Money, Macro and Finance

Summary of All Sessions
Click here for an index of all participants

#	Date/Time	Type	Title/Location	Papers
1	September 1, 2021 13:45-14:00	invited	Welcome: Leonardo Felli, Chair of the Faculty of Economics, Cambridge.     Location: Plenary Room	0
2	September 1, 2021 14:00-15:00	invited	Keynote Lecture I: Sydney Ludvigson "Markets and Monetary Policy".     Location: Plenary Room	0
3	September 1, 2021 15:10-17:00	invited	Special Session Bank of England: Global Spillovers, Monetary and Macroprudential Policies     Location: Parallel room 1	3
4	September 1, 2021 15:10-17:00	contributed	Covid-19 I     Location: Parallel room 2	4
5	September 1, 2021 15:10-17:00	contributed	Monetary Policy I     Location: Parallel room 3	4
6	September 1, 2021 15:10-17:00	contributed	Allocation, Misallocation I     Location: Parallel room 4	4
7	September 1, 2021 15:10-17:00	contributed	Financial Markets I     Location: Parallel room 5	4
8	September 1, 2021 15:10-17:00	contributed	Security Markets     Location: Parallel room 6	4
9	September 1, 2021 17:10-19:00	contributed	Business and Labour Productivity     Location: Parallel room 1	4
10	September 1, 2021 17:10-19:00	contributed	Business Cycles, Shocks and Bubbles I     Location: Parallel room 2	4
11	September 1, 2021 17:10-19:00	contributed	Micro-finance and Asset-pricing     Location: Parallel room 3	4
12	September 1, 2021 17:10-19:00	contributed	Monetary Policy II     Location: Parallel room 4	4
13	September 1, 2021 17:10-19:00	contributed	Monetary Policy: Shocks and Crises     Location: Parallel room 5	4
14	September 1, 2021 17:10-19:00	contributed	Quantitative Easing and Money Creation     Location: Parallel room 6	4
15	September 1, 2021 17:10-19:00	contributed	Quantitative Methods     Location: Parallel room 7	3
16	September 1, 2021 17:10-19:00	contributed	Unconventional Monetary Policy     Location: Parallel room 8	3
17	September 2, 2021 10:00-11:50	contributed	Aspects of Fiscal Policy     Location: Parallel room 1	4
18	September 2, 2021 10:00-11:50	contributed	Credit     Location: Parallel room 2	4
19	September 2, 2021 10:00-11:50	contributed	Currencies, Capital Account & Capital Controls     Location: Parallel room 3	4
20	September 2, 2021 10:00-11:50	contributed	European Monetary Union     Location: Parallel room 4	4
21	September 2, 2021 10:00-11:50	contributed	Exchange Rates     Location: Parallel room 5	4
22	September 2, 2021 10:00-11:50	contributed	Financial Markets II     Location: Parallel room 6	4
23	September 2, 2021 10:00-11:50	contributed	Fiscal Policy I     Location: Parallel room 7	4
24	September 2, 2021 12:00-13:50	contributed	Firm Dynamics     Location: Parallel room 1	4
25	September 2, 2021 12:00-13:50	contributed	Fiscal Policy II     Location: Parallel room 2	4
26	September 2, 2021 12:00-13:50	contributed	Forward Guidance and Targeting     Location: Parallel room 3	3
27	September 2, 2021 12:00-13:50	contributed	Government Policy     Location: Parallel room 4	4
28	September 2, 2021 12:00-13:50	contributed	Housing     Location: Parallel room 5	4
29	September 2, 2021 12:00-13:50	contributed	Uncertainty, Anxiety and Expectations     Location: Parallel room 6	4
30	September 2, 2021 14:00-15:00	invited	Keynote Lecture II: Jordi Gali "The New Keynesian Perspective on Economic Fluctuations"     Location: Plenary Room	0
31	September 2, 2021 15:10-17:00	invited	Special Session: Informational Frictions in DSGE Models     Location: Parallel room 1	3
32	September 2, 2021 15:10-17:00	contributed	Crypto-currency and Monetary Policy     Location: Parallel room 2	4
33	September 2, 2021 15:10-17:00	contributed	Exports, Trade and Investment     Location: Parallel room 3	4
34	September 2, 2021 15:10-17:00	contributed	Fiscal Policy III     Location: Parallel room 4	4
35	September 2, 2021 15:10-17:00	contributed	Interest Rates     Location: Parallel room 5	4
36	September 2, 2021 15:10-17:00	contributed	Managing Risk     Location: Parallel room 6	4
37	September 2, 2021 15:10-17:00	contributed	Monetary Policy III     Location: Parallel room 7	4
38	September 2, 2021 15:10-17:00	contributed	Wealth and Labour Market Inequalities     Location: Parallel room 8	4
39	September 2, 2021 17:10-18:10	invited	Charles Goodhart Keynote Lecture III: Linda Goldberg "Volatile International Capital Flows"     Location: Plenary Room	0
40	September 2, 2021 18:20-20:10	contributed	Covid-19 II     Location: Parallel room 1	4
41	September 2, 2021 18:20-20:10	contributed	Economic Modelling I     Location: Parallel room 2	4
42	September 2, 2021 18:20-20:10	contributed	Financial Markets III     Location: Parallel room 3	4
43	September 2, 2021 18:20-20:10	contributed	Financial Markets IV     Location: Parallel room 4	4
44	September 2, 2021 18:20-20:10	contributed	FOMC, Announcements and Monetary Policy     Location: Parallel room 5	4
45	September 2, 2021 18:20-20:10	contributed	Labour Markets     Location: Parallel room 6	4
46	September 2, 2021 18:20-20:10	contributed	Income Inequality     Location: Parallel room 7	4
47	September 3, 2021 10:00-11:50	contributed	Economic Modelling II     Location: Parallel room 1	4
48	September 3, 2021 10:00-11:50	contributed	European Central Bank     Location: Parallel room 2	4
49	September 3, 2021 10:00-11:50	contributed	Inflation Expectations     Location: Parallel room 3	4
50	September 3, 2021 10:00-11:50	contributed	Macro-prudential Policy     Location: Parallel room 4	4
51	September 3, 2021 10:00-11:50	contributed	Monetary Policy IV     Location: Parallel room 5	4
52	September 3, 2021 10:00-11:50	contributed	Optimal Monetary Policy     Location: Parallel room 6	4
53	September 3, 2021 10:00-11:50	contributed	Regulation     Location: Parallel room 7	4
54	September 3, 2021 13:00-14:00	invited	Keynote Lecture IV: Marcel Fratzscher: "Prospects for the economic recovery from the pandemic and implications for macroeconomics and social policies"     Location: Plenary Room	0
55	September 3, 2021 14:10-16:00	contributed	Allocation, Misallocation II     Location: Parallel room 1	4
56	September 3, 2021 14:10-16:00	contributed	Business Cycles, Shocks and Bubbles II     Location: Parallel room 2	4
57	September 3, 2021 14:10-16:00	contributed	Global Dynamics     Location: Parallel room 3	4
58	September 3, 2021 14:10-16:00	contributed	Bank Lending     Location: Parallel room 4	4
59	September 3, 2021 14:10-16:00	contributed	Business Cycles, Shocks and Bubbles III     Location: Parallel room 5	4
60	September 3, 2021 14:10-16:00	contributed	Climate Change and Monetary Policy     Location: Parallel room 6	4
61	September 3, 2021 14:10-16:00	contributed	Inflation Targeting     Location: Parallel room 7	4
62	September 3, 2021 14:10-16:00	contributed	Uncertainty Shocks     Location: Parallel room 8	4
63	September 3, 2021 16:10-17:10	invited	Harry Johnson Keynote Lecture V: Olivier Blanchard "Fiscal Policy Under Low Rates"     Location: Plenary room	0

 

63 sessions, 223 papers, and 0 presentations with no associated papers

Money, Macro and Finance
Detailed List of Sessions

Session 1: Welcome: Leonardo Felli, Chair of the Faculty of Economics, Cambridge. September 1, 2021 13:45 to 14:00 Location: Plenary Room
