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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. 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 Michael Peters Economics 1995 This paper explores two models of an economy in which contracts are exchanged. Business dynamism - namely job reallocation, firm entry and creative destruction - is declining. But even within the US there are vast regional differences in the type of migrants that settle in different areas. 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. interests: Trade, Economic Geography, and Macroeconomics contact: . hb```f``} cf`ah`.d0 Allen Head. ", Peters, Michael & Troncoso-Valverde, Cristian, 2010. ", Peters, Michael & Severinov, Sergei, 1997. 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. 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. 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. The US is clearly the prime example of a country that was able to attract high-skilled migrants for a good part of the last 150 years. Finally, most of the literature focusing on the link between density and productivity focuses on the effects of positive population shocks. Title . Students are exposed to detailed descriptions of 'how to' embark on a new venture in a logical manner. Michael Peters is an Associate Professor of Economics at Yale University and a Faculty Research Fellow at the NBER. . 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. It was a real pleasure to talk with Mohamed El-Erian and cover a wide range of topics from economic . He received his undergraduate degree in Economics at the University of Mannheim and his PhD from MIT. 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. 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 & Sergei Severinov, 2001. 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. Most demographers expect the global population to decline starting by around 2065. 2023 National Bureau of Economic Research. Lack of Selection and Limits to Delegation: Firm Dynamics in Developing Countries . Michael Peters & Sergei Severinov, 2008. 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. ", Michael Peters & Sergei Severinov, 2008. All material on this site has been provided by the respective publishers and authors. Michael Peters. Peters, Michael and Alp Simsek (2009), Solutions Manual for "Introduction to Modern Economic Growth", Princeton University Press. 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. Their, This "Cited by" count includes citations to the following articles in Scholar. My results are consistent with this literature, even though my analysis takes a long-run view, which is I think more novel. Michael Peters | Yale Economic Growth Center Home People Michael Peters Faculty Associate Professor of Economics Contact P. 203-436-8475 E. m.peters@yale.edu Expertise Development Economics, International Trade, Macroeconomics Website Download C.V. 2 PDF A commitment folk theorem A. Kalai, E. Kalai, E. Lehrer, D. Samet Economics 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. Please note that most corrections can take a couple of weeks to filter through the various RePEc services. Ming Xu. Affiliation: Yale. This particular setting is, of course, close to my heart. . All Rights Reserved. The following articles are merged in Scholar. I started working on growth theory during my PhD at MIT. At the same time, the historical sources were full of anecdotes, which seemed to point at exactly the mechanism I wanted to explore. As far as immigration is concerned, there is still lots to understand in terms of the importance of the type of skills immigrants bring. My aunt, for example, grew up in the Eastern Territories and had to flee on a horse. 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. 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. By 1950, about 8 million people had been transferred to West Germany, increasing its population by more than 20 percent. Economics Department, Yale University - Cited by 1,053 - Macroeconomics - Development Economics - Growth . Phone (613) 533-2250 Fax (613) 533-6668 Email https . ", Peters, Michael & Troncoso-Valverde, Cristin, 2013. For example, after refugee settlement, the manufacturing sector expanded and stayed higher many years after refugees arrived. Refugee settlement led to persistent increases in the local population, the share of people working in manufacturing, and income per capita. ", Michael Peters & Ralph A. " An ascending double auction ," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. How do local economies respond to large increases to the size of their population? 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. To link different versions of the same work, where versions have a different title, use this form. 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. , & Michael Peters [NBER WP #26770] peer-reviewed publications: The Return to Big City Experience [04/22] w/ Mads Hejlesen . In this paper, I study a particular historical episode to provide direct evidence for the empirical relevance of such scale effects. His research mostly focuses on macroeconomics, economic development and growth, and international trade. 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. In my research I focus primarily on economic growth and long-run economic development. ", Peters, Michael & Severinov, Sergei, 2003. Powered by Create your own unique website with customizable templates. Penn State now offers a two-year program designated only for the M.A. Michael Peters ; Michael Peters . In his research he focuses on economic growth and long-run economic development. 