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European Summer Symposium in International Macroeconomics (ESSIM) 2012

2225 May 2012
Roda de Bará (Tarragona)

Information

The twentieth European Summer Symposium in International Macroeconomics (ESSIM)  took place on 22-25 May 2012. The meeting, jointly organized with the CEPR, was hosted by the Banco de España in Tarragona. 

ESSIM is an annual meeting that brings together around 60 economists from across Europe and key researchers from outside the region. It provides a unique opportunity for macroeconomists from different research institutions and countries to discuss research in a relaxed atmosphere and to develop long-term collaborative relationships. Another important aim of ESSIM is to provide young researchers with the opportunity to meet and discuss their work with senior economists.

For further details, consult the CEPROpens in a new window forthcoming meetings page.

More information

Presentations

22 May 2012
 
08.55 - 09.00
Introductory remarks
Plenary Session
09.00 - 10.00

Vasco Curdia (Federal Reserve Bank of New York)
Marco Del Negro (Federal Reserve Bank of New York)
Dan Greenwald (New York University)

Rare shocks, great recessions. Presentation File PDF: Opens in a new window (389 KB)

Discussant: Marek Jarocinski (European Central Bank) File PDF: Opens in a new window (118 KB)

10.30 - 11.30

Tobias Broer (IIES, Stockholm University and CEPR)
Afroditi Kero (EUI IIES, Stockholm University)

Moderation or great mistake: Can overconfidence in low macro-risk explain the boom in asset prices? . Presentation File PDF: Opens in a new window (802 KB)

Discussant: Luigi Paciello (EIEF) File PDF: Opens in a new window (182 KB)

Parallel Session 1A
11.40 - 12.25
Equilibrium and resource allocation with credit frictions

José-Vicente Rodriguez Mora (University of Edinburgh and CEPR) 

Parallel Session 1B
11.40 - 12.25

Roel Beetsma (University of Amsterdam and CEPR)
Alex Cukierman (Tel Aviv University and CEPR)
Massimo Giuliodori (University of Amsterdam)

The political economy of redistribution in the U.S. in the aftermath of World War II and the delayed impacts of the great depression - Evidence and theory. Presentation File PDF: Opens in a new window (923 KB)

Parallel Session 2A
14.30 - 15.15

Irina Balteanu (Banco de España)
Aitor Erce (Banco de España)

Bank crises and sovereign defaults: exploring the links. Presentation File PDF: Opens in a new window (807 KB)

15.15 - 16.00

Laura Alfaro (Harvard Business School)
Sebnem Kalemli-Ozcan (Koc University, Harvard and CEPR)
Vadym Volosovych (Erasmus University Rotterdam)

Sovereigns, upstream flows and global imbalances. Presentation File PDF: Opens in a new window (767 KB)

Parallel Session 2B
14.30 - 15.15

Bartosz Mackowiak (European Central Bank and CEPR)

Inattention to rare events. Presentation File PDF: Opens in a new window (174 KB)

15.15 - 16.00

Paul Beaudry (University of British Columbia)
Franck Portier (Toulouse School of Economics and CEPR)

A gains from trade perspective on macroeconomic fluctuations. Presentation File PDF: Opens in a new window (1 MB)

Parallel Session 3A
16.30 - 17.15

Nezih Guner (ICREA-MOVE)

Technology and the changing family. Presentation File PDF: Opens in a new window (375 KB)

17.15 - 18.00

Giacomo Ponzetto (CREI, Universitat Pompeu Fabra and CEPR)
Ugo Troiani (Harvard University)

Social capital, government expenditures and growth. Presentation File PDF: Opens in a new window (237 KB)

Parallel Session 3B
16.30 - 17.15

Raphael Auer (Swiss National Bank)
Raphael Schoenle (Brandeis University)

Market structure and exchange rate pass–through. Presentation File PDF: Opens in a new window (513 KB)

17.15 - 18.00

Kristin Forbes (MIT-Sloan School of Management)
Marcel Fratzscher (European Central Bank)
Thomas Kostka (European Central Bank)
Roland Straub (European Central Bank)

Bubble thy neighbor: direct and spillover effects of capital controls. Presentation File PDF: Opens in a new window (295 KB)

23 May 2012
Plenary Session
09.00 - 10.00

Klaus Adam (University of Mannheim and CEPR)
Michael Grill (Deutsche Bundesbank)

Optimal sovereign debt default. Presentation File PDF: Opens in a new window (239 KB)

Discussant: Dirk Niepelt (Studycenter Gerzensee and CEPR) File PDF: Opens in a new window (88 KB)

10.30 - 11.30
Exorbitant privilege and exorbitant duty

Pierre-Olivier Gourinchas (University of California, Berkeley and CEPR)
Hélène Rey (London Business School and CEPR)
Nicolas Govillot (Mines ParisTech)

Discussant: Francesca Viani (Banco de España)

Parallel Session 1A
11.40 - 12.25

Julian Di Giovanni (International Monetary Fund)
Andrei A. Levchenko (University of Michigan)
Isabelle Méjean (Ecole Polytechnique and CEPR)

Firms, destinations, and aggregate fluctuations. Presentation File PDF: Opens in a new window (272 KB)

Parallel Session 1B
11.40 - 12.25

Òscar Jordà (University of California, Davis)
Moritz Schularick (Free University of Berlin)
Alan Taylor (University of California, Davis, and CEPR)

When credit bites back: leverage, business cycles and crises. Presentation File PDF: Opens in a new window (2 MB)

