The seventeenth CEPR European Summer Symposium in International Macroeconomics (ESSIM) took place on 25-28 May 2010. The meeting was hosted by the Banco de España in Tarragona.
ESSIM is an annual meeting that brings together about 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.
25 May 2010 - 28 May 2010
Roda de Bará (Tarragona)
Speakers
25 May
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- 09:00h - 10:00h
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"Booms and busts in asset prices"
( 509 KB )
"Internal rationality, imperfect market knowledge and asset prices"
(381 KB)Klaus Adam (Mannheim University and CEPR) and Albert Marcet (London School of Economics and CEPR)
"Booms and busts in asset prices". Presentation
(497 KB)Discussant: Kristoffer Nimark (CREI and Universitat Pompeu Fabra)
(76 KB)
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- 10:00h - 11:00h
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"The great escape? A quantitative evaluation of the fed’s non-standard policies"
( 521 KB )
Marco del Negro (Federal Reserve Bank of Atlanta), Gauti Eggertsson (Federal Reserve Bank of New York) and Andrea Ferrero (Federal Reserve Bank of New York)
Discussant: Oreste Tristani (European Central Bank)
(90 KB)
-
- 11:30h - 12:30h
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"Portfolio inertia and the equity premium"
( 233 KB )
Christopher Gust (Federal Reserve Board) and David López-Salido (Federal Reserve Board and CEPR)
"Portfolio inertia and the equity premium". Presentation
(133 KB)Discussant: Alexander Michaelides (London School of Economics and CEPR)
(327 KB)
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- 12:30h - 13:30h
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"Banking competition, collateral constraints and optimal monetary policy"
( 381 KB )
Javier Andrés (Universidad de Valencia), Óscar Arce (CNMV) and Carlos Thomas (Banco de España)
"Banking competition, collateral constraints and optimal monetary policy". Presentation
(549 KB)Discussant: Luca Dedola (European Central Bank and CEPR)
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- 14:30h - 15:30h
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"Crash risk in currency markets"
( 677 KB )
Emmaneul Farhi (Harvard University), Samuel Fraiberger (New York University), Xavier Gabaix (New York University), Romain Rancière (IMF and CEPR) and Adrien Verdelhan (MIT)
-
- 14:31h - 15:00h
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"Sector-specific technical change"
( 816 KB )
Susanto Basu (Boston College), John Fernald (Federal Reserve Bank of San Francisco), Jonas Fisher (Federal Reserve Bank of Chicago) and Miles Kimball (University of Michigan)
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- 15:30h - 16:30h
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"Following the money in global banks: internal transfers during the crisis"
( 324 KB )
Nicola Cetorelli and Linda Goldberg (Federal Reserve Bank of New York)
"Following the money in global banks: internal transfers during the crisis". Presentation
(1 MB)
-
- 15:30h - 16:30h
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"Technology innovation and diffusion as sources of output and asset price fluctuations"
( 692 KB )
Diego Comin (Harvard Business School), Mark Gertler (New York University) and Ana Maria Santacreu (INSEAD)
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- 17:00h - 18:00h
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"How do different exporters react to exchange rate changes? Theory, empirics and aggregate implications"
( 495 KB )
Nicolas Berman (Graduate Institute, Geneva), Philippe Martin (Sciences Po and CEPR) and Thierry Mayer (Sciences Po and CEPR)
-
- 17:00h - 18:00h
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"Cyclical skill-biassed technical change"
( 464 KB )
Almut Balleer (IIES, University of Stockholm) and Thijs van Rens (CREI, Universitat Pompeu Fabra and CEPR)
"Cyclical skill-biassed technical change". Presentation
(430 KB)
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- 18:00h - 19:00h
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"The vanishing procyclicality of labor productivity"
( 646 KB )
Jordi Galí and Thijs van Rens (CREI, Universitat Pompeu Fabra and CEPR)
"The vanishing procyclicality of labor productivity". Presentation
(522 KB)
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- 18:00h - 19:00h
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"Explaining low frequency movements of the real exchange rate"
( 415 KB )
Pau Rabanal (IMF) and Juan Rubio-Ramírez (Duke University)
"Explaining low frequency movements of the real exchange rate". Presentation
(162 KB)
26 May
-
- 09:00h - 10:00h
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"Growing like China"
( 831 KB )
Zheng Song (Fudan University and Chinese University of Hong Kong), Kjetil Storesletten (Federal Reserve Bank of Minneapolis and CEPR) and Fabrizio Zilibotti (University of Zurich and CEPR)
"Growing like China". Presentation
(529 KB)Discussant: Francesco Caselli (London School of Economics and CEPR)
(632 KB)
-
- 10:00h - 11:00h
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"The great diversification"
( 730 KB )
