Heterogeneity in Currency Areas and Macroeconomic Policies, ECB, November 28 and 29, 2013, Frankfurt

timthumb.phpI 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:

Thursday, 28 November

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

Friday, 39 November

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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