On 26-29 May 2015, the Banco de España hosted the twenty-third edition of the European Summer Symposium in International Macroeconomics (ESSIM) in Roda de Bará, Tarragona. The conference, jointly organized with the CEPR, brings together top macroeconomists from European and overseas institutions, and is especially intended as an opportunity for young researchers to meet and collaborate with senior economists.
26 May 2015 - 29 May 2015
RODA DE BARÀ, TARRAGONA
Speakers
26 May
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- 08:15h - 08:45h
- Registration and Coffee
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- 08:45h - 09:00h
- Introductory remarks: James Costain (Banco de España)
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- 09:00h - 10:00h
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Austerity and Household Expenditure
( 2 MB )
Paolo Surico (London Business School and CEPR)
*Riccardo Trezzi (Board of Governors of the Federal Reserve System)Austerity and Household Expenditure. Presentation
(1 MB)Discussant: Benjamin Born (University of Mannheim and CEPR)
(1 MB)
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- 10:30h - 11:30h
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Corporate Cash and Employment
( 304 KB )
Philippe Bacchetta (Université de Lausanne and CEPR)
*Kenza Benhima (Université de Lausanne and CEPR)
Céline Poilly (Université de Lausanne)Corporate Cash and Employment. Presentation
(9 MB)Discussant: Tomasz Wieladek (Bank of England and CEPR)
(228 KB)
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- 11:40h - 12:20h
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The output effects of fiscal adjustment plans: disaggregating taxes and spending
( 605 KB )
Alberto Alesina (Harvard University and CEPR)
Carlo Favero (IGIER, Università Bocconi and CEPR)
*Francesco Giavazzi (IGIER, Università Bocconi and CEPR)
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- 11:40h - 12:20h
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Job Polarization and Structural Change
( 520 KB )
Zsofia Barany (Sciences Po, Paris)
*Christian Siegel (University of Exeter)Job Polarization and Structural Change. Presentation
(630 KB)
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- 12:20h - 13:00h
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A New Identification of Fiscal Shocks Based on the Information Flow
( 882 KB )
*Giovanni Ricco (London Business School)
A New Identification of Fiscal Shocks Based on the Information Flow. Presentation
(624 KB)
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- 12:20h - 13:00h
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Demographic Structure and Macroeconomic Trends
( 672 KB )
Yunus Aksoy (Birkbeck, University of London)
*Henrique Basso (Banco de España)
Tobias Grasl (Birkbeck, University of London)
Ron P. Smith (Birkbeck, University of London)Demographic Structure and Macroeconomic Trends. Presentation
(1 MB)
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- 14:30h - 15:10h
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Austerity
( 540 KB )
Harris Dellas (University of Bern and CEPR)
*Dirk Niepelt (Study Center Gerzensee and CEPR)
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- 14:30h - 15:10h
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Voter Turnout and City Performance
( 241 KB )
*Anna Lo Prete (Università di Torino)
Federico Revelli (Università di Torino)
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- 15:10h - 15:50h
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Does austerity pay off?
( 708 KB )
Benjamin Born (University of Mannheim and CEPR)
*Johannes Pfeifer (University of Mannheim)
Gernot Müller (University of Bonn and CEPR)
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- 15:10h - 15:50h
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Optimal Spatial Taxation: Are Big Cities too Small?
( 680 KB )
Jan Eeckhout (Universitat Pompeu Fabra and CEPR)
*Nezih Guner (Universitat Autónoma de Barcelona and CEPR)Optimal Spatial Taxation: Are Big Cities too Small?. Presentation
(586 KB)
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- 16:20h - 17:00h
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Price Level Changes and the Redistribution of Nominal Wealth Across the Euro Area
( 593 KB )
*Klaus Adam (University of Mannheim and CEPR)
Junyi Zhu (Deutsche Bundesbank)
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- 16:20h - 17:00h
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Reverse engineering labour market flows
( 274 KB )
*Tamás Papp (Institute for Advanced Studies, Vienna)
Reverse engineering labour market flows. Presentation
(191 KB)
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- 17:00h - 17:40h
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Jump-Starting the Euro Area Recovery: Should the Core Expand Spending to Help the Periphery?