Session Chair: Paul Mizen, University of Nottingham
Session type: invited
Session 2: Keynote Lecture I: Sydney Ludvigson "Markets and Monetary Policy". September 1, 2021 14:00 to 15:00 Location: Plenary Room
Session Chair: Paul Mizen, University of Nottingham
Session type: invited
Session 3: Special Session Bank of England: Global Spillovers, Monetary and Macroprudential Policies September 1, 2021 15:10 to 17:00 Location: Parallel room 1
Session Chair: James Talbot, Bank of England
Session type: invited
1. Global Vulnerabilities, Domestic Risks: The Global Drivers of GDP-at-Risk
By Ed Manuel; Bank of England Simon Lloyd; Bank of England Konstantin Panchev; University of Oxford
presented by: Ed Manuel, Bank of England
2. Global Value Chains and the dynamics of UK Inflation
By Tommaso Aquilante; Bank of England Aydan Dogan; Bank of England Melih Firat; Johns Hopkins University
presented by: Aydan Dogan, Bank of England
3. Capital Controls and Free Trade Agreements
By Emile Marin; University of Cambridge Simon Lloyd; Bank of England
presented by: Simon Lloyd, Bank of England
Discussant:   Laura Alfaro, Harvard Business School
Session 4: Covid-19 I September 1, 2021 15:10 to 17:00 Location: Parallel room 2
Session Chair: Magdalyn Okolo, University of Bath
Session type: contributed
1. A new macro-financial condition index for the euro area
By Claudio Morana; University Milano Bicocca
presented by: Claudio Morana, University Milano Bicocca
2. Un-used Bank Capital Buffers and Credit Supply Shocks at SMEs during the Pandemic
By Arun Gupta; Federal Reserve Board of Governors Jose Berrospide; Board of Governors of the Federal Reserve Matthew Seay; Federal Reserve Board of Governors
presented by: Arun Gupta, Federal Reserve Board of Governors
3. Economic support during the Covid crisis. Quantitative Easing and Lending Support Schemes in the UK
By Mahmoud Fatouh; Bank of England Simone Giansante; University of Bath
presented by: Simone Giansante, University of Bath
4. Modelling the Differing Impacts of Covid-19 in the UK Labour Market
By Chris Martin; University of Bath Magdalyn Okolo; University of Bath
presented by: Magdalyn Okolo, University of Bath
Session 5: Monetary Policy I September 1, 2021 15:10 to 17:00 Location: Parallel room 3
Session Chair: Cristiano Cantore, Bank of England
Session type: contributed
1. Monetary Policy and the Wage Inflation-Unemployment Tradeoff
By Ricardo Duque Gabriel; University of Bonn
presented by: Ricardo Duque Gabriel, University of Bonn
2. Monetary Policy, Sectoral Comovement and the Credit Channel
By Federico Di Pace; Bank of England Christoph Gortz; Economics
presented by: Federico Di Pace, Bank of England
3. Monetary Policy and Payment-to-Income Limits in Liquidity Traps
By Alessandro Lin; Brown University
presented by: Alessandro Lin, Brown University
4. A tail of labor supply and a tale of monetary policy
By Cristiano Cantore; Bank of England filippo ferroni; Federal Reserve Bank of Chicago Haroon Mumtaz; Queen Mary, University of London Angeliki Theophilopoulou; Brunel University
presented by: Cristiano Cantore, Bank of England
Session 6: Allocation, Misallocation I September 1, 2021 15:10 to 17:00 Location: Parallel room 4
Session Chair: Evangelina Dardati, Universidad Alberto Hurtado
Session type: contributed
1. Constrained-Efficient Capital Reallocation
By Andrea Lanteri; Duke University Adriano Rampini; Duke University
presented by: Andrea Lanteri, Duke University
2. Shrinking Boundary of the Invisible Hand
By Dan Su; University of Minnesota
presented by: Dan Su, University of Minnesota
3. Risk-Taking, Capital Allocation and Optimal Monetary Policy
By Joel David; Federal Reserve Bank of Chicago David Zeke; University of Southern California
presented by: Joel David, Federal Reserve Bank of Chicago
4. Welfare effects of capital controls
By Eugenia Andreasen; University of Chile Sofia Bauducco; Central Bank of Chile Evangelina Dardati; Universidad Alberto Hurtado
presented by: Evangelina Dardati, Universidad Alberto Hurtado
Session 7: Financial Markets I September 1, 2021 15:10 to 17:00 Location: Parallel room 5
Session Chair: Lijie Yu, The University of Manchester
Session type: contributed
1. Credit Supply Driven Boom-Bust Cycles
By Yavuz Arslan; Bank for International Settlements Bulent Guler; Indiana University Bloomington Burhanettin Kuruscu; University of Toronto
presented by: Yavuz Arslan, Bank for International Settlements
2. Risky Financial Collateral, Firm Heterogeneity, and the Impact of Eligibility Requirements
By Matthias Kaldorf; University of Cologne Florian Wicknig; University of Cologne
presented by: Florian Wicknig, University of Cologne
3. Financial Stress and Asset Prices
By Xiaoyu Zong; Heriot-watt University
presented by: Xiaoyu Zong, Heriot-watt University
4. Born after the Volcker Rule: regulatory change, managerial remuneration and hedge fund performance
By Lijie Yu; The University of Manchester
presented by: Lijie Yu, The University of Manchester
Session 8: Security Markets September 1, 2021 15:10 to 17:00 Location: Parallel room 6
Session Chair: Olga Kolokolova, University of Manchester
Session type: contributed
1. Economic Uncertainty: Mispricing and Ambiguity Premium
By Charlie Cai; University of Liverpool Management School Semih Kerestecioglu; University of Liverpool Xi Fu; University of Liverpool
presented by: Charlie Cai, University of Liverpool Management School
2. Perfect Withdrawal in a Noisy World: Investing Lessons with and without Annuities while in Drawdown between 2000 and 2019
By Andrew Clare; Faculty of Finance James Seaton; City University, London Peter Smith; University of York Stephen Thomas
presented by: Peter Smith, University of York
3. Common and idiosyncratic movements in Latin-American Exchange Rates
By Fredy Gamboa-Estrada; Banco de la Republica Jose Romero; Banco de la República
presented by: Fredy Gamboa-Estrada, Banco de la Republica
4. Do Hedge Funds Still Manipulate Stock Prices?
By Xinyu Cui; University of Manchester Olga Kolokolova; University of Manchester
presented by: Olga Kolokolova, University of Manchester
Session 9: Business and Labour Productivity September 1, 2021 17:10 to 19:00 Location: Parallel room 1
Session Chair: Do Lee, New York University
Session type: contributed
1. Productivity Gains from Labor Outsourcing: The Role of Trade Secrets
By Gorkem Bostanci; University of Pennsylvania
presented by: Gorkem Bostanci, University of Pennsylvania
2. Financial Frictions, International Trade, and their Impact on Labour Productivity
By Susanne Karbe; Durham University
presented by: Susanne Karbe, Durham University
3. A Long-Run Productivity Risks Driving q-Factor Model
By Zhiting Wu; University of St Andrews
presented by: Zhiting Wu, University of St Andrews
4. Small and Vulnerable: Small Firm Productivity in the Great Productivity Slowdown
By Sophia Chen; International Monetary Fund Do Lee; New York University
presented by: Do Lee, New York University
Session 10: Business Cycles, Shocks and Bubbles I September 1, 2021 17:10 to 19:00 Location: Parallel room 2
