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Third Annual Research Conference of the Banco de España

1617 September 2019
Banco de España, Madrid


On 16-17 September 2019, the Banco de España hosted its Third Annual Research Conference at its Madrid headquarters. This year the theme of the conference has been “The EMU at 20: current status and the way forward”. Leading scholars such as Philippe BacchettaOpens in a new windowRoel BeetsmaOpens in a new window, Giancarlo CorsettiOpens in a new window, Emmanuel FarhiOpens in a new window, Jordi GalíOpens in a new windowLuc LaevenOpens in a new window Ramon MarimonOpens in a new window, Ashoka ModyOpens in a new window, Athanasios OrphanidesOpens in a new window, Opens in a new windowCarmen ReinhartOpens in a new window, Rafael RepulloOpens in a new window, Hélène ReyOpens in a new window, Tano SantosOpens in a new windowMarkus SihvonenOpens in a new windowXavier VivesOpens in a new window and Iván WerningOpens in a new window, among others, have participated.


16 September 2019
09.00 - 09.30
Registration and Welcome Coffee
09.30 - 09.45
Session I:
09.45 - 10.55
Chair: Oscar Arce (Director General Economics, Statistics and Research, Banco de España)

“Labor Mobility Within Currency Unions”
Emmanuel Farhi File PDF: Opens in a new window (4 MB) (Harvard University) and Iván Werning

Discussant: Tano Santos File PDF: Opens in a new window (716 KB) (Columbia University)

10.55 - 11.25
Coffee Break
Session II:
11.25 - 12.35
Chair: Carlos Thomas (Banco de España)

“Why is the Euro punching below its weight?”
Carmen Reinhart File PDF: Opens in a new window (2 MB) (Harvard Kennedy School), Kenneth Rogoff and Ethan Ilzetzki

Discussant: Fernando Broner File PDF: Opens in a new window (861 KB) (CREI)

12.35 - 13.45
“Answering the Queen: Machine Learning and Financial Crises”

Jérémy Fouliard, Michael Howell and Hélène Rey (London Business School)

Discussant: Luc Laeven (ECB)

13.45 - 15.15
Session III:
15.15 - 16.25
Chair: Eva Ortega (Banco de España)

“Does a Currency need a Capital Market Union?”
Joseba Martinez, Thomas Philippon, and Markus Sihvonen File PDF: Opens in a new window (377 KB) (Bank of Finland)

Discussant: Jordi Galí (CREI)

16.25 - 16.40
Coffee Break
Session IV:
16.40 - 17.45
Chair: Eva Ortega (Banco de España)

“Interest Rates, Market Power, and Financial Stability”
David Martínez-Miera and Rafael Repullo File PDF: Opens in a new window (819 KB) (CEMFI)

Discussant: Xavier Vives File PDF: Opens in a new window (994 KB) (IESE Business School)

17 September 2019
08.30 - 09.00
Session V:
09.00 - 10.10
Chair: Javier J. Pérez García (Banco de España)

“Debt Sustainability and the Terms of Official Support”
Giancarlo Corsetti File PDF: Opens in a new window (1 MB) (University of Cambridge), Aitor Erce and
Timothy Uy

Discussant: Philippe Bacchetta (University of Lausanne)

10.10 - 11.20
"Macroprudential Policies with Financial Intermediaries and Extrapolative Expectations"

Emmanuel Farhi and Iván Werning File PDF: Opens in a new window (7 MB) (MIT)

Discussant: James Costain (ECB)

11.20 - 11.50
Coffee Break
Session VI:
11.50 - 13.00
Chair: Ángel Estrada (Banco de España)

“On the Design of a European Unemployment Insurance System”
Arpad Abraham, João Brogueira de Sousa, Ramon Marimon File PDF: Opens in a new window (1 MB) (European University Institute, UPF - Barcelona GSE, CEPR & NBER) and Lukas Mayr

Discussant: Roel Beetsma File PDF: Opens in a new window (152 KB) (University of Amsterdam)

Closing Panel:
13.00 - 14.00
Chair: Jeannette Neumann (Bloomberg)

Vítor Constâncio File PDF: Opens in a new window (391 KB) (University of Navarra)
Ashoka Mody (Princeton University)
Athanasios Orphanides File PDF: Opens in a new window (1 MB) (MIT Sloan)

14.00 - 15.30