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XXII CEPR European Summer Symposium in International Macroeconomics (ESSIM)

2730 May 2014
Tarragona

Information

The twenty-second European Summer Symposium in International Macroeconomics (ESSIM) took place on 27-30 May 2014. The meeting, jointly organized with the Centre for Economic Policy Research (CEPR), was hosted by the Banco de España in Roda de Bará, Tarragona.

ESSIM is an annual meeting that brings together around 70 economists, including Europeans 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.

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Presentations

27 May 2014
 
08.45 - 09.00
Introductory remarks: Juan Francisco Jimeno (Banco de España)
Plenary Session
09.00 - 10.00

*Philippe Martin (Sciences Po, Paris and CEPR)
Thomas Philippon (New York University, CEPR and NBER)

Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone. Presentation File PDF: Opens in a new window (459 KB)

Discussant: Gernot Müller (Bonn University and CEPR) File PDF: Opens in a new window (427 KB)

10.00 - 11.00

Ozge Akinci (Federal Reserve Board)
*Albert Queralto (Federal Reserve Board)

Banks, Capital Flows and Financial Crises. Presentation File PDF: Opens in a new window (1 MB)

Discussant: Henrique Basso (Banco de España) File PDF: Opens in a new window (106 KB)

11.30 - 12.30

*Natalie Chen (University of Warwick and CEPR)
Luciana Juvenal (IMF)

Quality, Trade, and Exchange Rate Pass-Through. Presentation File PDF: Opens in a new window (279 KB)

Discussant: Raphael Auer (Swiss National Bank and CEPR) File PDF: Opens in a new window (238 KB)

12.30 - 13.30

Rudolfs Bems (Bank of Latvia, Stockholm School of Economics in Riga and IMF)
*Julian di Giovanni (Universitat Pompeu Fabra and CEPR)

Income-Induced Expenditure Switching. Presentation File PDF: Opens in a new window (655 KB)

Discussant: Fabrizio Coricelli (Paris School of Economics and CEPR) File PDF: Opens in a new window (382 KB)

Parallel Session 1A
15.00 - 15.45

*Tobias Broer (IIES, Stockholm University and CEPR)
Afroditi Kero (University of Cyprus)

Great Moderation and Great Leverage: Financial trade and asset prices when investors disagree about risk. Presentation File PDF: Opens in a new window (780 KB)

15.45 - 16.30

*Giacomo Rondina (University of California, San Diego)

Non-Fundamental Dynamics and Financial Markets Integration. Presentation File PDF: Opens in a new window (755 KB)

Parallel Session 1B
15.00 - 15.45

*Bianca de Paoli (Federal Reserve Bank of New York)
Anna Lipinska (Federal Reserve Board)

Capital controls: a normative analysis. Presentation File PDF: Opens in a new window (205 KB)

15.45 - 16.30
The World Income Distribution: The Distinctive Effects of Unbundling

Sergi Basco (Universidad Carlos Tercero)
*Martí Mestieri (Toulouse School of Economics)

The World Income Distribution: The Distinctive Effects of Unbundling. Presentation File PDF: Opens in a new window (270 KB)

Parallel Session 2A
17.00 - 17.45
Unemployment (Fears), Precautionary Savings, and Aggregate Demand

Wouter den Haan (London School of Economics and CEPR)
*Pontus Rendahl (University of Cambridge)
Markus Riegler (London School of Economics)

Unemployment (Fears), Precautionary Savings, and Aggregate Demand. Presentation File PDF: Opens in a new window (1 MB)

17.45 - 18.30

Matteo Cacciatore (HEC Montreal)
*Fabio Ghironi (University of Washington and CEPR)

Trade, Unemployment, and Monetary Policy. Presentation File PDF: Opens in a new window (379 KB)

Parallel Session 2B
17.00 - 17.45

Luca Dedola (ECB and CEPR)
*Anton Nakov (ECB and CEPR)

State-dependent pricing and the government spending multiplier. Presentation File PDF: Opens in a new window (432 KB)

17.45 - 18.30

Nadav Ben Zeev (European University institute)
*Evi Pappa (European University institute and CEPR)

Chronicle of Unanticipated and Anticipated Increases in Military Spending. Presentation File PDF: Opens in a new window (3 MB)

28 May 2014
Plenary Session
09.00 - 10.00

*Jonathan Heathcote (Federal Reserve Bank of Minneapolis and CEPR)
Hitoshi Tsujiyama (Goethe University Frankfurt)

Optimal Income Taxation: Mirrlees Meets Ramsey. Presentation File PDF: Opens in a new window (682 KB)

Discussant: Nezih Guner (Barcelona Graduate School of Economics and CEPR) File PDF: Opens in a new window (1 MB)

10.00 - 11.00
The Effects of Government Spending: Quasi-Experimental Evidence from Brazilian Municipalities