Session Chair: Emile Marin, University of Cambridge
Session type: contributed
1. Rational Bubbles in Non-Linear Business Cycle Models: Closed and Open Economies
By Robert Kollmann; Universite Libre de Bruxelles & CEPR
presented by: Robert Kollmann, Universite Libre de Bruxelles & CEPR
2. Asset Price Bubbles and Monetary Policy: Deflate the bubble?
By Arthur Galichere; University of Glasgow
presented by: Arthur Galichere, University of Glasgow
3. The China Shock, Market Concentration and the U.S. Phillips Curve
By Melih Firat; Johns Hopkins University
presented by: Melih Firat, Johns Hopkins University
4. Exchange Rate Risk and Business Cycles
By Emile Marin; University of Cambridge Simon Lloyd; Bank of England
presented by: Emile Marin, University of Cambridge
Session 11: Micro-finance and Asset-pricing September 1, 2021 17:10 to 19:00 Location: Parallel room 3
Session Chair: Alexandra Varadi, Bank of England
Session type: contributed
1. Asset Pricing with Daily Shopper Spending
By Jialu Shen; University of Missouri
presented by: Jialu Shen, University of Missouri
2. A Macro-Finance model with Realistic Crisis Dynamics
By Goutham Gopalakrishna; Ecole Polytechnique Federale de Lausanne
presented by: Goutham Gopalakrishna, Ecole Polytechnique Federale de Lausanne
3. The Nonfinancial Value of Financial Firms
By Yu Shi; UCLA Anderson
presented by: Yu Shi, UCLA Anderson
4. Identifying the Transmission Channels of Credit Supply Shocks to Household Debt: Price and Non-price Effects
By Alexandra Varadi; Bank of England
presented by: Alexandra Varadi, Bank of England
Session 12: Monetary Policy II September 1, 2021 17:10 to 19:00 Location: Parallel room 4
Session Chair: Eunkyung Lee, University of Manchester
Session type: contributed
1. The Deflationary Bias of the ZLB and the FED’s Strategic Response
By Adrian Penalver; Banque de France, PSE
presented by: Adrian Penalver, Banque de France, PSE
2. Liquidity and Safety over the Business Cycle
By Andrea Ferrero; University of Oxford Alexander Haas; University of Oxford
presented by: Alexander Haas, University of Oxford
3. Monetary policy surprises and their transmission through term premia and expected interest rates
By Iryna Kaminska; Bank of England Haroon Mumtaz; Queen Mary, University of London Roman Sustek; Queen and Mary University of London
presented by: Iryna Kaminska, Bank of England
4. Monetary Policy Transmission through the Refinancing of Firms Bank Debt
By Eunkyung Lee; University of Manchester
presented by: Eunkyung Lee, University of Manchester
Session 13: Monetary Policy: Shocks and Crises September 1, 2021 17:10 to 19:00 Location: Parallel room 5
Session Chair: Yasin Mimir, Norges Bank
Session type: contributed
1. Booms, Banking Crises, and Monetary Policy
By Joël Marbet; CEMFI
presented by: Joël Marbet, CEMFI
2. Monetary policy shocks over the business cycle: Extending the Smooth Transition framework
By Martin Bruns; University of East Anglia Michele Piffer; King's College London
presented by: Michele Piffer, King's College London
3. Yield Curve Shocks as Monetary Policy Shocks: Identification and Information Sufficiency
By Eric Olson; The University of Tulsa Victor Valcarcel; University of Texas at Dallas Mark Wohar; University of Nebraska at Omaha
presented by: Eric Olson, The University of Tulsa
4. Leaning against Persistent Financial Cycles with Occasional Crises
By Yasin Mimir; Norges Bank Thore Kockerols; Norges Bank Erling Kravik; Norwegian Ministry of Finance
presented by: Yasin Mimir, Norges Bank
Session 14: Quantitative Easing and Money Creation September 1, 2021 17:10 to 19:00 Location: Parallel room 6
Session Chair: Ioana Neamtu, Bank of England
Session type: contributed
1. Monetary policy disconnect
By Benedikt Ballensiefen; University of St.Gallen and World Bank Group Angelo Ranaldo; University of St. Gallen Hannah Winterberg; University of St. Gallen and University of Maryland
presented by: Hannah Winterberg, University of St. Gallen and University of Maryland
2. International Effects of Quantitative Easing and Foreign Reserve Accumulation
By Duhyeong Kim; University of Western Ontario
presented by: Duhyeong Kim, University of Western Ontario
3. Should Banks Create Money?
By Christian Wipf
presented by: Christian Wipf,
4. Risk-Taking and Uncertainty: Do CoCo Bonds Increase the Risk Appetite of Banks?
By Mahmoud Fatouh; Bank of England Ioana Neamtu; Bank of England Sweder van Wijnbergen; University of Amsterdam
presented by: Ioana Neamtu, Bank of England
Session 15: Quantitative Methods September 1, 2021 17:10 to 19:00 Location: Parallel room 7
Session Chair: Tianxi Wang, University of Essex
Session type: contributed
1. Re-estimating Potential GDP: New Evidence on Output Hysteresis
By Diego Anzoategui; Rutgers University Min Kim; Rutgers University
presented by: Diego Anzoategui, Rutgers University
2. Identifying the Effects of Fiscal Policy Shocks Using Government Shutdowns: A Narrative Restrictions Approach
By Matija Lozej; European Central Bank Laura Moretti; Central Bank of Ireland
presented by: Matija Lozej, European Central Bank
3. Government Bonds, Bank Liquidity and Non-Neutrality of Monetary Policy in the Steady State
By Tianxi Wang; University of Essex
presented by: Tianxi Wang, University of Essex
Session 16: Unconventional Monetary Policy September 1, 2021 17:10 to 19:00 Location: Parallel room 8
Session Chair: Victor Valcarcel, University of Texas at Dallas
Session type: contributed
1. Asymmetric Macroeconomic Effects of QE-Induced Increases in Excess Reserves in a Monetary Union
By Maximilian Horst; Heinrich Heine University Duesseldorf Ulrike Neyer; Heinrich Heine University Duesseldorf Daniel Stempel; Heinrich Heine University Düsseldorf
presented by: Maximilian Horst, Heinrich Heine University Duesseldorf
2. Unconventional Monetary Policy and the Search for Yield
By Alexandros Kontonikas; University of Essex
presented by: Alexandros Kontonikas, University of Essex
3. The Financial Market Effects of Unwinding the Federal Reserve’s Balance Sheet∗
By Andrew Smith; Federal Reserve Bank of Kansas City Victor Valcarcel; University of Texas at Dallas
presented by: Victor Valcarcel, University of Texas at Dallas
Session 17: Aspects of Fiscal Policy September 2, 2021 10:00 to 11:50 Location: Parallel room 1
Session Chair: Iryna Stewen, Johannes Gutenberg University Mainz
Session type: contributed
1. Fiscal decentralization, regional disparity, and the role of corruption
By Nupur Nirola; Vellore Institute of Technology-AP
presented by: Nupur Nirola, Vellore Institute of Technology-AP
2. Present Bias and Public Debt
By Joost Roettger; Deutsche Bundesbank
presented by: Joost Roettger, Deutsche Bundesbank
3. Support policies enacted during the 2020 COVID-19 crisis for small business: Evidence from club convergence clustering hypothesis
By Marco Chi Keung Lau; Teesside University Dongna Zhang; Teesside University Giray Gozgor; Istanbul Medeniyet University
presented by: Marco Chi Keung Lau, Teesside University
4. Growing like Germany: Local public debt, local banks, low private investment
By Iryna Stewen; Johannes Gutenberg University Mainz
presented by: Iryna Stewen, Johannes Gutenberg University Mainz
Session 18: Credit September 2, 2021 10:00 to 11:50 Location: Parallel room 2
Session Chair: Marina Spaliara, University of Glasgow
Session type: contributed
1. Aggregate Implications of Credit Relationship Flows: A Tale of Two Margins
By Yasser Boualam; Kenan-Flagler Business School Clément Mazet-Sonilhac; Sciences Po Paris, Banque de France
presented by: Yasser Boualam, Kenan-Flagler Business School
2. Corporate credit booms, financial constraints, and the investment nexus
By Bruno Albuquerque; Bank of England
presented by: Bruno Albuquerque, Bank of England
3. The Cyclicality of Bank Credit Losses and Capital Ratios under Expected Loss Model
By Mahmoud Fatouh; Bank of England Simone Giansante; University of Bath
presented by: Mahmoud Fatouh, Bank of England
4. Private equity buyouts, credit constraints, and firm exports
By Marina Spaliara; University of Glasgow
presented by: Marina Spaliara, University of Glasgow
Session 19: Currencies, Capital Account & Capital Controls September 2, 2021 10:00 to 11:50 Location: Parallel room 3
Session Chair: Tomas Kala, University of Hradec Kralove
Session type: contributed
1. The Effect of the China Connect
By Chang Ma; Fanhai International School of Finance, Fudan University
presented by: Chang Ma, Fanhai International School of Finance, Fudan University
2. Firm heterogeneity and the Capital Market
