Quick summary of what happened between February and October 2017 (Part 1)

Lot of things happened since I last posted on that site. Most importantly, I am now Professor of Economics at University College London.

Below is a brief summary of my activities since my February seminar in Berlin:

• March 29th, 2017 : I presented my research with Paul Beaudry and Dana Galizia “Putting the Cycle Back into Business Cycle Analysis” at the Libera Università Internazionale degli Studi Sociali (LUISS),in Rome, and I spent the week visiting the Einaudi Institute for Economics and Finance (EIEF)
• May 8th and 9th 2017: I participated to the European University Institute (EUI) Research Council in Florence.
• May 19th and 20th 2017: I attended the conference “The New Macroeconomics of Aggregate Fluctuations and Stabilisation Policy” organized at UCL by Morten Ravn (University College London), Paulo Surico (London Business School) and Gianluca Violante (Princeton University). I discussed Jordi Gali’s  “Monetary Policy and Bubbles in a New Keynesian Model with Overlapping Generations”. My discussion can be found here.
• May 25th and 26th: I attended the  2017 Bristol Macroeconomics Workshop (BMW), and presented “Putting the Cycle Back into Business Cycle Analysis”. This great workshop was organized by Sekyu Choi, Alireza Sepahsalari and Pawel Doligalski. Presenters were Arpad Abraham (European University Institute), Giulio Fella (Queen Mary University of London), Marek Kapicka (CERGE-EI), Sarolta Laczo (University of Surrey), Serdar Ozkan (University of Toronto), Julien Prat (CREST), Víctor Ríos-Rull (University of Pennsylvania), Dominik Sachs (European University Institute) and Edouard Schaal (NYU and UPF).
• June 7th and 8th 2017: I attended the Bank of Canada -IGIER Conference at Bocconi, Milano “New Directions in Macroeconomics and Monetary Policy“. I discussed  “Fiscal Policy, Sovereign Risk and Unemployment” by Javier Bianchi (Federal Reserve Bank of Minneapolis), Pablo Ottonello (University of Michigan) and Ignacio Presno (Board of Governors of the Federal Reserve System). My discussion can be found here.

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

Le 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

 

On 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.

6th Joint French Macro Workshop –June 5, 2014, Paris

Pierre-Olivier Weil  (PSE) and my colleague Christian Hellwig from TSE organized the  7th Joint French Macro Workshop. The workshop was (almost)  as usual held in the Banque 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.

The (again exciting) program was:

• David Hémous (INSEAD and CEPR) “The rise of the machines: automation, horizontal innovation and income inequality” (with Morten Olse, IESE)
• Julia Schmidt (Banque de France) « Technological standardization, endogeneous productivity and transitory dynamics » (with Justus Baron, Northwestern U.)
• Michael Weber (Haas School of Business, University of California at Berkeley) “Nominal rigidities and asset pricing”
• Keynote paper. Thomas Philippon (New York University) “Inspecting the mechanism : leverage and the great recession in Europe” (with Philippe Martin, Sciences Po). Paper funded by the Foundation.
• Keynote paper. Mariacristina De Nardi (UCL, FRB Chicago and NBER) Paper to be decided
• Roberto Pancrazi (University of Warwick) “Natural expectations and home equity extraction” (with Mario Pietrunti, Banca d’Italia and TSE)
• Sergei Guriev (Sciences Po and NES Moscow) “The economy of People’s Republic of China from 1953” (with Anton Cheremukhin, FRB Dallas, Mikhail Golosov, Princeton and NES, and Aleh Tsyvinski, Yale)

5th Joint French Macro Workshop – December 6, 2013, Paris

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.

The (always exciting) program was:

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)

Macro Reading Group

 Here is a message from Lorenzo Prosperi concerning the 2013-2014 Macro Reading Group:

Dear All,

I hope everyone had good holidays. Also this year we are starting the Macro reading group and I hope also this year will be a really useful experience as last year was. I am sending this email to the participants of last year MRG but I encourage you to forward this email to everyone who may be interested and share this information with the M2 students.

 

The first session of the reading group has been already set. The first meeting of the reading group will take place next Tuesday 17 from 15:30 to 16:30 in MF 323. 

This is only a temporary schedule, indeed there is an overlap with Jean Tirole’s class. Next meeting we could maybe spend 5 minutes to decide another schedule for the weeks after.

 

For the beginning of the year we are organizing the meeting as we were doing at the beginning of the previous year: 3 presentations of 15 minutes to  be completed in one hour. Hence every partecipant should come with a short presentation (in pdf or power point) and be prepared to present it in front of the class. You can freely decide any paper in a macro topic that is recent and that has been published in top journals. 

 

I will keep you posted for any possible change. 

 

Best Regards,

 

Lorenzo

 

— 

Lorenzo Prosperi 

———————————————————
Phd Candidate Toulouse School of Economics

Information Processing in Macroeconomics and Finance, TIGER Forum, June 6 and 7, 2013

Christian Hellwig and myself are organizing a conference on Information Processing in Macroeconomics and Finance. That conference will be part of the TIGER forum (see website here).

