracts, Competition Among Sellers who offer Auctions Instead of Prices, Competition among Sellers Who Offer Auctions Instead of Prices, Dynamic Monopoly Power When Search is Costly, Noncontractible Heterogeneity in Directed Search, Erratum to "Negotiation and take it or leave it in common agency": [Journal of Economic Theory 111 (2003) 88-109], Pure strategy and no-externalities with multiple agents, Decentralized Markets and Endogenous Institutions, Incentive-Consistent Matching Processes for Problems with ex Ante Pricing, Equilibrium Mechanisms in a Decentralized Market, On the Efficiency of Ex Ante and Ex Post Pricing Institutions, Ex Ante Price Offers in Matching Games Non-steady States, Research and development with publicly observable outcomes, Bertrand Equilibrium with Capacity Constraints and Restricted Mobility, Market Equilibrium and the Resolution of Uncertainty, Labour contracts in a stock market economy, Number of Distinct Works, Weighted by Simple Impact Factor, Number of Distinct Works, Weighted by Recursive Impact Factor, Number of Distinct Works, Weighted by Number of Authors and Simple Impact Factors, Number of Distinct Works, Weighted by Number of Authors and Recursive Impact Factors, Number of Citations, Weighted by Simple Impact Factor, Number of Citations, Weighted by Recursive Impact Factor, Number of Citations, Weighted by Recursive Impact Factor, Discounted by Citation Age, Number of Citations, Weighted by Number of Authors, Number of Citations, Weighted by Number of Authors and Simple Impact Factors, Number of Citations, Weighted by Number of Authors and Simple Impact Factors, Discounted by Citation Age, Number of Citations, Weighted by Number of Authors and Recursive Impact Factors, Number of Citations, Weighted by Number of Authors and Recursive Impact Factors, Discounted by Citation Age, Number of Journal Pages, Weighted by Simple Impact Factor, Number of Journal Pages, Weighted by Recursive Impact Factor, Number of Journal Pages, Weighted by Number of Authors, Number of Journal Pages, Weighted by Number of Authors and Simple Impact Factors, Number of Journal Pages, Weighted by Number of Authors and Recursive Impact Factors, Queen's Economics Department PhD Graduates, 1980 Economics Department; Queen's University (from, Li, Kun & Peters, Michael & Xu, Pai, 2013. " An ascending double auction ," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. Articles Cited by Co-authors. American Economic Review. Verified email at columbia.edu - Homepage. This is, of course, exactly the link between productivity and population that, decades later, features so prominently in Paul Romers work on economic growth or Paul Krugmans work on economic geography. The estimated model im- plies that the refugee settlement increased aggregate income per capita by about 12% after 25 years and triggered a process of industrialization in rural areas. He has worked on theories of firm-dynamics, highlighting the role of markups for misallocation, the importance of managerial delegation for firm growth, and the consequences of falling population growth. Increases in per-capita income, particularly in the long run. For general information on how to correct material on RePEc, see these instructions. If the link between productivity and population size is different in the service sector, these findings might have little to tell us about the likely effects of immigration today. Office Address 87 Trumbull Street, Room B221 CV Website Michael Peters is an Associate Professor of Economics at Yale University, a Faculty Research Fellow of the National Bureau of Economic Research (NBER) and a Research Affiliate at the Centre for Economic Policy Research (CEPR). Michael Peters. The Geography of Remote Work . I think there are so many related interesting and important questions to work on. The emergence of new cities in Rural America played a big part for this transition. To make corrections to the bibliographic information of a particular item, find the technical contact on the abstract page of that item. ", Celik, Gorkem & Peters, Michael, 2011. Population Growth and Firm-Product Dynamics (with Michael Peters) Population growth has declined markedly in almost all major economies. Michael Peters, Conor Walsh Published 6 November 2019 Economics Microeconomics: Production A growing body of empirical research highlights substantial changes in the US economy during the last three decades. Like Tweet Share. Yale University - Department of Economics; Yale University - Cowles Foundation. All Rights Reserved. Research. New research by Yale Economist Michael Peters, new paper, published in Econometrica last month, New Research by Michael Peters on the Economic Consequences of Refugee Settlements. Follow. targets the more productive firms can be beneficial in poor countries while being harmful in countries close to the economic frontier. 