Olivier Blanchard (IMF)
Christopher Erceg (Federal Reserve Board)
*Jesper Lindé (Sveriges Riksbank and CEPR)
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- 17:00h - 17:40h
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Countercyclical Job Values
( 332 KB )
*Eran Yashiv (Tel Aviv University and CEPR)
27 May
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- 09:00h - 10:00h
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Financial Heterogeneity and Monetary Union
Simon Gilchrist (Boston University)
Raphael Schoenle (Brandeis University)
Jae Sim* (Federal Reserve Board)
Egon Zakrajsek (Federal Reserve Board)Financial Heterogeneity and Monetary Union. Presentation
(109 KB)Discussant: Isabel Correia (Banco de Portugal and CEPR)
(1 MB)
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- 10:30h - 11:30h
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Stagnation Traps
( 451 KB )
Gianluca Benigno (London School of Economics and CEPR)
*Luca Fornaro (CREI and Universitat Pompeu Fabra, Barcelona)Stagnation Traps. Presentation
(394 KB)Discussant: Roger Farmer (University of California, Los Angeles and CEPR)
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- 11:40h - 12:20h
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The interaction between household and firm dynamics and the amplification of financial shocks
*Andrea Caggese (Universitat Pompeu Fabra)
Ander Perez (Universitat Pompeu Fabra and Barcelona GSE)
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- 11:40h - 12:20h
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Home Away From Home? Foreign Demand and London House Prices
( 3 MB )
*Cristian Badarinza (University of Oxford)
Tarun Ramadorai (University of Oxford and CEPR)Home Away From Home? Foreign Demand and London House Prices. Presentation
(2 MB)
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- 12:20h - 13:00h
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What are the Real Effects of QE Driven Capital Flows with Macroprudential Response? Evidence from Firm-Bank Matched Data in an Emerging Market
Yusuf Soner Baskaya (CBRT)
*Julian di Giovanni (UPF, BGSE, CREI, and CEPR)
Sebnem Kalemli-Ozcan (University of Maryland and CEPR)
José Luis Peydró (ICREA-UPF, BGSE, CREI and CEPR)
Mehmet Fatih Ulu (CBRT)
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- 12:20h - 13:00h
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Moving House
( 1 MB )
*Liwa Rachel Ngai (London School of Economics and CEPR)
Kevin Sheedy (London School of Economics and CEPR)
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- 14:30h - 15:10h
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Monetary Policy and Sovereign Debt Vulnerability
( 388 KB )
*Galo Nuño (Banco de España)
Carlos Thomas (Banco de España)Monetary Policy and Sovereign Debt Vulnerability. Presentation
(490 KB)
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- 14:30h - 15:10h
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Multinational Production and Comparative Advantage
( 1 MB )
*Vanessa Alviarez (University of Michigan)
Multinational Production and Comparative Advantage. Presentation
(1 MB)
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- 15:10h - 15:50h
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Sovereign Default: The Role of Expectations
( 524 KB )
Joao Ayres (University of Minnesota)
Gaston Navarro (New York University)
Juan Pablo Nicolini (Federal Reserve Bank of Minneapolis and Universidad Di Tella)
*Pedro Teles (Catolica Lisbon, Banco de Portugal and CEPR)Presentation
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- 15:10h - 15:50h
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International Inflation Spillovers Through Input Linkages
Raphael Auer (Swiss National Bank and CEPR)
*Andrei Levchenko (University of Michigan and CEPR)
Philip Sauré (Swiss National Bank)International Inflation Spillovers Through Input Linkages. Presentation
(2 MB)
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- 16:20h - 17:00h
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Housing Debt and the Transmission of Monetary Policy
*James Cloyne (Bank of England and UCL)
Clodomiro Ferreira (London Business School)
Paolo Surico (London Business School and CEPR)Presentation
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- 16:20h - 17:00h
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Optimal Time-Consistent Government Debt Maturity
( 333 KB )
*Davide Debortoli (Universitat Pompeu Fabra)
Ricardo Nunes (Federal Reserve Bank of Boston)
Pierre Yared (Columbia University)Optimal Time-Consistent Government Debt Maturity. Presentation
(1 MB)
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- 17:00h - 17:40h
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Search-Based Endogenous Illiquidity and the Macroeconomy
*Wei Cui (University College London)
Soren Radde (European Central Bank)Search-Based Endogenous Illiquidity and the Macroeconomy. Presentation
(861 KB)
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- 17:00h - 17:40h
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Debt into Growth: How the Country that Borrowed the Most Industrialized First
Jaume Ventura (CREI and CEPR)
*Hans-Joachim Voth (University of Zurich, UPF-ICREA, CREI and CEPR)Debt into Growth: How the Country that Borrowed the Most Industrialized First. Presentation
(4 MB)
28 May
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- 09:00h - 10:00h
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Is Government Spending at the Zero Lower Bound Desirable?
