On 23-26 May 2017, the Banco de España hosted the twenty-fifth edition of the European Summer Symposium in International Macroeconomics (ESSIM) in Roda de Bará, Tarragona.
The conference, jointly organized with the CEPR, brought together top macroeconomists from across Europe and key researchers from outside the region.
The conference covered the CEPR programme areas of Monetary Economics and Fluctuations, International Money and Finance, and Macroeconomics and Growth.
This event is especially intended as an opportunity for young researchers to meet and collaborate with senior economists.
23 May 2017 - 26 May 2017
Banco de España, Madrid
Speakers
23 May
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- 14:00h - 14:30h
- Registration and Coffee
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- 14:30h - 15:20h
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Fiscal consolidation and firm investment: Evidence from the German manufacturing industry.
*Silvia Albrizio (Banco de España)
Stefan Lamp (Toulouse School of Economics)
PresentationDiscussant:
Dmitriy Sergeyev (Bocconi University and CEPR)
Dmitriy Sergeyev. Presentation
(241 KB)
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- 15:20h - 16:10h
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The Macroeconomic Impact of Microeconomic Shocks: Beyond Hulten's Theorem
( 422 KB )
*David Rezza Baqaee (London School of Economics)
Emmanuel Farhi (Harvard University and CEPR)
David Rezza Baqaee. Presentation (232 KB)Discussant:
Basile Grassi (University of Oxford)
Basile Grassi. Presentation (239 KB)
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- 16:10h - 16:40h
- Coffee break
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- 16:40h - 17:30h
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Internal Devaluation and Macroeconomic Adjustment: Lessons from the Great Recession in the US
( 265 KB )
*Riccardo Trezzi (Federal Reserve Board)
Giancarlo Corsetti (University of Cambridge and CEPR) and Luca Dedola (European Central Bank and CEPR)
Riccardo Trezzi. Presentation (817 KB)Discussant:
Omar Rachedi (Banco de España)
Omar Rachedi. Presentation (144 KB)
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- 17:30h - 18:20h
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The Macroeconomic Impact of Money Market Freezes
( 852 KB )
*Fiorella De Fiore (European Central Bank and CEPR)
Marie Hoerova (European Central Bank and CEPR) and Harald Uhlig (University of Chicago and CEPR)
Fiorella De Fiore. Presentation (377 KB)Discussant:
Farzad Saidi (Stockholm School of Economics and CEPR)
Farzad Saidi. Presentation (353 KB)
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- 18:20h - 18:30h
- Coffee break
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- 18:30h - 19:20h
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Asset Price Bubbles and Monetary Policy in a New Keynesian Model with Overlapping Generations
( 852 KB )
*Jordi Galí (CREI and CEPR)
Jordi Galí. Presentation (783 KB)Discussant:
Marc Giannoni (Federal Reserve Bank of New York and CEPR)
Marc Giannoni. Presentation (265 KB)
24 May
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- 09:00h - 09:50h
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Pricing When Customers Care about Fairness but Misinfer Markups
( 2 MB )
*Pascal Michaillat (Brown University and CEPR)
Erik Eyster and Kristóf Madarász (both London School of Economics and CEPR)
Pascal Michaillat. Presentation (371 KB)Discussant:
Stéphane Dupraz (Columbia University)
Stéphane Dupraz. Presentation (284 KB)
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- 09:50h - 10:40h
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Nominal Rigidity and the Microeconomic Origin of Aggregate Fluctuations
( 449 KB )
*Raphael Schoenle (Brandeis University)
Ernesto Pasten (Central Bank of Chile and Toulouse School of Economics) and Michael Weber (Booth School of Business, University of Chicago)
Raphael Schoenle. Presentation (268 KB)Discussant:
Glenn Magerman (ECARES, Université libre de Bruxelles)
Glenn Magerman. Presentation (3 MB)
-
- 10:40h - 11:10h
- Coffee break