Raphael Corbi (London Business School)
Elias Papaioannou (London Business School, CEPR and NBER)
*Paolo Surico (London Business School and CEPR)

Discussant: Javier J. Perez (Banco de España) File PDF: Opens in a new window (304 KB)

11.30 - 12.30

Alois Kneip (University of Bonn)
*Monika Merz (University of Vienna and CEPR)
Lidia Storjohann (University of Bonn)

Aggregation and Labor Supply Elasticities. Presentation File PDF: Opens in a new window (79 KB)

Discussant: Renato Faccini (Queen Mary University) File PDF: Opens in a new window (160 KB)

12.30 - 13.30

*Fridrik Mar Baldursson (Reykjavik University)
Richard Portes (London Business School and CEPR)

Discussants: Jeromin Zettelmeyer (EBRD and CEPR) and George Alogoskoufis (Athens University of Economics and Business)

Parallel Session 1A
15.00 - 15.45
What Drives Aggregate Investment

*Rüdiger Bachmann (Goethe University Frankfurt and CEPR)
Peter Zorn (IFO and LMU)

What Drives Aggregate Investment. Presentation File PDF: Opens in a new window (416 KB)

15.45 - 16.30
Financial Shocks in Production Chains

Sebnem Kalemli-Ozcan (University of Maryland)
Se-Jik Kim (Seoul National University)
Hyun Song Shin (Princeton University)
*Bent Sørensen (University of Houston and CEPR)
Sevcan Yesiltas (Johns Hopkins University)

Financial Shocks in Production Chains. Presentation File PDF: Opens in a new window (326 KB)

Parallel Session 1B
15.00 - 15.45
Exchange Rate Pass-Through, Currency Invoicing and Trade Partners

Wei Dong (Bank of Canada)
*Michael Devereux (University of British Columbia and CEPR)
Ben Tomlin (Bank of Canada)

15.45 - 16.30

*Luigi Paciello (Einaudi Institute for Economics and Finance and CEPR)
Andrea Pozzi (Einaudi Institute for Economics and Finance and CEPR)
Nicholas Trachter (Federal Reserve Bank of Richmond)

Parallel Session 2A
17.00 - 17.45

Olympia Bover (Banco de España)
José María Casado (Banco de España)
Sonia Costa (Banco de Portugal)
Philip Du Caju (National Bank of Belgium)
Yvonne McCarthy (Central Bank of Ireland)
Eva Sierminska (CEPS/INSTEAD)
Panagiota Tzamourani (Bundesbank)
*Ernesto Villanueva (Banco de España)
Tibor Zavadil (Narodna Banka Slovenska)

The Distribution of Debt across Euro Area Countries: The Role of Individual Characteristics, Institutions and Credit Conditions. Presentation File PDF: Opens in a new window (2 MB)

17.45 - 18.30

*Óscar Jordà (SF Fed & UC Davis)
Moritz Schularick (University of Bonn)
Alan Taylor (University of California, Davis and CEPR)

Sovereigns versus Banks: Credit, Crises, and Consequences. Presentation File PDF: Opens in a new window (524 KB)

Parallel Session 2B
17.00 - 17.45

*Saroj Bhattarai (Pennsylvania State University)
Gauti B. Eggertsson (Brown University)
Bulat Gafarov (Pennsylvania State University)

A Signalling Theory of Quantitative Easing. Presentation File PDF: Opens in a new window (417 KB)

17.45 - 18.30

*Leonardo Melosi (Northwestern University)

Signaling effects of Monetary Policy. Presentation File PDF: Opens in a new window (710 KB)

29 May 2014
Plenary Session
09.00 - 10.00

Gabriel Felbermayr (IFO Munich)
*Giammario Impullitti (Nottingham University)
Julien Prat (CREST Paris and CEPR)

Firm Dynamics and Wage Inequality: the Role of Trade and Institutional Chang. Presentation File PDF: Opens in a new window (1 MB)

Discussant: Giuseppe Bertola (EDHEC Business School and CEPR) File PDF: Opens in a new window (209 KB)

10.00 - 11.00

*Tom Krebs (University of Mannheim)

Labor Market Reform and the Cost of Business Cycles. Presentation File PDF: Opens in a new window (90 KB)

Discussant: Petr Sedlacek (Bonn University) File PDF: Opens in a new window (667 KB)

11.30 - 12.30

Laurent Clerc (Banque de France), Alexis Derviz (Czech National Bank), Caterina Mendicino
(Banco de Portugal), Stéphane Moyen (Deutsche Bundesbank), Kalin Nikolov (ECB), Livio
Stracca (ECB), *Javier Suarez (CEMFI and CEPR) and Alexandros Vardoulakis (Federal
Reserve Board)