2038 MICHAEL PETERS products and markup-reducing product churning through creative destruction shape the equilibrium distribution of markups. , & Michael Peters [NBER WP #26770] peer-reviewed publications: The Return to Big City Experience [04/22] w/ Mads Hejlesen . New research by Yale Economist Michael Peters suggests that a large refugee settlement after World War II had three important consequences: The positive relationship between population size and productivity is at the heart of virtually all theories of economic growth. Affiliation: Yale. To update listings or check citations waiting for approval, Michael Peters should log into the RePEc Author Service. Michael Peters from Yale will present Spatial Structural Change. There are two different undergraduate degrees in the College of the Liberal Arts that a student may earn in economics at Penn State. At a very general level, I am pretty confident that population density leads to higher productivity and there is a large empirical literature in urban economics that provides evidence for this to be the case. The ones marked, American Economic Journal: Macroeconomics 10 (4), 77-127, Journal of International Economics 120, 59-83, New articles related to this author's research, Research Assistant Professor of Economics, Boston University, Department of Economics, University of Chicago, Tuntex Professor of International and Development Economics, Yale University, Professor of Economics, London School of Economics, Professor of Economics, INSEAD, London School of Economics and College de France, Heterogeneous Markups, Growth, and Endogenous Misallocation, The gains from input trade with heterogeneous importers, Lack of selection and limits to delegation: firm dynamics in developing countries, Market size and spatial growth-evidence from germanys post-war population expulsions, Firm size, quality bias and import demand, A method to construct geographical crosswalks with an application to us counties since 1790, Growing Like India: The Unequal Effects of Service-Led Growth, Solutions manual for introduction to modern economic growth, European immigrants and the United States rise to the technological frontier, Creative Destruction, Distance to Frontier, and Economic Development, Sprouting Cities: How Rural America Industrialized, Discussion of The Matthew effectand market concentration: Search complementarities and monopsony power by Fernndez-Villaverde, Mandelman, Yu and Zanetti. My research interests are in micro theory, especially the theory of competing mechanisms, and the theory of directed search. What are some exciting areas for further research in this area? Title . To what extent these findings have a direct relevance for immigration policy today, is a great question. Sprouting Cities: How Rural America Industrialized, MarketSize and Spatial Growth -Evidence from Germany's Post-WarPopulation Expulsions, Heterogeneous Markups, Growth and Endogenous Misallocation, Firm Size, Quality Bias and Import Demand, The Gains From Input Trade with Heterogeneous Importers, Creative Destruction, Distance to Frontier, andEconomic Development, Growing Like India: The Unequal Effects of Service-Led Growth, Population Growth andFirm-Product Dynamics. See all articles by Michael Peters Michael Peters. Virtual. J. Blaum, Claire Lelarge, Michael Peters Published 1 December 2016 Economics ERN: Microeconometric Models of Firm Behavior in Open Economies (Topic) Firms differ substantially in their participation in foreign input markets. In his research he focuses on economic growth and long-run economic development. Michael Peters is an Associate Professor of Economics at Yale University, a Faculty Research Fellow of the National Bureau of Economic Research (NBER) and a Research Affiliate at the Centre for Economic Policy Research (CEPR). Cited by. Understanding better what the likely economic effects of this unprecedented change are going to be seems very important to me. A research summary and interview look at new work on the economic consequences of a large refugee settlement after World War II. Author(s) Michael Peters. I started working on growth theory during my PhD at MIT. Michael Peters & Sergei Severinov, 2008. American Economic Review 111 (1), 231-75, 2021. Michael Peters Economics SSRN Electronic Journal 2021 Virtually all theories of economic growth predict a positive relationship between population size and productivity. EU Economic Policy and Architecture after Covid, DP13700 Firm Size, Quality Bias and Import Demand, International Trade and Regional Economics, DP12237 Firm Size and the Intensive Margin of Import Demand, DP11721 The Gains from Input Trade with Heterogeneous Importers. Public profiles for Economics researchers, Curated articles & papers on economics topics, Upload your paper to be listed on RePEc and IDEAS, Pretend you are at the helm of an economics department, Data, research, apps & more from the St. Louis Fed, Initiative for open bibliographies in Economics, Have your institution's/publisher's output listed on RePEc, Matching by Luck or Search? The following articles are merged in Scholar. By 1950, about 8 million people had been transferred to West Germany, increasing its population by more than 20 percent. To link different versions of the same work, where versions have a different title, use this form. Market Size and Spatial GrowthEvidence From Germany's Post-War Population Expulsions, Lack of Selection and Limits to Delegation: Firm Dynamics in Developing Countries, Heterogeneous Markups, Growth, and Endogenous Misallocation. For example, after refugee settlement, the manufacturing sector expanded and stayed higher many years after refugees arrived. Comprehensive cases at the end of the text have been