By Tobias König; Humboldt University of Berlin, DIW Berlin
presented by: Tobias König, Humboldt University of Berlin, DIW Berlin
3. Heterogenous impact of capital requirements on bank risk: Evidence from FAS 166/167
By Sonny Biswas; University of Bristol Kostas Koufopoulos; University of York Songshan Li; University of York
presented by: Sonny Biswas, University of Bristol
4. The World MonMin Reference Currency
By Tomas Kala; University of Hradec Kralove
presented by: Tomas Kala, University of Hradec Kralove
Session 20: European Monetary Union September 2, 2021 10:00 to 11:50 Location: Parallel room 4
Session Chair: Jane Binner, University of Birmingham
Session type: contributed
1. Risk sharing in currency unions: The migration channel
By Susanne Wellmann; University of Tuebingen Gernot Mueller; University of Tuebingen Wilhelm Kohler; University of Tuebingen
presented by: Wilhelm Kohler, University of Tuebingen
2. Completing the European Banking Union: Capital cost consequences for credit providers and corporate borrowers
By Michael Koetter; Halle Institute for Economic Research Thomas Krause; Halle Institute for Economic Research Eleonora Sfrappini; Halle Institute for Economic Research Lena Tonzer; Halle Institute for Economic Research
presented by: Michael Koetter, Halle Institute for Economic Research
3. Exits and Bailouts in a Monetary Union
By Michal Kobielarz; KU Leuven
presented by: Michal Kobielarz, KU Leuven
4. The impact of policy and infectious disease uncertainty on the money market in UK, US and Euro area
By Jane Binner; University of Birmingham Rakesh Bissoondeeal; Aston University
presented by: Jane Binner, University of Birmingham
Session 21: Exchange Rates September 2, 2021 10:00 to 11:50 Location: Parallel room 5
Session Chair: Sadettin Citci, Gebze Technical University
Session type: contributed
1. The Global Transmission of U.S. Monetary Policy
By Riccardo Degasperi; University of Warwick Seokki Hong; University of Warwick Giovanni Ricco; University of Warwick
presented by: Seokki Hong, University of Warwick
2. A Meta Model Analysis of Exchange Rate Determination
By Chrystalleni Aristidou; THE Univerity of Nottingham Kevin Lee; University of Nottingham Kalvinder Shields; University of Melbourne
presented by: Kalvinder Shields, University of Melbourne
3. Currency Anomalies
By Sohnke Bartram; University of Warwick and CEPR Leslie Djuranovik; University of Warwick Anthony Garratt; University of Warwick
presented by: Anthony Garratt, University of Warwick
4. Exchange Rate Uncertainty and Connectedness of Inflation: Theory and Evidence
By Sadettin Citci; Gebze Technical University
presented by: Sadettin Citci, Gebze Technical University
Session 22: Financial Markets II September 2, 2021 10:00 to 11:50 Location: Parallel room 6
Session Chair: Mariia Bondar, Goethe University Frankfurt am Main
Session type: contributed
1. Exports of Financial Services in the Internet Era
By Edoardo Chiarotti; The Graduate Institute, Geneva
presented by: Edoardo Chiarotti, The Graduate Institute, Geneva
2. Dealing in the Dark: The Effects of Insider Trading on Dark Trading Venues
By Abdul Alfarhoud; The University of Manchester Michael Bowe; University of Manchester, Alliance Manchester Business School S. Sarah Zhang; University of Manchester
presented by: Abdul Alfarhoud, The University of Manchester
3. Can an AI agent hit a moving target?
By Aruhan Shi; University of Warwick
presented by: Aruhan Shi, University of Warwick
4. Pricing Protest: The Response of Financial Markets to Social Unrest
By Philip Barrett; IMF Mariia Bondar; Goethe University Frankfurt am Main Sophia Chen; International Monetary Fund Deniz Igan; International Monetary Fund
presented by: Mariia Bondar, Goethe University Frankfurt am Main
Session 23: Fiscal Policy I September 2, 2021 10:00 to 11:50 Location: Parallel room 7
Session Chair: Ignacio Campomanes, Navarra Center for International Development
Session type: contributed
1. Fiscal Policy under Secular Stagnation: An Optimal Pump-Priming Strategy
By Jean-Baptiste Michau; Ecole Polytechnique, France
presented by: Jean-Baptiste Michau, Ecole Polytechnique, France
2. Sovereign Default and Labor Market Dynamics
By Siming Liu; Shanghai University of Finance and Economics Hewei Shen; University of Oklahoma
presented by: Siming Liu, Shanghai University of Finance and Economics
3. (Non-)Keynesian Effects of Fiscal Austerity: New Evidence from a Large Sample
By António Afonso; ISEG-ULisboa
presented by: António Afonso, ISEG-ULisboa
4. The Political Economy of Inequality, Mobility and Redistribution
By Ignacio Campomanes; Navarra Center for International Development
presented by: Ignacio Campomanes, Navarra Center for International Development
Session 24: Firm Dynamics September 2, 2021 12:00 to 13:50 Location: Parallel room 1
Session Chair: Yumei Yao, University of Glasgow
Session type: contributed
1. Could Intra-Firm Misalignment Explain Price-Setting Patterns?
By Victor Monteiro; INSPER
presented by: Victor Monteiro, INSPER
2. Control costs, rational inattention, and retail price dynamics
By James Costain; Bank of Spain Anton Nakov; ECB and CEPR
presented by: Anton Nakov, ECB and CEPR
3. Bank shocks, private equity, and firm performance
By Paul Lavery; Adam Smith Business School, University of Glasgow Marina Spaliara; University of Glasgow Serafeim Tsoukas; University of Glasgow
presented by: Paul Lavery, Adam Smith Business School, University of Glasgow
4. Debt Structure and Costs under Industry Competition and Economic Conditions
By Yumei Yao; University of Glasgow
presented by: Yumei Yao, University of Glasgow
Session 25: Fiscal Policy II September 2, 2021 12:00 to 13:50 Location: Parallel room 2
Session Chair: Vania Esady, Bank of England
Session type: contributed
1. Fiscal policy, international spillovers, and endogenous productivity
By Mathias Klein; Sveriges Riksbank
presented by: Mathias Klein, Sveriges Riksbank
2. Public Debt and state-dependent Effects of Fiscal Policy in the Euro Area
By Snezana Eminidou; University of Cyprus Martin Geiger; University of Innsbruck Marios Zachariadis; University of Cyprus
presented by: Marios Zachariadis, University of Cyprus
3. How Does the Effectiveness of Fiscal Deficit Stimulus Depend on the Expected Speed of Fiscal Retrenchment?
By Neil Rankin; University of York
presented by: Neil Rankin, University of York
4. Reconciling the Effects of Government Spending: The Role of Information Frictions
By Vania Esady; Bank of England
presented by: Vania Esady, Bank of England
Session 26: Forward Guidance and Targeting September 2, 2021 12:00 to 13:50 Location: Parallel room 3
Session Chair: Ahmed Pirzada, Bristol University
Session type: contributed
1. Target Inflation and Forward Guidance
By Michael Dobrew; Deutsche Bundesbank
presented by: Michael Dobrew, Deutsche Bundesbank
2. Forward guidance and the exchange rate: a theoretical sign restricted VAR analysis
By Fabrice Anicet Dabiré; Université de Sherbrooke
presented by: Fabrice Anicet Dabiré, Université de Sherbrooke
3. Evaluating effectiveness of price level targeting in the presence of increasing uncertainty
By Engin Kara; University of Cardiff Ahmed Pirzada; Bristol University
presented by: Ahmed Pirzada, Bristol University
Session 27: Government Policy September 2, 2021 12:00 to 13:50 Location: Parallel room 4
Session Chair: Etienne Farvaque, University of Lille
Session type: contributed
1. A general theory of tax-smoothing
By Anastasios Karantounias; University of Surrey
presented by: Anastasios Karantounias, University of Surrey
2. The impact of income tax changes on government revenue: moving beyond the Laffer curve
By Richard McManus; Caterbury Christ Church University Gulcin Ozkan; King's College London Dawid Trzeciakiewicz; Loughborough University
presented by: Dawid Trzeciakiewicz, Loughborough University
3. Government Spending Multipliers and Private Debt Overhang: New Evidence
By Alessandro Franconi; LUISS
presented by: Alessandro Franconi, LUISS
4. Government Unemployment Insurance for All? The Fall of the Berlin Wall and Social Preferences Evolution
By Etienne Farvaque; University of Lille
presented by: Etienne Farvaque, University of Lille
Session 28: Housing September 2, 2021 12:00 to 13:50 Location: Parallel room 5
Session Chair: Melisso Boschi, Senate of the Republic of Italy
Session type: contributed
1. Housing market cycles, productivity growth, and household debt
By Dmitry Brizhatyuk; Moody's Analytics
presented by: Dmitry Brizhatyuk, Moody's Analytics
2. Sentimental Housing Markets
