The twenty-second European Summer Symposium in International Macroeconomics (ESSIM) took place on 27-30 May 2014. The meeting, jointly organized with the Centre for Economic Policy Research (CEPR), was hosted by the Banco de España in Roda de Bará, Tarragona.
ESSIM is an annual meeting that brings together around 70 economists, including Europeans and key researchers from outside the region. It provides a unique opportunity for macroeconomists from different research institutions and countries to discuss research in a relaxed atmosphere and to develop long-term collaborative relationships. Another important aim of ESSIM is to provide young researchers with the opportunity to meet and discuss their work with senior economists.
Information
27 May 2014 - 30 May 2014
Tarragona
Speakers
27 May
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- 08:45h - 09:00h
- Introductory remarks: Juan Francisco Jimeno (Banco de España)
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- 09:00h - 10:00h
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Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone
( 725 KB )
*Philippe Martin (Sciences Po, Paris and CEPR)
Thomas Philippon (New York University, CEPR and NBER)Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone. Presentation
(459 KB)Discussant: Gernot Müller (Bonn University and CEPR)
(427 KB)
-
- 10:00h - 11:00h
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Banks, Capital Flows and Financial Crises
( 386 KB )
Ozge Akinci (Federal Reserve Board)
*Albert Queralto (Federal Reserve Board)Banks, Capital Flows and Financial Crises. Presentation
(1 MB)Discussant: Henrique Basso (Banco de España)
(106 KB)
-
- 11:30h - 12:30h
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Quality, Trade, and Exchange Rate Pass-Through
( 561 KB )
*Natalie Chen (University of Warwick and CEPR)
Luciana Juvenal (IMF)Quality, Trade, and Exchange Rate Pass-Through. Presentation
(279 KB)Discussant: Raphael Auer (Swiss National Bank and CEPR)
(238 KB)
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- 12:30h - 13:30h
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Income-Induced Expenditure Switching
( 1 MB )
Rudolfs Bems (Bank of Latvia, Stockholm School of Economics in Riga and IMF)
*Julian di Giovanni (Universitat Pompeu Fabra and CEPR)Income-Induced Expenditure Switching. Presentation
(655 KB)Discussant: Fabrizio Coricelli (Paris School of Economics and CEPR)
(382 KB)
-
- 15:00h - 15:45h
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Great Moderation and Great Leverage: Financial trade and asset prices when investors disagree about risk
( 405 KB )
*Tobias Broer (IIES, Stockholm University and CEPR)
Afroditi Kero (University of Cyprus)
-
- 15:00h - 15:45h
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Capital controls: a normative analysis
( 310 KB )
*Bianca de Paoli (Federal Reserve Bank of New York)
Anna Lipinska (Federal Reserve Board)Capital controls: a normative analysis. Presentation
(205 KB)
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- 15:45h - 16:30h
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Non-Fundamental Dynamics and Financial Markets Integration
( 461 KB )
*Giacomo Rondina (University of California, San Diego)
Non-Fundamental Dynamics and Financial Markets Integration. Presentation
(755 KB)
-
- 15:45h - 16:30h
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The World Income Distribution: The Distinctive Effects of Unbundling
Sergi Basco (Universidad Carlos Tercero)
*Martí Mestieri (Toulouse School of Economics)The World Income Distribution: The Distinctive Effects of Unbundling. Presentation
(270 KB)
-
- 17:00h - 17:45h
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Unemployment (Fears), Precautionary Savings, and Aggregate Demand
Wouter den Haan (London School of Economics and CEPR)
*Pontus Rendahl (University of Cambridge)
Markus Riegler (London School of Economics)Unemployment (Fears), Precautionary Savings, and Aggregate Demand. Presentation
(1 MB)
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- 17:00h - 17:45h
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State-dependent pricing and the government spending multiplier
( 313 KB )
Luca Dedola (ECB and CEPR)
*Anton Nakov (ECB and CEPR)State-dependent pricing and the government spending multiplier. Presentation
(432 KB)
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- 17:45h - 18:30h
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Trade, Unemployment, and Monetary Policy
( 555 KB )
Matteo Cacciatore (HEC Montreal)
*Fabio Ghironi (University of Washington and CEPR)Trade, Unemployment, and Monetary Policy. Presentation
(379 KB)
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- 17:45h - 18:30h
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Chronicle of Unanticipated and Anticipated Increases in Military Spending
( 913 KB )
Nadav Ben Zeev (European University institute)
*Evi Pappa (European University institute and CEPR)Chronicle of Unanticipated and Anticipated Increases in Military Spending. Presentation
