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Reposted by Lisbon Macro Workshop

Francesco Maura @francescomaura.bsky.social · Aug 30

Thanks a lot for the invitation @lisbonmacro.bsky.social! Great conference, great people, great location.

Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 29

‪@francescomaura.bsky.social‬ shows that subjective life expectancy and financial literacy shape financial market entry and risk-taking. Eliciting survival expectations boosts wealth accumulation, while #FinancialLiteracy most effectively drives market participation.

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Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 31

A big thank you to all presenters and discussants for the insightful and productive discussions at this year’s workshop. Looking forward to seeing you all again next year!

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Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 31

John Kramer asks whether this mechanism generates strong business cycle amplification, and if second-order stabilization policies might deliver first-order growth benefits.

Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 31

Seho Kim shows that lowering the economic cost of unemployment encourages workers to join riskier startups, increasing experimentation & productivity growth. In a firm dynamics model with labor frictions, lower vacancy creation costs further raise aggregate productivity.

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Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 30

‪@haominwang.bsky.social‬ notes that in expansions, occupation switches may yield better skill matches. This may raise questions on frictions, promotions, and how policy shapes wage and occupation dynamics.

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Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 30

‪@lpvisschers.bsky.social‬ documents that year-to-year earnings growth is cyclically skewed: flows & their returns shift over the cycle, especially in the tails. Occupational moves matter most and upward mobility is much higher in expansions.

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Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 30

Liangjie Wu urges linking the results to wage inequality & labor share debates, and notes the model offers a new mechanism for polarization beyond vertical worker categorization.

Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 30

Jenny Ding maps households consumption into goods skill-intensity, showing that consumption has shifted toward skill intensive goods over time. A multi-industry GE model with K-skill complementarity decomposes rising wage inequality: 82% due to K accumulation.

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Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 30

@joachimjungherr.bsky.social asks: how does consumption in the model line up with micro evidence on MPCs vs APCs? Which observables best identify high-MPC agents? And how would adding an illiquid asset alongside a liquid one shift predictions?

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Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 30

@valeriop.bsky.social adds mental accounting to a HANK model to match wealth & MPCs. Wealthy households with high MPCs amplify consumption response to transfers but dampen response to rate cuts, implying lower gains from targeting low-liquid-wealth households.

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Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 29

@marek-ignaszak.bsky.social shows that similar patterns could arise under extreme financial frictions with two types of entrepreneurs: rich vs poor parents. Using IQ data can help distinguish whether transformative talent, rather than family background, drives differential growth.

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Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 29

Harun Alp presents a novel model of innovation and firm dynamics with occupational choice: transformative entrepreneurs who hire ≥1 R&D worker differ sharply from those who don’t. The framework helps evaluate how education, startup, & R&D policies affect talent allocation.

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Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 29

Riccardo Silvestrini points to decreasing returns to scale (DRS) as a key remaining source of heterogeneity between top and bottom firms. How much does DRS—shaping optimal firm size, especially in the right tail—matter relative to other sources?

Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 29

@rafaguntin.bsky.social uncovers new facts on how firms reach the top 1% and set up a new macro model accounting for these firm dynamics. These dynamics shape macro outcomes: finance, tech frontier, r changes, taxation.

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Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 29

Anthony Savagar invites sharpening the welfare angle clearly documenting the trade-offs during shakeout would help clarify the forces behind optimal diffusion.

Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 29

Tom Schmitz shows that ICT & AI spark a life cycle in downstream industries: early surge in entry & product innovation, later shift to process innovation & shakeout. Diffusion isn’t optimal: welfare improves by taxing process and subsidizing product innovation.

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Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 29

Sampreet Goraya asks about the social value of lock-in innovations. Is there an optimal degree of product differentiation? The model can be extended to link intermediate good differentiation with final good variety.

Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 29

‪@luciacasal.bsky.social‬ documents that firms increasingly pursue lock-in innovations with high private but low social value, rising markups. Taxing such innovations may boost productivity but is hard to implement; taxing markups is feasible and productivity enhancing, but raises markup dispersion.

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Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 29

Suzanne Bellue highlights that optimism in subjective beliefs affects not just life expectancy, but also income, asset returns, and mortality risk, suggesting the need to examine untargeted moments in the model.

Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 29

‪@francescomaura.bsky.social‬ shows that subjective life expectancy and financial literacy shape financial market entry and risk-taking. Eliciting survival expectations boosts wealth accumulation, while #FinancialLiteracy most effectively drives market participation.

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Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 29

Yasmine Van der Straten highlights the need to unpack why households differ in taking up buy-back: is it inattention, differing interest rate expectations, or liquidity needs?

Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 29

Fabrice Tourre kicks off the workshop showing how #mortgage contract design shapes monetary transmission: in Denmark, buy-back options prevent the lock-in effects seen in the US.

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Lisbon Macro Workshop @lisbonmacro.bsky.social · Aug 29

Ready to start!!!

Lisbon Macro Workshop @lisbonmacro.bsky.social · Jul 7

📢 Excited to announce the program for the Lisbon Macro Workshop 2025, taking place August 29–30 at Nova School of Business and Economics
📍 Lisbon
 📅 Aug 29–30 
🔗 nw.ax/l2U

@martacota.bsky.social @jeanne-c.bsky.social

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Lisbon Macro Workshop @lisbonmacro.bsky.social · Jul 7

📢 Excited to announce the program for the Lisbon Macro Workshop 2025, taking place August 29–30 at Nova School of Business and Economics
📍 Lisbon
 📅 Aug 29–30 
🔗 nw.ax/l2U

@martacota.bsky.social @jeanne-c.bsky.social

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Lisbon Macro Workshop @lisbonmacro.bsky.social · Apr 10

The deadline is approaching! Send your paper by Sunday this week!

Lisbon Macro Workshop @lisbonmacro.bsky.social · Mar 21

📢 Calling all macroeconomists! 📢

The 4th Lisbon Macro Workshop is happening on August 29-30! 🇵🇹

✨ Submit your paper by April 13 & join us in Lisbon
🔗 Submit here: hq.ax/l2L

Spread the word!

Org: @jeanne-c.bsky.social @martacota.bsky.social Nic Kozeniauskas, Laszlo Tetenyi @chiaralac.bsky.social

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