Capital Regulation in a Macroeconomic Model with Three Layers of Default. Presentation File PDF: Opens in a new window (445 KB)

Discussant: Galo Nuño (Banco de España) File PDF: Opens in a new window (142 KB)

12.30 - 13.30

Gaetano Gaballo (Banque de France)
*Ramon Marimon (European University Institute and CEPR)

Breaking the Spell with Credit-Easing: Self-Confirming Credit Crises in Competitive Search Economies. Presentation File PDF: Opens in a new window (1 MB)

Discussant: Dirk Niepelt (Studienzentrum Gerzensee and CEPR) File PDF: Opens in a new window (82 KB)

30 May 2014
Plenary Session
09.00 - 10.00

*Karel Mertens (Cornell University and CEPR)

Marginal Tax Rates and Income: New Time Series Evidence. Presentation File PDF: Opens in a new window (1 MB)

Discussant: Barbara Rossi (Universitat Pompeu Fabra and CEPR) File PDF: Opens in a new window (575 KB)

10.00 - 11.00

*Stefania Albanesi (Federal Reserve Bank of New York and CEPR)
Aysegul Sahin (Federal Reserve Bank of New York)

The Gender Unemployment Gap. Presentation File PDF: Opens in a new window (2 MB)

Discussant: Gilles Saint-Paul (Toulouse School of Economics and CEPR) File PDF: Opens in a new window (80 KB)

11.30 - 12.30

Elias Albagli (Bank of Chile)
*Christian Hellwig (Toulouse School of Economics and CEPR)
Aleh Tsyvinski (Yale University)

Risk-Taking, Rent-Seeking, and CEO Incentives when Financial Markets are Noisy. Presentation File PDF: Opens in a new window (1 MB)

Discussant: Pietro Reichlin (LUISS Guido Carli, EIEF and CEPR) File PDF: Opens in a new window (310 KB)

12.30 - 13.30

*Xavier Vives (IESE, Barcelona-Madrid and CEPR)

Endogenous Public Information and Welfare. Presentation File PDF: Opens in a new window (1 MB)

Discussant: Kristoffer Nimark (Universitat Pompeu Fabra and CEPR) File PDF: Opens in a new window (146 KB)

Parallel Session 1A
15.00 - 15.45
A Political Economy Theory of Populism and Discrimination

*Gilles Saint-Paul (Toulouse School of Economics and CEPR)
Davide Ticchi (IMT Lucca Institute for Advanced Studies)
Andrea Vindigni (IMT Lucca)

A Political Economy Theory of Populism and Discrimination. Presentation File PDF: Opens in a new window (258 KB)

15.45 - 16.30

*Alessandra Bonfiglioli (Universitat Pompeu Fabra and CEPR)
Gino Gancia (CREI, UPF and CEPR)

Heterogeneity, Selection and Labor Market Disparities. Presentation File PDF: Opens in a new window (225 KB)

Parallel Session 1B
15.00 - 15.45
Structural reforms in a debt overhang

Javier Andrés (University of Valencia)
Óscar Arce (Banco de España)
*Carlos Thomas (Banco de España)

Structural reforms in a debt overhang. Presentation File PDF: Opens in a new window (1 MB)

15.45 - 16.30

* Jonas E. Arias (Federal Reserve Board)
Juan Francisco Rubio-Ramírez (Duke University and CEPR)
Daniel F. Waggoner (Federal Reserve Bank of Atlanta)

Inference Based on SVARs Identified with Sign and Zero Restrictions: Theory and Applications . Presentation File PDF: Opens in a new window (2 MB)

Parallel Session 2A
17.00 - 17.15

Leonardo Melosi (Federal Reserve Bank of Chicago)
*Francesco Bianchi (Duke University and CEPR)

Escaping the Great Recession . Presentation File PDF: Opens in a new window (344 KB)

17.45 - 18.30

Isabel Correia (Bank of Portugal and CEPR)
*Fiorella De Fiore (ECB)
Pedro Teles ((Bank of Portugal and CEPR)
Oreste Tristani (ECB)

Credit Spreads and Credit Policies. Presentation File PDF: Opens in a new window (152 KB)

Parallel Session 2B
17.00 - 17.15
Public Information in Populations with Heterogeneous Interests

*Kristoffer Nimark (Universitat Pompeu Fabra and CEPR)

Public Information in Populations with Heterogeneous Interests . Presentation File PDF: Opens in a new window (301 KB)

17.45 - 18.30

Stephen Hansen (Universitat Pompeu Fabra and GSE)
*Michael MacMahon (ANU, Bank of England, London School of Economics, University of Warwick and CEPR)
Andrea Prat (Columbia University, and CEPR)

Transparency and Communication within the FOMC: A computational linguistics approach. Presentation File PDF: Opens in a new window (4 MB)