Macroeconomic Modeling in Times of Crisis, Paris, 25-26 October 2012

I attended two weeks ago a conference  on “Macroeconomic Modeling in Times of Crisis”.  The first day was be dedicated to the interpretation of the recent crisis through the lenses of current DSGE models. The second day  focused on the future directions for DSGE modeling, taking into accounts the shortcomings put to light during the crisis. This event was be the occasion to honor Lawrence Christiano (Northwestern University) for his huge contribution to the DSGE literature.

I presented there my paper with Paul Beaudry “A Gains from Trade Perspective on Macroeconomic Fluctuations”, tht was rhen nicely discussed by Cosmin Ilut from Duke University.

Here is the program of the conference, that can be also found there. Thanks to the organizers Michel Juillard and Jean‐Guillaume Sahuc (Banque de France), Tao Zha (Federal Reserve Bank of Atlanta), François Langot and Xavier Ragot (Cepremap) and Jean‐Paul Nicolaï (Centre d’Analyse Stratégique).

Thursday, October 25, 2012


Opening address by Daniel Cohen (Cepremap) and Marc-Olivier Strauss-Kahn (Banque de France)

Chair: François Langot Université du Maine and Cepremap

1. “Fiscal Consolidations in Currency Unions: Spending Cuts Vs. Tax Hikes” by Jesper Lindé, Board of Governors of the Federal Reserve System

Discussion by Fabrice Collard, University of Bern

Coffee Break

2. “DSGE Model-Based Forecasting” by Marco Del Negro, Federal Reserve Bank of New York

Discussion: Wouter Den Haan, London School of Economics

3. “Risks to Price Stability and the Zero Lower Bound: A Real-Time Assessment for the Euro Area’” by Günter Coenen, European Central Bank

Discussion: Martin Bodenstein, Asian Development Bank


Poster Session « The Students of Larry Christiano »: Andrea Ajello, Christopher Gust, Daisuke Ikeda, Cosmin Ilut, Riccardo Masolo


Chair: Christian Pfister Banque de France

4. “Endogenous Risk in a DSGE Model with Capital Constraint Financial Intermediaries” by Rafael Wouters, National Bank of Belgium

Discussion: Mathias Trabandt, Board of Governors of the Federal Reserve System

5. “An Estimated Two-Country Model of France and the Euro Area” by Antoine Devulder, Banque de France

Discussion: Carlos Thomas, Bank of Spain

6. “Monetary Policy Modeling in Times of Financial Turmoil: The Case of Sveriges Riksbank” by Ulf Söderström

Discussion: Christopher Erceg

Round Table

Tao Zha, Federal Reserve Bank of Atlanta

David Altig, Sveriges Riksbank

Lawrence Christiano, Northwestern University

Douglas Laxton, International Monetary Fund

Dinner at “Macéo”

Address by Charles Evans (Federal Reserve Bank of Chicago)

Friday, October 26, 2012


Introductory remarks by David Altig, Federal Reserve Bank of Atlanta

Chair: Pierre Jaillet, Banque de France

7. “Price-Level Uncertainty and Stability in the UK”  by Thomas Sargent, New York University

Discussion: François Velde, Banque de France

8. “Unemployment and Business Cycles“ by Lawrence Christiano, Northwestern University

Discussion: Jordi Gali, Centre de Recerca en Economia International

9. “Bailouts, Time Inconsistency, and Optimal Regulation” by Varadarajan V. Chari, University of Minnesota

Discussion: Vincenzo Quadrini, University of Southern California


Chair: Jean-Paul Nicola, ïCentre d’Analyse Stratégique

10. “Choosing the Variables to Estimate Singular DSGE Models” by Fabio Canova, European University Institute

Discussion: Martin Ellison, University of Oxford

11. “A Gains from Trade Perspective on Macroeconomic Fluctuations” by Franck Portier, Toulouse School of Economics

Discussion: Cosmin Ilut, Duke University

Round Table

Marc-Olivier Strauss-KahnBanque de France

Olivier Blanchard, International Monetary fund

Claudio Borio, Bank for International Settlements

Benoit Coeuré, European Central Bank

Daniel Cohen, Cepremap

Athanasios Orphanides, MIT, Sloan School of Management

One thought on “Macroeconomic Modeling in Times of Crisis, Paris, 25-26 October 2012

  1. Pingback: France: Macroeconomic Modeling in Times of Crisis Paris 25-26 October | Euro Economy

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