The twentieth European Summer Symposium in International Macroeconomics (ESSIM) took place on 22-25 May 2012. The meeting, jointly organized with the CEPR, was hosted by the Banco de España in Tarragona.
ESSIM is an annual meeting that brings together around 60 economists from across Europe 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.
For further details, consult the CEPR
forthcoming meetings page.
22 May 2012 - 25 May 2012
Roda de Bará (Tarragona)
Speakers
22 May
-
- 08:55h - 09:00h
- Introductory remarks
-
- 09:00h - 10:00h
-
Rare shocks, great recessions
( 602 KB )
Vasco Curdia (Federal Reserve Bank of New York)
Marco Del Negro (Federal Reserve Bank of New York)
Dan Greenwald (New York University)Rare shocks, great recessions. Presentation
(389 KB)Discussant: Marek Jarocinski (European Central Bank)
(118 KB)
-
- 10:30h - 11:30h
-
Moderation or great mistake: Can overconfidence in low macro-risk explain the boom in asset prices?
( 602 KB )
Tobias Broer (IIES, Stockholm University and CEPR)
Afroditi Kero (EUI IIES, Stockholm University)Discussant: Luigi Paciello (EIEF)
(182 KB)
-
- 11:40h - 12:25h
-
Equilibrium and resource allocation with credit frictions
José-Vicente Rodriguez Mora (University of Edinburgh and CEPR)
-
- 11:40h - 12:25h
-
The political economy of redistribution in the U.S. in the aftermath of World War II and the delayed impacts of the great depression - Evidence and theory
( 428 KB )
Roel Beetsma (University of Amsterdam and CEPR)
Alex Cukierman (Tel Aviv University and CEPR)
Massimo Giuliodori (University of Amsterdam)
-
- 14:30h - 15:15h
-
Bank crises and sovereign defaults: exploring the links
( 768 KB )
Irina Balteanu (Banco de España)
Aitor Erce (Banco de España)Bank crises and sovereign defaults: exploring the links. Presentation
(807 KB)
-
- 14:30h - 15:15h
-
Inattention to rare events
( 438 KB )
Bartosz Mackowiak (European Central Bank and CEPR)
-
- 15:15h - 16:00h
-
A gains from trade perspective on macroeconomic fluctuations
( 585 KB )
Paul Beaudry (University of British Columbia)
Franck Portier (Toulouse School of Economics and CEPR)A gains from trade perspective on macroeconomic fluctuations. Presentation
(1 MB)
-
- 15:15h - 16:00h
-
Sovereigns, upstream flows and global imbalances
( 527 KB )
Laura Alfaro (Harvard Business School)
Sebnem Kalemli-Ozcan (Koc University, Harvard and CEPR)
Vadym Volosovych (Erasmus University Rotterdam)Sovereigns, upstream flows and global imbalances. Presentation
(767 KB)
-
- 16:30h - 17:15h
-
Technology and the changing family
( 346 KB )
Nezih Guner (ICREA-MOVE)
-
- 16:30h - 17:15h
-
Market structure and exchange rate pass–through
( 716 KB )
Raphael Auer (Swiss National Bank)
Raphael Schoenle (Brandeis University)Market structure and exchange rate pass–through. Presentation
(513 KB)
-
- 17:15h - 18:00h
-
Social capital, government expenditures and growth
( 268 KB )
Giacomo Ponzetto (CREI, Universitat Pompeu Fabra and CEPR)
Ugo Troiani (Harvard University)Social capital, government expenditures and growth. Presentation
(237 KB)
-
- 17:15h - 18:00h
-
Bubble thy neighbor: direct and spillover effects of capital controls
( 615 KB )
Kristin Forbes (MIT-Sloan School of Management)
Marcel Fratzscher (European Central Bank)
Thomas Kostka (European Central Bank)
Roland Straub (European Central Bank)Bubble thy neighbor: direct and spillover effects of capital controls. Presentation
(295 KB)
23 May
-
- 09:00h - 10:00h
-
Optimal sovereign debt default
( 347 KB )
Klaus Adam (University of Mannheim and CEPR)
Michael Grill (Deutsche Bundesbank)Optimal sovereign debt default. Presentation
(239 KB)Discussant: Dirk Niepelt (Studycenter Gerzensee and CEPR)
(88 KB)
-
- 10:30h - 11:30h
-
Exorbitant privilege and exorbitant duty
Pierre-Olivier Gourinchas (University of California, Berkeley and CEPR)
Hélène Rey (London Business School and CEPR)
Nicolas Govillot (Mines ParisTech)Discussant: Francesca Viani (Banco de España)
-
- 11:40h - 12:25h
-
Firms, destinations, and aggregate fluctuations
( 529 KB )
Julian Di Giovanni (International Monetary Fund)
Andrei A. Levchenko (University of Michigan)
Isabelle Méjean (Ecole Polytechnique and CEPR)Firms, destinations, and aggregate fluctuations. Presentation
(272 KB)
-
- 11:40h - 12:25h
-
When credit bites back: leverage, business cycles and crises
( 885 KB )
Òscar Jordà (University of California, Davis)
Moritz Schularick (Free University of Berlin)
Alan Taylor (University of California, Davis, and CEPR)When credit bites back: leverage, business cycles and crises. Presentation
(2 MB)
-
- 14:30h - 15:15h
-
