About us

European Summer Symposium in International Macroeconomics (ESSIM) 2010

2528 May 2010
Roda de Bará (Tarragona)
Conferences

Information

The seventeenth CEPR European Summer Symposium in International Macroeconomics (ESSIM) took place on 25-28 May 2010. The meeting was hosted by the Banco de España in Tarragona.

ESSIM is an annual meeting that brings together about 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.

Presentations

25 May 2010
Plenary Session. Finance and Macroeconomics
09.00 - 10.00

"Internal rationality, imperfect market knowledge and asset prices" File PDF: Opens in a new window (381 KB)

Klaus Adam (Mannheim University and CEPR) and Albert Marcet (London School of Economics and CEPR)

"Booms and busts in asset prices". Presentation File PDF: Opens in a new window (497 KB)

Discussant: Kristoffer Nimark (CREI and Universitat Pompeu Fabra) File PDF: Opens in a new window (76 KB)

10.00 - 11.00

Marco del Negro (Federal Reserve Bank of Atlanta), Gauti Eggertsson (Federal Reserve Bank of New York) and Andrea Ferrero (Federal Reserve Bank of New York)

"The great escape? A quantitative evaluation of the fed’s non-standard policies". Presentation File PDF: Opens in a new window (495 KB)

Discussant: Oreste Tristani (European Central Bank) File PDF: Opens in a new window (90 KB)

11.30 - 12.30

Christopher Gust (Federal Reserve Board) and David López-Salido (Federal Reserve Board and CEPR)

"Portfolio inertia and the equity premium". Presentation File PDF: Opens in a new window (133 KB)

Discussant: Alexander Michaelides (London School of Economics and CEPR) File PDF: Opens in a new window (327 KB)

12.30 - 13.30

Javier Andrés (Universidad de Valencia), Óscar Arce (CNMV) and Carlos Thomas (Banco de España)

"Banking competition, collateral constraints and optimal monetary policy". Presentation File PDF: Opens in a new window (549 KB)

Discussant: Luca Dedola (European Central Bank and CEPR)

Parallel Session. Capital flows and exchange rates
14.30 - 15.30

Emmaneul Farhi (Harvard University), Samuel Fraiberger (New York University), Xavier Gabaix (New York University), Romain Rancière (IMF and CEPR) and Adrien Verdelhan (MIT)

"Crash risk in currency markets". Presentation File PDF: Opens in a new window (1 MB)

15.30 - 16.30

Nicola Cetorelli and Linda Goldberg (Federal Reserve Bank of New York)

"Following the money in global banks: internal transfers during the crisis". Presentation File PPT: Opens in a new window (1 MB)

17.00 - 18.00

Nicolas Berman (Graduate Institute, Geneva), Philippe Martin (Sciences Po and CEPR) and Thierry Mayer (Sciences Po and CEPR)

"How do different exporters react to exchange rate changes? Theory, empirics and aggregate implications". Presentation File PDF: Opens in a new window (763 KB)

18.00 - 19.00

Pau Rabanal (IMF) and Juan Rubio-Ramírez (Duke University)

"Explaining low frequency movements of the real exchange rate". Presentation File PDF: Opens in a new window (162 KB)

Parallel Session. Technical change and productivity
14.31 - 15.00

Susanto Basu (Boston College), John Fernald (Federal Reserve Bank of San Francisco), Jonas Fisher (Federal Reserve Bank of Chicago) and Miles Kimball (University of Michigan)

"Sector-specific technical change". Presentation File PPT: Opens in a new window (2 MB)

15.30 - 16.30

Diego Comin (Harvard Business School), Mark Gertler (New York University) and Ana Maria Santacreu (INSEAD)

"Technology innovation and diffusion as sources of output and asset price fluctuations". Presentation File PDF: Opens in a new window (678 KB)

17.00 - 18.00

Almut Balleer (IIES, University of Stockholm) and Thijs van Rens (CREI, Universitat Pompeu Fabra and CEPR)

"Cyclical skill-biassed technical change". Presentation File PDF: Opens in a new window (430 KB)

18.00 - 19.00

Jordi Galí and Thijs van Rens (CREI, Universitat Pompeu Fabra and CEPR)

"The vanishing procyclicality of labor productivity". Presentation File PDF: Opens in a new window (522 KB)