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- 11:00h - 12:00h
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Income Inequality, Financial Crises and Monetary Policy
( 500 KB )
*Jae Sim (Federal Reserve Board)
Isabel Cairó (Federal Reserve Board)
Jae Sim. Presentation (463 KB)Discussant:
Ralph Luetticke (University College London)
Ralph Luetticke. Presentation (403 KB)
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- 15:30h - 16:30h
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On the optimal design of a Financial Stability Fund
( 729 KB )
*Ramon Marimon (European University Institute and CEPR)
Arpad Abraham (European University Institute), Eva Carceles-Poveda (SUNY at Stony Brook) and Yan Liu (Wuhan University)
Ramon Marimon. Presentation (1 MB)Discussant:
James Costain (Banco de España)
James Costain. Presentation (181 KB)
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- 16:30h - 17:30h
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Divergent Risk-Attitudes and Endogenous Collateral Constraints
( 527 KB )
*Ester Faia (Goethe University Frankfurt and CEPR)
Giuliano Curatola (Goethe University Frankfurt)
Ester Faia. Presentation (273 KB)Discussant:
Eduardo Dávila (New York University)
Eduardo Dávila. Presentation (274 KB)
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- 17:30h - 18:00h
- Coffee break
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- 18:00h - 19:00h
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Cereals, Appropriability and Hierarchy
( 2 MB )
*Luigi Pascali (Universitat Pompeu Fabra, University of Warwick and CEPR)
Joram Mayshar (Hebrew University of Jerusalem), Omer Moav (University of Warwick and CEPR) and Zvika Neeman (Tel-Aviv University)
Luigi Pascali. Presentation (11 MB)Discussant:
Sascha O. Becker (University of Warwick and CEPR)
Sascha O. Becker. Presentation (826 KB)
-
- 19:00h - 20:30h
- Dinner
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- 20:30h - 21:30h
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TFP, News, and "Sentiments:" The International Transmission of Business Cycles
( 1 MB )
*Andrei A. Levchenko (University of Michigan)
Nitya Pandalai-Nayar (University of Michigan)
Andrei A. Levchenko. Presentation (530 KB)Discussant:
Kenza Benhima (Université de Lausanne and CEPR)
Kenza Benhima. Presentation (315 KB)
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- 21:30h - 22:30h
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Consumption and House Prices in the Great Recession
( 1 MB )
*Giovanni L. Violante (New York University and CEPR)
Greg Kaplan (University of Chicago) and Kurt Mitman (IIES Stockholm and CEPR)
Giovanni L. Violante. Presentation (163 KB)Discussant:
James Cloyne (University of California, Davis and CEPR)
James Cloyne. Presentation (239 KB)
25 May
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- 09:00h - 10:00h
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A Model of the International Monetary System
*Emmanuel Farhi (Harvard University and CEPR)
Matteo Maggiori (Harvard University and CEPR)
Emmanuel Farhi. Presentation (1 MB)Discussant:
Fernando A. Broner (CREI and CEPR)
Fernando A. Broner. Presentation (454 KB)
-
- 10:00h - 11:00h
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Unbalanced Growth Slowdown
( 863 KB )
*Akos Valentinyi (University of Manchester and CEPR)
Georg Duernecker (University of Mannheim and CEPR) and Berthold Herrendorf (Arizona State University)
Akos Valentinyi. Presentation (485 KB)Discussant:
Zsofia Barany (Sciences Po, Paris)
Zsofia Barany. Presentation (102 KB)
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- 11:00h - 11:30h
- Coffee break
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- 11:30h - 12:30h
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The Secular Stagnation of Investment
( 480 KB )
*Thomas Philippon (New York University and CEPR)
Callum Jones (New York University)
Thomas Philippon. Presentation (363 KB)Discussant:
Gregory Thwaites (Bank of England)
Gregory Thwaites. Presentation (697 KB)
-
- 12:30h - 13:30h
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How Destructive is Innovation?
