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", Peters, Michael & Severinov, Sergei, 2006. 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. Michael Peters Economics Department, Yale University Verified email at yale.edu. Before joining Yale University, he held a position at the London School of Economics. The persistent long-term effects of the refugee settlement imply that the government policy of settling refugees in rural labor markets might have changed the long-term path of local industrialization in West Germany. Second, the refugees were allocated to rural areas and not to urban centers. My aunt, for example, grew up in the Eastern Territories and had to flee on a horse. Title. Michael Peters Economics Department, . Some immigration is low-skilled, some immigration is high-skilled. firm and location productivity arecomplements and labor market frictions are sufficiently large. armed forces vacation club for veterans 082 825 4557; welsh keith brymer jones wife zapperstore.xyz@gmail.com These findings are quantita- tively consistent with an idea-based model of spatial growth if population mobility is subject to frictions and productivity spillovers occur locally. What are the policy implications, if any, of this research? Queen's University Dunning Hall, Room 209 94 University Avenue Kingston, Ontario K7L 3N6. The findings echo Acemoglu et al. Macroeconomics Development Economics Growth. Their, This "Cited by" count includes citations to the following articles in Scholar. In this paper, I study a particular historical episode to provide direct evidence for the empirical relevance of such scale effects. Negotiation and Take it or Leave it in Common Agency Journal of Economic Theory July 2003, Volume 111, Issue 1, Pages 88-109. . 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. This particular setting is, of course, close to my heart. 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. Journal of Urban Economics, Volume 120, July 2022, 103454. Create your own unique website with customizable templates. . The emergence of new cities in Rural America played a big part for this transition. Michael Peters Vancouver School of Economics University of British Columbia 600 Iona Drive Vancouver, Canada V6T 1L4 604-822-4418 peters econ ubc ca. targets the more productive firms can be beneficial in poor countries while being harmful in countries close to the economic frontier. Michael Peters Economics Department, Yale University Verified email at . He received his undergraduate degree in Economics at the University of Mannheim and his PhD from MIT. This is in stark contrast to most episodes of voluntary migration, both in the modern era and in the past. We argue this trend has important consequences for creative destruction, product concentration, and firm dynamics. See all articles by Michael Peters Michael Peters. target no need to return item. A six-time winner of the McKinsey Award for the best Harvard Business Review article of the year, Professor Porter is the most cited author in business and economics. The model can be solved analytically and allows for a precise theoretical characteri-zation of the underlying determinants of market power and its macroeconomic conse-quences. In this paper, I study a particular historical episode to provide direct evidence Expand 25 PDF Structural reforms to make the most of demographic change L. Mello Economics 2020 Peters, Michael and Alp Simsek (2009), Solutions Manual for "Introduction to Modern Economic Growth", Princeton University Press. ", Michael Peters & Sergei Severinov, 2008. The system can't perform the operation now. 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. 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. What are some exciting areas for further research in this area? His research mostly focuses on macroeconomics, economic development and growth, and international trade. The program provides rigorous training in econometrics and quantitative economics as well as in economic theory. It was a real pleasure to talk with Mohamed El-Erian and cover a wide range of topics from economic . Verified email at columbia.edu - Homepage. MICHAEL PETERS AUGUST 2022 Contact Department of Economics Yale University 28 Hillhouse Avenue New Haven, CT 06511 eMail: m.peters@yale.edu Academic Appointments 2021-2022 Visiting Scholar, New York University Stern School of Business Articles Cited by Co-authors. Comprehensive cases at the end of the text have been hand-picked by the authors to go hand-in-hand . For the case of Germany, firm sorting acts as an amplifier of spatial inequality and accounts for. ". All Rights Reserved. There, details are also given on how to add or correct references and citations. Refugee settlement led to persistent increases in the local population, the share of people working in manufacturing, and income per capita. Economics Department, Yale University. First, the German economy had just emerged from the Second World War and firm creation might have been particularly mobile across space. Michael Porter is the author of 20 books and numerous articles including Competitive Strategy, Competitive Advantage, Competitive Advantage of Nations, and On Competition. " Internet auctions with many traders ," Working papers 11, Wisconsin Madison - Social Systems. Cited by. All material on this site has been provided by the respective publishers and authors. 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). degree in economics. Being from Germany myself, one hears lots of stories about the WW2 expulsion. 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). 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 37 (2), pages 281-306, November. ", Peters, Michael & Severinov, Sergei, 2005. 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? Yale University - Department of Economics; Yale University - Cowles Foundation. 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. 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. guided by a fundamental trade-off: Operating in productive locations increases output per worker, but sharing a labor market with other productive firms makes it hard to poach and retain workers. To update listings or check citations waiting for approval, Michael Peters should log into the RePEc Author Service. endstream endobj startxref 0 %%EOF 43 0 obj <>stream 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. The department offers a program of mentoring for students who want to pursue graduate education in economics (CARE). Michael Peters Economics 1995 This paper explores two models of an economy in which contracts are exchanged. Allen Head. Finally, most of the literature focusing on the link between density and productivity focuses on the effects of positive population shocks. [8] Michael Peters. These results provide direct evidence on the link between population growth, industrialization, and subsequent income growth. Michael Peters Published 1 October 2021 Economics SSRN Electronic Journal 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. How do local economies respond to large increases to the size of their population? 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. ", Peters, Michael & Troncoso-Valverde, Cristian, 2010. I started working on growth theory during my PhD at MIT. 2038 MICHAEL PETERS products and markup-reducing product churning through creative destruction shape the equilibrium distribution of markups. 