The Ph.D. in Economics of Sapienza University organizes the 3rd Sailing the Macro Workshop that will be held at the Ortygia Foundation in Ortygia, Siracusa, Italy, on 8-10 September 2023. Reflecting the breadth of modern macroeconomics, the scope of relevant topics is broad, ranging from theoretical work to empirical applications.

Invited Speakers: Florin Bilbiie (Cambridge University), Caterina Mendicino (European Central Bank), Barbara Rossi (Universitat Pompeu Fabra)

Full Program

Day 1 - September 8

08:30-09:00       Registration  

09:00-09:40       Keynote Session 1:  Barbara Rossi,   Euro Area Monetary Policy Effects: Does the shape of the yield curve matter?

Parallel Session 1A (Chair: Barbara Rossi)

10:10-10:35   Asymmetric Transmission of Oil Supply News, M. Forni, A. Franconi, L. Gambetti, L. Sala

10:35-11:00   The transmission of monetary policy when agents fear inflation or deflation, A. Allayioti, F. Monti, M. Piffer 

Parallel Session 1B (Chair: Salvatore Nisticò)

10:10-10:35   Spending Allocation under Nominal Uncertainty: a Model of Effective Price Rigidity, L. Paciello, G. Gaballo

10:35-11:00  The Hitchhiker’s Guide to Markup Estimation, M. De Ridder, G. Morzenti, B. Grassi

11:00-11:30 Coffee Break

11:30-12:10 Lightning Session (Chair: Marta Maria Pisa)

·        The Uncertainty of Fairness: A Game Theory Analysis for a Debt Mutualization Scheme in the Euro Area, S. D'Andrea, F. Vassalli

·        Disentangling the effects of uncertainty and disagreement: A proposal using transaction-level data, J.-G. Magrè, M. McMahon

·        Mixing it up: A new approach to inflation at risk, M. Schroder

·        The Determinants of the Inflation Surge in Europe, D. Colombo, F. Toni

Parallel Session 2A (Chair: Massimiliano Tancioni)

12:10-12:35   The Market for Inflation Risk, S. Bahaj, R. Czech, S. Ding, R. Reis

12:35-13:00 Inflation: persistence and central bank independence, A. Athanasopoulos, D. Masciandaro, D. Romelli

13:00-13:25 Do firm expectations respond to monetary policy announcements?, F. Di Pace, G. Mangiante, R. Masolo

Parallel Session 2B (Chair: Valeria Patella)

12:10-12:35 Limiting mortgage debt: Aggregate demand externalities and housing market distortions, A. Gimber, D. Miles, M. Fazio

12:35-13:00 Non-Exponential Growth Theory, R. Horii 

13:00-13:25 Who killed business dynamism in the U.S.?, B. Barbaro, G. Massari, P. Tirelli

13:30 Lunch

Day 2 - September 9

09:00-09:40       Keynote Session 2:  Florin Bilbiie,  Greed? Profits, Inflation, and Aggregate Demand -- and Entry/Exit

Parallel Session 3A (Chair: Florin Bilbiie)

10:10-10:35 HANK Beyond FIRE: Amplification, Forward Guidance and Belief Shocks, J.-E. Gallegos

10:35-11:00 Monetary Policy in a Bounded Rational Heterogeneous-Agent New Keynesian Framework, M. Bondesan

Parallel Session 3B (Chair: Massimiliano Tancioni)

10:10-10:35 Price Discrimination and Mortgage Choice, J. Coeny, A. Kashyap, M. Rostom

10:35-11:00 Classification of monetary and  fiscal dominance regimes using machine learning techniques: The euro area case, J. Hollmayr, N. Hinterlang

11:00-11:30 Coffee Break

11:30-12:10 Lightning Session (Chair: Marta Maria Pisa)

·        Macro-Financial Trends in a Model with Concentrated Ownership of Capital, F. Gaudio

·        Fear of Secular Stagnation and the Natural Interest Rate, P.  Bonomolo, V. Gavazza

·        Energy Price Shocks, Unemployment, and Monetary Policy, N. Gnocato

·        Monopsonistic Competition, Income Redistribution, and the Effects of Fiscal Policy, B. Jansen, C. Bredemeier, R. Winkler

Parallel Session 4A (Chair: Carolina Serpieri)

12:10-12:35  Greed versus Fear: Optimal Time-Consistent Taxation with Default, A. Karantounias

12:35-13:00 Optimal Monetary Policy, Tariff Shocks and Exporter Dynamics, M. Hamano, F. Pappadà, M. T. Punzi

13:00-13:25 CBDC Policies in Open Economies, M. Kumhof, P. Rungcharoenkitkul, A. Sokol, M. Pinchetti

Parallel Session 4B (Chair: Giuseppe Ragusa)

12:10-12:35  How do Entrants Build Market Share?  The Role of Demand Frictions, D. Argente, D. Fitzgerald, S. Moreira, A. Priolo

12:35-13:00  Structural Change, Land Use and Urban Expansion, N. Coeurdacier, M. Teignier, F. Oswald

13:00-13:25 Liquidity Shocks and the Real Economy, V. Bodart, F. Courtoy, G. Garabedian

14:00 Lunch

21:00 Social Dinner at La Cambusa (Passeggio Aretusa, 9, Siracusa SR)

Day 3 - September 10

09:00-09:40  Keynote Session 3: Caterina Mendicino, Bank Foreign Liabilities and Capital Requirements

Parallel Session 5A (Chair: Caterina Mendicino)

10:10-10:35 State-Dependent Pass-Through from Monetary Policy to Lending Rates, F. Puglisi

10:35-11:00 Did Monetary Policy Kill The Phillips Curve? Some Simple Arithmetics, D. Bergholt, F. Furlanetto, E.Vaccaro-Grange

Parallel Session 5B (Chair: Salvatore Nisticò)

10:10-10:35    Robots and Technological Unemployment, F. Cossu, A. Moro, M. Rendall

10:35-11:00    Robot Adoption and Inflation Dynamics, H. S. Basso, O. Rachedi

11:00-11:30 Coffee Break

11:30-12:10 Lightning Session (Chair: Carolina Serpieri)

·        Micro Level Data for Macro Models: The Distributional Effects of Monetary Policy, D. Fantozzi, L. Corrado

·        Money Demand and Income Inequality: International Evidence using a Century of Data, G. Gallacher

·        Reverse Cross-Fitting and Macroeconomic impact of Basel Capital Requirements, M. Ciganovic, F. D'amario, M. Tancioni

·        Financial and house price shocks and their medium-run effects on the business cycle, M. Andreani, F. Giri, R. Lucchetti

Parallel Session 6A (Chair: Giuseppe Ragusa)

12:10-12:35 The Labor Demand And Labor Supply Channels Of Monetary Policy, S. Graves, E. T. Swanson, C. Huckfeldt

12:35-13:00  The Natural Rate Chimera and Bond Pricing Reality,  C. Brand, W. Lemke, G. Goy

13:00-13:25 US monetary policy spillovers to developing countries: the financial-commodity channel, V. Bodart, F. Courtoy, E. Perego

Parallel Session 6B (Chair: Valeria Patella)

12:10-12:35 The Environmental Impact of Interest-rate Expectations and Monetary Policy, T. Martin, J. Sauvagnat, L. Iovino

12:35-13:00  Corporate taxes, productivity and business dynamism Productivity, A. Colciago, V. Lewis, B. Matyska

13:00-13:25 Climate Change Mitigation: How Effective is Green Quantitative Easing?, R. Abiry, M. Ferdinandusse, A. Ludwig, C. Nerlich

13:30 Lunch