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European Summer Symposium in International Macroeconomics (ESSIM 2015)

2629 May 2015
RODA DE BARÀ, TARRAGONA
Conferences

Information

On 26-29 May 2015, the Banco de España hosted the twenty-third edition of the European Summer Symposium in International Macroeconomics (ESSIM) in Roda de Bará, Tarragona. The conference, jointly organized with the CEPR, brings together top macroeconomists from European and overseas institutions, and is especially intended as an opportunity for young researchers to meet and collaborate with senior economists.

More information

Presentations

26 May 2015
 
08.15 - 08.45
Registration and Coffee
08.45 - 09.00
Introductory remarks: James Costain (Banco de España)
Plenary Session
09.00 - 10.00

Paolo Surico (London Business School and CEPR)
*Riccardo Trezzi (Board of Governors of the Federal Reserve System)

Austerity and Household Expenditure. Presentation File PDF: Opens in a new window (1 MB)

Discussant: Benjamin Born (University of Mannheim and CEPR) File PDF: Opens in a new window (1 MB)

10.30 - 11.30

Philippe Bacchetta (Université de Lausanne and CEPR)
*Kenza Benhima (Université de Lausanne and CEPR)
Céline Poilly (Université de Lausanne)

Corporate Cash and Employment. Presentation File PDF: Opens in a new window (9 MB)

Discussant: Tomasz Wieladek (Bank of England and CEPR) File PDF: Opens in a new window (228 KB)

Parallel Session 1A
11.40 - 12.20

Alberto Alesina (Harvard University and CEPR)
Carlo Favero (IGIER, Università Bocconi and CEPR)
*Francesco Giavazzi (IGIER, Università Bocconi and CEPR)

The output effects of fiscal adjustment plans: disaggregating taxes and spending. Presentation File PDF: Opens in a new window (818 KB)

12.20 - 13.00

*Giovanni Ricco (London Business School)

A New Identification of Fiscal Shocks Based on the Information Flow. Presentation File PDF: Opens in a new window (624 KB)

Parallel Session 1B
11.40 - 12.20

Zsofia Barany (Sciences Po, Paris)
*Christian Siegel (University of Exeter)

Job Polarization and Structural Change. Presentation File PDF: Opens in a new window (630 KB)

12.20 - 13.00

Yunus Aksoy (Birkbeck, University of London)
*Henrique Basso (Banco de España)
Tobias Grasl (Birkbeck, University of London)
Ron P. Smith (Birkbeck, University of London)

Demographic Structure and Macroeconomic Trends. Presentation File PDF: Opens in a new window (1 MB)

Parallel Session 2A
14.30 - 15.10

Harris Dellas (University of Bern and CEPR)
*Dirk Niepelt (Study Center Gerzensee and CEPR)

Austerity. Presentation File PDF: Opens in a new window (303 KB)

15.10 - 15.50

Benjamin Born (University of Mannheim and CEPR)
*Johannes Pfeifer (University of Mannheim)
Gernot Müller (University of Bonn and CEPR)

Does austerity pay off?. Presentation File PDF: Opens in a new window (499 KB)

Parallel Session 2B
14.30 - 15.10

*Anna Lo Prete (Università di Torino)
Federico Revelli (Università di Torino)

Voter Turnout and City Performance. Presentation File PDF: Opens in a new window (181 KB)

15.10 - 15.50

Jan Eeckhout (Universitat Pompeu Fabra and CEPR)
*Nezih Guner (Universitat Autónoma de Barcelona and CEPR)

Optimal Spatial Taxation: Are Big Cities too Small?. Presentation File PDF: Opens in a new window (586 KB)

Parallel Session 3A
16.20 - 17.00

*Klaus Adam (University of Mannheim and CEPR)
Junyi Zhu (Deutsche Bundesbank)

Price Level Changes and the Redistribution of Nominal Wealth Across the Euro Area. Presentation File PDF: Opens in a new window (213 KB)

17.00 - 17.40
Jump-Starting the Euro Area Recovery: Should the Core Expand Spending to Help the Periphery?

Olivier Blanchard (IMF)
Christopher Erceg (Federal Reserve Board)
*Jesper Lindé (Sveriges Riksbank and CEPR)

Jump-Starting the Euro Area Recovery: Should the Core Expand Spending to Help the Periphery?. Presentation File PDF: Opens in a new window (1 MB)

Parallel Session 3B
16.20 - 17.00

*Tamás Papp (Institute for Advanced Studies, Vienna)

Reverse engineering labour market flows. Presentation File PDF: Opens in a new window (191 KB)

17.00 - 17.40

*Eran Yashiv (Tel Aviv University and CEPR)

Countercyclical Job Values. Presentation File PDF: Opens in a new window (760 KB)

