About us

First Annual Workshop: ESCB Research Cluster on International Macroeconomics, Fiscal Policy, Labour Economics, Competitiveness, and EMU Governance

1617 November 2017
Madrid

Information

In 2016, the European System of Central Banks (ESCB) established three Research Clusters to promote collaboration and disseminate research findings on current economic policy issues between the research staff of the ECB and of the national central banks of the European Union. On November 16-17, 2017, the Banco de España hosted the First Annual Workshop of ESCB Research Cluster 2, which addresses policy questions in the areas of international macroeconomics, fiscal policy, labour economics, competitiveness, and EMU governance.

The Workshop, entitled “Medium- and Long-Run Challenges for Europe”, featured sessions on credit allocation and productivity, reallocation in labour markets, sharing of macroeconomic risks in EMU, competitiveness and current account rebalancing, demographics and interest rates, and long-run implications of structural change. Economists from more than twenty ESCB institutions participated, and Prof. Giancarlo CorsettiOpens in a new window(Cambridge University) and Prof. Pol AntràsOpens in a new window (Harvard University) delivered keynote lectures.

Presentations

16 November 2017
 
08.15 - 09.00
Registration and Coffee
09.00 - 09.20
Welcome address:

Juan Francisco Jimeno (Banco de España)

Workshop introduction:
James Costain (Banco de España) | Antoine Berthou (Banque de France)

09.20 - 11.20
FIRST SESSION

Finance, allocation, and productivity

Chair: Matteo Bugamelli (Banca d’Italia)

09.20 - 10.00

*Filippos Petroulakis (ECB) | Dan Andrews (OECD)
Presentation File PDF: Opens in a new window (126 KB)

Discussant: Enrique Moral (Banco de España)

10.00 - 10.40

*Enrico Sette (Bank of Italy) | Fabiano Schivardi (LUISS University, EIEF, IGIER and CEPR) | Guido Tabellini (Bocconi University and CEPR)
Presentation File PDF: Opens in a new window (524 KB)

Discussant: Paloma López-García (ECB)
Presentation File PPTX: Opens in a new window (2 MB)

10.40 - 11.20

*Olegs Tkacevs (Latvijas Banka) | Konstantins Benkovskis (Latvijas Banka) | Naomitsu Yashiro (OECD)
Presentation File PDF: Opens in a new window (1 MB)

Discussant: Emmanuel Dhyne (Nationale Bank van België)
Presentation File PPTX: Opens in a new window (2 MB)

11.20 - 11.40
Coffee break
11.40 - 13.00
SECOND SESSION
11.40 - 12.20
Shocks and adjustment of firms: Evidence from a survey among European firms

*Stephen Millard (Bank of England) | Tairi Room (Estonian Central Bank) | Thomas Mathä and Ladislaw Wintr (Central Bank of Luxembourg) | Robert Wyszynski (National Bank of Poland)

Discussant: Karsten Staehr (Eesti Pank)

Presentation File PDF: Opens in a new window (79 KB)

12.20 - 13.00

*Reamonn Lydon (Central Bank of Ireland) | Matija Lozej (Central Bank of Ireland)
Presentation File PDF: Opens in a new window (1 MB)

Discussant: Clémence Berson (Banque de France)

13.00 - 14.00
Keynote lecture

Exchange rate misalignments, capital flows and optimal monetary policy trade-offs
*Giancarlo Corsetti (Cambridge University)
Presentation File PDF: Opens in a new window (1 MB)

14.00 - 15.00
Lunch
15.00 - 17.00
THIRD SESSION

Labour market institutions

Chair: Tairi Room (Eesti Pank)

15.00 - 15.40

*Alfonso Rosolia (Bank of Italy) | Giacomo Rodano (Bank of Italy) | Filippo Scoccianti (Bank of Italy)
Presentation File PDF: Opens in a new window (206 KB)

Discussant: Simon Ray (Banque de France)
Presentation File PDF: Opens in a new window (233 KB)

15.40 - 16.20

* Petteri Juvonen (Bank of Finland)
Presentation File PDF: Opens in a new window (1 MB)

Discussant: Jan Brůha (Czech National Bank)
Presentation File PPSX: Opens in a new window (429 KB)

16.20 - 16.40
Coffee break
16.40 - 18.40
FOURTH SESSION

Sharing macro risk in Europe

Chair: Javier J. Pérez (Banco de España)

16.40 - 17.20

* Jacopo Cimadomo (ECB) | Oana Furtuna (University of Amsterdam) | Massimo Giuliodori (University of Amsterdam)
Presentation File PDF: Opens in a new window (1 MB)

Discussant: Pietro Tommasino (Banca d’Italia)
Presentation File PPT: Opens in a new window (523 KB)

