chrisbusch


Welcome to my homepage. I am a PhD Candidate in Economics at the University of
Cologne.
I am also a Junior Fellow of SAFE at the House of Finance at Goethe University Frankfurt.

I am on the academic job market and will be available for interviews at the 2016 SAEe Simposio in Bilbao and the 2017 ASSA Meetings in Chicago.


References

Prof. Fatih Guvenen
Department of Economics
University of Minnesota
guvenen [at] umn.edu

Prof. Alexander Ludwig
House of Finance
Goethe University Frankfurt
ludwig [at] safe.uni-frankfurt.de

Prof. David Domeij
Department of Economics
Stockholm School of Economics
david.domeij [at] hhs.se
Prof. Michael Krause
Center for Macroeconomic Research
University of Cologne
michael.krause [at] wiso.uni-koeln.de

 


Job Market Paper

Occupational Switching and Wage Risk

The literature on labor income risk treats the wage process as exogenous to workers, with few exceptions. However, observed wage dynamics are the result of both exogenous factors, such as productivity shocks, and workers‘ choices. Using data from administrative German social security records, I document that the extent of occupational switching upon changing establishments is high, and that the decision to change occupations is of major relevance for realized wage changes. I develop a structural model in which workers optimally choose occupations in response to productivity shocks. This choice then also affects their accumulation of human capital, which is imperfectly transferable across occupations. The observed productivity changes of workers differ from the underlying productivity shocks. This distinction allows me to use the model to (i) identify the role of occupational switching choices for productivity changes and (ii) to quantify the utility gain from the option of occupational switching. The model is calibrated to be consistent with the documented facts. In the calibrated model, the endogenous choice of occupations accounts for 43% of the dispersion of idiosyncratic productivity changes after controlling for human capital changes. The utility gain from the availability of switching occupations corresponds to about 1.5% of per-period consumption for the average worker.


Other Current Research

I work in the fields of Macroeconomics and Labor Economics.
I work with quantitative models and analyze micro data using both parametric and non-parametric methods. You find an overview of my research here.