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We are happy to announce good news for MA and PhD applicants who missed the March deadline. We are opening the 2nd round of admissions with a new deadline August 15.

Entry requirements are:
- BA or MA degree or equivalent
- Proficiency in spoken and written English
- Solid background in mathematics
- Previous education in economics is recommended

Your online application must content following documents:
- Curriculum vitae
- Statement of motivation
- Copies of your diplomas and transcripts
- Proof of English proficiency level
- Contact details for two (or max. three) referees

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or see the FAQ sections for MAER or Phd

Luca Mazzone, Ph.D.

International Monetary Fund

Join online: https://call.lifesizecloud.com/21253593 (Passcode: 6191)

Authors: Luca Mazzone, Edoardo Maria Acabbi, Andrea Alati

Abstract: Using administrative data, we document that workers acquire more human capital at more productive firms. Recessions distort workers-firm sorting, flatten the job ladder and impact human capital accumulation, as workers match on average to worse firms. To quantify the aggregate relevance of these effects, we build a directed search model with aggregate risk and worker-firm heterogeneity, in which human capital accumulation depends on firm quality. We estimate the model and show that recessions have persistent negative effects on the productivity of worker-firm matches, with distortions in sorting and human capital accumulation accounting for approximately 30% of cumulative output losses.

JEL Classification: J24, E32, E24, J63
Keywords: Human Capital Accumulation, Hysteresis, Sorting, Scarring

Full Text: Human Capital Ladders, Cyclical Sorting, and Hysteresis