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First Annual Workshop: ESCB Research Cluster on International Macroeconomics, Fiscal Policy, Labour Economics, Competitiveness, and EMU Governance

First Annual Workshop: ESCB Research Cluster on International Macroeconomics, Fiscal Policy, Labour Economics, Competitiveness, and EMU Governance

In 2016, the European System of Central Banks (ESCB) established three Research Clusters to promote collaboration and disseminate research findings on current economic policy issues between the research staff of the ECB and of the national central banks of the European Union. On November 16-17, 2017, the Banco de España hosted the First Annual Workshop of ESCB Research Cluster 2, which addresses policy questions in the areas of international macroeconomics, fiscal policy, labour economics, competitiveness, and EMU governance.

The Workshop, entitled “Medium- and Long-Run Challenges for Europe”, featured sessions on credit allocation and productivity, reallocation in labour markets, sharing of macroeconomic risks in EMU, competitiveness and current account rebalancing, demographics and interest rates, and long-run implications of structural change. Economists from more than twenty ESCB institutions participated, and Prof. Giancarlo Corsetti(Cambridge University) and Prof. Pol Antràs (Harvard University) delivered keynote lectures.

Information

Speakers

16 November

- 08:15h - 09:00h
- Registration and Coffee
- 09:00h - 09:20h
- Welcome address:
  
  Juan Francisco Jimeno (Banco de España)
  
  Workshop introduction:
  James Costain (Banco de España) | Antoine Berthou (Banque de France)
- 09:20h - 11:20h
- FIRST SESSION
  
  Finance, allocation, and productivity
  
  Chair: Matteo Bugamelli (Banca d’Italia)
- 09:20h - 10:00h
- Breaking the shackles: zombie firms, weak banks and depressed restructuring in Europe
  
  *Filippos Petroulakis (ECB) | Dan Andrews (OECD)
  Presentation Filippos Petroulakis, Dan Andrews (126 KB)
  
  Discussant: Enrique Moral (Banco de España)
- 10:00h - 10:40h
- Credit misallocation during the european financial crisis ( 922 KB )
  
  *Enrico Sette (Bank of Italy) | Fabiano Schivardi (LUISS University, EIEF, IGIER and CEPR) | Guido Tabellini (Bocconi University and CEPR)
  Presentation, Enrico Sette, Fabiano Schivardi, Guido Tabellini (524 KB)
  
  Discussant: Paloma López-García (ECB)
  Presentation, Paloma López-García (2 MB)
- 10:40h - 11:20h
- The importance of the EU regional support programmes for firm performance ( 795 KB )
  
  *Olegs Tkacevs (Latvijas Banka) | Konstantins Benkovskis (Latvijas Banka) | Naomitsu Yashiro (OECD)
  Presentation, Olegs Tkacevs, Konstantins Benkovskis, Naomitsu Yashiro (1 MB)
  
  Discussant: Emmanuel Dhyne (Nationale Bank van België)
  Presentation , Emmanuel Dhyne (2 MB)
- 11:20h - 11:40h
- Coffee break
- 11:40h - 13:00h
- SECOND SESSION
- 11:40h - 12:20h
- Shocks and adjustment of firms: Evidence from a survey among European firms
  
  *Stephen Millard (Bank of England) | Tairi Room (Estonian Central Bank) | Thomas Mathä and Ladislaw Wintr (Central Bank of Luxembourg) | Robert Wyszynski (National Bank of Poland)
  
  Discussant: Karsten Staehr (Eesti Pank)
  
  Presentation , Karsten Staehr (79 KB)
- 12:20h - 13:00h
- Flexibility of new hires’ earnings ( 1 MB )
  
  *Reamonn Lydon (Central Bank of Ireland) | Matija Lozej (Central Bank of Ireland)
  Presentation , Reamonn Lydon, Matija Lozej (1 MB)
  
  Discussant: Clémence Berson (Banque de France)
- 13:00h - 14:00h
- Keynote lecture
  
  Exchange rate misalignments, capital flows and optimal monetary policy trade-offs
  *Giancarlo Corsetti (Cambridge University)
  Presentation, Giancarlo Corsetti (1 MB)
- 14:00h - 15:00h
- Lunch
- 15:00h - 17:00h
- THIRD SESSION
  
  Labour market institutions
  
  Chair: Tairi Room (Eesti Pank)
- 15:00h - 15:40h
- Employment protection legislation and financial frictions: what drags Italian GDP down? ( 797 KB )
  
  *Alfonso Rosolia (Bank of Italy) | Giacomo Rodano (Bank of Italy) | Filippo Scoccianti (Bank of Italy)
  Presentation, Alfonso Rosolia, Giacomo Rodano, Filippo Scoccianti (206 KB)
  
  Discussant: Simon Ray (Banque de France)
  Presentation, Simon Ray (233 KB)
- 15:40h - 16:20h
- Labour market institutions and business cycle dynamics ( 1 MB )
  
  * Petteri Juvonen (Bank of Finland)
  Presentation, Petteri Juvonen (1 MB)
  
  Discussant: Jan Brůha (Czech National Bank)
  Presentation, Jan Brůha (429 KB)
- 16:20h - 16:40h
- Coffee break
- 16:40h - 18:40h
- FOURTH SESSION
  
  Sharing macro risk in Europe
  
  Chair: Javier J. Pérez (Banco de España)
- 16:40h - 17:20h
- Private and public risk-sharing in the euro area ( 243 KB )
  
  * Jacopo Cimadomo (ECB) | Oana Furtuna (University of Amsterdam) | Massimo Giuliodori (University of Amsterdam)
  Presentation, Jacopo Cimadomo, Oana Furtuna, Massimo Giuliodori (1 MB)
  
  Discussant: Pietro Tommasino (Banca d’Italia)
  Presentation, Pietro Tommasino (523 KB)
- 17:20h - 18:00h
- Coordinated fiscal policies in the euro area: revisiting the size of spillovers ( 398 KB )
  
  *Pablo Burriel (Banco de España) | Mario Alloza (Banco de España) | Javier Pérez (Banco de España)
  Presentation, Pablo Burriel, Mario Alloza, Javier Pérez (341 KB)
  
  Discussant: Beatrice Pierluigi (ECB)
  Presentation, Beatrice Pierluigi (1 MB)
- 18:00h - 18:40h
- Evaluating recent proposals for a common European unemployment insurance ( 259 KB )
  
  * Nikolai Stähler (Deutsche Bundesbank) | Mathias Dolls (Centre for European Economic Research (ZEW) | Fabian Winkler (Federal Reserve Board)
  Presentation, Nikolai Stähler, Mathias Dolls, Fabian Winkler (987 KB)
  
  Discussant: Mark Strøm Kristoffersen (Danmarks Nationalbank)
  Presentation, Mark Strøm Kristoffersen (738 KB)
- Conference dinner