( 417 KB )
Florin Bilbiie (Paris School of Economics)
*Tommaso Monacelli (IGIER, Università Bocconi and CEPR)
Roberto Perotti (IGIER, Università Bocconi and CEPR)Is Government Spending at the Zero Lower Bound Desirable?. Presentation
(247 KB)Discussant: Ferre De Graeve (Sveriges Riksbank)
(43 KB)
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- 10:30h - 11:30h
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Reconciling Hayek's and Keynes' views of recessions
Paul Beaudry (University of British Columbia)
Dana Galizia (University of British Columbia)
*Franck Portier (Toulouse School of Economics and CEPR)Reconciling Hayek's and Keynes' views of recessions. Presentation
(2 MB)Discussant: Kurt Mitman (IIES, Stockholm University)
(224 KB)
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- 11:40h - 12:20h
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The Fundamental Surplus in Matching Models
( 526 KB )
*Lars Ljungqvist (Stockholm School of Economics and CEPR)
Thomas J Sargent (New York University)The Fundamental Surplus in Matching Models. Presentation
(3 MB)
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- 11:40h - 12:20h
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Global Sunspots and Asset Prices in a Monetary Economy
*Roger Farmer (University of California, Los Angeles and CEPR)
Global Sunspots and Asset Prices in a Monetary Economy. Presentation
(1 MB)
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- 12:20h - 13:00h
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Costly decisions and sequential bargaining
( 967 KB )
*James Costain (Banco de España)
Costly decisions and sequential bargaining. Presentation
(1 MB)
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- 12:20h - 13:00h
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An Investigation of Optimal Interaction between Monetary Policy and Bank Capital Requirements
( 1 MB )
Chuan Du (Bank of England)
*David Miles (Bank of England and Imperial College London)
29 May
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- 09:00h - 10:00h
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When Does a Central Bank’s Balance Sheet Require Fiscal Support?
( 566 KB )
*Marco Del Negro (Federal Reserve Bank of New York)
Christopher A. Sims (Princeton University)When Does a Central Bank’s Balance Sheet Require Fiscal Support?. Presentation
(481 KB)Discussant: Luca Dedola (European Central Bank and CEPR)
(629 KB)
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- 10:30h - 11:30h
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The Impact of Contract Enforcement Costs on Outsourcing and Aggregate Productivity
( 548 KB )
*Johannes Boehm (Sciences Po, Paris)
Discussant: Nuno Coimbra (Paris School of Economics)
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- 11:40h - 12:20h
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Approximating Time Varying Structural Models with Time Invariant Structures
( 851 KB )
*Fabio Canova (EUI, Firenze and CEPR)
Fillippo Ferroni (Banque de France)
Christian Matthes (Federal Reserve Bank of Richmond)Approximating Time Varying Structural Models with Time Invariant Structures. Presentation
(771 KB)
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- 11:40h - 12:20h
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Financial Shocks and Job Flows
Neil Mehrotra (Brown University)
*Dmitriy Sergeyev (Università Bocconi)
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- 12:20h - 13:00h
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Resolving the Spanning Puzzle in Macro-Finance Term Structure Models
( 372 KB )
Michael D. Bauer (Federal Reserve Bank of San Francisco)
*Glenn Rudebusch (Federal Reserve Bank of San Francisco)Resolving the Spanning Puzzle in Macro-Finance Term Structure Models. Presentation
(289 KB)
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- 12:20h - 13:00h
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Worker Turnover and Non-employment Insurance
( 445 KB )
Sekyu Choi (Universitat Autónoma de Barcelona)
*Javier Fernandez-Blanco (Universitat Autonoma de Barcelona)Worker Turnover and Non-employment Insurance. Presentation
(348 KB)
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- 14:30h - 15:10h
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Climate Tipping and Economic Growth: Precautionary Capital and the Price of Carbon
( 649 KB )
Aart de Zeeuw (Tilburg University)
*Frederick van der Ploeg (Oxford University and CEPR)
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- 14:30h - 15:10h
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Fertility, Longevity and Capital Flows
Zsofia Barany (Sciences Po, Paris)
Taha Choukhmane (Yale University)
Nicolas Coeurdacier (Sciences Po, Paris and CEPR)
*Stéphane Guibaud (Sciences Po, Paris)
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- 15:10h - 15:50h
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Convergence and Divergence in Growth Regressions
( 306 KB )
Michele Battisti (University of Palermo)
Gianfranco Di Vaio (LUISS Guido Carli)
*Joseph Zeira (Hebrew University of Jerusalem and CEPR)Convergence and Divergence in Growth Regressions. Presentation
(1 MB)
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- 15:10h - 15:50h
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Menu Costs, Aggregate Fluctuations, and Large Shocks
*Peter Karadi (European Central Bank and CEPR)
Adam Reiff (Central Bank of Hungary)Menu Costs, Aggregate Fluctuations, and Large Shocks. Presentation
(1 MB)