hand-picked by the authors to go hand-in-hand . hb```f``} cf`ah`.d0 Finally, he studied the process of structural change, both in the US in the past and for present-day India, emphasizing the consequences on inequality across both people and space. Journal of Urban Economics, Volume 120, July 2022, 103454. armed forces vacation club for veterans 082 825 4557; welsh keith brymer jones wife zapperstore.xyz@gmail.com ", Michael Peters & Sergei Severinov, 2008. Speaker(s) Location. Being from Germany myself, one hears lots of stories about the WW2 expulsion. Research - Michael Peters Publications Sprouting Cities: How Rural America Industrialized (with Fabian Eckert and John Juneau ) [American Economic Review P&P, forthcoming] Between 1880 to 1940, the US transformed from a largely agrarian to an industrialized economy. Department of Economics. First, the German economy had just emerged from the Second World War and firm creation might have been particularly mobile across space. He has worked on theories of firm-dynamics, highlighting the role of markups for misallocation, the importance of managerial delegation for firm growth, and the consequences of falling population growth. My results are consistent with this literature, even though my analysis takes a long-run view, which is I think more novel. It was a real pleasure to talk with Mohamed El-Erian and cover a wide range of topics from economic . Economics Department, Yale University - Cited by 1,053 - Macroeconomics - Development Economics - Growth . In this paper, I study a particular historical episode to provide direct evidence for the empirical relevance of such scale effects. What are the policy implications, if any, of this research? There have been few attempts to provide direct evidence on the causal effect of larger scale on productivity growth and to connect such estimates to structural models. In his work on growth and economic geography, he analyzed the long-run consequences of large-scale migration, both in post-war Germany and for the US in the 19th century. Michael Peters Economics Department, . [8] This particular setting is, of course, close to my heart. Allen Head. These mass migrations also led to a long-term increase in income-per-capita for the aggregate economy: a 10 percent increase in the share of refugees increased income per capita by roughly 56 percent after 15 years, and roughly 12 percent after 25 years. Queen's University Dunning Hall, Room 209 94 University Avenue Kingston, Ontario K7L 3N6. Together with my colleague Costas Arkolakis and Sun Kyoung Lee at Michigan, we work on a project on the link between migration and economic development in the US between 1880 and 1920 where we try to carefully measure differences in innovation potential between migrants from different countries. Finally, most of the literature focusing on the link between density and productivity focuses on the effects of positive population shocks. ", Celik, Gorkem & Peters, Michael, 2008. 0q$D~;4} AF@D m endstream endobj 20 0 obj <> endobj 21 0 obj <> endobj 22 0 obj <>stream At least three aspects of this study seem particularly context specific. ", Epstein, Larry G. & Peters, Michael, 1999. Using variation across counties, I show that the settlement of refugees had large and persistent effects on the size of the local popula- tion, manufacturing employment, and income per capita. . Peters, Michael and Alp Simsek (2009), Solutions Manual for "Introduction to Modern Economic Growth", Princeton University Press. Michael Peters Economics 1995 This paper explores two models of an economy in which contracts are exchanged. The first months where very discouraging because so little data seemed to have survived. This work allowed him to quantify the effect of the refugee settlement on aggregate income and study how the government policy of sending refugees to the countryside might ignite and maintain rural industrialization. January 2021 CFP 1710 Author(s) Michael Peters. Ming Xu. At the same time, the historical sources were full of anecdotes, which seemed to point at exactly the mechanism I wanted to explore. He received his PhD from the Massachusetts Institute of Technology (MIT) and held an Assistant Professor position at the London School of Economics before joining Yale. The system can't perform the operation now. ", Peters, Michael & Severinov, Sergei, 2005. He received his PhD from the Massachusetts Institute of Technology (MIT) and held an Assistant Professor position at the London School of Economics before joining Yale. ", Sergei Severinov & Michael Peters, 2004. In his work on growth and economic geography, he analyzed the long-run consequences of large-scale migration, both in post-war Germany and for the US in the 19th century. degree in economics. How do local economies respond to large increases to the size of their population? Department of Economics Yale University 28 Hillhouse Avenue New Haven, CT 06511 Tel: (203) 436-8475 A bachelor of arts (ECLBA) or a bachelor of science degree (ECLBS) in economics. Michael Peters Economics Department, Yale University Verified email at yale.edu Teresa Fort Associate Professor, Tuck School of Business at Dartmouth, NBER, CEPR Verified email at tuck.dartmouth.edu Peter K. Schott Juan Trippe Professor of Economics, Yale School of Management & NBER & CEPR