La vigésima tercera edición del European Summer Symposium in International Macroeconomics (ESSIM) tuvo lugar los días 26 a 30 de mayo de 2015 en Roda de Bará (Tarragona). Fue organizada conjuntamente por el Banco de España y el Centre for Economic Policy Research (CEPR).
El simposio, de carácter anual, reúne alrededor de 70 economistas, incluyendo europeos e investigadores destacados de otras regiones. Supone una ocasión única para intercambiar experiencias y desarrollar ámbitos de colaboración investigadora; además, la reunión tiene también como objetivo proporcionar el encuentro entre jóvenes investigadores y economistas de reconocido prestigio internacional.
26 Mayo 2015 - 29 Mayo 2015
RODA DE BARÀ, TARRAGONA
Ponentes
26 Mayo
-
- 08:15h - 08:45h
- Registration and Coffee
-
- 08:45h - 09:00h
- Introductory remarks: James Costain (Banco de España)
-
- 09:00h - 10:00h
-
Austerity and Household Expenditure
( 2 MB )
Paolo Surico (London Business School and CEPR)
*Riccardo Trezzi (Board of Governors of the Federal Reserve System)Austerity and Household Expenditure. Presentation
(1 MB)Discussant: Benjamin Born (University of Mannheim and CEPR)
(1 MB)
-
- 10:30h - 11:30h
-
Corporate Cash and Employment
( 304 KB )
Philippe Bacchetta (Université de Lausanne and CEPR)
*Kenza Benhima (Université de Lausanne and CEPR)
Céline Poilly (Université de Lausanne)Corporate Cash and Employment. Presentation
(9 MB)Discussant: Tomasz Wieladek (Bank of England and CEPR)
(228 KB)
-
- 11:40h - 12:20h
-
The output effects of fiscal adjustment plans: disaggregating taxes and spending
( 605 KB )
Alberto Alesina (Harvard University and CEPR)
Carlo Favero (IGIER, Università Bocconi and CEPR)
*Francesco Giavazzi (IGIER, Università Bocconi and CEPR)
-
- 11:40h - 12:20h
-
Job Polarization and Structural Change
( 520 KB )
Zsofia Barany (Sciences Po, Paris)
*Christian Siegel (University of Exeter)Job Polarization and Structural Change. Presentation
(630 KB)
-
- 12:20h - 13:00h
-
A New Identification of Fiscal Shocks Based on the Information Flow
( 882 KB )
*Giovanni Ricco (London Business School)
A New Identification of Fiscal Shocks Based on the Information Flow. Presentation
(624 KB)
-
- 12:20h - 13:00h
-
Demographic Structure and Macroeconomic Trends
( 672 KB )
Yunus Aksoy (Birkbeck, University of London)
*Henrique Basso (Banco de España)
Tobias Grasl (Birkbeck, University of London)
Ron P. Smith (Birkbeck, University of London)Demographic Structure and Macroeconomic Trends. Presentation
(1 MB)
-
- 14:30h - 15:10h
-
Austerity
( 540 KB )
Harris Dellas (University of Bern and CEPR)
*Dirk Niepelt (Study Center Gerzensee and CEPR)
-
- 14:30h - 15:10h
-
Voter Turnout and City Performance
( 241 KB )
*Anna Lo Prete (Università di Torino)
Federico Revelli (Università di Torino)
-
- 15:10h - 15:50h
-
Does austerity pay off?
( 708 KB )
Benjamin Born (University of Mannheim and CEPR)
*Johannes Pfeifer (University of Mannheim)
Gernot Müller (University of Bonn and CEPR)
-
- 15:10h - 15:50h
-
Optimal Spatial Taxation: Are Big Cities too Small?
( 680 KB )
Jan Eeckhout (Universitat Pompeu Fabra and CEPR)
*Nezih Guner (Universitat Autónoma de Barcelona and CEPR)Optimal Spatial Taxation: Are Big Cities too Small?. Presentation
(586 KB)
-
- 16:20h - 17:00h
-
Price Level Changes and the Redistribution of Nominal Wealth Across the Euro Area
( 593 KB )
*Klaus Adam (University of Mannheim and CEPR)
Junyi Zhu (Deutsche Bundesbank)
-
- 16:20h - 17:00h
-
Reverse engineering labour market flows
( 274 KB )
*Tamás Papp (Institute for Advanced Studies, Vienna)
Reverse engineering labour market flows. Presentation
(191 KB)
-
- 17:00h - 17:40h
-
Jump-Starting the Euro Area Recovery: Should the Core Expand Spending to Help the Periphery?