Below is the program of the conference.

 

Thursday, June 6th

SESSION 1 > 08:30 – 10:30 Information linkages on goods, credit and labor markets

Robert Ulbricht (University of Munich), “Credit crunches, Information Failures, and the Persistence of Pessimism”

Ryan Chahrour (Boston College), “Intersectoral Linkages, Diverse Information, and Aggregate Dynamics in a Neoclassical Model”

Paulina Restrepo-Echavarria (Ohio State University), “A Theory of Targeted Search”

SESSION 2 > 11:00 – 13:00 The macro dynamics of information

George-Marios Angeletos (MIT), “Quantifying Animal Spirits” Bartosz Maćkowiak (ECB), “Business Cycle Dynamics under Rational

Inattention”

Philippe Andrade (Banque de France), “Inattentive professional forecasters”

SESSION 3 > 14:30 – 16:00 Inattention

Xavier Gabaix (NYU) , “Sparse Dynamic Programming and Aggregate Fluctuations” or “A Sparsity-Based Model of Bounded Rationality, Applied to Basic Consumer and Equilibrium Theory”

Filip Matejka (CERGE-EI), “Rigid Pricing and Rationally Inattentive Consumer”

Friday, June 7th

SESSION 4 > 14:00 – 16:00 Dealing with information in finance

Marianne Andries (TSE), “When Ignorance is Bliss: Endogenous Attention to Signals under Disappointment Aversion”

Christian Hellwig (TSE), “Dispersed Information and Credit Spreads”
Jakub Steiner (Northwestern University and CERGE-EI), “Price Distortions in High-Frequency Markets”

SESSION 5 > 16:30 – 18:30 Information Acquisition

Ming Yang (Duke University), “Security Design in a Production Economy with Flexible Information Acquisition”

Kristoffer Nimark (U Pompeu Fabra) “Public Information in Populations with Heterogeneous Interests”

Fabio Verona (Bank of Finland) “Investment dynamics with information costs”

4th Joint French Macro Workshop –June 5, 2013, Toulouse

Olivier Loisel (CREST) and Romain Rancière (PSE) are organizing the  4th Joint French Macro Workshop. The workshop will be  in Toulouse at the Toulouse School of Economics (Université Toulouse 1 Capitole, Site des Anciennes Facultés, 11 rue des Puits Creusés, 31000 Toulouse, Amphithéâtre Dupeyroux).

The 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.

Marios Angeletos is this edition keynote speaker.

Check on the TIGER forum website for more info.

Here is the (exciting) program:

Kalin Nikolov (European Central Bank), “Financial Disintermediation and Financial Fragility” (with Kosuke Aoki)

Luca Fornaro (London School of Economics), “International Debt Deleveraging”

Pedro Gomes (Universidad Carlos III), “Technological Change and the Composition of Taxes and Public Expenditures” (with Davide Debortoli)

George-Marios Angeletos (Massachusetts Institute of Technology), “Optimal Public Debt Management and Liquidity Provision” (with Fabrice Collard, Harris Dellas and Behzad Diba)

Ander Perez (Universitat Pompeu Fabra and Barcelona GSE), “Credit Constraints, Firms’ Precautionary Investment, and the Business Cycle”

Timo Boppart (Stockholm University IIES and University of Zurich), “Structural Change and the Kaldor Facts in a Growth Model with Relative Price Effects and Non-Gorman Preferences”

ENTER Jamboree – Brussels – March 8 and 9

I attended lasty week the ENTER Jamboree (@ ECARES in Université Libre de Bruxelles), where I gave the faculty talk for TSE.

The EUROPEAN NETWORK FOR TRAINING IN ECONOMIC RESEARCH is a cooperative venture between eight leading European Economics Departments, located in Barcelona (Spain), Brussels (Belgium), London (United Kingdom), Madrid (Spain), Mannheim (Germany), Stockholm (Sweden), Tilburg (the Netherlands) and Toulouse (France). As explained on the ENTER website:

“during the 1990 World Congress of the Econometric Society in Barcelona, Salvador Barbera, Richard Blundell, Eric van Damme, Jean-Jacques Laffont and Konrad Stahl met to discuss the possibility of creating an exchange of doctoral students between Universitat Autonoma de Barcelona, UCL, CentER Tilburg, Université I de Toulouse and the University of Mannheim. All these places were in the process of creating structured Ph.D. programs in Economics. The exchange of students started in 1992, and the first jamboree took place in 1994 in Ladenburg close by Mannheim (Germany).
A couple of years later, ECARE (nowdays ECARES) of ULB joined the club, which was further enlarged with the joint doctoral program of the Stockholm School of Economics and the University of Stockholm in 2003, and reached its present composition in 2007 with the addition of University Carlos III of Madrid.”

Pierre Dubois is the current ENTER coordinator for TSE (I did it 10 years from 1999 to 2009). Patrick Fève is also involved as director of the doctoral school.

The programme of the Jambboree can be found there. Lot of good papers from students of the network.