By Kostas Vasilopoulos; Lancaster University
presented by: Kostas Vasilopoulos, Lancaster University
3. Heterogeneous effects of unconventional monetary policy on bond yields across the euro area
By Ishak Demir; University of Lincoln
presented by: Ishak Demir, University of Lincoln
4. The effect of property taxes on house prices: Evidence from the 1993 and the 2012 tax reforms in Italy
By Melisso Boschi; Senate of the Republic of Italy
presented by: Melisso Boschi, Senate of the Republic of Italy
Session 29: Uncertainty, Anxiety and Expectations September 2, 2021 12:00 to 13:50 Location: Parallel room 6
Session Chair: Xiaoxia Ye, University of Liverpool
Session type: contributed
1. Anxiety, Expectations Stabilization and Intertemporal Markets: Theory, Evidence and Policy
By Francesco Carbonero; Turin Jeremy Davies; East Village Ekkehard Ernst; ILO Sayantan Ghosal; Glasgow University Leaza McSorely; University of Sunderland
presented by: Sayantan Ghosal, Glasgow University
2. Solving linear rational expectations models in the presence of structural change
By Michael Hatcher; University of Southampton
presented by: Michael Hatcher, University of Southampton
3. Uncertainty, sentiments and time-varying risk premia
By Michele Berardi; University of Manchester
presented by: Michele Berardi, University of Manchester
4. Informational Friction, Economic Uncertainty, and CDS-Bond Basis
By Charlie X. Cai; University of Liverpool Xiaoxia Ye; University of Liverpool Ran Zhao; Claremont Graduate University
presented by: Xiaoxia Ye, University of Liverpool
Session 30: Keynote Lecture II: Jordi Gali "The New Keynesian Perspective on Economic Fluctuations" September 2, 2021 14:00 to 15:00 Location: Plenary Room
Session Chair: Chryssi Giannitsarou, University of Cambridge
Session type: invited
Session 31: Special Session: Informational Frictions in DSGE Models September 2, 2021 15:10 to 17:00 Location: Parallel room 1
Session Chair: Paul Levine, University of Surrey
Session type: invited
1. The Use and Mis-Use of SVARs for Validating DSGE Models with Imperfect Information
By Paul Levine; University of Surrey Joseph Pearlman; City University London Alessio Volpicella; University of Surrey Bo Yang; Swansea University
presented by: Bo Yang, Swansea University
Discussant:   luca gambetti, Universitat Autonoma de Barcelona
2. A Rational Theory of Limited Attention
By Alexandre Kohlhas; Institute for International Economic Studies
presented by: Alexandre Kohlhas, Institute for International Economic Studies
Discussant:   Anastasios Karantounias, University of Surrey
3. Sectoral Media Focus and Aggregate Fluctuations
By Ryan Chahrour; Boston College Kristoffer Nimark; Cornell University Stefan Pitschner; Uppsala University and Stockholm School
presented by: Kristoffer Nimark, Cornell University
Discussant:   Stephen Wright, Birkbeck College, University of London
Session 32: Crypto-currency and Monetary Policy September 2, 2021 15:10 to 17:00 Location: Parallel room 2
Session Chair: Maria Shchepeleva, National Research University Higher School of Economics
Session type: contributed
1. The Cryptocurrency Uncertainty Index
By Brain Lucey; Trinity College Dublin Samuel Vigne; Trinity College Dublin Larisa Yarovaya; University of Southampton Yizhi Wang; Trinity College Dublin
presented by: Yizhi Wang, Trinity College Dublin
2. Crypto Bubbles: Timing is Everything
By Antonio Doblas-Madrid; Michigan State University
presented by: Antonio Doblas-Madrid, Michigan State University
3. Cross-sectional Capitalization Dynamics of the Cryptocurrency Market: A Markov Chain Analysis
By Antonis Ballis; Athens University of Economics and Business Konstantinos Drakos; Athens University of Economics and Business
presented by: Antonis Ballis, Athens University of Economics and Business
4. Does One Size Fit All? Comparing the Determinants of the FinTech Market Segments Expansion
By Maria Shchepeleva; National Research University Higher School of Economics Mikhail Stolbov; Moscow State Institute of International Relations
presented by: Maria Shchepeleva, National Research University Higher School of Economics
Session 33: Exports, Trade and Investment September 2, 2021 15:10 to 17:00 Location: Parallel room 3
Session Chair: Humberto Martinez, Rutgers University
Session type: contributed
1. Sequential Exporting across Countries and Products
By Facundo Albornoz; University of Nottingham Hector Calvo-Pardo; University of Southampton Gregory Corcos; Ecole polytechnique Emanuel Ornelas; Sao Paulo School of Economics-FGV
presented by: Hector Calvo-Pardo, University of Southampton
2. Variable Trade Costs and the Dynamics of International Trade
By Michael Nower; University of Durham
presented by: Michael Nower, University of Durham
3. Striking While the Iron Is Cold: Fragility after a Surge of Lumpy Investments
By Hanbaek Lee; University of Pennsylvania
presented by: Hanbaek Lee, University of Pennsylvania
4. Foreign Reserves, Fiscal Capacity and Lender of Last Resort
By Humberto Martinez; Rutgers University
presented by: Humberto Martinez, Rutgers University
Session 34: Fiscal Policy III September 2, 2021 15:10 to 17:00 Location: Parallel room 4
Session Chair: Alaïs Martin-Baillon, SciencesPo
Session type: contributed
1. Monetary-fiscal interaction and the liquidity of government debt
By Cristiano Cantore; Bank of England Edoardo Leonardi; London School of Economics
presented by: Edoardo Leonardi, London School of Economics
2. Fiscal policy shocks and international spillovers
By Ayobami Ilori; University of East Anglia Juan Paez-Farrell; University of Sheffield Christoph Thoenissen; University of Sheffield
presented by: Christoph Thoenissen, University of Sheffield
3. Financial Frictions and Fiscal Multipliers
By Alok Kumar; University of Victoria
presented by: Alok Kumar, University of Victoria
4. Optimal Fiscal Policy with Heterogeneous Firms and Aggregate Shock
By Alaïs Martin-Baillon; SciencesPo
presented by: Alaïs Martin-Baillon, SciencesPo
Session 35: Interest Rates September 2, 2021 15:10 to 17:00 Location: Parallel room 5
Session Chair: Elizaveta Lukmanova, Université catholique de Louvain
Session type: contributed
1. The effects of shocks to interest-rate expectations in the euro area: estimates at the country level
By Martin Mandler; Deutsche Bundesbank Michael Scharnagl; Deutsche Bundesbank
presented by: Martin Mandler, Deutsche Bundesbank
2. Patience Breeds Interest: The Rise of Societal Patience and the Fall of the Risk-free Interest Rate
By Radek Stefanski; University of St Andrews Alex Trew; University of Glasgow
presented by: Alex Trew, University of Glasgow
3. The Natural Rate of Interest Through a Hall of Mirrors
By Phurichai Rungcharoenkitkul; BIS Fabian Winkler; Federal Reserve Board
presented by: Fabian Winkler, Federal Reserve Board
4. New evidence on monetary transmission: interest rate versus inflation target shocks
By Elizaveta Lukmanova; Université catholique de Louvain
presented by: Elizaveta Lukmanova, Université catholique de Louvain
Session 36: Managing Risk September 2, 2021 15:10 to 17:00 Location: Parallel room 6
Session Chair: Karlye Dilts Stedman, Federal Reserve Bank of Kansas City
Session type: contributed
1. Macro-financial imbalances and cyclical systemic risk dynamics: improving the real-time properties of the financial cycle
By Sofia Velasco; Central Bank of Ireland and Queen Mary University
presented by: Sofia Velasco, Central Bank of Ireland and Queen Mary University
2. Factor Strengths, Pricing Errors, and Estimation of Risk Premia
By Hashem Pesaran; University of Cambridge Ron Smith; Birkbeck, University of London
presented by: Ron Smith, Birkbeck, University of London
3. Tail Risk and Expectations
By Yeow Hwee Chua; National University of Singapore Zu Yao Hong; University of Maryland, College Park
presented by: Zu Yao Hong, University of Maryland, College Park
4. Capital Flows in Risky Times: Risk-on/Risk-off and Emerging Market Tail Risk
By Anusha Chari; University of North Carolina at Chapel H Karlye Dilts Stedman; Federal Reserve Bank of Kansas City Christian T. Lundblad; The University of North Carolina at Chap
presented by: Karlye Dilts Stedman, Federal Reserve Bank of Kansas City
Session 37: Monetary Policy III September 2, 2021 15:10 to 17:00 Location: Parallel room 7
Session Chair: Kasper Joergensen, Federal Reserve Board
Session type: contributed
1. Monetary Policy Announcements, Information Schocks, and Exchange Rate Dynamics
By Daniel Gründler; University of Innsbruck Eric Mayer; University of Würzburg Johann Scharler; University of Innsbruck