( 1 MB )
*Chang-Tai Hsieh (Booth School of Business, University of Chicago and CEPR)
Daniel Garcia-Macia (IMF) and Peter J. Klenow (Stanford University)
Chang-Tai Hsieh. Presentation (391 KB)Discussant:
Jaume Ventura (CREI and CEPR)
Jaume Ventura. Presentation (351 KB)
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- 15:30h - 16:20h
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Aggregate Demand Externalities in a Global Liquidity Trap
( 466 KB )
*Luca Fornaro (CREI and CEPR)
Federica Romei (Stockholm School of Economics and CEPR)
Luca Fornaro Presentation (336 KB)Discussant:
Dennis Novy (University of Warwick and CEPR)
Dennis Novy Presentation (123 KB)
-
- 15:30h - 16:20h
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Capital Allocation Across Regions, Sectors and Firms - Evidence from a Commodity Boom in Brazil
( 1 MB )
*Paula Bustos (CEMFI and CEPR)
Gabriel Garber (DEPEP, Central Bank of Brazil) and Jacopo Ponticelli (University of Chicago Booth School of Business)
Paula Bustos. Presentation (4 MB)Discussant:
Martí Mestieri (Northwestern University and CEPR)
Martí Mestieri. Presentation (125 KB)
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- 16:20h - 17:10h
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Economic Integration and the Non-Tradable Sector: The European Experience
( 1 MB )
*Sophie Piton (CEPII, France and Paris School of Economics)
Sophie Piton. Presentation (1 MB)Discussant:
Pierre-Olivier Gourinchas (University of California, Berkeley and CEPR)
Presentation
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- 16:20h - 17:10h
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Capital Misallocation and Secular Stagnation
( 1 MB )
*Ander Pérez-Orive (Federal Reserve Board)
Andrea Caggese (Universitat Pompeu Fabra, CREI, & Barcelona GSE)
Ander Pérez-Orive. Presentation (838 KB)Discussant:
Josep Pijoan-Mas (CEMFI and CEPR)
Josep Pijoan-Mas. Presentation (217 KB)
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- 17:10h - 17:40h
- Coffee break
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- 17:10h - 17:40h
- Coffee break
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- 17:40h - 18:30h
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The Real Exchange Rate, Innovation and Productivity: A Cross-country Firm-level Analysis
*Harald Fadinger (University of Mannheim and CEPR)
Laura Alfaro (Harvard Business School), Alejandro Cuñat (University of Vienna), Yanping Liu (University of Manheim)
Harald Fadinger. Presentation (473 KB)Discussant:
Bent E Sørensen (University of Houston and CEPR)
Bent E Sørensen. Presentation (134 KB)
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- 17:40h - 18:30h
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Slowing Women's Labor Force Participation: The Role of Rising Income Inequality
*Stefania Albanesi (University of Pittsburgh and CEPR)
Maria J. Prados (University of Southern California)
Stefania Albanesi. Presentation (1 MB)Discussant:
Sang Yoon Lee (Toulouse School of Economics and CEPR)
Sang Yoon Lee. Presentation (191 KB)
26 May
-
- 08:50h - 09:40h
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Global Imbalances from a Stock Perspective
( 1 MB )
*Ángel Estrada (Banco de España)
Enrique Alberola (Bank for International Settlements) and Francesca Viani (Banco de España)
Ángel Estrada. Presentation (1 MB)Discussant:
Cédric Tille (The Graduate Institute, Geneva and CEPR)
Marcus Hagedorn. Presentation (72 KB)
-
- 08:50h - 09:40h
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Family Planning and Development: Aggregate Effects of Contraceptive Use
( 449 KB )
*Tiago Cavalcanti (Cambridge University and CEPR)
Georgi Kocharkov (University of Konstanz) and Cezar Santos (EPGE/FGV-Rio)
Tiago Cavalcanti. Presentation (681 KB)Discussant:
Paula Gobbi (Université Catholique de Louvain and CEPR)
Paula Gobbi. Presentation (157 KB)