Vasco Carvalho (CREI and Universitat Pompeu Fabra) and Xavier Gabaix (New York University)
"The great diversification". Presentation
(520 KB)Discussant: Alessio Moro (Universidad Carlos III de Madrid)
(240 KB)
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- 11:30h - 12:30h
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"Two perspectives on preferences and structural transformation"
( 373 KB )
Berthold Herrendorf (Arizona State University), Richard Rogerson (Arizona State University) and Akos Valentinyi (Magyar Nemzeti Bank and CEPR)
"Two perspectives on preferences and structural transformation". Presentation
(116 KB)Discussant: Diego Comin (Harvard Business School)
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- 12:30h - 13:30h
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"Volatility and openness to international trade"
Francesco Caselli (London School of Economics and CEPR), Miklós Koren (Central European University and CEPR), Milan Lisicki and Silvana Tenreyro (London School of Economics and CEPR)
"Volatility and openness to international trade". Presentation
(621 KB)Discussant: Fabrizio Perri (University of Minnesota and CEPR)
(259 KB)
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- 14:30h - 15:30h
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"The impact of inflation in open economies"
( 281 KB )
Bernardino Adão (Banco de Portugal) and Maria Isabel Horta Correia (Banco de Portugal and CEPR)
"The impact of inflation in open economies". Presentation
(1 MB)
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- 14:30h - 15:30h
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"How inefficient is worker reallocation?"
( 584 KB )
Alejandro Justiniano (Federal Reserve Bank of Chicago), David López-Salido (Federal Reserve Board and CEPR) and Claudio Michelacci (CEMFI and CEPR)
"How inefficient is worker reallocation?". Presentation
(773 KB)
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- 15:30h - 16:30h
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"Stationary equilibrium distributions in economies with limited commitment"
( 1 MB )
Tobias Broer (Stockholm University)
"Stationary equilibrium distributions in economies with limited commitment". Presentation
(2 MB)
-
- 15:30h - 16:30h
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"Inefficient employment decisions, entry costs, and the cost of fluctuations"
( 573 KB )
Wouter den Haan (University of Amsterdam and CEPR) and Petr Sedlacek (University of Amsterdam)
"Inefficient employment decisions, entry costs, and the cost of fluctuations". Presentation
(201 KB)
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- 17:00h - 18:00h
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"Trade, firm selection, and innovation: the competition channel"
( 425 KB )
Giammario Impullitti (IMT Lucca Institute for Advanced Studies) and Omar Licandro (IAE Barcelona and CEPR)
"Trade, firm selection, and innovation: the competition channel". Presentation
(1.008 KB)
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- 17:00h - 18:00h
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"Firm dynamics, job turnover, and wage distributions in an open economy"
( 795 KB )
A. Kerem Cosar (Pennsylvania State University), Nezih Guner (Universitat Autònoma de Barcelona and CEPR) and James Tybout (Pennsylvania State University)
"Firm dynamics, job turnover, and wage distributions in an open economy". Presentation
(445 KB)
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- 18:00h - 19:00h
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"Oilgopoly: a general equilibrium model of the oil-macroeconomy nexus"
( 799 KB )
Anton Nakov and Galo Nuño (Banco de España)
"Oilgopoly: a general equilibrium model of the oil-macroeconomy nexus". Presentation
(325 KB)
-
- 18:00h - 19:00h
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"On the joint behavior of hiring and investment"
( 464 KB )
Eran Yashiv (Tel Aviv University and CEPR)
"On the joint behavior of hiring and investment". Presentation
(1 MB)
27 May
-
- 09:00h - 10:00h
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"Equilibrium government"
( 486 KB )
Bernardo Guimarães (London School of Economics and CEPR) and Kevin Sheedy (London School of Economics)
"Equilibrium government". Presentation
(921 KB)Discussant: Dirk Niepelt (Study Center Gerzensee and CEPR)
(72 KB)
-
- 10:00h - 11:00h
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"Whence policy? Governments, finance, and economic integration"
( 586 KB )
Giuseppe Bertola and Anna Lo Prete (Università degli Studi di Torino and CEPR)
"Whence policy? Governments, finance, and economic integration". ºPresentation
(582 KB)Discussant: John Hassler (IIES, Stockholm University and CEPR)
(244 KB)
-
- 11:30h - 12:30h
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"Women’s rights and development"
( 180 KB )
Raquel Fernández (New York University and CEPR)
"Women’s rights and development". Presentation
(220 KB)Discussant: José Vicente Rodríguez Mora (University of Edinburgh and CEPR)
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- 12:30h - 13:30h
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"When, where and how does fiscal stimulus work?"