(3 MB)
28 May
-
- 09:00h - 10:00h
-
Optimal Income Taxation: Mirrlees Meets Ramsey
( 479 KB )
*Jonathan Heathcote (Federal Reserve Bank of Minneapolis and CEPR)
Hitoshi Tsujiyama (Goethe University Frankfurt)Optimal Income Taxation: Mirrlees Meets Ramsey. Presentation
(682 KB)Discussant: Nezih Guner (Barcelona Graduate School of Economics and CEPR)
(1 MB)
-
- 10:00h - 11:00h
-
The Effects of Government Spending: Quasi-Experimental Evidence from Brazilian Municipalities
Raphael Corbi (London Business School)
Elias Papaioannou (London Business School, CEPR and NBER)
*Paolo Surico (London Business School and CEPR)Discussant: Javier J. Perez (Banco de España)
(304 KB)
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- 11:30h - 12:30h
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Aggregation and Labor Supply Elasticities
( 653 KB )
Alois Kneip (University of Bonn)
*Monika Merz (University of Vienna and CEPR)
Lidia Storjohann (University of Bonn)Aggregation and Labor Supply Elasticities. Presentation
(79 KB)Discussant: Renato Faccini (Queen Mary University)
(160 KB)
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- 12:30h - 13:30h
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Gambling for resurrection in Iceland: the rise and fall of the banks
( 3 MB )
*Fridrik Mar Baldursson (Reykjavik University)
Richard Portes (London Business School and CEPR)Discussants: Jeromin Zettelmeyer (EBRD and CEPR) and George Alogoskoufis (Athens University of Economics and Business)
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- 15:00h - 15:45h
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What Drives Aggregate Investment
*Rüdiger Bachmann (Goethe University Frankfurt and CEPR)
Peter Zorn (IFO and LMU)
-
- 15:00h - 15:45h
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Exchange Rate Pass-Through, Currency Invoicing and Trade Partners
Wei Dong (Bank of Canada)
*Michael Devereux (University of British Columbia and CEPR)
Ben Tomlin (Bank of Canada)
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- 15:45h - 16:30h
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Financial Shocks in Production Chains
Sebnem Kalemli-Ozcan (University of Maryland)
Se-Jik Kim (Seoul National University)
Hyun Song Shin (Princeton University)
*Bent Sørensen (University of Houston and CEPR)
Sevcan Yesiltas (Johns Hopkins University)Financial Shocks in Production Chains. Presentation
(326 KB)
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- 15:45h - 16:30h
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Price Setting with Customer Retention
( 534 KB )
*Luigi Paciello (Einaudi Institute for Economics and Finance and CEPR)
Andrea Pozzi (Einaudi Institute for Economics and Finance and CEPR)
Nicholas Trachter (Federal Reserve Bank of Richmond)
-
- 17:00h - 17:45h
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The Distribution of Debt across Euro Area Countries: The Role of Individual Characteristics, Institutions and Credit Conditions
( 3 MB )
Olympia Bover (Banco de España)
José María Casado (Banco de España)
Sonia Costa (Banco de Portugal)
Philip Du Caju (National Bank of Belgium)
Yvonne McCarthy (Central Bank of Ireland)
Eva Sierminska (CEPS/INSTEAD)
Panagiota Tzamourani (Bundesbank)
*Ernesto Villanueva (Banco de España)
Tibor Zavadil (Narodna Banka Slovenska)
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- 17:00h - 17:45h
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A Signalling Theory of Quantitative Easing
( 628 KB )
*Saroj Bhattarai (Pennsylvania State University)
Gauti B. Eggertsson (Brown University)
Bulat Gafarov (Pennsylvania State University)A Signalling Theory of Quantitative Easing. Presentation
(417 KB)
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- 17:45h - 18:30h
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Sovereigns versus Banks: Credit, Crises, and Consequences
( 451 KB )
*Óscar Jordà (SF Fed & UC Davis)
Moritz Schularick (University of Bonn)
Alan Taylor (University of California, Davis and CEPR)Sovereigns versus Banks: Credit, Crises, and Consequences. Presentation
(524 KB)
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- 17:45h - 18:30h
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Signaling effects of Monetary Policy
( 654 KB )
*Leonardo Melosi (Northwestern University)
29 May
-
- 09:00h - 10:00h
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Firm Dynamics and Wage Inequality: the Role of Trade and Institutional Change
( 1 MB )
Gabriel Felbermayr (IFO Munich)
*Giammario Impullitti (Nottingham University)
Julien Prat (CREST Paris and CEPR)Firm Dynamics and Wage Inequality: the Role of Trade and Institutional Chang. Presentation
(1 MB)Discussant: Giuseppe Bertola (EDHEC Business School and CEPR)
(209 KB)
-
- 10:00h - 11:00h
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Labor Market Reform and the Cost of Business Cycles
( 244 KB )
*Tom Krebs (University of Mannheim)