presented by: Daniel Gründler, University of Innsbruck
2. What goes around comes around: How large are spillbacks from US monetary policy?
By Max Breitenlechner; University of Innsbruck Georgios Georgiadis; European Central Bank Ben Schumann; Free University of Berlin
presented by: Max Breitenlechner, University of Innsbruck
3. Heterogeneous Beliefs and FOMC Announcements
By Chao Ying; University of Minnesota
presented by: Chao Ying, University of Minnesota
4. Bond Risk Premiums at the Zero Lower Bound
By Kasper Joergensen; Federal Reserve Board
presented by: Kasper Joergensen, Federal Reserve Board
Session 38: Wealth and Labour Market Inequalities September 2, 2021 15:10 to 17:00 Location: Parallel room 8
Session Chair: Inês Xavier, Universitat Pompeu Fabra
Session type: contributed
1. The Portfolio Choice Channel of Wealth Inequality
By Mauricio Calani; Central Bank of Chile Lucas Rosso; Universidad de Chile
presented by: Mauricio Calani, Central Bank of Chile
2. Has the Global Financial Crisis Increased Wealth Inequality?
By Maria Shchepeleva; National Research University Higher School of Economics Mikhail Stolbov; Moscow State Institute of International Relations Laurent WEILL; University of Strasbourg
presented by: Mikhail Stolbov, Moscow State Institute of International Relations
3. Unconventional Monetary Policy and Household Credit Inequality
By Ying Xu
presented by: Ying Xu, Graduate Institute, Geneva (IHEID)
4. Wealth Inequality in the US: the Role of Heterogeneous Returns
By Inês Xavier; Universitat Pompeu Fabra
presented by: Inês Xavier, Universitat Pompeu Fabra
Session 39: Charles Goodhart Keynote Lecture III: Linda Goldberg "Volatile International Capital Flows" September 2, 2021 17:10 to 18:10 Location: Plenary Room
Session Chair: Gulcin Ozkan, King's College London
Session type: invited
Session 40: Covid-19 II September 2, 2021 18:20 to 20:10 Location: Parallel room 1
Session Chair: Michele Loberto, Banca d'Italia
Session type: contributed
1. The Impact of Covid-19 on Productivity
By Paul Mizen; University of Nottingham
presented by: Paul Mizen, University of Nottingham
2. Skill Loss during Unemployment and the Scarring Effects of the COVID-19 Pandemic
By Paul Jackson; National University of Singapore Victor Ortego-Marti; University of California Riverside
presented by: Victor Ortego-Marti, University of California Riverside
3. The New Fiscal Normal: Vaccinations, Debt and Fiscal Adjustment in Emerging Economies
By Oscar Valencia; Inter-American Development Bank
presented by: Oscar Valencia, Inter-American Development Bank
4. Living on my own: The impact of the COVID-19 pandemic on housing preferences
By Elisa Guglielminetti; Bank of Italy Michele Loberto; Banca d'Italia Giordano Zevi; Banca d'Italia Roberta Zizza; Banca d'Italia
presented by: Michele Loberto, Banca d'Italia
Session 41: Economic Modelling I September 2, 2021 18:20 to 20:10 Location: Parallel room 2
Session Chair: Lingjie Ma, UIC
Session type: contributed
1. The US post-war economic dynamics and intrinsic inflation persistence: a regime-switching perspective
By Elton Beqiraj; Sapienza Univesity of Rome Giovanni Di Bartolomeo; Sapienza Univesity of Rome
presented by: Elton Beqiraj, Sapienza Univesity of Rome
2. Real effects of imperfect bank-firm matching
By Luisa Farinha; Bank of Portugal Sotirios Kokas; University of Essex Enrico Sette; Bank of Italy Serafeim Tsoukas; University of Glasgow
presented by: Serafeim Tsoukas, University of Glasgow
3. North and South: A Regional Model of the UK
By Yue Gai; Cardiff University David Meenagh; Cardiff University Patrick Minford; Cardiff University and CEPR
presented by: Yue Gai, Cardiff University
4. Forecasting the Price of Crude Oil
By Lingjie Ma; UIC
presented by: Lingjie Ma, UIC
Session 42: Financial Markets III September 2, 2021 18:20 to 20:10 Location: Parallel room 3
Session Chair: Simon Price, Essex Business School
Session type: contributed
1. Assessing the Sectoral Effects of Exchange Rate Fluctuations: Evidence from the 2015 Swiss Franc Appreciation
By Andreas Brunhart; Liechtenstein Institute Martin Geiger; University of Innsbruck
presented by: Martin Geiger, University of Innsbruck
2. Do Speculators Exacerbate Managerial Myopia? Evidence from Margin Traders in China
By Jun Chen; UC San Diego
presented by: Jun Chen, UC San Diego
3. Extensions to IVX Methods of Inference for Return Predictability
By Matei Demetrescu; University of Kiel Iliyan Georgiev; University of Bologna Paulo Rodrigues; Bank of Portugal Robert Taylor; University of Essex
presented by: Robert Taylor, University of Essex
4. Stock returns predictability with unstable predictors
By Fabio Calonaci; Queen Mary University of London George Kapetanios; King's College London Simon Price; Essex Business School
presented by: Simon Price, Essex Business School
Session 43: Financial Markets IV September 2, 2021 18:20 to 20:10 Location: Parallel room 4
Session Chair: Steve Pak Yeung Wu, UBC/UC San Diego
Session type: contributed
1. The long-run impact of sovereign yields on corporate yields in emerging markets
By Delong Li; University of Guelph Nicolas Magud; International Monetary Fund Alejandro Werner; IMF
presented by: Delong Li, University of Guelph
2. Financial Stability with Fire Sale Externalities
By Ryuichiro Izumi; Wesleyan University Yang Li; Nankai University
presented by: Ryuichiro Izumi, Wesleyan University
3. Liquidity Coinsurance in Syndicated Loan Markets
By Vladimir Yankov; Federal Reserve Board Filip Zikes; Federal Reserve Board
presented by: Vladimir Yankov, Federal Reserve Board
4. Corporate Balance Sheets and Sovereign Risk Premia
By Steve Pak Yeung Wu; UBC/UC San Diego
presented by: Steve Pak Yeung Wu, UBC/UC San Diego
Session 44: FOMC, Announcements and Monetary Policy September 2, 2021 18:20 to 20:10 Location: Parallel room 5
Session Chair: Constantin Bürgi, University College Dublin
Session type: contributed
1. Credit Risk and the Transmission of Interest Rate Shocks
By Dino Palazzo Ram Yamarthy; Office of Financial Research
presented by: Ram Yamarthy, Office of Financial Research
2. Disagreement inside the FOMC: New Insights from Tone Analysis
By Hamza Bennani; Université Paris Nanterre Davide Romelli; Trinity College Dublin
presented by: Davide Romelli, Trinity College Dublin
3. The Pre-FOMC Announcement Drift and Private Information: Kyle Meets Macro-Finance
By Chao Ying; University of Minnesota
presented by: Chao Ying, University of Minnesota
4. Monetary Policy, Funding Cost, Banks' Risk-Taking: Evidence from the United States
By Constantin Bürgi; University College Dublin Bo Jiang; George Washington University
presented by: Constantin Bürgi, University College Dublin
Session 45: Labour Markets September 2, 2021 18:20 to 20:10 Location: Parallel room 6
Session Chair: Nasim Sabah, Framingham State University
Session type: contributed
1. Wealth and Hours
By Vytautas Valaitis; Duke University Domenico Ferraro; Arizona State University
presented by: Vytautas Valaitis, Duke University
2. Cyclicality, Asymmetry, and Heterogeneity of the User Cost of Labor: New Evidence from Japan
By Tomohide Mineyama; International Monetary Fund
presented by: Tomohide Mineyama, International Monetary Fund
3. Home Production with Time to Consume
By William Bednar; Tepper School of Business Nick Pretnar; University of California, Santa Barbara
presented by: Nick Pretnar, University of California, Santa Barbara
4. Labor Matching and Equity Prices
By Nasim Sabah; Framingham State University
presented by: Nasim Sabah, Framingham State University
Session 46: Income Inequality September 2, 2021 18:20 to 20:10 Location: Parallel room 7
Session Chair: Lucy Minford, Swansea University
Session type: contributed
1. Income inequality and social values: a long-term relationship
By Neil Kellard; University of Essex Yousef Makhlouf; Nottingham Trent University Dmitri Vinogradov; University of Glasgow
presented by: Yousef Makhlouf, Nottingham Trent University
2. Quantitative Easing and Inequality
By Donggyu Lee; Federal Reserve Bank of New York
presented by: Donggyu Lee, Federal Reserve Bank of New York
3. Income Inequality, Financial Intermediation, and Small Firms
By Sebastian Doerr; Bank for International Settlements Thomas Drechsel; University of Maryland Donggyu Lee; Federal Reserve Bank of New York
presented by: Thomas Drechsel, University of Maryland
4. Redistribution, inequality and growth across China's regions
