嘉    宾： Moritz Kuhn，Professor University of Mannheim

主持人： 喻洋，副教授 上海交通大学安泰经济与管理学院

时    间：2026年6月18日（周四）下午14:00-15:30

地    点: 上海交通大学徐汇校区安泰经济与管理学院A507

内容简介：Labor markets feature large heterogeneity in employment stability: some careers provide lifetime employment, while others involve frequent transitions in and out of work. While this heterogeneity shapes earnings dynamics and labor market risk, its implications for household saving behavior remain poorly understood. We document two new empirical facts. More stable careers (i) exhibit steeper life-cycle earnings growth and (ii) accumulate significantly more wealth per dollar of income, even within narrowly defined worker groups.To interpret these facts, we develop a life-cycle search-and-saving model with heterogeneous employment stability, job-to-job mobility, endogenous human capital accumulation, and incomplete markets. The model matches both life-cycle earnings and wealth dynamics across careers. Our central finding is that heterogeneity in employment stability reshapes the nature of saving. Stable careers generate sustained earnings growth with a focus on life-cycle saving, while unstable careers are characterized by precautionary, buffer-stock behavior that limits long-run wealth accumulation. Quantitatively, differential earnings growth accounts for about 60\% of the wealth gap across careers.These microeconomic differences have important macroeconomic implications. We demonstrate that heterogeneity in employment stability amplifies wealth inequality and substantially increases the macroeconomic consumption response to unemployment shocks

演讲人简介：Moritz Kuhn is Professor of Economics at the University of Mannheim and Director of the Macro Inequality Lab. Beyond Mannheim, he is closely connected to international research networks as a Fellow of CEPR, CESifo, and IZA, and he is chair of the Scientific Advisory Council at the Institute for Employment Research (IAB).His research focuses on questions at the intersection of the economy and society: how wealth and income are distributed, how inequality changes over time, and what this means for people’s opportunities in work and life. His research combines empirical work with rich and novel microdata and economic theory to interpret these data and study the implications of economic policies.His research has been published in leading international journals such as the American Economic Review, the Journal of Political Economy, the Review of Economic Studies, and the Quarterly Journal of Economics.