Giancarlo Corsetti (EUI and CEPR), Gernot Müller (University of Bonn and CEPR) and Andre Meier (IMF)
"When, where and how does fiscal stimulus work?". Presentation
(518 KB)Discussant: Jesper Lindé (Federal Reserve Board)
(449 KB)
28 May
-
- 09:00h - 10:00h
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"Redistributive taxation in a partial insurance economy"
Jonathan Heathcote (Federal Reserve Bank of Minneapolis and CEPR), Kjetil Storesletten (Federal Reserve Bank of Minneapolis and CEPR) and Giovanni Violante (New York University and CEPR)
"Redistributive taxation in a partial insurance economy". Presentation
(4 MB)Discussant: James Costain (Banco de España)
(213 KB)
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- 10:00h - 11:00h
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"Some economics of fiscal policy and the zero lower bound"
( 404 KB )
Karel Mertens (Cornell University) and Morten Ravn (University College London and CEPR)
"Some economics of fiscal policy and the zero lower bound". Presentation
(954 KB)Discussant: Florin Bilbiie (Paris School of Economics and CEPR)
(74 KB)
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- 11:30h - 12:30h
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"On the dynamics of leverage, liquidity and risk"
Philippe Bacchetta (Université de Lausanne and CEPR), Cédric Tille (The Graduate Institute of International and Development Studies and CEPR) and Eric van Wincoop (University of Virginia)
Discussant: Paul Klein (University of Western Ontario)
(172 KB)
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- 12:30h - 13:30h
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"The return of the wage phillips curve"
( 521 KB )
Jordi Galí (CREI, Universitat Pompeu Fabra and CEPR)
"The return of the wage phillips curve" . Presentation
(444 KB)Discussant: Per Krusell (Princeton University, IIES and CEPR)
(309 KB)
-
- 14:30h - 15:30h
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"Industrial structure and financial capital flows"
( 465 KB )
Keyu Jin (London School of Economics)
"Industrial structure and financial capital flows". Presentation
(327 KB)
-
- 14:30h - 15:30h
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"Depression econometrics: a FAVAR model of monetary policy during the great depression"
( 2 MB )
Pooyan Amir Ahmadi (Humboldt University of Berlin) and Albrecht Ritschl (London School of Economics and CEPR)
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- 15:30h - 16:30h
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"Macroeconomic volatility and external imbalances"
Alessandra Fogli and Fabrizio Perri (University of Minnesota and CEPR)
"Macroeconomic volatility and external imbalances". Presentation
(408 KB)
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- 15:30h - 16:30h
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"Is there a fiscal free lunch in a liquidity trap?"
( 570 KB )
Christopher J. Erceg (Board of Governors of the Federal Reserve System) and Jesper Lindé (Federal Reserve Board and CEPR)
"Is there a fiscal free lunch in a liquidity trap?". Presentation
(447 KB)
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- 17:00h - 18:00h
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"Globalization and divergence"
( 268 KB )
Joseph Zeira (Hebrew University of Jerusalem and CEPR)
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- 17:00h - 18:00h
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"Precautionary price stickiness"
( 477 KB )
James Costain and Anton Nakov (Banco de España)
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- 18:00h - 19:00h
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"Social structure and human capital dynamics"
( 428 KB )
Tiago V. de V. Cavalcanti (Purdue University) and Chryssi Giannitsarou (University of Cambridge and CEPR)
"Social structure and human capital dynamics". Presentation
(717 KB)
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- 18:00h - 19:00h
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"Long and short interest rate targets"
( 289 KB )
Bernardino Adão (Banco de Portugal), Isabel Correia (Banco de Portugal, Universidade Catolica Portuguesa and CEPR) and Pedro Teles (Banco de Portugal and CEPR)
"Long and short interest rate targets". Presentation
(148 KB)