2021

1st Sailing the Macro Workshop (Ventotene Island)

Island of Ventotene - September 16-18, 2021

Organizers

• Marta Maria Pisa (Sapienza University),  Francesco Simone Lucidi (Sapienza University), Massimiliano Tancioni (Sapienza University)

Scientific Committee

• Massimiliano Tancioni (Sapienza University), Giovanni Di Bartolomeo (Sapienza University), Paolo Zaffaroni (Sapienza University)

Detailed Programme 

Day 0 - September 15

18:00-20:00 Welcome Aperitif (at Un Mare di Sapori, Ventotene ) 

Day 1 - September 16

08:30-09:00 Registration & Welcome Coffee

09:00-09:40 Keynote Session 1: Giorgio Primiceri - Northwestern University

Parallel Session 1A (Chair: Giorgio Primiceri)

• 09:50-10:25 Estimating Hysteresis Effects. Francesco Furlanetto, Antoine Lepetit, Ørjan Robstad, Juan Rubio-Ramirez, Pal Ulvedal

• 10:25-11:00 Bad News, Good News: Coverage and Response Asymmetries. Luca Gambetti, Nicolo' Maffei Faccioli, Sarah Zoi

• 11:00-11:35 Business Cycle Fluctuations: Financial Shocks versus Uncertainty Shocks. Wouter Van der Veken, Roberto A. De Santis

Parallel Session 1B (Chair: Luca Zamparelli)

• 09:50-10:25  The Long-Run Phillips Curve is...a curve. Guido Ascari, Paolo Bonomolo, Qazi Haque

• 10:25-11:00  Supply Shocks in a Heterogeneous Agent Economy: Evidence and Theory. Francesco Saverio Gaudio, Ivan Petrella, Emiliano Santoro

• 11:00-11:35  Firms' ex-ante Heterogeneity, Entry and the Labour Share. Jakob Grazzini, Lorenza Rossi

11:35-12:15  Coffee Break & Poster Session 1

• Inflation persistence. Emanuele Franceschi

• Optimal monetary policy and intrinsic inflation persistence. Carolina Serpieri, Giovanni Di Bartolomeo

• Heterogeneous Decline in Sectoral Business Dynamism. Riccardo Silvestrini

• Secured and unsecured credit cycles. Costanza Giannantoni, Valeria Patella, Massimiliano Tancioni

• Firm Dynamics with Coworker Learning. Gabriele Macci

• Nowcasting – developing the sources and methods to improve high-frequency labour market forecasting. Tesi Aliaj, Milos Ciganovic, Massimiliano Tancioni

Parallel Session 1A (Chair: Giorgio Primiceri)

• 12:15-12:50     Global value chains and the dynamics of UK inflation. Aydan Dogan, Tommaso Aquilante, Melih Firat

• 12:50-13:25    Global Spillovers of the Fed Information Effect. Marco Pinchetti, Andrzej Szczepaniak

Parallel Session 1B (Chair: Luca Zamparelli)

• 12:15-12:50    Credit Markets, Relationship Lending, and the Dynamics of firm entry. Qingqing Cao, Paolo Giordani, Raoul Minetti, Pierluigi Murro

• 12:50-13:25   Unemployment, Firm Dynamics, and the Business Cycle. Andrea Colciago, Stefano Fasani, Lorenza Rossi

Day 2 - September 17

• 09:00-09:40   Keynote Session 2: Salvatore Nistico' - ECB and Sapienza University of Rome

Parallel Session 2A (Chair: Elton Beqiraj)

• 09:50-10:25      What are the Sources of Boom-Bust Cycles?. Marco Brianti, Vito Cormun

• 10:25-11:00     A Structural Investigation of Quantitative Easing. Gregor Boehl, Gavin Goy, Felix Strobelc

• 11:00-11:35   Monetary policy shocks over the business cycle: Extending the SmoothTransition framework. Michele Piffer, Martin Bruns

Parallel Session 2B (Chair: Salvatore Nistico')

• 09:50-10:25  The unbearable lightness of equilibria in a low interest rate environment. Guido Ascari, Sophocles Mavroeidis

• 10:25-11:00  The Effectiveness of a Negative Interest Rate Policy. Marco Onofri, Gert Peersman, Frank Smets

