Sapienza University’s 1st Sailing the Macro Workshop will take place on the Island of Ventotene on September 16-18, 2021. The aim of this three-day workshop is to bring together researchers in the field of theoretical and applied macroeconomics to promote and discuss their current works and ideas.

Invited Speakers: Salvatore Nisticò (ECB and Sapienza University), Giorgio Primiceri (Northwestern University), Giuseppe Ragusa (University of Pisa)

Full Program

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