Olivier Blanchard (IMF)
Christopher Erceg (Federal Reserve Board)
*Jesper Lindé (Sveriges Riksbank and CEPR)
-
- 17:00h - 17:40h
-
Countercyclical Job Values
( 332 KB )
*Eran Yashiv (Tel Aviv University and CEPR)
27 Mayo
-
- 09:00h - 10:00h
-
Financial Heterogeneity and Monetary Union
Simon Gilchrist (Boston University)
Raphael Schoenle (Brandeis University)
Jae Sim* (Federal Reserve Board)
Egon Zakrajsek (Federal Reserve Board)Financial Heterogeneity and Monetary Union. Presentation
(109 KB)Discussant: Isabel Correia (Banco de Portugal and CEPR)
(1 MB)
-
- 10:30h - 11:30h
-
Stagnation Traps
( 451 KB )
Gianluca Benigno (London School of Economics and CEPR)
*Luca Fornaro (CREI and Universitat Pompeu Fabra, Barcelona)Stagnation Traps. Presentation
(394 KB)Discussant: Roger Farmer (University of California, Los Angeles and CEPR)
-
- 11:40h - 12:20h
-
The interaction between household and firm dynamics and the amplification of financial shocks
*Andrea Caggese (Universitat Pompeu Fabra)
Ander Perez (Universitat Pompeu Fabra and Barcelona GSE)
-
- 11:40h - 12:20h
-
Home Away From Home? Foreign Demand and London House Prices
( 3 MB )
*Cristian Badarinza (University of Oxford)
Tarun Ramadorai (University of Oxford and CEPR)Home Away From Home? Foreign Demand and London House Prices. Presentation
(2 MB)
-
- 12:20h - 13:00h
-
What are the Real Effects of QE Driven Capital Flows with Macroprudential Response? Evidence from Firm-Bank Matched Data in an Emerging Market
Yusuf Soner Baskaya (CBRT)
*Julian di Giovanni (UPF, BGSE, CREI, and CEPR)
Sebnem Kalemli-Ozcan (University of Maryland and CEPR)
José Luis Peydró (ICREA-UPF, BGSE, CREI and CEPR)
Mehmet Fatih Ulu (CBRT)
-
- 12:20h - 13:00h
-
Moving House
( 1 MB )
*Liwa Rachel Ngai (London School of Economics and CEPR)
Kevin Sheedy (London School of Economics and CEPR)
-
- 14:30h - 15:10h
-
Monetary Policy and Sovereign Debt Vulnerability
( 388 KB )
*Galo Nuño (Banco de España)
Carlos Thomas (Banco de España)Monetary Policy and Sovereign Debt Vulnerability. Presentation
(490 KB)
-
- 14:30h - 15:10h
-
Multinational Production and Comparative Advantage
( 1 MB )
*Vanessa Alviarez (University of Michigan)
Multinational Production and Comparative Advantage. Presentation
(1 MB)
-
- 15:10h - 15:50h
-
Sovereign Default: The Role of Expectations
( 524 KB )
Joao Ayres (University of Minnesota)
Gaston Navarro (New York University)
Juan Pablo Nicolini (Federal Reserve Bank of Minneapolis and Universidad Di Tella)
*Pedro Teles (Catolica Lisbon, Banco de Portugal and CEPR)Presentation
-
- 15:10h - 15:50h
-
International Inflation Spillovers Through Input Linkages
Raphael Auer (Swiss National Bank and CEPR)
*Andrei Levchenko (University of Michigan and CEPR)
Philip Sauré (Swiss National Bank)International Inflation Spillovers Through Input Linkages. Presentation
(2 MB)
-
- 16:20h - 17:00h
-
Housing Debt and the Transmission of Monetary Policy
*James Cloyne (Bank of England and UCL)
Clodomiro Ferreira (London Business School)
Paolo Surico (London Business School and CEPR)Presentation
-
- 16:20h - 17:00h
-
Optimal Time-Consistent Government Debt Maturity
( 333 KB )
*Davide Debortoli (Universitat Pompeu Fabra)
Ricardo Nunes (Federal Reserve Bank of Boston)
Pierre Yared (Columbia University)Optimal Time-Consistent Government Debt Maturity. Presentation
(1 MB)
-
- 17:00h - 17:40h
-
Search-Based Endogenous Illiquidity and the Macroeconomy
*Wei Cui (University College London)
Soren Radde (European Central Bank)Search-Based Endogenous Illiquidity and the Macroeconomy. Presentation
(861 KB)
-
- 17:00h - 17:40h
-
Debt into Growth: How the Country that Borrowed the Most Industrialized First
Jaume Ventura (CREI and CEPR)
*Hans-Joachim Voth (University of Zurich, UPF-ICREA, CREI and CEPR)Debt into Growth: How the Country that Borrowed the Most Industrialized First. Presentation
(4 MB)
28 Mayo
-
- 09:00h - 10:00h
-
Is Government Spending at the Zero Lower Bound Desirable?
