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Fourth Annual Research Conference

2829 September 2021
Madrid (on-line)


The Fourth Annual Research Conference organised by the Banco de España took place past September 28th-29th 2021, and was held online.

The conference's topic was “Market power in the digital age: measurement, causes, consequences and policies”.

Participants in the event included outstanding members of both academic and policy circles, such as Ufuk Akcigit, Mary Amiti, José Azar, David Baqaee, Corina Boar, Timo Bopart, Chiara Criscuolo, Virgiliu Midrigan, Simon Mongey, Fiona Scott Morton, Jorge Padilla, Michael Peters, Lorenza Rossi, Chad Syverson, Alireza Tahbaz-Salehi, Aleh Tsyvinski, Tommaso Valletti, and Mehmet Yorukoglu.

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28 September 2021
14.45 - 15.00
Welcome address: Oscar Arce (Director General for Economics, Statistics and Research, Banco de España)
15.00 - 17.15
Session 1. Firm dynamics and technology

Chair: Olympia Bover (Banco de España).

Style over substance? Advertising, innovation, and endogenous market structure”, Pau Roldan-Blanco (Banco de España).
Discussant: Mehmet Yorukoglu (Koç University)

Quantifying market power and business dynamism”, Simon Mongey ((University of Chicago).
Discussant: Virgiliu Midrigan (New York University).

What happened to US business dynamism?”, Ufuk Akcigit (University of Chicago).
Discussant: Timo Boppart (Stockholm University).

17.15 - 17.45
17.45 - 19.15
Session 2: Inequality

Chair: Pablo Burriel (Banco de España).

Markups and inequality”, Corina Boar (New York University).
Discussant: Aleh Tsyvinski (Yale University).

Monopsony power in higher education: a tale of two tracks", Chad Syverson (University of Chicago).
Discussant: José Azar (IESE).

29 September 2021
15.00 - 17.15
Session 3. Trade and monetary policy

Chair: Pau Roldan-Blanco (Banco de España).

Entry versus rents. Aggregation with economies of scale", David Baqaee (UCLA).
Discussant: Alireza Tahbaz-Salehi (Northwestern University).

Trade protection, stock-market returns, and welfare”, Mary Amiti (Federal Reserve Bank of New York).
Discussant: Michael Peters (Yale University).

Market polarization and the Phillips curve”, Pablo Burriel (Banco de España).
Discussant: Lorenza Rossi (University of Lancaster)

17.15 - 17.45
17.45 - 19.15
Session 4: Policy Panel

Chair:  Jan Eeckhout (Universitat Pompeu Fabra)

Fiona Scott Morton (Yale University).
Tommaso Valletti (Imperial College, London).
Chiara Criscuolo (OECD).
Jorge Padilla (Compass Lexecon).

19.15 - 19.30
Closing remarks: Pablo Hernández de Cos (Governor, Banco de España)