Profile
Profile

Prof. Dr. Petr Sedlácek

Junior Professor

E-mail: sedlacek(at)uni-bonn.de
Phone: +49 228 73 9236
Homepage: http://www.wiwi.uni-bonn.de/sedlacek/
Location: Institute for Economics
Institute: Department of Economics
Research Area: Research Area H
Date of birth: 28.Jan 1982

Academic Career

2001 - 2006

Ing. in Economic Policy and Macroeconomic Analysis, University of Economics, Prague, Czech Republic (MSc equivalent)

2004 - 2005

M.A. in Economics (with distinction), Joint European Studies Program, Prague University of Economics (Czech Republic), Staffordshire University (UK), University of Antwerp (Belgium)

2005 - 2006

Research Assistant, Czech Statistical Office, Department of Macroeconomic Analysis, Prague, Czech Republic

2006 - 2008

M.Phil. in Econometrics and Macroeconomics (Cum Laude), Tinbergen Institute, Amsterdam, Netherlands

2008 - 2011

PhD in Economics, University of Amsterdam, Netherlands (advisor: Wouter J. den Haan)

2011

Visiting PhD student, European Central Bank, Directorate General Research, Monetary Policy Research (Jan - Mar)

2011 - 2012

Postdoctoral Researcher, University of Amsterdam, Netherlands

2012 - 2017

Junior Professor, Department of Economics, University of Bonn

2016 - 2017

Visiting scholar, November - April, Federal Reserve Bank of San Francisco and University of California, Berkeley, CA, USA

Since 2015

Research Affiliate, Center for Economic Policy Research

Since 2017

Associate Professor, University of Oxford and Christ Church College, Oxford, UK

Research Profile

Petr Sedlácek is a macroeconomist interested in understanding how heterogeneity of workers and firms affects the dynamics of the aggregate economy. Petr Sedlácek’s research agenda is mainly focused on questions related to labor markets and to the role of firm dynamics for shaping aggregate fluctuations. The type of questions related to labor market issues that Petr Sedlácek has investigated in his existing research include, for instance, (i) the extent to which changes in firms’ hiring standards, i.e. the tendency to hire more qualified workers in recessions when workers’ prospects are weak, contributes to unemployment fluctuations, and (ii) how job prospects of the unemployed are affected by job search efforts on the side of employed workers and those out of the labor force. The role of firm dynamics in shaping aggregate fluctuations has shown up in Petr Sedlácek’s research in which he investigates, for instance, (i) the extent to which the sharp drop in the number of startups observed during the latest recession will affect the macroeconomy in future years, and (ii) whether firms that start up in recessions differ from those that start up in booms and to what extent these differences persist into the future and affect the aggregate economy.

In future research, Petr Sedlácek aims to focus on the following issues. First, new and young firms have been shown to be crucial for aggregate job creation. In addition, new firms are typically founded by young individuals and startups tend to hire young workers. What is the effect of population aging observed in developed economies on entrepreneurship and in turn on the macroeconomy? Second, while the individual costs of unemployment, especially for young individuals, are well documented, it is unclear whether there are aggregate consequences of youth unemployment. Petr Sedlácek plans to investigate whether the effects of youth unemployment spill over to other groups of workers and how that, in turn, affects the aggregate economy in years following a recession. Third, there are vast differences between firms in terms of their size and growth rates. Are these the results of shocks and choices taken after startup or are these to some extent predetermined by the choices and the selection process occurring at the startup phase? To the extent that differences across firms are largely driven by differences determined at the entry phase, what are the effects of hiring and firing policies for incumbent firms?

Contribution to Research Areas


Research Area H
My main focus has been the analysis of how heterogeneous firms and workers impact the aggregate economy. In Sedlacek and Sterk (2017) [1], we document that employment in US firms is strongly influenced by the aggregate conditions during which firms started up. Using a novel dynamic stochastic general equilibrium model with heterogeneous firms we demonstrate that changes in startup conditions then result in large, slow-moving fluctuations in aggregate employment. In Mangin and Sedlacek (forthcoming) [2], we develop a theory in which the competition of firms for workers on the labor market links endogenously movements in wages, productivity and profits. We show that this model does well in explaining business cycle movements in the aggregate labor share, the patterns of which have eluded many existing frameworks.

Selected Publications

[1] Petr Sedlácek, Vincent Sterk
The Growth Potential of Startups Over the Business Cycle
American Economic Review , 107: (10): 3182-3210
2017
[2] Sephorah Manging, Petr Sedlácek
Unemployment and the Labor Share
Journal of Monetary Economics
0
[3] Petr Sedlácek
The Aggregate Matching Function and Job Search from Employment and Out of the Labor Force
Review of Economic Dynamics
, 21: : 16--28
2016
[4] Petr Sedlácek
Startups and Young Firms in the Economy
New Entrepreneurial Growth Agenda
Publisher: Kauffman Foundation
2016
[5] Wouter J. Den Haan, Petr Sedlácek
Inefficient continuation decisions, job creation costs, and the cost of business cycles
Quant. Econ. , 5: (2): 297--349
2014
[6] Petr Sedlácek
Match Efficiency and Firms' Hiring Standards
Journal of Monetary Economics , 61: (2): 123--133
2014
[7] Petr Sedlácek
Analysis of the Investment Cycle
Statistika (6)
2006
[8] Petr Sedlácek
Institutional Conditions of Monetary Policy Action in the Czech Republic
Prague Economic Papers (2)
2006

Publication List

Awards

2012

Young Economist of the Year, 2nd place, Czech Economic Society

2012

Computing in Economics and Finance, Student competition, 1st place, Society for Computational Economics

2013

Joop Hartog award for the best PhD thesis in 2010-2011, Amsterdam School of Economics

2014 - 2015

Post-doctoral Stipendium, Daimler und Benz Foundation

2016 - 2017

Research Fellowship, German Research Foundation

2016 - 2017

Modigliani Research Grant, UniCredit

2017 - 2021

Research Training Group (8 PIs), German Research Foundation

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