The Ph.D. in Economics of Sapienza University organizes the 2nd Sailing the Macro Workshop that will take place on the Island of Ventotene on September 18-20, 2022, at Centro Polivalente “Umberto Elia Terracini”. The workshop aims to bring together researchers in theoretical and applied macroeconomics to promote and discuss their current works and ideas.

Invited Speakers: Luigi Iovino (Bocconi University), Gert Peersman (Gent University), and Anna Rogantini Picco (Sveriges Riksbank)

Full Program

Day 1 - September 18

13:30-14:00 Registration & Welcome Coffee

14:00-14:30 Opening Speech: Alex Cukierman - Tel-Aviv University. “Shifting and Asymmetric Central Bank Preferences”

14:35-15:15 Keynote Session 1: Anna Rogantini Picco - Sveriges Riksbank. “Who is Afraid of Eurobonds?”

Parallel Session 1A (Chair: Anna Rogantini Picco)

15:20-15:50 Unconditional monetary policy and inequality. Salvatore Nisticò, Marialaura Seccareccia

15:50-16:20 Collateral-Constrained Agents and Macroeconomic Fluctuations. Aicha Kharazi, Francesco Ravazzolo

Parallel Session 1B (Chair: Elton Beqiraj)

15:20-15:50 Monetary Policy, Asset Prices, and the Distribution of Wealth in the US. Alessandro Franconi, Giacomo Rella

15:50-16:20 Systematic Monetary Policy and the Effects of Government Spending. Lukas Hack, Klodiana Istrefi, Matthias Meier

16:20-17:05 Coffee Break & Poster Session 1

• Consumer Bankruptcy: the Role of Financial Frictions. Tsung-Hsien Li

• Firm heterogeneity, financial frictions and ambiguity. Lorenzo Carbonari, Filippo Maurici

• Average Inflation Targeting through the lens of a Behavioral Heterogeneous Agent New Keynesian Model. Frantisek Masek

• Financial Frictions, R&D & Monetary Policy. Elton Beqiraj, Giulio Tarquini

Parallel Session 1A (Chair: Anna Rogantini Picco)

17:10-17:40 The Network Gravity of Global Banking. Raoul Minetti, Giacomo Romanini, Oren Ziv

17:40-18:10 No country for young managers: Firm control rights and misallocation in general equilibrium. Stefano Pietrosanti

18:10-18:40 Climate Linkers: Rationale and Pricing. Pauline Chikhani, Jean-Paul Renne

Parallel Session 1B (Chair: Elton Beqiraj)

17:10-17:40 Unemployment Insurance, Precautionary Savings, and Fiscal Multipliers. Rubén Domínguez Díaz, Donghai Zhang

17:40-18:10 The Euro Area Government Spending Multiplier in Demand- and Supply-Driven Recessions. Mario Di Serio, Matteo Fragetta, Emanuel Gasteiger, Giovanni Melina

18:10-18:40 Star struck, Monetary Policy and the Neutral Real Rate. Garo Garabedian

19:00-21:00 Welcome Aperitif (at Un Mare di Sapori, Ventotene )

Day 2 - September 19

09:00-09:40 Keynote Session 2: Gert Peersman – Gent University. “Estimation of the impact of disruptions in global food commodity markets on economic activity and inflation”

Parallel Session 2A (Chair: Gert Peersman)

09:45-10:15 Endogenous Uncertainty as Transmission Channel of Shocks to Inflation Expectations. Guido Ascari, Stefano Fasani, Jakob Grazzini, Lorenza Rossi

10:15-10:45 Price rigidities, input costs, and inflation expectations: understanding firms pricing decisions from micro data. Marianna Riggi, Alex Tagliabracci

10:45-11:15 Demographic Trends and the Transmission of Monetary Policy. Giacomo Mangiante

Parallel Session 2B (Chair: Marco Di Pietro)

09:45-10:15 The Dollar and Global Financial Collapse. Diego Bohorquez

10:15-10:45 Population Aging, Relative Prices and Capital Flows Across the Globe. Andrea Papetti

10:45-11:15 A simple model with liquidity. Emanuele Franceschi

11:15-12:00 Coffee Break & Poster Session 2

• Climate change and default probability: empirical evidence from Euro area. Gianmarco De Santis

• Non-bank financial intermediation: changes in the traditional transmission mechanism of monetary policy. Federica Vassalli

• Forecasting Cryptocurrencies Log-Returns: a LASSO-VAR and Sentiment Approach. Milos Ciganovic, Federico D’Amario

• Business cycle and factor income shares: a VAR sign restriction approach. Lorenzo Tonni

Parallel Session 2A (Chair: Gert Peersman)

12:05-12:35 Flexible prior beliefs on IRF in Bayesian VAR models. Michele Piffer, Andrej Kociecki

12:35-13:05 Can we estimate macroforecasters’ mis-behavior?. Emilio Zanetti Chini

Parallel Session 2B (Chair: Marco Di Pietro)

12:05-12:35 Labor Share Decline and Productivity Slowdown: A Micro-Macro Analysis. Francesca Crucitti, Lorenza Rossi

12:35-13:05 Revisiting Labour Market Policy in Recessions. Matthew McKernan

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

Day 3 - September 20

09:00-09:40 Keynote Session 3: Luigi Iovino – Bocconi University. “The (Mis)Perceived Slope of the Phillips Curve: Monetary Policy with Limited Aware Agents” (with D. Debortoli, N. Pavoni, D. Zhang)

Parallel Session 3A (Chair: Luigi Iovino)

09:45-10:15 Risky Business Cycles. Giacomo Candian, Susanto Basu, Ryan Chahrour, Rosen Valchev

10:15-10:45 Monetary Policy and Sentiment-Driven Fluctuations. Jenny Chan

10:45-11:15 The Labor Market Power Channel of Monetary Policy. Anastasia Burya, Rui C. Mano, Anke Weber, Yannick Timmer

Parallel Session 3B (Chair: Massimiliano Tancioni)

09:45-10:15 The Global Transmission of U.S. Monetary Policy. Giovanni Ricco, Riccardo Degasperi, Seokki Simon Hong

10:15-10:45 The voices of monetary policy communications. Giuseppe Ragusa

10:45-11:15 The Price of War: Economic Effects of Financial Sanctions on the Russian Economy. Mikhail Mamonov, Anna Pestova

11:15-12:00 Coffee Break & Poster Session 3

• A Meta-Analysis on the Debt-Growth Relationship. Sara D’Andrea

• Evidence on the Confounding Nature of the Main Business Cycle. Davide Brignone, Marco Mazzali

• CDS Dynamics: Tale of two inseparable shocks. Lorenzo Marchetti, Massimiliano Tancioni

Parallel Session 3A (Chair: Luigi Iovino)

12:05-12:35 A general theory of tax-smoothing. Anastasios G. Karantounias

12:35-13:05 Unemployment Risk, Liquidity Traps, and Monetary Policy. Dario Bonciani, Joonseok Oh

Parallel Session 3B (Chair: Massimiliano Tancioni)

12:05-12:35 Rational Overoptimism and Moral Hazard in Credit Booms. Luca Gemmi

12:35-13:05 Bank Credit and the Risk of Recession: the Role of Business Cycle Shocks. Anna Pestova, Mikhail Mamonovy