On 18-19 June 2015, the Banco de España hosted a research conference, jointly organized with Banque de France, entitled "Structural reforms in the wake of recovery: Where do we stand?". The conference brought together academics and policy makers to discuss the aggregate implications of structural reforms, both from a theoretical and an empirical perspective. Yann Algan (Sciences Po Paris), Jordi Galí (UPF), and Francesco Giavazzi (U Bocconi) participated as invited speakers. The policy panel included contributions by Alain de Serres (OECD), Marcel Fratzscher (DIW Berlin) and Vitor Gaspar (IMF).
18 June 2015 - 19 June 2015
Banco de España, Madrid
Speakers
18 June
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- 08:30h - 09:00h
- Registration
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- 09:00h - 09:15h
- Introduction
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- 09:15h - 10:45h
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Moving Towards a Single Labour Contract. Transition vs. Steady-State
( 255 KB )
Dolado*, J. (European University Institute), E. Lalé (University of Bristol) and N. Siassi (University of Konstanz)
Discussant: James S. Costain (Banco de España)
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- 09:15h - 10:45h
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Heterogeneity and public sector wage policy
( 484 KB )
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- 11:15h - 13:30h
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Product and labor market regulations, production prices, wages and productivity
( 760 KB )
Cette*, G., J. López and J. Mairesse (Banque de France)
Presentation
Discussant: Aitor Lacuesta (Banco de España)
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- 11:15h - 13:30h
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Selection and Market Reallocation: Productivity Gains from Multinational Production
( 686 KB )
Alfaro*, L. (Harvard Business School) and M. Chen (George Washington University)
Discussant: Carolina Villegas Sánchez (ESADE)
Invited speaker: Yann Algan (Sciences Po Paris): “Trust in Europe?”
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- 15:00h - 17:15h
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Structural asymmetries and financial imbalances in the eurozone
( 349 KB )
Jaccard*, I. and F. Smets (ECB)
Presentation
Discussant: David López-Salido (Federal Reserve Board)
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- 15:00h - 17:15h
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Using Elasticities to Derive Optimal Bankruptcy Exemptions
( 529 KB )
Dávila, E. (NYU Stern)
Discussant: David Martínez-Miera (Universidad Carlos III)
Invited speaker: Francesco Giavazzi (U. Bocconi): “Labor and product market reforms: the optimal sequencing”
(1 MB)
(574 KB)19 June
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- 08:45h - 10:15h
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Cacciatore*, M. (HEC Montreal), G. Fiori (North Carolina State University) and F. Ghironi (University of Washington)
Presentation
Discussant: Antonia Díaz (Universidad Carlos III)
Invited speaker: Jordi Galí (UPF): “Understanding the Gains from Wage Flexibility: The Exchange Rate Connection” (with T. Monaccelli - U. Bocconi).
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- 10:45h - 12:30h
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Macroeconomic effects of simultaneous implementation of reforms after the crisis
( 275 KB )
Notarpietro*, A., A. Gerali and M. Pisani (Banca d’Italia)
Discussant: Samuel Hurtado (Banco de España)
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- 10:45h - 12:30h
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Structural Reforms in a debt overhang
( 517 KB )
Andrés, J. (Universitat de Valencia), O. Arce* (Banco de España) and C. Thomas (Banco de España)
Discussant: Julien Matheron (Banque de France)
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- 12:30h - 14:00h
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Policy Panel
- Marcel Fratzscher (DIW Berlin)
- Vitor Gaspar (IMF)
- José Luis Malo de Molina (Banco de España (chair)
- Alain de Serres (OECD)
- Frank Smets (ECB)