Verified email at yale.edu Create your own unique website with customizable templates. Penn State now offers a two-year program designated only for the M.A. Michael Peters is an Associate Professor of Economics at Yale University and a Faculty Research Fellow at the NBER. Yale Department of Economics. What motivated you to take on this research question? This is in stark contrast to most episodes of voluntary migration, both in the modern era and in the past. For the case of India, service-led growth was an important driver of risingliving standard. Market Size and Spatial GrowthEvidence From Germany's Post-War Population Expulsions, Lack of Selection and Limits to Delegation: Firm Dynamics in Developing Countries, Heterogeneous Markups, Growth, and Endogenous Misallocation. For the case of Germany, firm sorting acts as an amplifier of spatial inequality and accounts for. I am an Assistant Professor at the Department of Economics at the University of California, San Diego. . Michael Peters Economics Department, Yale University Verified email at . These results provide direct evidence on the link between population growth, industrialization, and subsequent income growth. U Akcigit, H Alp, M Peters. Winter, 1983. Students who receive a Ph.D. from Penn State and whose doctoral research is excellent have been recruited and sought after by leading academic and research institutions: our Ph.D. students have obtained tenure-track positions at Chicago, Harvard, Johns Hopkins, MIT, Northwestern, NYU, UPenn and many more. A departmentalhonors programprovides a small group of outstanding students an opportunity for independent research and close contact with faculty and fellow students. At the end of the Second World War, the governments of the United States, the United Kingdom, and Russia expelled millions of ethnic Germans from Eastern Europe and transferred them to West Germany and the Soviet Occupied Zone. Is the rise of services only due to income effects or can growth be service-led? In the rst version contracts are exchanged on a competitive market in which traders expectations concerning conditions Expand 7 View 1 excerpt, references background Game-Playing Agents: Unobservable Contracts as Precommitments M. Katz Refugee settlement led to persistent increases in the local population, the share of people working in manufacturing, and income per capita. Title. ", Michael Peters & Sergei Severinov, 1995. Some immigration is low-skilled, some immigration is high-skilled. Michael Peters Vancouver School of Economics University of British Columbia 600 Iona Drive Vancouver, Canada V6T 1L4 604-822-4418 peters econ ubc ca. The ensuing expulsion was implemented between 1945 and 1948 and represents one of the largest forced population movements in world history. My aunt, for example, grew up in the Eastern Territories and had to flee on a horse. Columbia University. About; Graduate; IDE-MA Program; Undergraduate; Events; Research; Centers; P.O. Skip to main content I am an Associate Professor in the Economics Department at Yale. The link between market size and productivity has always been a central aspect in the field but there was relatively little empirical work. In particular, refugee settlement seemed to have ignited the process of industrialization in agricultural communities. A minor in economics is open to students enrolled in any college. hbbd``b`*@q`$3DY $,> L@)"3` 2 His research mostly focuses on macroeconomics, economic development and growth, and international trade. 19 0 obj <> endobj 28 0 obj <>/Filter/FlateDecode/ID[<70ADE99825F75C65B66EE155A86C2D05>]/Index[19 25]/Info 18 0 R/Length 64/Prev 76524/Root 20 0 R/Size 44/Type/XRef/W[1 2 1]>>stream The breakthrough came at visit to Stanford, when I realized that the Hoover Institute had hundreds of old microfilms of the data the US military government collected in the late 1940s and 1950s. For example, the recent influx of immigrants from Syria to Germany was pre-dominantly directed towards cities. Box 21345, New . At the heart of this analysis are West Germany population censuses for the years 1933, 1939, 1950, and 1961. Start your day off right, with a Dayspring Coffee Michael Peters is an Associate Professor of Economics at Yale University, a Faculty Research Fellow of the National Bureau of Economic Research (NBER) and a Research Affiliate at the Centre for Economic Policy Research (CEPR). All material on this site has been provided by the respective publishers and authors. Lack of Selection and Limits to Delegation: Firm Dynamics in Developing Countries . In his research he focuses on economic growth and long-run economic development. ". 2023 National Bureau of Economic Research. My parents grew up in the West, but remember that they had to share their apartment with refugees from the East in the immediate war periods because housing was so scarce. Phone (613) 533-2250 Fax (613) 533-6668 Email https . What were the results? In the af- termath of the Second World War, 8 million ethnic Germans were expelled from their domiciles in Eastern Europe and transferred to West Germany. He received his undergraduate degree in Economics at the University of Mannheim and his PhD from MIT. Macroeconomics Development Economics Growth. Second, the refugees were allocated to rural areas and not to urban centers.