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. 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. 180 * 2021: 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. ", Celik, Gorkem & Peters, Michael, 2011. & Severinov,S., 2001. 2038 MICHAEL PETERS products and markup-reducing product churning through creative destruction shape the equilibrium distribution of markups. Yale. 6 October, 2021 4:00 pm-6:00 pm. 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. 0q$D~;4} AF@D m endstream endobj 20 0 obj <> endobj 21 0 obj <> endobj 22 0 obj <>stream CAPCP Center for the Study of Auctions, Procurements, and Competition Policy, CRIFES Center for Research on International Financial and Energy Security. Second, the refugees were allocated to rural areas and not to urban centers. degree in economics. 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. 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 Before joining Yale University, he held a position at the London School of Economics. Speaker(s) Location. 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. I am an Associate Professor in the Economics Department at Yale. Increases in per-capita income, particularly in the long run. [8] firm and location productivity arecomplements and labor market frictions are sufficiently large. Columbia University. 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. Journal of Urban Economics, Volume 120, July 2022, 103454. View Michael Peters' profile on LinkedIn, the world's largest professional community. You can help correct errors and omissions. ". Follow. Sort. Like Tweet Share. " Internet auctions with many traders ," Working papers 11, Wisconsin Madison - Social Systems. 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. American Economic Journal . Macroeconomics Development Economics Growth. 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 Department of Economics Yale University 28 Hillhouse Avenue New Haven, CT 06511 Tel: (203) 436-8475 Economics Department, Yale University. His research mostly focuses on macroeconomics, economic development and growth, and international trade. A departmentalhonors programprovides a small group of outstanding students an opportunity for independent research and close contact with faculty and fellow students. 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,M. Author(s) Michael Peters. A minor in economics is open to students enrolled in any college. 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. For the case of Germany, firm sorting acts as an amplifier of spatial inequality and accounts for. Michael Peters Economics Department, Yale University Verified email at . Cited by. Negotiation and Take it or Leave it in Common Agency Journal of Economic Theory July 2003, Volume 111, Issue 1, Pages 88-109. . Virtually all theories of economic growth predict a positive relationship between population size and productivity. 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. The findings echo Acemoglu et al. Department of Economics. 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. 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. At the heart of this analysis are West Germany population censuses for the years 1933, 1939, 1950, and 1961. In particular, refugee settlement seemed to have ignited the process of industrialization in agricultural communities. 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. 37 (2), pages 281-306, November. targets the more productive firms can be beneficial in poor countries while being harmful in countries close to the economic frontier. Create your own unique website with customizable templates. There are two different undergraduate degrees in the College of the Liberal Arts that a student may earn in economics at Penn State. Social Menu. %PDF-1.5 % He received his undergraduate degree in Economics at the University of Mannheim and his PhD from MIT. This inflow increased the German population by almost 20%. Verified email at columbia.edu - Homepage. 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. Population Growth and Firm-Product Dynamics (with Michael Peters) Population growth has declined markedly in almost all major economies. With leading researchers in economic theory, econometrics, international economics, and macroeconomics, the Economics Department at Penn State is an outstanding department. Being from Germany myself, one hears lots of stories about the WW2 expulsion. Articles Cited by Co-authors. We develop a methodology to measure the aggregate effects of input trade that takes such heterogeneity into account. 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. Research. I would love to see more quantitative work on the consequences of migration that takes such differences into account. It is ideal for those who pursue high level professional careers in industry and government, or further study for the Ph.D. degree. Note that if the versions have a very similar title and are in the author's profile, the links will usually be created automatically. ", Peters, Michael & Szentes, Balazs, 2009. Fertility rates in most of the developed world have already declined below 2 and we see the same trends in developing countries. Winter, 1983. The program provides rigorous training in econometrics and quantitative economics as well as in economic theory. 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. What were the results? "Financial Accounting, 10th Edition, by Jamie Pratt and Michael Peters, provides students with a clear understanding of financial accounting by framing accounting processes in the context of. 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).