Month: March 2015

Skiminar, Andorra, March 12-13 2015

~ Franck Portier ~ Leave a comment

skiminarJaume Ventura (CREI-Universitat Pompeu Fabra)  (and not Davide Debortoli as previously written) and Martial Dupaigne (TSE) organized the first trans-pyrenenan workshop in macroeconomics in Andorra (Granvalira to be precise), which I like to call a macro skiminar. It has been the best Barcelona-Toulouse workshop ever organized. Program was:

Thursday March 12.

  • 16h-17h : Davide de Bortoli (CREI), Optimal Government Debt Maturity
  • 17h-18h : Christian Hellwig (TSE), Dispersed Information, Sticky Prices and Monetary Business Cycles: A Hayekian Perspective
  • 18h-18h30 : coffee break
  • 18h30-19h30 : Jordi Gali (CREI), The Effects of a Money-Financed Fiscal Stimulus
  • 19h30-20h30 : Franck Portier (TSE), Reviving the Limit Cycle View of Macroeconomic Fluctuations
  • 21h00 dinner

Friday March 13.

  • 16h-17h : Ryan Charour (Boston College & TSE), Wages and wedges in an estimated labor search model
  • 17h-18h : Fernando Broner (CREI), Rethinking the effects of financial liberalization
  • 18h-18h30: coffee break
  • 18h30-19h30 : Thomas Chaney (TSE), Real Estate Collateral and Labou Demand
  • 19h30-20h30 : Giacomo Ponzetto (CREI), Political integration of heterogeneous regions
  • 21h00 dinner

and the participants were

  • Davide de Bortoli (CREI)
  • Fernando Broner (CREI)
  • Thomas Chaney (TSE)
  • Ryan Charour (Boston College, visiting TSE)
  • Martial Dupaigne (TSE)
  • Patrick Fève (TSE)
  • Jordi Gali (CREI)
  • Christian Hellwig (TSE)
  • Sumudu Kankanmage(TSE)
  • Marti Mestieri (TSE)
  • Giacomo Ponzetto (CREI)
  • Franck Portier (TSE)
  • Robert Ulbricht (TSE)
  • Jaume Ventura (CREI)

skiminar participants Above is a proof of attendance Top row (left to right): Thomas C, Davide D, Jordi G, Franck P, Ryan C, Martial D, Chrsitian H Front row: Martí M, Jaune V, Fernando B, Giacomo P, Sumudu K, Robert U

Second BIS Research Network meeting on macroeconomics and global financial markets, Basel, March 10-11, 2015

~ Franck Portier ~ Leave a comment

BISOn March 10-11, I attended a very interesting conference at the Bank of International Settlements in Basel. The objective of the conference was to bring together researchers from academia and central banks, to explore long-range research issues related to banking, monetary policy, regulation and financial stability. With macroeconomics and global financial markets as main theme, participants discussed how to measure the macroeconomic impact of monetary policy at the zero lower bound, global asset allocation shifts, what are the new features of the business cycle, and the policy mix in the aftermath of the global financial crisis.

The program of that conference can be found here and is also below. I presented my research with Paul Beaudry and Dana Galizia “Reconciling Hayek’s and Keynes’ views of recessions”.

Tuesday 10 March

Welcoming remarks by Jaime Caruana (remarks)

Session 1: Understanding the impact of monetary policy

Chair: Hyun Song Shin

“Measuring the macroeconomic impact of monetary policy at the zero lower bound” by Jing Cynthia Wu and Fan Dora Xia
“The liquidity premium of near-money assets” by Stefan Nagel
“A shadow policy rate to calibrate US monetary policy at the zero lower bound” by Marco Lombardi and Feng Zhu

Session 2: Financial markets and monetary policy

Chair: Jean-Charles Rochet

“Stock returns over the FOMC cycle” by Anna Cieslak, Adair Morse and Annette Vissing-Jørgensen (paper)
“Global asset allocation shifts” by Tim-Alexander Kroencke, Maik Schmeling and Andreas Schrimpf (paper, presentation)
“Efficiently inefficient markets for assets and asset management” by Nicolae Garleanu and Lasse Heje Pedersen

Wednesday 11 March

Session 3: Understanding business cycles and the transmission mechanism

Chair: Claudio Borio

“Monetary policy surprises, credit costs and economic activity” by Mark Gertler and Peter Karadi
“Reconciling Hayek’s and Keynes’ views of recessions” by Paul Beaudry, Dana Galizia and Franck Portier
“Inflation dynamics during the financial crisis” by Simon Gilchrist, Jae Sim, Raphael Schoenle, Jae Sim and Egon Zakrajsek

Session 4: Policy mix in the aftermath of a financial crisis

Chair: Beatrice Weder di Mauro

“Fiscal multipliers in recessions” by Matthew Canzoneri, Fabrice Collard, Harris Dellas and Behzad Diba

Session 4:  Policy mix in the aftermath of a financial crisis (continued)

“A model of secular stagnation” by Neil Mehrotra and Gauti Eggertsson (paper, presentation)
“What drives the short-run cost of fiscal consolidation?” by Ryan Banerjee and Fabrizio Zampolli

Next steps: Hyun Song Shin

Atelier de recherche Banque de France-TSE, Paris, 6 mars 2015

~ Franck Portier ~ Leave a comment

BdfTseLe 6 mars, j’ai organisé avec Benoit Mojon (Banque de France) un atelier de recherche autours duquel des chercheurs de TSE ont présenté leur travaux. Le programme de la journée était le suivant:

 

9:00-9:50 : Robert Ulbricht, Endogenous Uncertainty and Credit Crunches
9:50-10:40 : Sophie Moinas, Liquidity Supply across Multiple Trading Venues
10:40-11:00 : Break
11:00-11:50 : Thomas Chaney, Real Estate Collateral and Labor Demand
11:50 -13:30 : Lunch
13:30-14:20 : Ryan Chahrour, Good News is Bad News: Leverage Cycles and Sudden Stops
14:20-15:10 : Franck Portier, Reviving the Limit Cycle View of Macroeconomic Fluctuations

Banque de France-TSE 2014 Prize in Monetary Economics and Finance, Paris, January 19, 2015

~ Franck Portier ~ Leave a comment

 

moy_bdf_prizeOn January 19, 2015, I  have organized with Benoit Mojon (Banque de France) the ceremony for the 2014 senior and juniors Banque de France-TSE 2014 Prize in Monetary Economics and Finance.

The Senior prize has been awarded to Professor Nobuhiro Kiyotaki, and the two Junior prizes to Professors Ralph Koijen and Iván Werning. The 2013 Junior laureates Emmanuel Farhi and Lasse Pedersen were also present.