Parallel Session 2A
14.30 - 15.15

Rudolfs Bems (International Monetary Fund)

Intermediate inputs, external rebalancing and relative price adjustments. Presentation File PDF: Opens in a new window (799 KB)

15.15 - 16.00

Julian Di Giovanni (International Monetary Fund)
Andrei A. Levchenko (University of Michigan)
Francesc Ortega (Queens College of CUNY)

A global view of cross-border migration. Presentation File PDF: Opens in a new window (839 KB)

Parallel Session 2B
14.30 - 15.15

Carlos Thomas (Banco de España)
Galo Nuño (Banco de España)

Bank Leverage Cycles. Presentation File PDF: Opens in a new window (875 KB)
 

15.15 - 16.00

Leonardo Melosi (Northwestern University)
Francesco Bianchi (Duke University)

Dormant shocks and fiscal virtue. Presentation File PDF: Opens in a new window (1 MB)

Parallel Session 3A
17.00 - 18.00

Diego Comin (Harvard Business School and CEPR)
Mikhail Dmitriev (Central European University)
Esteban Rossi-hansberg (Princeton University and CEPR)

The spatial diffusion of technology. Presentation File PDF: Opens in a new window (542 KB)

18.00 - 19.00

Marc Teignier (Unversidad de Alicante)

The role of trade in structural transformation. Presentation File PDF: Opens in a new window (480 KB)

Parallel Session 3B
17.00 - 18.00

Régis Barnichon (Federal Reserve Board)
Andrew Figura (Federal Reserve Board)

Labor market heterogeneities and the matching function. Presentation File PDF: Opens in a new window (420 KB)

18.00 - 19.00

Claudio Michelacci (CEMFI and CEPR)
Josep Pijoan-Mas (CEMFI and CEPR)

Hours and participation with job heterogeneity. Presentation File PDF: Opens in a new window (341 KB)

24 May 2012
Plenary Session
09.00 - 10.00

Jonathan Heathcote (Federal Reserve Bank of Minneapolis and CEPR)
Fabrizio Perri (University of Minnesota and CEPR)

Wealth and volatility. Presentation File PDF: Opens in a new window (381 KB)

Discussant: Franck Portier (Toulouse School of Economics and CEPR) File PDF: Opens in a new window (1 MB)

10.30 - 11.30

Pontus Rendahl (University of Cambridge)

Unemployment inertia and the fiscal multiplier. Presentation File PDF: Opens in a new window (1 MB)

Discussant: Andrea Caggese (Universitat Pompeu Fabra) File PDF: Opens in a new window (140 KB)

Parallel Session A
11.40 - 12.25

James Costain (Banco de España)
Anton Nakov (Federal Reserve Board)

Logit price dynamics. Presentation File PDF: Opens in a new window (865 KB)

Parallel Session B
11.40 - 12.25

Karel Mertens (Cornell University and CEPR)
Morten Ravn (University College London and CEPR)

The dynamic effects of personal and corporate income tax changes in the United States. Presentation File PDF: Opens in a new window (1 MB)

25 May 2012
Plenary Session
09.00 - 10.00

Julian di Giovanni (International Monetary Fund and University of Toronto)
Andrei A. Levchenko (University of Michigan)
Jing Zhang (University of Michigan)

The global welfare impact of China: trade integration and technological change. Presentation File PDF: Opens in a new window (656 KB)

Discussant: Gino Gancia (Universitat Pompeu Fabra and CEPR) File PDF: Opens in a new window (171 KB)

10.30 - 11.30

Romain Rancière (Paris School of Economics and CEPR)

Financial liberalization: efficiency gains and black holes. Presentation File PDF: Opens in a new window (153 KB)

Discussant: Philippe Martin (Sciences Po and CEPR) File PDF: Opens in a new window (174 KB)

Parallel Session 1A
11.40 - 12.25

Alessandra Bonfiglioli (Institut d'Anàlisi Econòmica CSIC)
Gino Gancia (CREI, Universitat Pompeu Fabra and CEPR)

The political cost of reforms. Presentation File PDF: Opens in a new window (364 KB)

Parallel Session 1B
11.40 - 12.25

Tom Krebs (University of Mannheim)
Moritz Kuhn (University of Bonn)
Mark Wright (UCLA, FRB Chicago)

Human capital risk, contract enforcement and the macroeconomy. Presentation File PDF: Opens in a new window (99 KB)

Parallel Session 2A
14.30 - 15.15

Christian Merkl (Kiel Institute for the World Economy)
Thijs van Rens (CREI and CEPR)

Selective hiring and welfare analysis in labor market model. Presentation File PDF: Opens in a new window (380 KB)

15.15 - 16.00

Juan F. Jimeno (Banco de España)
Carlos Thomas (Banco de España)

Collective bargaining, firm heterogeneity and unemployment. Presentation File PDF: Opens in a new window (374 KB)

Parallel Session 2B
14.30 - 15.15
Offshoring and directed technical change

Gino Gancia (CREI, Universitat Pompeu Fabra and CEPR)
Daron Acemoglu (MIT and CEPR)
Fabrizio Zilibotti (University of Zurich and CEPR)

Offshoring and directed technical change Presentation File PDF: Opens in a new window (422 KB)

15.15 - 16.00

Jean Imbs (Paris School of Economics and CEPR)
Claudio Montenegro (World Bank)
Romain Wacziarg (UCLA)

Economic integration and structural change. Presentation File PDF: Opens in a new window (679 KB)