2017

Macroeconomics, Rationality, and Institutions

Workshop in honor of Joseph Plasmans

December 14-15, 2017

Organizers: Paolo Canofari (Luiss, Rome), Giuseppe Ciccarone (Sapienza University of Rome), Giovanni Di Bartolomeo (Sapienza University of Rome), Elton Beqiraj (Sapienza University of Rome), Leone Leonida (King's College London), Silvia Fedeli (Sapienza University of Rome), Daniela Federici (University of Cassino and Southern Lazio), Enrico Saltari (Sapienza University of Rome).

Venue: Aula Onida (3 floor) – Facoltà di Economia – Sapienza Università degli Studi di Roma – via del Castro Laurenziano, 9. Roma 00161, Italia. Tel. +39(0)6/49.766.921, Fax +39(0)6/49.41.621

December 14

13.30 - Authorities’ welcome

A1 - Rationality, bounded rationality, strategic interactions, and macro

14.00 - Chair: Enrico Saltari (Sapienza University of Rome)

• Willi Semmler (New School, New York), Credit cycles and monetary policy in a regime switching model [with T. Faulwasser (Karlsruhe IT) and M. Gross (ECB)].

• Jacob Engwerda (Tilburg University), Debt stabilization in the presence of endogenous risk premia: A dynamic game approach [with T. Anevlavis, G. Papavassilopoulos (Athens), B. van Aarle (Leuven)].

15.30 - Coffee break

A2 - Rationality, bounded rationality, strategic interactions, and macro

15.45 - Chair: Carolina Serpieri (European Commission)

• Paul Levine (University of Surrey), Internal rationality, heterogeneity, and complexity in the New Keynesian model [with C. Hommes (Amsterdam) and R. C. Jump (West of England)].

• Marco Di Pietro (Sapienza University of Rome), Beliefs formation and the puzzle of forward guidance power [with E. Beqiraj and G. DI Bartolomeo (Sapienza)].

17.15 - Coffee break

A3 - Rationality, strategic interactions, and macroeconomics

17.30 - Chair: Bianca Giannini (Ministry of Economics and Finance)

• Enrico Marchetti (Parthenope University of Naples), Prospect theory and self-fulfilling market sentiments [with G. Ciccarone (Sapienza) and F. Giuli (Roma3)].

• Giovanni Di Bartolomeo (Sapienza University of Rome), Boundedly rational policymakers: The NMPC Feedback Nash Equilibrium [with W. Semmler (New School) and E. Saltari (Sapienza)].

20.30 Social dinner

December 15

8.30 Coffee welcome

B1 - The design of institutions: A public choice perspective

9.00 - Chair: Francesco Forte (Sapienza University of Rome)

• Georg Vanberg (Duke University), Constitutional political economy, democratic theory, and institutional design.

• Michele Santoni (University of Milan), Bureaucracy institutional design [with S. Fedeli (Sapienza), L. Leonida (King's College)].

• Axel Dreher (University of Heidelberg), Aid on demand: African leaders and the geography of China’s foreign assistance [with A. Fuchs ( Heidelberg), R. Hodler (St. Gallen), B. C. Parks, M. J. Tierney (College of William and Mary), P. A. Raschky (Monash)].

11.00 - Coffee break

B2 - The design of institutions: A public choice perspective

11.20 - Chair: Francesco Forte (Sapienza University of Rome)

• Ronald Wintrobe (Western University), An economic model of hybrid (competitive-authoritarian) regimes.

• Francois Facchini (University Paris 1), The failure of democracy in the elaboration of constitutional reforms.

• Giorgio Brosio (University of Turin), Unitary system or federation? Coercion versus equity in the aftermath of the Italian Unification.

13.20 - Lunch

C1 - Micro insights for macroeconomic theories and policies

14.30 - Chair: Ronald Wintrobe (Western University)

• Joseph Plasmans (University of Antwerp), Productivity and competition from a global point of view.

• Daniela Federici (University of Cassino and Southern Lazio), ICT sector as a key driver for the US efficiency growth: A multi-sector approach [with E. Saltari and C. Wymer (Sapienza)].

15.20 - Coffee break

C2 - Micro insights for macroeconomic theories and policies

15.35 - Chair: Leone Leonida (King's College London)

• Francesco Nucci (Sapienza University of Rome), Financial constraints and the sensitivity of exports to exchange rates [with M. Dai (Beijing), A. F. Pozzolo (Molise), J. Xu (Beijing)].

• Enrico Saltari (Sapienza University of Rome), Economic fluctuations in the US and Euro area: Quantifying the contribution of technical change [with M. Di Pietro (Sapienza)].

16.55 - Coffee break

D1 - Fiscal budgets and debts and economic crises

17.10 - Chair: Nicola Acocella (Sapienza University of Rome)

• Paolo Canofari (Luiss, Rome), Sovereign debt crisis, fiscal consolidation and quantitative easing in a monetary union [with M. Messori (Luiss) and G. Di Bartolomeo (Sapienza)].

• Bas van Aarle (Leuven University), Effects of debt mutualization in a monetary union with endogenous risk premia: Can Eurobonds contribute to debt stabilization? [with J. Engwerda (Tilburg) and A. Weeren (Mathworks)].

• Elton Beqiraj (Sapienza University of Rome), Public debt sustainability in OECD countries [with S. Fedeli and F. Forte (Sapienza)].

19.10 - End of the conference