I have attended a BOE and Centre for Macroeconomics conference entitled “Understanding low growth“. I discussed “The Great Recession: A Self-fulfilling Global Panic” presented by Philippe Bacchetta (UNIL) and coauthored with Eric van Wincoop (University of Virginia). Here are the slides of my discussion.
The program of the conference can be found here.
Florin Bilbiie (PSE) and myself organized the 5th Joint French Macro Workshop. The workshop was (almost) as usual held in the Banue de France.
This series of workshop is jointly organized by CREST/Polytechnique, the Paris School of Economics, SciencesPo and the Toulouse School of Economics; with the financial and logistic support of the Fondation Banque de France pour la recherche en économie.
Roger Guesnerie was this edition keynote speaker.
Maren Froeml (EUI Florence), “General Equilibrium Effects of Targeted Transfers: The case of the Earned Income Tax Credit (EITC)” (with Charles Gottlieb)
Jean Barthélemy (Banque de France), “Monetary Policy Switching and Indeterminacy” (with Magali Marx)
Jean-Paul L’Huillier (Einaudi Institute), “Technological Revolutions and Debt Hangovers: Is There a Link?” (with Dan Cao)
Roger Guesnerie (PSE et Collège de France), « Eductive Stability in Real Business Cycle Models » (with Georges Evans and Bruce McGough)
Christian Hellwig (Toulouse School of Economics), Keynote Speech: “Risk- taking, Rent-seeking, and CEO compensation when financial markets are noisy”
Hitoshi Tsujiyama (Goethe University Frankfurt), “Optimal Income Taxation” (with Jonathan Heathcote)
Taneli Mäkinen (Banca d’Italia) “Information Acquisition and Learning from Prices Over the Business Cycle” (with Björn Ohl)
I attended a CEPR-ECB conference on Heterogeneity in Currency Areas and Macroeconomic Policies. Great keynote speeches were given by Atif Mian and Emmanuel Farhi. I discussed “Sudden stops and expenditure switching: The role of income and relative prices” presented by Rudolfs Bems (IMF and Bank of Latvia) and coauthored with Julian di Giovanni. Here are the slides of my discussion.
The program of the conference was:
2 p.m. Session 1 Macroeconomic adjustment in currency areas
Chair: Massimo Rostagno, European Central Bank
Keynote speech 1
It’s all about risk-sharing
Atif Mian, Princeton University
3 p.m.
Understanding the gains from wage flexibility: The exchange rate connection
Jordi Galí, CREI; Barcelona Graduate School of Economics, with Tommaso Monacelli, Bocconi University; IGIER
Discussant: Mirko Wiederholt, Goethe University Frankfurt
3.50 p.m.
Sudden stops and expenditure switching: The role of income and relative prices
Rudolfs Bems, Latvijas Banka; International Monetary Fund, with Julian di Giovanni, Universitat Pompeu Fabra; Barcelona Graduate School of Economics; CREI; CEPR
Discussant: Franck Portier, Toulouse School of Economics
5.10 p.m.
Reassessing regional labour market adjustments in Europe and the US: Has the role of migration changed?
Frank Smets, European Central Bank, with Robert Beyer, Goethe University Frankfurt
Discussant: Giuseppe Bertola (EDHEC Business School)
7.30 p.m. Dinner, Hosted by Benoît Cœuré, Member of the Executive Board, European Central Bank
9.00 a.m. Session 2, Fiscal unions
Chair: Frank Smets, European Central Bank
Keynote speech 2
Fiscal unions and macroprudential policies for currency areas
Emmanuel Farhi, Harvard University
10 a.m.
A culture clash view of the EU crisis
Luigi Guiso, EIEF; CEPR, with Helios Herrera, HEC Montréal and Massimo Morelli, Columbia University
Discussant: Philippe Weil, Sciences Po; ECARES; CEPR
10.50 a.m.
Spillover of fiscal shocks in the euro area
Fabio Canova, European University Institute; CEPR, with Matteo Ciccarelli, European Central Bank and Pietro Dallari, Universitat Pompeu Fabra
Discussant: Roel Beetsma, University of Amsterdam
12.10 p.m.
Household leverage and sovereign risk
Philippe Martin, Sciences Po; CEPR, with Thomas Philippon, New York University; CEPR; NBER
Discussant: Fiorella De Fiore, European Central Bank
2.30 p.m. Session 3, Monetary and financial stability in currency areas
Chair: Giancarlo Corsetti, University of Cambridge; CEPR
2.30 p.m.
Inflation, debt and default
IIlenin Kondo, Federal Reserve Board, with Fabrizio Perri, Federal Reserve Bank of Minneapolis; University of Minnesota; NBER; CEPR and Sewon Hur, University of Pittsburgh
Discussant: Keith Kuester, University of Bonn
3.20 p.m.
Market deregulation and optimal monetary policy in a monetary union
Matteo Cacciatore, HEC Montréal, with Giuseppe Fiori, North Carolina State University and Fabio Ghironi, Boston College
Discussant: Andrea Ferrero, University of Oxford
4.40 p.m.
Macroprudential policy implementation in a heterogeneous monetary union
Margarita Rubio, University of Nottingham
Discussant: Caterina Mendicino, European Central Bank
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