Salento Macro Meetings 2019

Collegio Santa Chiara, Galatina (Lecce)

Thursday August 29th

9:45-10:00 Welcome address

10:00-10:50 Accounting for macro finance trends and optimal government investment

Francois Gourio (FRB of Chicago)*

Discussant: Christoph Boehm (University of Texas at Austin)

10:50-11:40 Reserve Accumulation, Macroeconomic Stabilization and Sovereign Risk

Javier Bianchi (FRB of Minneapolis) and Cesar Sosa-Padilla (University of Notre Dame)*

Discussant: Francesco Pappadà (Banque de France)

11:40-12:00 Coffee break

12:00-12:50 Real Exchange Rates and Primary Commodity Prices

Joao Ayres (Inter-American Development Bank), Constantino Hevia (Universidad Torcuato Di Tella) and Juan Pablo Nicolini (FRB of Minneapolis)*

Discussant: Carlo Galli (University College London)

12:50-14:00 Lunch

14:00-14:50 On the Distributional Effects of International Tariffs

Daniel Carroll (FRB of Cleveland) and Sewon Hur (FRB of Cleveland)*

Discussant: Axelle Ferriere (Paris School of Economics)

14:50-15:40 A Model of Intermediation, Money, Interest, and Prices

Saki Bigio (UCLA)* and Yuliy Sannikov (Stanford)

Discussant: Dmitry Sergeyev (Bocconi University)

15:40-16:00 Coffee break

16:00-16:50 Collateral Booms and Information Depletion

Vladimir Asriyan (CREI)*, Luc Laeven (ECB) and Alberto Martin (ECB)

Discussant: Edouard Challe (Ecole Polytechnique)

19:00-20:30 Guided tour of Lecce

20:30 Dinner in Lecce

Friday August 30th

09:00-09:50 A General Equilibrium Theory of Capital Structure

Douglas Gale (New York University) and Piero Gottardi (University of Essex)*

Discussant: Michael Kumhof (Bank of England)

09:50-10:40 Self-fulfilling debt crises with long stagnations

Joao Ayres (Inter-American Development Bank), Gaston Navarro (FRB Board), Juan Pablo Nicolini (FRB of Minneapolis) and Pedro Teles (Banco de Portugal, Catolica Lisbon SBE)*

Discussant: Chryssi Giannitsarou (University of Cambridge)

10:40-11:00 Coffee break

11:00-11:50 Frictional intermediation in over-the-counter markets

Julien Hugonnier (EPFL), Benjamin Lester (FRB of Philadelphia) and Pierre-Olivier Weill (UCLA)*

Discussant: Liyan Shi (EIEF)

11:50-13:00 Lunch

13:00-13:50 Financial Frictions and the Wealth Distribution

Jesus Fernandez-Villaverde (University of Pennsylvania), Samuel Hurtado (Banco de Espana) and Nuno Galo (Banco de Espana)*

Discussant: Davide Melcangi (FRB of New York)

13:50-14:40 Mismatch cycles

Isaac Baley (Universitat Pompeu Fabra), Ana Figuereido Gomes (Erasmus University Rotterdam)* and Robert Ulbricht (Toulouse School of Economics)

Discussant: Regis Barnichon (FRB of San Francisco)

14:40-15:00 Coffee break

15:00-15:50 Signalling Power and Equilibrium Markups

Gaetano Gaballo (Banque de France, PSE)* and Luigi Paciello (EIEF) // ERC project //

Discussant: Isaac Baley (Universitat Pompeu Fabra)

16:00 Beach session at Lido Mar y sol, Rivabella (Ionian Sea)


Axelle Ferriere (Paris School of Economics and CNRS)

Gaetano Gaballo (Banque de France, Paris School of Economics and CEPR)

Luigi Paciello (Einaudi Institute for Economics and Finance)

Francesco Pappadà (Banque de France)


Galatina is located at the heart of Salento, the peninsula at the southern end of the administrative region of Puglia, Italy. The region is well known for its natural landscapes, like the beaches on the Adriatic and Ionian Sea as well as for the rich Baroque architectural monuments. The closest airport is Brindisi, which is about 70km north of Galatina.