Intermediate inputs, external rebalancing and relative price adjustments
( 948 KB )
Rudolfs Bems (International Monetary Fund)
Intermediate inputs, external rebalancing and relative price adjustments. Presentation
(799 KB)
-
- 14:30h - 15:15h
-
Bank Leverage Cycles
( 1.000 KB )
Carlos Thomas (Banco de España)
Galo Nuño (Banco de España)
-
- 15:15h - 16:00h
-
A global view of cross-border migration
( 805 KB )
Julian Di Giovanni (International Monetary Fund)
Andrei A. Levchenko (University of Michigan)
Francesc Ortega (Queens College of CUNY)A global view of cross-border migration. Presentation
(839 KB)
-
- 15:15h - 16:00h
-
Dormant shocks and fiscal virtue
( 942 KB )
Leonardo Melosi (Northwestern University)
Francesco Bianchi (Duke University)
-
- 17:00h - 18:00h
-
The spatial diffusion of technology
( 1 MB )
Diego Comin (Harvard Business School and CEPR)
Mikhail Dmitriev (Central European University)
Esteban Rossi-hansberg (Princeton University and CEPR)
-
- 17:00h - 18:00h
-
Labor market heterogeneities and the matching function
( 396 KB )
Régis Barnichon (Federal Reserve Board)
Andrew Figura (Federal Reserve Board)Labor market heterogeneities and the matching function. Presentation
(420 KB)
-
- 18:00h - 19:00h
-
The role of trade in structural transformation
( 553 KB )
Marc Teignier (Unversidad de Alicante)
The role of trade in structural transformation. Presentation
(480 KB)
-
- 18:00h - 19:00h
-
Hours and participation with job heterogeneity
( 406 KB )
Claudio Michelacci (CEMFI and CEPR)
Josep Pijoan-Mas (CEMFI and CEPR)Hours and participation with job heterogeneity. Presentation
(341 KB)
24 May
-
- 09:00h - 10:00h
-
Wealth and volatility
( 476 KB )
Jonathan Heathcote (Federal Reserve Bank of Minneapolis and CEPR)
Fabrizio Perri (University of Minnesota and CEPR)Wealth and volatility. Presentation
(381 KB)Discussant: Franck Portier (Toulouse School of Economics and CEPR)
(1 MB)
-
- 10:30h - 11:30h
-
Unemployment inertia and the fiscal multiplier
( 820 KB )
Pontus Rendahl (University of Cambridge)
Unemployment inertia and the fiscal multiplier. Presentation
(1 MB)Discussant: Andrea Caggese (Universitat Pompeu Fabra)
(140 KB)
-
- 11:40h - 12:25h
-
Logit price dynamics
( 572 KB )
James Costain (Banco de España)
Anton Nakov (Federal Reserve Board)
-
- 11:40h - 12:25h
-
The dynamic effects of personal and corporate income tax changes in the United States
( 384 KB )
Karel Mertens (Cornell University and CEPR)
Morten Ravn (University College London and CEPR)
25 May
-
- 09:00h - 10:00h
-
The global welfare impact of China: trade integration and technological change
( 818 KB )
Julian di Giovanni (International Monetary Fund and University of Toronto)
Andrei A. Levchenko (University of Michigan)
Jing Zhang (University of Michigan)Discussant: Gino Gancia (Universitat Pompeu Fabra and CEPR)
(171 KB)
-
- 10:30h - 11:30h
-
Financial liberalization: efficiency gains and black holes
( 413 KB )
Romain Rancière (Paris School of Economics and CEPR)
Financial liberalization: efficiency gains and black holes. Presentation
(153 KB)Discussant: Philippe Martin (Sciences Po and CEPR)
(174 KB)
-
- 11:40h - 12:25h
-
The political cost of reforms
( 324 KB )
Alessandra Bonfiglioli (Institut d'Anàlisi Econòmica CSIC)
Gino Gancia (CREI, Universitat Pompeu Fabra and CEPR)
-
- 11:40h - 12:25h
-
Human capital risk, contract enforcement and the macroeconomy
( 591 KB )
Tom Krebs (University of Mannheim)
Moritz Kuhn (University of Bonn)
Mark Wright (UCLA, FRB Chicago)Human capital risk, contract enforcement and the macroeconomy. Presentation
(99 KB)
-
- 14:30h - 15:15h
-
Selective hiring and welfare analysis in labor market models
( 323 KB )
Christian Merkl (Kiel Institute for the World Economy)
Thijs van Rens (CREI and CEPR)Selective hiring and welfare analysis in labor market model. Presentation
(380 KB)
-
- 14:30h - 15:15h
-
Offshoring and directed technical change
Gino Gancia (CREI, Universitat Pompeu Fabra and CEPR)
Daron Acemoglu (MIT and CEPR)
Fabrizio Zilibotti (University of Zurich and CEPR)Offshoring and directed technical change Presentation
(422 KB)
-
- 15:15h - 16:00h
-
Collective bargaining, firm heterogeneity and unemployment
( 234 KB )
Juan F. Jimeno (Banco de España)
Carlos Thomas (Banco de España)Collective bargaining, firm heterogeneity and unemployment. Presentation
(374 KB)
-
- 15:15h - 16:00h
-
Economic integration and structural change
( 290 KB )
Jean Imbs (Paris School of Economics and CEPR)
Claudio Montenegro (World Bank)
Romain Wacziarg (UCLA)Economic integration and structural change. Presentation
(679 KB)