17.20 - 18.00

*Pablo Burriel (Banco de España) | Mario Alloza (Banco de España) | Javier Pérez (Banco de España)
Presentation File PDF: Opens in a new window (341 KB)

Discussant: Beatrice Pierluigi (ECB)
Presentation File PPT: Opens in a new window (1 MB)

18.00 - 18.40

* Nikolai Stähler (Deutsche Bundesbank) | Mathias Dolls (Centre for European Economic Research (ZEW) | Fabian Winkler (Federal Reserve Board)
Presentation File PDF: Opens in a new window (987 KB)

Discussant: Mark Strøm Kristoffersen (Danmarks Nationalbank)
Presentation File PDF: Opens in a new window (738 KB)

16 November 2017
 
20.30
Conference dinner
17 November 2017
 
08.30 - 09.00
Registration and Coffee
09.00 - 11.00
FIRST SESSION

Trade, exchange rates and imbalances

Chair: Silvia Fabiani (Banca d’Italia)

09.00 - 09.40

* Luca David Opromolla (Banco de Portugal) | Lorenzo Caliendo (Yale University) | Fernando Parro (Johns Hopkins University) | Alessandro Sforza (London School of Economics)
Presentation File PDF: Opens in a new window (2 MB)

Discussant: Claire Lelarge (Banque de France)
Presentation File PDF: Opens in a new window (169 KB)

09.40 - 10.20

* Jesper Lindé (Sveriges Riksbank) | Andrea Pescatori (IMF)
Presentation File PDF: Opens in a new window (1 MB)

Discussant: Ivan Jaccard (ECB)
Presentation File PDF: Opens in a new window (137 KB)

10.20 - 11.00
The missing internal devaluation: nominal and real adjustment to the Great Recession within the US

* Luca Dedola (ECB) | Giancarlo Corsetti (Cambridge University and CEPR) | Riccardo Trezzi (Federal Reserve Board)
Presentation File PPTX: Opens in a new window (4 MB)

Discussant: Francesco Pappadà (Banque de France)
Presentation File PDF: Opens in a new window (147 KB)

11.00 - 11.30
Coffee break
11.30 - 13.30
SECOND SESSION

Macroeconomic impact of demographics

Chair: Aitor Lacuesta (Banco de España)

11.30 - 12.10

* Ansgar Rannenberg (Central Bank of Ireland)
Presentation File PDF: Opens in a new window (2 MB)

Discussant: Dennis Bonam (De Nederlandsche Bank)
Presentation File PDF: Opens in a new window (236 KB)

12.10 - 12.50

* Henrique Basso (Banco de España) | Omar Rachedi (Banco de España)
Presentation File PDF: Opens in a new window (762 KB)

Discussant: Luca Marchiori (Banque Central du Luxembourg)
Presentation File PDF: Opens in a new window (274 KB)

12.50 - 13.30

* Gregory Thwaites (Bank of England) | Noëmie Lisack (Bank of England) | Rana Sajedi (Bank of England)
Presentation File PDF: Opens in a new window (2 MB)

Discussant: Juan Francisco Jimeno (Banco de España)
Presentation File PDF: Opens in a new window (45 KB)

13.30 - 14.30
Lunch
14.30 - 17.30
Keynote lecture

On the geography of global value chains
*Pol Antras (Harvard University)
Presentation File PDF: Opens in a new window (6 MB)

15.30 - 17.30
THIRD SESSION

Growth, structural change, and inequality
Chair: James Costain (Banco de España)

15.30 - 16.10

*Clément Malgouyres (Banque de France) | Andreu Arenas (CORE, Université catholique de Louvain)
Presentation File PDF: Opens in a new window (1.012 KB)

Discussant: Laura Hospido (Banco de España)
Presentation File PDF: Opens in a new window (219 KB)

16.10 - 16.50

* Catherine Fuss (National Bank of Belgium) | Pierre Blanchard (UPEC) | Claude Mathieu (UPEC)
Presentation File PDF: Opens in a new window (718 KB)

Discussant: Tommaso Aquilante (Bank of England)
Presentation File PDF: Opens in a new window (278 KB)

16.50 - 17.30

* Antonin Bergeaud (Banque de France) | Philippe Aghion (College de France and LSE) | Richard Blundell (UCL, IFS and CEPR) | Rachel Griffith (University of Manchester, IFS and CEPR)
Presentation File PDF: Opens in a new window (310 KB)
Presentation File PDF: Opens in a new window (62 KB)

Discussant: Tuomas Takalo (Bank of Finland)
Presentation File PDF: Opens in a new window (39 KB)

17.30 - 17.50
FINAL DISCUSSION