• 11:00-11:35  The (Ir)Relevance of Rule-of-Thumb Consumers for U.S. Business Cycle Fluctuations. Alice Albonico, Guido Ascari, Qazi Haque

11:35-12:15  Coffee Break & Poster Session 2

• Bank Heterogeneity and Mortgage Supply under Negative Policy Rates. Luisa Lambertini, Yu Wu

• Forbearance vs foreclosure in a general  equilibrium model. Bianca Barbaro, Patrizio Tirelli

• Preventive monetary and macroprudential policy response to anticipated shocks to financial stability. Konstantin Styrin, Alexander Tishin

• Asset Price Bubbles with Low Interest Rates: Not All Bubbles are Likely to Emerge. Jacopo Bonchi, Francesco Simone Lucidi

• Has the Fed ever responded to stock market bubbles? Evidence from non linear VARs. Federica Vassalli, Massimiliano Tancioni

• Undesired effects of monetary policy in a bubbly economy: some empirical findings and a theoretical explanation. Giuseppe Ciccarone, Francesco Giuli, Enrico Marchetti, Valeria Patella, Massimiliano Tancioni

Parallel Session 2A (Chair: Elton Beqiraj)

• 12:50-13:25    A tail of labor supply and a tale of monetary policy. Cristiano Cantore, Filippo Ferroni, Haroon Mumtaz, Angeliki Theophilopoulou

Parallel Session 2B  (Chair: Salvatore Nistico')

• 12:15-12:50    Monetary Policy and Payment-to-Income Limits in Liquidity Traps. Alessandro Lin

• 12:50-13:25  Whither Liquidity Shocks?. Giorgio Massari, Patrizio Tirelli

21:00  Social Dinner (La Terrazza sul Mare, Ventotene)  

Day 3 - September 18

09:00-09:40   Keynote Session 3: Giuseppe Ragusa - University of Pisa

Parallel Session 3A (Chair: Giuseppe Ragusa)

• 09:50-10:25      A new macro-financial condition index for the euro area. Claudio Morana

• 10:25-11:00     Bargaining power and the Phillips curve: a micro-macro analysis. Marco Lombardi, Marianna Riggi, Eliana Viviano

• 11:00-11:35  Inflation expectations and the ECB’s perceived inflation objective: novel evidence from firm-level data. Alex Tagliabracci, Marco Bottone, Giordano Zevi

Parallel Session 3B (Chair: Paolo Giordani)

• 09:50-10:25 Exchange Rate Disconnect Redux. Ryan Chahrour, Vito Cormun, Pierre De Leo, Pablo Guerron-Quintana, Rosen Valchev 

• 10:25-11:00   Fiscal Rules and Discretion with Risk of Default. Chiara Felli, Facundo Piguillem, Liyan Shi

• 11:00-11:35  Sovereign default and imperfect tax enforcement. Francesco Pappada', Yanos Zylberberg

11:35-12:15  Coffee Break & Poster Session 3

• Production networks and fiscal multiplier. Alessandro De Sanctis

• The macroeconomic effects of climate shocks in Europe. Francesco Simone Lucidi, Marta Maria Pisa, Massimiliano Tancioni

• A News-based Policy Index for Italy: Expectations and Fiscal Policy. Daniela Fantozzi, Alessio Muscarnera

• Lovebirds: Story of two inseparable orthogonal shocks. Lorenzo Marchetti, Massimiliano Tancioni

• Sources of output variability and risk-sharing channels in the US and the euro area. Paolo D'Imperio, Massimiliano Tancioni

Parallel Session 3A  (Chair: Giuseppe Ragusa)

• 12:15-12:50     The Macroeconomic Effects of the Gender Revolution. Drago Bergholt, Luca Fosso, Francesco Furlanetto

• 12:50-13:25   The transmission of oil price shocks through the US banking sector. Paolo Gelain, Marco Lorusso

Parallel Session 3B  (Chair: Paolo Giordani)

• 12:15-12:50    Corporate Taxation and Carbon Emissions. Luigi Iovino, Thorsten Martin, Julien Sauvagnat

• 12:50-13:25  Fiscal Stimulus of Last Resort. Alessandro Piergallini

Keynote speakers