Third Annual Research Conference of the Banco de España

Papers

16 September

• • 09:00h - 09:30h
  • Registration and Welcome Coffee
• • 09:30h - 09:45h
  • Welcome Remarks: Pablo Hernández de Cos (Governor of the Banco de España) Welcome Remarks: Pablo Hernández de Cos ( 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)

17 September

• • 08:30h - 09:00h
  • Coffee
• • 09:00h - 10:10h
  • Chair: Javier J. Pérez García (Banco de España)

    “Debt Sustainability and the Terms of Official Support”
    

    

    Giancarlo Corsetti  (1 MB)
     (University of Cambridge), Aitor Erce and
    Timothy Uy

    Discussant: Philippe Bacchetta (University of Lausanne)

• • 10:10h - 11:20h
  • "Macroprudential Policies with Financial Intermediaries and Extrapolative Expectations"

    Emmanuel Farhi and

    

    Iván Werning  (7 MB)
     (MIT)

    Discussant: James Costain (ECB)
    

• • 11:20h - 11:50h
  • Coffee Break
• • 11:50h - 13:00h
  • Chair: Ángel Estrada (Banco de España)

    “On the Design of a European Unemployment Insurance System”
    Arpad Abraham, João Brogueira de Sousa,

    

    Ramon Marimon  (1 MB)
     (European University Institute, UPF - Barcelona GSE, CEPR & NBER) and Lukas Mayr

    Discussant: 

    

    Roel Beetsma  (152 KB)
     (University of Amsterdam)

• • 13:00h - 14:00h
  • Chair: Jeannette Neumann (Bloomberg)
    

    Vítor Constâncio  (391 KB)
     (University of Navarra)
    Ashoka Mody (Princeton University)
    
    

    Athanasios Orphanides  (1 MB)
     (MIT Sloan)

• • 14:00h - 15:30h
  • Lunch