“Macroeconomic Dynamics with Heterogeneous Agents”*, 10-11 June 2013
workshop organized by Orazio Attanasio (UCL) and Paolo Surico (LBS)
Venue: Lecture Theatre 10, Sainsbury building, London Business School campus.
*This workshop has been funded by the European Research Council Starting Grant 263429.
DESCRIPTION
CO-SPONSERED BY ERC, London Business School and UCL.
In the aftermath of the recent financial crisis, governments and central banks around the world have sought to support the economy through expansionary fiscal and monetary policies. Considerable uncertainty (and disagreement among economists/policy makers) remains about the aggregate impact of these interventions. At the heart of this uncertainty lays the recognition that the effects of macroeconomic policies on the real economy cannot be fully understood without explicit consideration of distributional dynamics across households and firms.
The conference will bring together a fantastic mix of quantitative macroeconomists and applied microeconometricians that will share their views on the empirical usefulness of various approaches to quantify the heterogeneity in the responses of economic agents to policy and other structural shocks. The research agenda exposited throughout the conference will highlight the open questions faced in this field and the interaction among the participants will hopefully pave the way for a resolution to some of these questions.
PROGRAMME
Monday, June 10th
10.00-10.30 Registration and coffee in S1 Lounge.
10.30-11.30 Car Purchases over the Business Cycle
Orazio Attanasio (University College London). With Padula and Ravn.
Discussant: Richard Disney (Institute for Fiscal Studies)
11.30-12.30 Redistributive Taxation in a Partial Insurance Economy
Jonathan Heathcote (Fed Bank of Minneapolis). With Storesletten and Violante.
Discussant: Nicola Pavoni (Bocconi University)
12.30-13.30 Buffet lunch in Garden Room.
13.30-14.30 Segmented Housing Market
Monika Piazzesi (Stanford University). With Schneider and Stroebel.
Discussant: Silvana Tenreyro (London School of Economics)
14.30-15.30 The Housing CCAPM with Adjustment Costs and Heterogeneous Agents
Marjorie Flavin (University of California San Diego). With Liang.
Discussant: Vincent Sterk (University College London)
15.30-16.00 Coffee break in S1 Lounge.
16.00-17.00 Capital Requirements in a Quantitative Model of Banking Industry Dynamics
Dean Corbae (University of Wisconsin at Madison). With D’Erasmo.
Discussant: Jose Luis-Peydro (Universitat Pompeu Fabra)
17.00-18.00 Monetary Policy with Heterogeneous Agents
Makoto Nakajima (Fed Bank of Philadelphia). With Gornemann and Kuester.
Discussant: Thijs Van Rens (University of Warwick)
18.30-19.00 Reception in Dining Room.
19.00-.. Workshop dinner on LBS campus (by invitation only).
Tuesday, June 11th
9.00-10.00 Household Balance Sheets, Consumption, and the Economic Slump
Atif Mian (Princeton University). With Rao and Sufi.
Discussant: Tullio Jappelli (University of Naples Federico II)
10.00-11.00 Household Debt and the Dynamic Effects of Income Tax Changes
Paolo Surico (London Business School). With Cloyne.
Discussant: Ethan Ilzetzki (London School of Economics)
11.00-11.30 Coffee break in S1 Lounge.
11.30-12.30 Fiscal Policy and MPC Heterogeneity
Luigi Pistaferri (Stanford University). With Jappelli.
Discussant: Fabrizio Perri (Bocconi University)
12.30-13.30 Buffet lunch in Garden Room.
13.30-14.30 Balance Sheet Recessions
Jose-Victor Rios-Rull (University of Minnesota). With Huo.
Discussant: Dirk Krueger (University of Pennsylvania)
14.30-15.30 Uncertainty Shocks, Asset Supply and Pricing over the Business Cycle
Martin Schneider (Stanford University). With Bianchi and Ilut.
Discussant: Konstantinos Theodoridis (Bank of England)
15.30-16.00 Coffee break in S1 Lounge.
16.00-17.00 Shopping Externalities and Self-Fulfilling Unemployment Fluctuations
Greg Kaplan (Princeton University). With Menzio.
Discussant: Pontus Rendahl (University of Cambridge)
17.00 Workshop ends.
There will be 40 minutes for presenters, 10 minutes for discussants and 10 minutes for general discussion.
IF YOU WISH TO ATTEND, PLEASE REGISTER YOUR INTEREST HERE.