Third Annual Research Conference of the Banco de España

On 16-17 September 2019, the Banco de España hosted its Third Annual Research Conference at its Madrid headquarters. This year the theme of the conference has been “The EMU at 20: current status and the way forward”. Leading scholars such as Philippe Bacchetta, Roel Beetsma, Giancarlo Corsetti, Emmanuel Farhi, Jordi Galí, Luc Laeven Ramon Marimon, Ashoka Mody, Athanasios Orphanides, Carmen Reinhart, Rafael Repullo, Hélène Rey, Tano Santos, Markus Sihvonen, Xavier Vives and Iván Werning, among others, have participated.

Information

- 09:00h - 09:30h
- Registration and Welcome Coffee
- 09:30h - 09:45h
- Welcome Remarks: Pablo Hernández de Cos (Governor of the Banco de España) ( 165 KB )
- 09:45h - 10:55h
- Chair: Oscar Arce (Director General Economics, Statistics and Research, Banco de España)
  
  “Labor Mobility Within Currency Unions”
  Emmanuel Farhi (4 MB) (Harvard University) and Iván Werning
  
  Discussant: Tano Santos (716 KB) (Columbia University)
- 10:55h - 11:25h
- Coffee Break
- 11:25h - 12:35h
- Chair: Carlos Thomas (Banco de España)
  
  “Why is the Euro punching below its weight?”
  Carmen Reinhart (2 MB) (Harvard Kennedy School), Kenneth Rogoff and Ethan Ilzetzki
  
  Discussant: Fernando Broner (861 KB) (CREI)
- 12:35h - 13:45h
- “Answering the Queen: Machine Learning and Financial Crises”
  
  Jérémy Fouliard, Michael Howell and Hélène Rey (London Business School)
  
  Discussant: Luc Laeven (ECB)
- 13:45h - 15:15h
- Lunch
- 15:15h - 16:25h
- Chair: Eva Ortega (Banco de España)
  
  “Does a Currency need a Capital Market Union?”
  Joseba Martinez, Thomas Philippon, and Markus Sihvonen (377 KB) (Bank of Finland)
  
  Discussant: Jordi Galí (CREI)
- 16:25h - 16:40h
- Coffee Break
- 16:40h - 17:45h
- Chair: Eva Ortega (Banco de España)
  
  “Interest Rates, Market Power, and Financial Stability”
  David Martínez-Miera and Rafael Repullo (819 KB) (CEMFI)
  
  Discussant: Xavier Vives (994 KB) (IESE Business School)