Seminar Series “Macroeconomics and Labor Markets” on 23 May 2023

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PantherMedia / Bernd Schmidt

We are pleased to invite you to the seminar series on “Macroeconomics and Labor Markets“ organized by the Chair of Macroeconomics at the Friedrich-Alexander University Erlangen-Nuremberg, Prof. Merkl, the Chair of Global Governance and International Trade at the Friedrich-Alexander University Erlangen-Nuremberg, Prof. Moser, and the Competence Field Macroeconomics of the Institute for Employment Research (IAB). Researchers of both institutions, as well as national and international guests, present their current work at the intersection of labor- and macroeconomics.

The next seminar will be held on Tuesday, May 23, 2 pm to 3.30 pm (German time).

The seminar will be held via Zoom. The login information will be sent a day before the seminar.

Daniel Bias (Vanderbilt University) will talk about

“Great Recession Babies: How Are Startups Shaped by Macro Conditions at Birth?” (joint work with A. Ljungqvist).


We combine novel micro data with quasi-random timing of patent decisions over the business cycle to estimate the effects of the Great Recession on innovative startups. After purging ubiquitous selection biases and sorting effects, we find that recession startups experience better long-term outcomes in terms of employment and sales growth (both driven by lower mortality) and future inventiveness. While funding conditions cannot explain differences in outcomes, a labor market channel can: recession startups are better able to retain their founding inventors and build productive R&D teams around them.