27 May 2015
Plenary Session
09.00 - 10.00
Financial Heterogeneity and Monetary Union

Simon Gilchrist (Boston University)
Raphael Schoenle (Brandeis University)
Jae Sim* (Federal Reserve Board)
Egon Zakrajsek (Federal Reserve Board)

Financial Heterogeneity and Monetary Union. Presentation File PDF: Opens in a new window (109 KB)

Discussant: Isabel Correia (Banco de Portugal and CEPR) File PDF: Opens in a new window (1 MB)

10.30 - 11.30

Gianluca Benigno (London School of Economics and CEPR)
*Luca Fornaro (CREI and Universitat Pompeu Fabra, Barcelona)

Stagnation Traps. Presentation File PDF: Opens in a new window (394 KB)

Discussant: Roger Farmer (University of California, Los Angeles and CEPR)

Parallel Session 1A
11.40 - 12.20
The interaction between household and firm dynamics and the amplification of financial shocks

*Andrea Caggese (Universitat Pompeu Fabra)
Ander Perez (Universitat Pompeu Fabra and Barcelona GSE)

The interaction between household and firm dynamics and the amplification of financial shocks. Presentation File PDF: Opens in a new window (939 KB)

12.20 - 13.00
What are the Real Effects of QE Driven Capital Flows with Macroprudential Response? Evidence from Firm-Bank Matched Data in an Emerging Market

Yusuf Soner Baskaya (CBRT)
*Julian di Giovanni (UPF, BGSE, CREI, and CEPR)
Sebnem Kalemli-Ozcan (University of Maryland and CEPR)
José Luis Peydró (ICREA-UPF, BGSE, CREI and CEPR)
Mehmet Fatih Ulu (CBRT)

What are the Real Effects of QE Driven Capital Flows with Macroprudential Response? Evidence from Firm-Bank Matched Data in an Emerging Market. Presentation File PDF: Opens in a new window (189 KB)

Parallel Session 1B
11.40 - 12.20

*Cristian Badarinza (University of Oxford)
Tarun Ramadorai (University of Oxford and CEPR)

Home Away From Home? Foreign Demand and London House Prices. Presentation File PDF: Opens in a new window (2 MB)

12.20 - 13.00

*Liwa Rachel Ngai (London School of Economics and CEPR)
Kevin Sheedy (London School of Economics and CEPR)

Moving House. Presentation File PDF: Opens in a new window (1 MB)

Parallel Session 2A
14.30 - 15.10

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

Monetary Policy and Sovereign Debt Vulnerability. Presentation File PDF: Opens in a new window (490 KB)

15.10 - 15.50

Joao Ayres (University of Minnesota)
Gaston Navarro (New York University)
Juan Pablo Nicolini (Federal Reserve Bank of Minneapolis and Universidad Di Tella)
*Pedro Teles (Catolica Lisbon, Banco de Portugal and CEPR)

Presentation

Parallel Session 2B
14.30 - 15.10

*Vanessa Alviarez (University of Michigan)

Multinational Production and Comparative Advantage. Presentation File PDF: Opens in a new window (1 MB)

15.10 - 15.50
International Inflation Spillovers Through Input Linkages

Raphael Auer (Swiss National Bank and CEPR)
*Andrei Levchenko (University of Michigan and CEPR)
Philip Sauré (Swiss National Bank)

International Inflation Spillovers Through Input Linkages. Presentation File PDF: Opens in a new window (2 MB)

Parallel Session 3A
16.20 - 17.00
Housing Debt and the Transmission of Monetary Policy

*James Cloyne (Bank of England and UCL)
Clodomiro Ferreira (London Business School)
Paolo Surico (London Business School and CEPR)

Presentation

17.00 - 17.40
Search-Based Endogenous Illiquidity and the Macroeconomy

*Wei Cui (University College London)
Soren Radde (European Central Bank)

Search-Based Endogenous Illiquidity and the Macroeconomy. Presentation File PDF: Opens in a new window (861 KB)

Parallel Session 3B
16.20 - 17.00

*Davide Debortoli (Universitat Pompeu Fabra)
Ricardo Nunes (Federal Reserve Bank of Boston)
Pierre Yared (Columbia University)

Optimal Time-Consistent Government Debt Maturity. Presentation File PDF: Opens in a new window (1 MB)

17.00 - 17.40
Debt into Growth: How the Country that Borrowed the Most Industrialized First

Jaume Ventura (CREI and CEPR)
*Hans-Joachim Voth (University of Zurich, UPF-ICREA, CREI and CEPR)

Debt into Growth: How the Country that Borrowed the Most Industrialized First. Presentation File PDF: Opens in a new window (4 MB)

28 May 2015
Plenary Session
09.00 - 10.00

Florin Bilbiie (Paris School of Economics)
*Tommaso Monacelli (IGIER, Università Bocconi and CEPR)
Roberto Perotti (IGIER, Università Bocconi and CEPR)