Labor Market Reform and the Cost of Business Cycles. Presentation
(90 KB)Discussant: Petr Sedlacek (Bonn University)
(667 KB)
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- 11:30h - 12:30h
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Capital Regulation in a Macroeconomic Model with Three Layers of Default
( 524 KB )
Laurent Clerc (Banque de France), Alexis Derviz (Czech National Bank), Caterina Mendicino
(Banco de Portugal), Stéphane Moyen (Deutsche Bundesbank), Kalin Nikolov (ECB), Livio
Stracca (ECB), *Javier Suarez (CEMFI and CEPR) and Alexandros Vardoulakis (Federal
Reserve Board)Capital Regulation in a Macroeconomic Model with Three Layers of Default. Presentation
(445 KB)Discussant: Galo Nuño (Banco de España)
(142 KB)
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- 12:30h - 13:30h
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Breaking the Spell with Credit-Easing: Self-Confirming Credit Crises in Competitive Search Economies
( 883 KB )
Gaetano Gaballo (Banque de France)
*Ramon Marimon (European University Institute and CEPR)Discussant: Dirk Niepelt (Studienzentrum Gerzensee and CEPR)
(82 KB)
30 May
-
- 09:00h - 10:00h
-
Marginal Tax Rates and Income: New Time Series Evidence
( 364 KB )
*Karel Mertens (Cornell University and CEPR)
Marginal Tax Rates and Income: New Time Series Evidence. Presentation
(1 MB)Discussant: Barbara Rossi (Universitat Pompeu Fabra and CEPR)
(575 KB)
-
- 10:00h - 11:00h
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The Gender Unemployment Gap
( 963 KB )
*Stefania Albanesi (Federal Reserve Bank of New York and CEPR)
Aysegul Sahin (Federal Reserve Bank of New York)The Gender Unemployment Gap. Presentation
(2 MB)Discussant: Gilles Saint-Paul (Toulouse School of Economics and CEPR)
(80 KB)
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- 11:30h - 12:30h
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Risk-Taking, Rent-Seeking, and CEO Incentives when Financial Markets are Noisy
( 1 MB )
Elias Albagli (Bank of Chile)
*Christian Hellwig (Toulouse School of Economics and CEPR)
Aleh Tsyvinski (Yale University)Risk-Taking, Rent-Seeking, and CEO Incentives when Financial Markets are Noisy. Presentation
(1 MB)Discussant: Pietro Reichlin (LUISS Guido Carli, EIEF and CEPR)
(310 KB)
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- 12:30h - 13:30h
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Endogenous Public Information and Welfare
( 388 KB )
*Xavier Vives (IESE, Barcelona-Madrid and CEPR)
Endogenous Public Information and Welfare. Presentation
(1 MB)Discussant: Kristoffer Nimark (Universitat Pompeu Fabra and CEPR)
(146 KB)
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- 15:00h - 15:45h
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A Political Economy Theory of Populism and Discrimination
*Gilles Saint-Paul (Toulouse School of Economics and CEPR)
Davide Ticchi (IMT Lucca Institute for Advanced Studies)
Andrea Vindigni (IMT Lucca)A Political Economy Theory of Populism and Discrimination. Presentation
(258 KB)
-
- 15:00h - 15:45h
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Structural reforms in a debt overhang
Javier Andrés (University of Valencia)
Óscar Arce (Banco de España)
*Carlos Thomas (Banco de España)
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- 15:45h - 16:30h
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Heterogeneity, Selection and Labor Market Disparities
( 278 KB )
*Alessandra Bonfiglioli (Universitat Pompeu Fabra and CEPR)
Gino Gancia (CREI, UPF and CEPR)Heterogeneity, Selection and Labor Market Disparities. Presentation
(225 KB)
-
- 15:45h - 16:30h
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Inference Based on SVARs Identified with Sign and Zero Restrictions: Theory and Applications
( 2 MB )
* Jonas E. Arias (Federal Reserve Board)
Juan Francisco Rubio-Ramírez (Duke University and CEPR)
Daniel F. Waggoner (Federal Reserve Bank of Atlanta)
-
- 17:00h - 17:15h
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Escaping the Great Recession
( 438 KB )
Leonardo Melosi (Federal Reserve Bank of Chicago)
*Francesco Bianchi (Duke University and CEPR)
-
- 17:00h - 17:15h
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Public Information in Populations with Heterogeneous Interests
*Kristoffer Nimark (Universitat Pompeu Fabra and CEPR)
Public Information in Populations with Heterogeneous Interests . Presentation
(301 KB)
-
- 17:45h - 18:30h
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Credit Spreads and Credit Policies
( 196 KB )
Isabel Correia (Bank of Portugal and CEPR)
*Fiorella De Fiore (ECB)
Pedro Teles ((Bank of Portugal and CEPR)
Oreste Tristani (ECB)
-
- 17:45h - 18:30h
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Transparency and Communication within the FOMC: A computational linguistics approach
( 3 MB )
Stephen Hansen (Universitat Pompeu Fabra and GSE)
*Michael MacMahon (ANU, Bank of England, London School of Economics, University of Warwick and CEPR)
Andrea Prat (Columbia University, and CEPR)