26 May 2010
Plenary Session. Structural change, volatility, growth
09.00 - 10.00

Zheng Song (Fudan University and Chinese University of Hong Kong), Kjetil Storesletten (Federal Reserve Bank of Minneapolis and CEPR) and Fabrizio Zilibotti (University of Zurich and CEPR)

"Growing like China". Presentation File PDF: Opens in a new window (529 KB)

Discussant: Francesco Caselli (London School of Economics and CEPR) File PDF: Opens in a new window (632 KB)

10.00 - 11.00

Vasco Carvalho (CREI and Universitat Pompeu Fabra) and Xavier Gabaix (New York University)

"The great diversification". Presentation File PDF: Opens in a new window (520 KB)

Discussant: Alessio Moro (Universidad Carlos III de Madrid) File PDF: Opens in a new window (240 KB)

11.30 - 12.30

Berthold Herrendorf (Arizona State University), Richard Rogerson (Arizona State University) and Akos Valentinyi (Magyar Nemzeti Bank and CEPR)

"Two perspectives on preferences and structural transformation". Presentation File PDF: Opens in a new window (116 KB)

Discussant: Diego Comin (Harvard Business School)

12.30 - 13.30
"Volatility and openness to international trade"

Francesco Caselli (London School of Economics and CEPR), Miklós Koren (Central European University and CEPR), Milan Lisicki and Silvana Tenreyro (London School of Economics and CEPR)

"Volatility and openness to international trade". Presentation File PDF: Opens in a new window (621 KB)

Discussant: Fabrizio Perri (University of Minnesota and CEPR) File PDF: Opens in a new window (259 KB)

Parallel Session: Distributions/Trade
14.30 - 15.30

Bernardino Adão (Banco de Portugal) and Maria Isabel Horta Correia (Banco de Portugal and CEPR)

"The impact of inflation in open economies". Presentation File PDF: Opens in a new window (1 MB)

15.30 - 16.30

Tobias Broer (Stockholm University)

"Stationary equilibrium distributions in economies with limited commitment". Presentation File PDF: Opens in a new window (2 MB)

17.00 - 18.00

Giammario Impullitti (IMT Lucca Institute for Advanced Studies) and Omar Licandro (IAE Barcelona and CEPR)

"Trade, firm selection, and innovation: the competition channel". Presentation File PDF: Opens in a new window (1,008 KB)

18.00 - 19.00

Anton Nakov and Galo Nuño (Banco de España)

"Oilgopoly: a general equilibrium model of the oil-macroeconomy nexus". Presentation File PDF: Opens in a new window (325 KB)

Parallel Session: Employment Reallocation
14.30 - 15.30

Alejandro Justiniano (Federal Reserve Bank of Chicago), David López-Salido (Federal Reserve Board and CEPR) and Claudio Michelacci (CEMFI and CEPR)

"How inefficient is worker reallocation?". Presentation File PDF: Opens in a new window (773 KB)

15.30 - 16.30

Wouter den Haan (University of Amsterdam and CEPR) and Petr Sedlacek (University of Amsterdam)

"Inefficient employment decisions, entry costs, and the cost of fluctuations". Presentation File PDF: Opens in a new window (201 KB)

17.00 - 18.00

A. Kerem Cosar (Pennsylvania State University), Nezih Guner (Universitat Autònoma de Barcelona and CEPR) and James Tybout (Pennsylvania State University)

"Firm dynamics, job turnover, and wage distributions in an open economy". Presentation File PDF: Opens in a new window (445 KB)

18.00 - 19.00

Eran Yashiv (Tel Aviv University and CEPR)

"On the joint behavior of hiring and investment". Presentation File PDF: Opens in a new window (1 MB)

27 May 2010
Plenary Session. Political Economy
09.00 - 10.00

Bernardo Guimarães (London School of Economics and CEPR) and Kevin Sheedy (London School of Economics)

"Equilibrium government". Presentation File PDF: Opens in a new window (921 KB)

Discussant: Dirk Niepelt (Study Center Gerzensee and CEPR) File PDF: Opens in a new window (72 KB)

10.00 - 11.00

Giuseppe Bertola and Anna Lo Prete (Università degli Studi di Torino and CEPR)

"Whence policy? Governments, finance, and economic integration". ºPresentation File PPT: Opens in a new window (582 KB)

Discussant: John Hassler (IIES, Stockholm University and CEPR) File PDF: Opens in a new window (244 KB)

11.30 - 12.30

Raquel Fernández (New York University and CEPR)

"Women’s rights and development". Presentation File PDF: Opens in a new window (220 KB)

Discussant: José Vicente Rodríguez Mora (University of Edinburgh and CEPR)

12.30 - 13.30
"When, where and how does fiscal stimulus work?"

