Calendrier ECARES

Title: Winners and Losers from Multinational Entry

Abstract: This paper examines the labor market impact of a large  multinational entry shock. In 1995, Brazil amended its Constitution to eliminate clauses explicitly discriminating against foreign investors. Over the following decade, 700,000 workers joined multinational corporations (MNCs), doubling their share of the workforce. Using a long employer-employee panel, firm-level foreign investment records, and exploiting sector-specific variation in the reform, I analyze both the direct effect on workers transitioning to MNCs and the spillover effects on domestic firm employees. Workers switching to MNCs experience significant wage gains. In contrast, outcomes for workers remaining in domestic firms are heterogeneous: low-skill workers face lower wages and a higher likelihood of layoffs, while college graduates enjoy significant wage gains. To rationalize these outcomes, I develop and estimate a dynamic general equilibrium model featuring multinational production, frictional labor markets, and heterogeneous firms and workers. As relatively productive and skill-intensive MNCs enter the economy following the easing of FDI restrictions, they increase the demand for college-educated workers, inducing a skill-biased reallocation. These findings highlight the complex trade-offs of policies aimed at attracting foreign investment and shed new light on the distributional effects of large-scale multinational entry.

Title: Leverage Regulation and Housing Inequality
Abstract: We estimate an equilibrium model of housing demand and supply, quantifying the distributional effects of leverage regulation on household mobility, access to high-quality housing, debt and house prices. We match the population of households in Norway in 2010-2018, with demographic and financial characteristics, to the universe of housing transactions. Our model features households' dynamic renting and owning choices, investors' housing portfolio rebalancing, and equilibrium pricing. We recover households' willingness to pay for housing quality and moving costs. Our counterfactuals quantify costs and benefits of loan-to-income (LTI) limits. While tighter limits reduce household debt and house prices, they also have regressive effects on mobility. We document how these effects depend household preferences and financial constraints, and can be offset with housing subsidies.

Title : Environmental friendliness of food choices in the UK 

Abstract : Reducing food-related greenhouse gas (GHG) emissions is critical to achieving climate goals—particularly as dietary change represents one of the most effective and low-cost mitigation levers available. Yet the design of policies to promote lower-carbon diets raises concerns about social equity, and little is known about who is most responsible for emissions—or most likely to reduce them. This paper combines detailed scanner data from the Kantar Worldpanel with product-level environmental data from SHARP-ID to analyze both the levels and the dynamics of household dietary carbon footprints in the UK from 2017 to 2022.  We find that emission reductions are not primarily driven by radical shifts between food groups (e.g., from meat to vegetables), but by within-category substitutions toward lower-carbon options—such as switching from beef to chicken. Emissions are systematically higher among older individuals, households with children, and those with higher dietary needs. Yet reductions are more likely among households that initially emit more, and among women, singles, and those with lower education levels. Our results have policy implications. They suggest that targeted instruments—such as taxes or subsidies—should focus on the most carbon-intensive foods, while accounting for socio-economic heterogeneity beyond income to avoid regressive effects. By identifying who emits, who reduces, and how, this paper helps inform more effective and equitable climate policies in the food sector.