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 To make corrections to the bibliographic information of a particular item, find the technical contact on the abstract page of that item. My research interests are in micro theory, especially the theory of competing mechanisms, and the theory of directed search. A research summary and interview look at new work on the economic consequences of a large refugee settlement after World War II. Business dynamism - namely job reallocation, firm entry and creative destruction - is declining. With leading researchers in economic theory, econometrics, international economics, and macroeconomics, the Economics Department at Penn State is an outstanding department. Most demographers expect the global population to decline starting by around 2065. 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. 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. Social Menu. %PDF-1.5 % 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 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. Michael Peters ; Michael Peters . The following articles are merged in Scholar. Research. 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. I think we need more work to understand what happens when the population shrinks. Fertility rates in most of the developed world have already declined below 2 and we see the same trends in developing countries. Michael Peters is an Associate Professor of Economics at Yale University and a Faculty Research Fellow at the NBER. By building a solid foundation in the mechanics of preparing and analyzing financial statements, performance measurement (Return on Equity), and decision-making with the help of data analytics, Financial Accounting, 11th Edition helps students better prepare to be effective and successful business professionals. And they, luckily, had taken pictures of the old census publications, which I could digitize. ", Peters, Michael & Severinov, Sergei, 1997. Professor email Michael.Peters@ubc.ca phone 604 822 4418 location_on Iona Building 108 launch Personal Website file_download Download CV Research Area Theory About I am a Professor in the Vancouver School of Economics. , & Michael Peters [NBER WP #26770] peer-reviewed publications: The Return to Big City Experience [04/22] w/ Mads Hejlesen . There are two different undergraduate degrees in the College of the Liberal Arts that a student may earn in economics at Penn State. 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. & Severinov,S., 2001. ", Celik, Gorkem & Peters, Michael, 2008. To link different versions of the same work, where versions have a different title, use this form. American Economic Review. In his research he focuses on economic growth and long-run economic development. The link between market size and productivity has always been a central aspect in the field but there was relatively little empirical work. In this paper, I study a particular historical episode to provide direct evidence for the empirical relevance of such scale effects. Follow. Productive firms thus settle in productive. In particular, refugee settlement seemed to have ignited the process of industrialization in agricultural communities. 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 Finally, the 1950s and 1960s were characterized by a secular increase in the manufacturing sector. Ming Xu. Market Size and Spatial GrowthEvidence From Germany's Post-War Population Expulsions, Lack of Selection and Limits to Delegation: Firm Dynamics in Developing Countries, The Gains from Input Trade with Heterogeneous Importers, American Economic Journal: Macroeconomics, Heterogeneous Markups, Growth, and Endogenous Misallocation, Cowles Foundation for Research in Economics, Yale Federal Statistical Research Data Center. This inflow increased the German population by almost 20%. Try again later. Fabrizio Zilibotti. He received his undergraduate degree in Economics at the University of Mannheim and his PhD from MIT. 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. It is ideal for those who pursue high level professional careers in industry and government, or further study for the Ph.D. degree. ", Michael Peters & Sergei Severinov, 1995. . The large inflows led to persistent changes in the sectoral composition of the local economy. J Blaum, C Lelarge, M Peters. You can help correct errors and omissions. 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. Macroeconomics Economic Growth Urban Economics. Virtually all theories of economic growth predict a positive relationship between population size and productivity. 0q$D~;4} AF@D m endstream endobj 20 0 obj <> endobj 21 0 obj <> endobj 22 0 obj <>stream Start your day off right, with a Dayspring Coffee 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. Penn State now offers a two-year program designated only for the M.A. Verified email at yale.edu. 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). Virtual. 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. Michael Peters Economics SSRN Electronic Journal 2021 Virtually all theories of economic growth predict a positive relationship between population size and productivity. hb```f``} cf`ah`.d0 His research mostly focuses on macroeconomics, economic development and growth, and international trade. At least three aspects of this study seem particularly context specific. Peters,M. His research mostly focuses on macroeconomics, economic development and growth, and international trade. View Michael Peters' profile on LinkedIn, the world's largest professional community. Conor Walsh. ", Michael Peters & Sergei Severinov, 2001. Business dynamism - namely job reallocation, firm entry and creative destruction - 20 PDF View 7 excerpts, cites results and methods 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. Professors Peters new paper, published in Econometrica last month, explores a particular historical setting to provide direct evidence for the empirical relevance of these effects. . 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. CAPCP Center for the Study of Auctions, Procurements, and Competition Policy, CRIFES Center for Research on International Financial and Energy Security. The Bulletin on Retirement and Disability, Productivity, Innovation, and Entrepreneurship, Boosting Grant Applications from Faculty at MSIs, Conference on Research in Income and Wealth, Early Indicators of Later Work Levels, Disease and Death, Improving Health Outcomes for an Aging Population, Measuring the Clinical and Economic Outcomes Associated with Delivery Systems, Retirement and Disability Research Center, The Roybal Center for Behavior Change in Health, Training Program in Aging and Health Economics, Transportation Economics in the 21st Century. As far as immigration is concerned, there is still lots to understand in terms of the importance of the type of skills immigrants bring. For example, the recent influx of immigrants from Syria to Germany was pre-dominantly directed towards cities. " An ascending double auction ," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. Entrepreneurship, by Robert Hisrich, Michael Peters and Dean Shepherd has been designed to clearly instruct students on the process of formulating, planning, and implementing a new venture. hWR8~}aU)$pnf[=dXdf3 #LZ%HOKqe;sLX"e"a.j0&5uB0tpV p?dc>'53i[C^kq6C_jQylAt;23].8^AQx>nsl?Xge1Wp\g>. So, at some point around 2010 I started to explore whether one could compile empirical evidence on this episode. 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.