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 BacchettaOpens in new windowRoel BeetsmaOpens in new window, Giancarlo CorsettiOpens in new window, Emmanuel FarhiOpens in new window, Jordi GalíOpens in new windowLuc LaevenOpens in new window Ramon MarimonOpens in new window, Ashoka ModyOpens in new window, Athanasios OrphanidesOpens in new window, Opens in new windowCarmen ReinhartOpens in new window, Rafael RepulloOpens in new window, Hélène ReyOpens in new window, Tano SantosOpens in new windowMarkus SihvonenOpens in new windowXavier VivesOpens in new window and Iván WerningOpens in new window, among others, have participated.



16 September

    • 09:00h - 09:30h
    • Registration and Welcome Coffee
    • 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


      Tano Santos  (716 KB)
      (Columbia University)

    • 10:55h - 11:25h
    • Coffee Break
    • 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

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)

      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


      Roel Beetsma  (152 KB)
       (University of Amsterdam)

    • 14:00h - 15:30h
    • Lunch
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