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- 09:40h - 10:30h
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An Equilibrium Theory of Determinate Nominal Exchange Rates, Current Accounts and Asset Flows
( 1 MB )
*Marcus Hagedorn (University of Oslo and CEPR)
Marcus Hagedorn. Presentation (1 MB)Discussant:
Robert Kollmann (ECARES, Université Libre de Bruxelles and CEPR)
Robert Kollmann. Presentation (110 KB)
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- 09:40h - 10:30h
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Globalization and Political Structure
( 1 MB )
*Gino A Gancia (Universitat Pompeu Fabra and CEPR)
Giacomo Ponzetto and Jaume Ventura (both CREI and CEPR)
Gino A Gancia. Presentation (681 KB)Graziella Bertocchi (Universita di Modena a Reggio Emilia and CEPR)
Graziella Bertocchi. Presentation (196 KB)
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- 10:30h - 11:00h
- Coffee Break
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- 10:30h - 11:00h
- Coffee Break
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- 11:00h - 11:50h
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International Credit Supply Shocks
( 677 KB )
*Andrea Ferrero (University of Oxford) Alessandro Rebucci (Johns Hopkins University) and Ambrogio Cesa-Bianchi (Bank of England)
Andrea Ferrero . Presentation (729 KB)Discussant:
Aitor Erce (European Stability Mechanism)
Aitor Erce. Presentation (330 KB)
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- 11:00h - 11:50h
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Das House-Kapital: A Long Term Housing & Macro Model
( 912 KB )
*Volker Grossmann (University of Fribourg)
Thomas Steger (Leipzig University, CESifo, Halle Institute for Economic Research - IWH)
Volker Grossmann. Presentation (776 KB)Discussant:
Pietro Reichlin (LUISS Guido Carli and CEPR)
Pietro Reichlin. Presentation (239 KB)
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- 11:50h - 12:40h
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Does a big bazooka matter? Central bank balance sheet policies and exchange rates
( 733 KB )
*Luca Dedola (European Central Bank and CEPR)
Georgios Georgiadis, Johannes Graeb and Arnaud Mehl (all European Central Bank)
Luca Dedola. Presentation (1 MB)Discussant:
Ambrogio Cesa-Bianchi (Bank of England)
Ambrogio Cesa-Bianchi. Presentation (382 KB)
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- 11:50h - 12:40h
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Integrated assessment in a multi-region world with multiple energy sources and endogenous technical change
( 324 KB )
*John Hassler (IIES Stockholm and CEPR)
Per Krusell (IIES Stockholm and CEPR) and Michael Reiter, IHS Vienna
John Hassler. Presentation (671 KB)Discussant:
David Hémous (University of Zurich and CEPR)
David Hémous. Presentation (104 KB)
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- 12:40h - 12:50h
- Coffee Break
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- 12:40h - 12:50h
- Coffee Break
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- 12:50h - 13:40h
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The Economics of Sovereign Debt, Bailouts and the Eurozone Crisis
( 772 KB )
*Philippe Martin (Sciences Po, Paris and CEPR)
Pierre-Olivier Gourinchas (University of California, Berkeley and CEPR)
Philippe Martin. Presentation (387 KB)Discussant:
Dirk Niepelt (Study Center Gerzensee, University of Bern and CEPR)
Dirk Niepelt. Presentation (352 KB)
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- 12:50h - 13:40h
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The ICT Revolution and Italy's Two Lost Decades
( 569 KB )
*Tom Schmitz (IGIER, Bocconi University)
Fabiano Schivardi (IGIER, Bocconi University, EIEF and CEPR)
Tom Schmitz. Presentation (458 KB)Discussant:
Georg Duernecker (University of Mannheim and CEPR)
Georg Duernecker. Presentation (120 KB)