By Xiaoliang Yang; Zhongnan University of Economics and Law Lucy Minford; Swansea University David Meenagh; Cardiff University Kent Matthews; Cardiff Business School
presented by: Lucy Minford, Swansea University
Session 47: Economic Modelling II September 3, 2021 10:00 to 11:50 Location: Parallel room 1
Session Chair: Paulo Santos Monteiro, University of York
Session type: contributed
1. The economic consequences of putting a price on carbon
By Diego Känzig; London Business School
presented by: Diego Känzig, London Business School
2. Optimal Monetary Policy Mix at the Zero Lower Bound
By Dario Bonciani; Bank of England Joonseok Oh; Freie Universität Berlin
presented by: Joonseok Oh, Freie Universität Berlin
3. Firm Heterogeneity and the Transmission of Credit Policy
By Konrad Kuhmann; Humboldt University Berlin
presented by: Konrad Kuhmann, Humboldt University Berlin
4. Risky Gravity
By Luciana Juvenal; International Monetary Fund Paulo Santos Monteiro; University of York
presented by: Paulo Santos Monteiro, University of York
Session 48: European Central Bank September 3, 2021 10:00 to 11:50 Location: Parallel room 2
Session Chair: Bernd Hayo, Philipps-University Marburg
Session type: contributed
1. Political Voice on Monetary Policy: Evidence from the Parliamentary Hearings of the European Central Bank
By Federico Maria Ferrara; London School of Economics and Political Science Donato Masciandaro; Università Bocconi Manuela Moschella; Scuola Normale Superiore Davide Romelli; Trinity College Dublin
presented by: Davide Romelli, Trinity College Dublin
2. Who Talks During Monetary Policy Quiet Periods, and Why? Evidence from the European Central Bank's Governing Council
By Kilian Rieder; Oesterreichische Nationalbank (Eurosystem) & CEPR
presented by: Kilian Rieder, Oesterreichische Nationalbank (Eurosystem) & CEPR
3. Financial Markets and Dissent in the ECB's Governing Council
By Peter Tillmann; Justus-Liebig-Universität Gießen
presented by: Peter Tillmann, Justus-Liebig-Universität Gießen
4. Complexity of ECB Communication and Financial Market Trading
By Bernd Hayo; Philipps-University Marburg
presented by: Bernd Hayo, Philipps-University Marburg
Session 49: Inflation Expectations September 3, 2021 10:00 to 11:50 Location: Parallel room 3
Session Chair: Juan Angel Garcia, European Central Bank
Session type: contributed
1. Inflation Expectations, Interest Rates, and Consumption Behavior
By Ricardo Nunes; University of Surrey Donghyun Park; University of Surrey
presented by: Donghyun Park, University of Surrey
2. Underreaction in Expectations After Large Depreciations
By Manuel Mosquera-Tarrio; CEMLA & University of Manchester
presented by: Manuel Mosquera-Tarrio, CEMLA & University of Manchester
3. De-Anchored Inflation Expectations and Monetary Policy
By Johannes Fischer; European University Institute
presented by: Johannes Fischer, European University Institute
4. What can trend inflation tell us about long-term inflation expectations?
By Juan Angel Garcia; European Central Bank
presented by: Juan Angel Garcia, European Central Bank
Session 50: Macro-prudential Policy September 3, 2021 10:00 to 11:50 Location: Parallel room 4
Session Chair: Lingsi Wei, University of Bath
Session type: contributed
1. Reversal Interest Rate and Macroprudential Policy
By Matthieu Darracq Pariès; European Central Bank Christoffer Kok; European Central Bank Matthias Rottner; Deutsche Bundesbank
presented by: Matthias Rottner, Deutsche Bundesbank
2. Macroprudential Policy in the Euro Area
By Álvaro Fernández-Gallardo Romero; Universidad de Alicante Ivan Paya; Universidad Alicante
presented by: Álvaro Fernández-Gallardo Romero, Universidad de Alicante
3. Banking Across Borders: Are Chinese banks different?
By Catherine Koch; Bank for International Settlements
presented by: Catherine Koch, Bank for International Settlements
4. Financial Innovation, Macro-prudential Policies and Leverage Cycles
By Lingsi Wei; University of Bath
presented by: Lingsi Wei, University of Bath
Session 51: Monetary Policy IV September 3, 2021 10:00 to 11:50 Location: Parallel room 5
Session Chair: Lukas Altermatt, University of Essex
Session type: contributed
1. Option-implied expectations and the (non) neutrality of money
By Anastasios Megaritis
presented by: Anastasios Megaritis,
2. Who Gets Jobs Matters: Monetary Policy and the Labour Market
By Uros Herman; GSEFM, Goethe University Frankfurt
presented by: Uros Herman, GSEFM, Goethe University Frankfurt
3. Federal Reserve Communication and the COVID-19 Pandemic
By Jonathan Benchimol; Bank of Israel Sophia Kazinnik; Federal Reserve Bank of Richmond Yossi Saadon; Bank of Israel
presented by: Jonathan Benchimol, Bank of Israel
4. Oligopoly Banking, Risky Investment, and Monetary Policy
By Lukas Altermatt; University of Essex ZIJIAN WANG; University of Western Ontario
presented by: Lukas Altermatt, University of Essex
Session 52: Optimal Monetary Policy September 3, 2021 10:00 to 11:50 Location: Parallel room 6
Session Chair: Laura Gáti,
Session type: contributed
1. Optimal Robust Monetary Policy with Parameters and Output Gap Uncertainty
By Adriana Grasso; Banca d'Italia (Bank of Italy) Guido Traficante; Università Europea di Roma and CASMEF
presented by: Guido Traficante, Università Europea di Roma and CASMEF
2. A Toolkit for Computing Constrained Optimal Policy Projections (COPPs)
By Oliver de Groot; University of Liverpool Management School Falk Mazelis; European Central Bank Roberto Motto; European Central Bank Annukka Ristiniemi; European Central Bank
presented by: Oliver de Groot, University of Liverpool Management School
3. Persistence-Dependent Optimal Policy Rules
By Jean-Bernard Chatelain; University Paris I Pantheon Sorbonne Kirsten Ralf; ESCE Ecole Supérieure de Commerce Exterieur
presented by: Jean-Bernard Chatelain, University Paris I Pantheon Sorbonne
4. Monetary Policy & Anchored Expectations. An Endogenous Gain Learning Model
By Laura Gáti
presented by: Laura Gáti,
Session 53: Regulation September 3, 2021 10:00 to 11:50 Location: Parallel room 7
Session Chair: Ivy Sabuga, City University of London
Session type: contributed
1. Does regulation only bite the less profitable? Evidence from the too-big-to-fail reforms
By Tirupam Goel; Bank for International Settlements Ulf Lewrick; Bank for International Settlements Aakriti Mathur; Bank of England
presented by: Aakriti Mathur, Bank of England
2. Speculative and Precautionary Demand for Liquidity in Competitive Banking Markets
By Diemo Dietrich; Newcastle University Thomas Gehrig; University of Vienna
presented by: Diemo Dietrich, Newcastle University
3. Bank capital structure and regulation: Overcoming and embracing adverse selection
By Sonny Biswas; University of Bristol Kostas Koufopoulos; University of York
presented by: Kostas Koufopoulos, University of York
4. Dynamics of the Output Floor: A Model-Based Assessment
By Jonathan Acosta-Smith; Bank of England Marzio Bassanin; Bank of England Ivy Sabuga; City University of London
presented by: Ivy Sabuga, City University of London
Session 54: Keynote Lecture IV: Marcel Fratzscher: "Prospects for the economic recovery from the pandemic and implications for macroeconomics and social policies" September 3, 2021 13:00 to 14:00 Location: Plenary Room
Session Chair: Charles Brendon, University of Cambridge
Session type: invited
Session 55: Allocation, Misallocation II September 3, 2021 14:10 to 16:00 Location: Parallel room 1
Session Chair: Isabelle Roland, University of Cambridge
Session type: contributed
1. Learning and the Anatomy of the Profitability Premium
By Chi-Yang Tsou; Hong Kong University of Science and Technology
presented by: Chi-Yang Tsou, University of Manchester
2. The Good, the Bad, and the not-so Ugly of Credit Booms: Capital Allocation and Financial Constraints
By Matías Braun Francisco Marcet; University of Chile Claudio Raddatz; Universidad de Chile
presented by: Matías Braun,
3. Exuberant and Uninformed: How Financial Markets (Mis-)Allocate Capital during Booms
By Ilja Kantorovitch; Universitat Pompeu Fabra
presented by: Ilja Kantorovitch, Universitat Pompeu Fabra
4. The Aggregate Consequences of Forbearance Lending: Evidence from Japan
By Isabelle Roland; University of Cambridge
presented by: Isabelle Roland, University of Cambridge
Session 56: Business Cycles, Shocks and Bubbles II September 3, 2021 14:10 to 16:00 Location: Parallel room 2