I presented a kind of introduction to modern busines cycle macro, before briefly telling the story of our Gains From Trade paper with Paul Beaudry. The slides of that talk can be found here.

DEEQA mini course: News, Sentiment and Confidence in Fluctuations

I am teachning a 3 sessions mini course in DEEQA. The title is “News, Sentiment and Confidence in Fluctuations”. Preliminary slides can be found in the teaching section.

Class Schedule: January, 21^th : 2-3.30 Room MD 103, January, 24^th : 5- 6.30 Room MD 005, January, 31^st  : 5- 6:30 Room MD 005

3rd Joint French Macro Workshop – November 30, 2012, Paris

Edouard Challe (Ecole Poltytechnique) and Nicolas Coeurdacier (Sciences Po) organized on November 30 the 3rd Joint French Macro Workshop. The workshop was be held at the Banque de France (espace conférence),  20 rue du Colonel Driant, 75001 Paris.

This 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

The (always exciting) program was:

9h00-10h00 Frédéric Boissay (European Central Bank), “Boom and systemic banking crises” (with F. Colard and F. Smets)

10h00-11h00 Daniel Harenberg (ETH Zürich), “The welfare effects of social security in a Model with Aggregate and Idiosyncratic Risk” (with A. Ludwig)

11h00-11h30 Break

11h30-12h30 Isabelle Méjean (École Polytechnique), “Firms, destinations and aggregate fluctuations” (with J. di Giovanni and A. Levchenko)

12h30-13h30 Lunch

13h30-14h30 Hélène Rey (London Business School), Keynote speaker.

14h30-15h30 Kevin Sheedy (London School of Economics), “Debt and risk sharing in incomplete financial markets: A case for nominal GDP targeting”

15h30-16h00 Break

16h00-17h00 Manuel Garcia Santana (ECARES), “Foreign ownership, financial frictions and size distribution of plants”

3rd Joint French Macro Workshop – November 30, 2012, Paris

 Nicolas Coeurdacier (Sciences Po) and Édouard Challe (École Polytechnique) are orgazing the  3rd Joint French Macro Workshop.

The call for paper is on the Banque de France-TSE partnership website.

IDEFI: TSE lauréat pour le projet FREDD

Bonne nouvelle pour les étudiants et les enseignants en économie de Toulouse! Laurent Wauquiez a annoncé, mardi 13 mars 2012, la liste des 37 lauréats à l’appel à projets Idefi, qui récompense les “Initiatives d’excellence en formations innovantes”. Nous sommes parmi ces 37 lauréats avec le projet FREDD (FoRmer les Economistes de Demain). Nous recevons  7 millions d’euros sur 8 ans.

On peut trouver la liste des 37 lauréats ici (nous sommes page 18). Le communiqué de presse de l’école est ici, et l’ensemble des information sur le site de l’école.

2011 Banque de France – TSE Prize Prize in Monetary Economics and Finance

In 2011, the Banque de France and the Toulouse School of Economics have jointly launched two annual prizes to distinguish leading economists in the fields of Monetary Economics and Finance. I am in charge of the prize with Benoît Mojon from the Banque de France. Check the homepage of the Banque de France-TSE partnership here.

For the first edition, the Senior Prize is awarded to Bengt Holmström, for his analysis of liquidity under asymmetric information.

The two Junior Prizes are awarded to Viral V. Acharya and Klaus Adam.

A small workshop (with the three laureates plus Gary Gorton, Arvind Krishnamurthy and Jean-Charles Rochet) will be organized at the Banque de France on March 16th, before the prize ceremony, that will be chaired by Christian Noyer, Gornernor of the Banque de France.

2011 Senior Prize : Bengt Holmström (MIT)

2011 Junior Prize : Viral V. Acharya (NYU)

2011 Junior Prize : Klaus Adam (Mannheim)

More information about the prizes:

• The Biennal Senior Prize. It carries a cash award of 30,000 euros. The award winner will give a keynote speech in Paris before receiving his award by the governor of the Banque de France.
• The Annual Junior Prize onwards to two economists below the age of 40:
  • One to a researcher affiliated with a European-based institution,
  • One to a researcher affiliated with an institution based outside Europe.

Laureates of the Junior prize will spend at least four weeks as a visiting scientist between the Banque de France and the Toulouse School of Economics. The Juionr prize carries a cash award of 15,000 euros plus travel and living expenses.

The 2011 Jury

This year’s jury is co-presided by Jean-Pierre Landau (Deputy Governor, Banque de France) and Jean Tirole (President, TSE). The members are:

• Daron Acemoglu (Professor, MIT),
• Stanley Fischer (Governor, Central Bank of Israel),
• Christian Hellwig (Professor, TSE),
• Pierre Jaillet (Director General Economics and International, Banque de France),
• Robert Ophèle (Director General of Operations, Banque de France),
• Jean-Charles Rochet (Professor, TSE),
• David Thesmar (Professor, HEC Paris).

LABEX IAM-TSE

 Bonne nouvelle. Le projet de LABEX que nous avions déposé (IAM-TSE) a été retenu et sera financé à hauteur de 15 millions d’euros sur 8 années.