Giancarlo Corsetti (EUI and CEPR), Gernot Müller (University of Bonn and CEPR) and Andre Meier (IMF)

"When, where and how does fiscal stimulus work?". Presentation File PDF: Opens in a new window (518 KB)

Discussant: Jesper Lindé (Federal Reserve Board) File PDF: Opens in a new window (449 KB)

28 May 2010
Plenary Session. Monetary and Fiscal Policy
09.00 - 10.00
"Redistributive taxation in a partial insurance economy"

Jonathan Heathcote (Federal Reserve Bank of Minneapolis and CEPR), Kjetil Storesletten (Federal Reserve Bank of Minneapolis and CEPR) and Giovanni Violante (New York University and CEPR)

"Redistributive taxation in a partial insurance economy". Presentation File PDF: Opens in a new window (4 MB)

Discussant: James Costain (Banco de España) File PDF: Opens in a new window (213 KB)

10.00 - 11.00

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

"Some economics of fiscal policy and the zero lower bound". Presentation File PDF: Opens in a new window (954 KB)

Discussant: Florin Bilbiie (Paris School of Economics and CEPR) File PDF: Opens in a new window (74 KB)

11.30 - 12.30
"On the dynamics of leverage, liquidity and risk"

Philippe Bacchetta (Université de Lausanne and CEPR), Cédric Tille (The Graduate Institute of International and Development Studies and CEPR) and Eric van Wincoop (University of Virginia)

Discussant: Paul Klein (University of Western Ontario) File PDF: Opens in a new window (172 KB)

12.30 - 13.30

Jordi Galí (CREI, Universitat Pompeu Fabra and CEPR)

"The return of the wage phillips curve" . Presentation File PDF: Opens in a new window (444 KB)

Discussant: Per Krusell (Princeton University, IIES and CEPR) File PDF: Opens in a new window (309 KB)

Parallel Session. Monetary and Fiscal Policy
14.30 - 15.30

Pooyan Amir Ahmadi (Humboldt University of Berlin) and Albrecht Ritschl (London School of Economics and CEPR)

"Depression econometrics: a FAVAR model of monetary policy during the great depression". Presentation File PDF: Opens in a new window (4 MB)

15.30 - 16.30

Christopher J. Erceg (Board of Governors of the Federal Reserve System) and Jesper Lindé (Federal Reserve Board and CEPR)

"Is there a fiscal free lunch in a liquidity trap?". Presentation File PDF: Opens in a new window (447 KB)

17.00 - 18.00

James Costain and Anton Nakov (Banco de España)

"Precautionary price stickiness". Presentation File PDF: Opens in a new window (437 KB)

18.00 - 19.00

Bernardino Adão (Banco de Portugal), Isabel Correia (Banco de Portugal, Universidade Catolica Portuguesa and CEPR) and Pedro Teles (Banco de Portugal and CEPR)

"Long and short interest rate targets". Presentation File PDF: Opens in a new window (148 KB)

Parallel Session. Globalization, Human Capital, Growth
14.30 - 15.30

Keyu Jin (London School of Economics)

"Industrial structure and financial capital flows". Presentation File PDF: Opens in a new window (327 KB)

15.30 - 16.30
"Macroeconomic volatility and external imbalances"

Alessandra Fogli and Fabrizio Perri (University of Minnesota and CEPR)

"Macroeconomic volatility and external imbalances". Presentation File PDF: Opens in a new window (408 KB)

17.00 - 18.00

Joseph Zeira (Hebrew University of Jerusalem and CEPR)

18.00 - 19.00

Tiago V. de V. Cavalcanti (Purdue University) and Chryssi Giannitsarou (University of Cambridge and CEPR)

"Social structure and human capital dynamics". Presentation File PDF: Opens in a new window (717 KB)