Session Chair: Omar Licandro, University of Nottingham
Session type: contributed
1. Did the Great Influenza of 1918-1920 Trigger A Reversal of the First Era of Globalization?
By Pierre Siklos; Wilfrid Laurier University
presented by: Pierre Siklos, Wilfrid Laurier University
2. Reducing Strategic Default in a Financial Crisis
By Sumit Agarwal; NUS Vyacheslav Mikhed; Federal Reserve Bank of Philadelphia Barry Scholnick; Univ. of Alberta Man Zhang; University of Sydney
presented by: Barry Scholnick, Univ. of Alberta
3. A Disaster Always Rings Twice: Early life experiences and central bankers’ reactions to natural disasters
By Maqsood Aslam; LEM-University of Lille Etienne Farvaque; University of Lille
presented by: Etienne Farvaque, University of Lille
4. Switching-track after the Great Recession
By francesca vinci; ECB Omar Licandro; University of Nottingham
presented by: Omar Licandro, University of Nottingham
Session 57: Global Dynamics September 3, 2021 14:10 to 16:00 Location: Parallel room 3
Session Chair: Bada Han, Bank of Korea
Session type: contributed
1. A New Channel for Global Volatility Propagation
By Shuning Chen; Tianjin University Jianxin Wang; University of Technology Sydney
presented by: Jianxin Wang, University of Technology Sydney
2. Barriers to Global Capital Allocation
By Bruno Pellegrino; University of Maryland Enrico Spolaore; Tufts University Romain Wacziarg; UCLA
presented by: Bruno Pellegrino, University of Maryland
3. International transmission of interest rates: the role of international reserves and sovereign debt
By António Afonso; ISEG-ULisboa Florence Huart; LEM (CNRS), University of Lille João Jalles Piotr Stanek; Cracow University of Economics
presented by: Piotr Stanek, Cracow University of Economics
4. Transmission of Global Financial Shocks: Which Capital Flows Matter?
By Bada Han; Bank of Korea
presented by: Bada Han, Bank of Korea
Session 58: Bank Lending September 3, 2021 14:10 to 16:00 Location: Parallel room 4
Session Chair: Lorena Keller, University of Pennsylvania
Session type: contributed
1. Banking on Experience
By Hans Degryse; KU Leuven and CEPR Sotirios Kokas; University of Essex Raoul Minetti; Michigan State University
presented by: Sotirios Kokas, University of Essex
2. Banking Industry Dynamics and Size-Dependent Capital Regulation
By Tirupam Goel; Bank for International Settlements
presented by: Tirupam Goel, Bank for International Settlements
3. On the Macroeconomic Effects of Shadow Banking Development
By Georgios Magkonis; University of Portsmouth Eun Young Oh; University of Portsmouth Shuonan Zhang; The University of Portsmouth
presented by: Shuonan Zhang, The University of Portsmouth
4. Arbitraging Covered Interest Rate Parity Deviations and Bank Lending
By Lorena Keller; University of Pennsylvania
presented by: Lorena Keller, University of Pennsylvania
Session 59: Business Cycles, Shocks and Bubbles III September 3, 2021 14:10 to 16:00 Location: Parallel room 5
Session Chair: Alistair Macaulay, University of Oxford
Session type: contributed
1. Price, sales, and the business cycle: microeconomic evidence
By Fernando Borraz; Banco Central del Uruguay and Universidad de la Republica Giacomo Livan; University College London Pablo Picardo; Banco Central del Uruguay Anahi Rodriguez; CEMLA
presented by: Anahi Rodriguez, CEMLA
2. Credit Allocation and Macroeconomic Fluctuations
By Karsten Müller; Princeton University Emil Verner; MIT
presented by: Karsten Müller, Princeton University
3. Aggregate Fluctuations from Clustered Micro Shocks
By Daisoon Kim; North Carolina State University
presented by: Daisoon Kim, North Carolina State University
4. Cyclical Attention to Saving
By Alistair Macaulay; University of Oxford
presented by: Alistair Macaulay, University of Oxford
Session 60: Climate Change and Monetary Policy September 3, 2021 14:10 to 16:00 Location: Parallel room 6
Session Chair: Josselin Roman, Paris-Dauphine University
Session type: contributed
1. We Are All in the Same Boat: Cross-Border Spillovers of Climate Risk Through International Trade and Supply Chain
By Xiaochen Feng; International Monetary Fund Haishi Li; University of Chicago
presented by: Haishi Li, University of Chicago
2. Rare disasters, the natural interest rate and monetary policy
By Alessandro Cantelmo; Banca d'Italia
presented by: Alessandro Cantelmo, Banca d'Italia
3. Climate Change Regulatory Risks and Bank Lending
By Eleonora Sfrappini; Halle Institute for Economic Research Isabella Mueller; Halle Institute for Economic Research
presented by: Eleonora Sfrappini, Halle Institute for Economic Research
4. Policy Interaction and the Transition to Clean Technology
By Ghassane Benmir; London School of Economics Josselin Roman; Paris-Dauphine University
presented by: Josselin Roman, Paris-Dauphine University
Session 61: Inflation Targeting September 3, 2021 14:10 to 16:00 Location: Parallel room 7
Session Chair: Oliver Pfäuti, University of Mannheim
Session type: contributed
1. Would German Households Understand Average Inflation Targeting?
By Mathias Hoffmann; Deutsche Bundesbank Emanuel Moench; Deutsche Bundesbank Lora Pavlova; Karlsruhe Institute of Technology Guido Schultefrankenfeld; Deutsche Bundesbank
presented by: Guido Schultefrankenfeld, Deutsche Bundesbank
2. Economic performance under different monetary policy frameworks
By Peter Macmillan; Uni of St Andrews David Cobham; Heriot-Watt University Mengdi Song; NYU Abu Dhabi
presented by: Peter Macmillan, Uni of St Andrews
3. Just Do IT? An Assessment of Inflation Targeting in a Global Comparative Case Study
By Roberto Duncan; Ohio University Enrique Martinez-Garcia; Federal Reserve Bank of Dallas Patricia Toledo; Ohio University
presented by: Roberto Duncan, Ohio University
4. Inflation - who cares? Monetary Policy in Times of Low Attention
By Oliver Pfäuti; University of Mannheim
presented by: Oliver Pfäuti, University of Mannheim
Session 62: Uncertainty Shocks September 3, 2021 14:10 to 16:00 Location: Parallel room 8
Session Chair: Niraj Koirala, Texas Tech University
Session type: contributed
1. Uncertainty Shocks, Financial Frictions and Business Cycle Asymmetries Across Countries
By Pratiti Chatterjee; University of New South Wales
presented by: Pratiti Chatterjee, University of New South Wales
2. Financial Shocks, Uncertainty Shocks, and Monetary Policy Trade-Offs
By Marco Brianti; Boston College
presented by: Marco Brianti, Boston College
3. Uncertainty Shocks, Capital Flows, and International Risk Spillovers
By Ozge Akinci; Federal Reserve Bank of New York Sebnem Kalemli-Ozcan; University of Maryland Albert Queralto
presented by: Albert Queralto,
4. Uncertainty Shocks in a Model with Alternative Specifications of Financial Frictions
By Niraj Koirala; Texas Tech University
presented by: Niraj Koirala, Texas Tech University
Session 63: Harry Johnson Keynote Lecture V: Olivier Blanchard "Fiscal Policy Under Low Rates" September 3, 2021 16:10 to 17:10 Location: Plenary room
Session Chair: Giancarlo Corsetti, University of Cambridge
Session type: invited

 

This program was last updated on 2021-10-15 12:47:37 EDT