( 417 KB )
Florin Bilbiie (Paris School of Economics)
*Tommaso Monacelli (IGIER, Università Bocconi and CEPR)
Roberto Perotti (IGIER, Università Bocconi and CEPR)Is Government Spending at the Zero Lower Bound Desirable?. Presentation
(247 KB)Discussant: Ferre De Graeve (Sveriges Riksbank)
(43 KB)
-
- 10:30h - 11:30h
-
Reconciling Hayek's and Keynes' views of recessions
Paul Beaudry (University of British Columbia)
Dana Galizia (University of British Columbia)
*Franck Portier (Toulouse School of Economics and CEPR)Reconciling Hayek's and Keynes' views of recessions. Presentation
(2 MB)Discussant: Kurt Mitman (IIES, Stockholm University)
(224 KB)
-
- 11:40h - 12:20h
-
The Fundamental Surplus in Matching Models
( 526 KB )
*Lars Ljungqvist (Stockholm School of Economics and CEPR)
Thomas J Sargent (New York University)The Fundamental Surplus in Matching Models. Presentation
(3 MB)
-
- 11:40h - 12:20h
-
Global Sunspots and Asset Prices in a Monetary Economy
*Roger Farmer (University of California, Los Angeles and CEPR)
Global Sunspots and Asset Prices in a Monetary Economy. Presentation
(1 MB)
-
- 12:20h - 13:00h
-
Costly decisions and sequential bargaining
( 967 KB )
*James Costain (Banco de España)
Costly decisions and sequential bargaining. Presentation
(1 MB)
-
- 12:20h - 13:00h
-
An Investigation of Optimal Interaction between Monetary Policy and Bank Capital Requirements
( 1 MB )
Chuan Du (Bank of England)
*David Miles (Bank of England and Imperial College London)
29 Mayo
-
- 09:00h - 10:00h
-
When Does a Central Bank’s Balance Sheet Require Fiscal Support?
( 566 KB )
*Marco Del Negro (Federal Reserve Bank of New York)
Christopher A. Sims (Princeton University)When Does a Central Bank’s Balance Sheet Require Fiscal Support?. Presentation
(481 KB)Discussant: Luca Dedola (European Central Bank and CEPR)
(629 KB)
-
- 10:30h - 11:30h
-
The Impact of Contract Enforcement Costs on Outsourcing and Aggregate Productivity
( 548 KB )
*Johannes Boehm (Sciences Po, Paris)
Discussant: Nuno Coimbra (Paris School of Economics)
-
- 11:40h - 12:20h
-
Approximating Time Varying Structural Models with Time Invariant Structures
( 851 KB )
*Fabio Canova (EUI, Firenze and CEPR)
Fillippo Ferroni (Banque de France)
Christian Matthes (Federal Reserve Bank of Richmond)Approximating Time Varying Structural Models with Time Invariant Structures. Presentation
(771 KB)
-
- 11:40h - 12:20h
-
Financial Shocks and Job Flows
Neil Mehrotra (Brown University)
*Dmitriy Sergeyev (Università Bocconi)
-
- 12:20h - 13:00h
-
Resolving the Spanning Puzzle in Macro-Finance Term Structure Models
( 372 KB )
Michael D. Bauer (Federal Reserve Bank of San Francisco)
*Glenn Rudebusch (Federal Reserve Bank of San Francisco)Resolving the Spanning Puzzle in Macro-Finance Term Structure Models. Presentation
(289 KB)
-
- 12:20h - 13:00h
-
Worker Turnover and Non-employment Insurance
( 445 KB )
Sekyu Choi (Universitat Autónoma de Barcelona)
*Javier Fernandez-Blanco (Universitat Autonoma de Barcelona)Worker Turnover and Non-employment Insurance. Presentation
(348 KB)
-
- 14:30h - 15:10h
-
Climate Tipping and Economic Growth: Precautionary Capital and the Price of Carbon
( 649 KB )
Aart de Zeeuw (Tilburg University)
*Frederick van der Ploeg (Oxford University and CEPR)
-
- 14:30h - 15:10h
-
Fertility, Longevity and Capital Flows
Zsofia Barany (Sciences Po, Paris)
Taha Choukhmane (Yale University)
Nicolas Coeurdacier (Sciences Po, Paris and CEPR)
*Stéphane Guibaud (Sciences Po, Paris)
-
- 15:10h - 15:50h
-
Convergence and Divergence in Growth Regressions
( 306 KB )
Michele Battisti (University of Palermo)
Gianfranco Di Vaio (LUISS Guido Carli)
*Joseph Zeira (Hebrew University of Jerusalem and CEPR)Convergence and Divergence in Growth Regressions. Presentation
(1 MB)
-
- 15:10h - 15:50h
-
Menu Costs, Aggregate Fluctuations, and Large Shocks
*Peter Karadi (European Central Bank and CEPR)
Adam Reiff (Central Bank of Hungary)Menu Costs, Aggregate Fluctuations, and Large Shocks. Presentation
(1 MB)