Is Government Spending at the Zero Lower Bound Desirable?. Presentation File PDF: Opens in a new window (247 KB)

Discussant: Ferre De Graeve (Sveriges Riksbank) File PDF: Opens in a new window (43 KB)

10.30 - 11.30
Reconciling Hayek's and Keynes' views of recessions

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

Reconciling Hayek's and Keynes' views of recessions. Presentation File PDF: Opens in a new window (2 MB)

Discussant: Kurt Mitman (IIES, Stockholm University) File PDF: Opens in a new window (224 KB)

Parallel Session 1A
11.40 - 12.20

*Lars Ljungqvist (Stockholm School of Economics and CEPR)
Thomas J Sargent (New York University)

The Fundamental Surplus in Matching Models. Presentation File PDF: Opens in a new window (3 MB)

12.20 - 13.00

*James Costain (Banco de España)

Costly decisions and sequential bargaining. Presentation File PDF: Opens in a new window (1 MB)

Parallel Session 1B
11.40 - 12.20
Global Sunspots and Asset Prices in a Monetary Economy

*Roger Farmer (University of California, Los Angeles and CEPR)

Global Sunspots and Asset Prices in a Monetary Economy. Presentation File PDF: Opens in a new window (1 MB)

12.20 - 13.00

Chuan Du (Bank of England)
*David Miles (Bank of England and Imperial College London)

An Investigation of Optimal Interaction between Monetary Policy and Bank Capital Requirements. Presentation File PDF: Opens in a new window (533 KB)

29 May 2015
Plenary Session
09.00 - 10.00

*Marco Del Negro (Federal Reserve Bank of New York)
Christopher A. Sims (Princeton University)

When Does a Central Bank’s Balance Sheet Require Fiscal Support?. Presentation File PDF: Opens in a new window (481 KB)

Discussant: Luca Dedola (European Central Bank and CEPR) File PDF: Opens in a new window (629 KB)

10.30 - 11.30

*Johannes Boehm (Sciences Po, Paris)

The Impact of Contract Enforcement Costs on Outsourcing and Aggregate Productivity. Presentation File PDF: Opens in a new window (284 KB)

Discussant: Nuno Coimbra (Paris School of Economics)

Parallel Session 1A
11.40 - 12.20

*Fabio Canova (EUI, Firenze and CEPR)
Fillippo Ferroni (Banque de France)
Christian Matthes (Federal Reserve Bank of Richmond)

Approximating Time Varying Structural Models with Time Invariant Structures. Presentation File PDF: Opens in a new window (771 KB)

12.20 - 13.00

Michael D. Bauer (Federal Reserve Bank of San Francisco)
*Glenn Rudebusch (Federal Reserve Bank of San Francisco)

Resolving the Spanning Puzzle in Macro-Finance Term Structure Models. Presentation File PDF: Opens in a new window (289 KB)

Parallel Session 1B
11.40 - 12.20
Financial Shocks and Job Flows

Neil Mehrotra (Brown University)
*Dmitriy Sergeyev (Università Bocconi)

Financial Shocks and Job Flows. Presentation File PDF: Opens in a new window (1 MB)

12.20 - 13.00

Sekyu Choi (Universitat Autónoma de Barcelona)
*Javier Fernandez-Blanco (Universitat Autonoma de Barcelona)

Worker Turnover and Non-employment Insurance. Presentation File PDF: Opens in a new window (348 KB)

Parallel Session 2A
14.30 - 15.10

Aart de Zeeuw (Tilburg University)
*Frederick van der Ploeg (Oxford University and CEPR)

Climate Tipping and Economic Growth: Precautionary Capital and the Price of Carbon. Presentation File PDF: Opens in a new window (1 MB)

15.10 - 15.50

Michele Battisti (University of Palermo)
Gianfranco Di Vaio (LUISS Guido Carli)
*Joseph Zeira (Hebrew University of Jerusalem and CEPR)

Convergence and Divergence in Growth Regressions. Presentation File PDF: Opens in a new window (1 MB)

Parallel Session 2B
14.30 - 15.10
Fertility, Longevity and Capital Flows

Zsofia Barany (Sciences Po, Paris)
Taha Choukhmane (Yale University)
Nicolas Coeurdacier (Sciences Po, Paris and CEPR)
*Stéphane Guibaud (Sciences Po, Paris)

Fertility, Longevity and Capital Flows. Presentation File PDF: Opens in a new window (1 MB)

15.10 - 15.50
Menu Costs, Aggregate Fluctuations, and Large Shocks

*Peter Karadi (European Central Bank and CEPR)
Adam Reiff (Central Bank of Hungary)

Menu Costs, Aggregate Fluctuations, and Large Shocks. Presentation File PDF: Opens in a new window (1 MB)