The Ph.D. in Economics of Sapienza University organizes the 4rd Sailing the Macro Workshop that will be held at the Ortygia Foundation in Ortygia, Siracusa, Italy, on 6-8 September 2024. Reflecting the breadth of modern macroeconomics, the scope of relevant topics is broad, ranging from theoretical work to empirical applications.

Invited Speakers: Raffaella Giacomini (University College London), Evi Pappa (Universidad Carlos III de Madrid),  Federica Romei (University of Oxford)

Full Program

4th Sailing the Macro Workshop

6-8 September 2024 (Ortygia, Syracuse)

Day 1 - September 6

08:30-09:00  Registration  

09:00-09:40  Keynote Session 1: Evi Pappa, Common Trends in European Labor Share Dynamics and US comparisons

Parallel Session 1A (Chair: Francesco Simone Lucidi) 

10:00-10:25   Central banking in times of high geopolitical risk, A. Franconi

10:25-10:50   The Dynamic Nature of Macroeconomic Risks, S. Mouabbi, J. Renne, A. Tschopp

10:50-11.15   Euro area monetary policy and financial markets: heterogeneity across policy instruments, assets and sectors, M. Onofri, K. Theodoridis

Parallel Session 1B (Chair: Salvatore Nisticò) 

10:00-10:25  How Oil Shocks Propagate: Evidence on the Monetary Policy Channel, W. Miyamoto, T. Lan Nguyen, D. Sergeyev

10:25-10:50 Financial Imbalances and Macroeconomic Tail Risks: A Structural Regime-Switching Investigation, Y.  Mimir, L. Ricci

10:50-11.15 The Macroeconomics of Liquidity in Financial Intermediation, D. Porcellacchia, K. D. Sheedy

11:15-11:35 Coffee Break

11:40-12:10 Lightning Session (Chair: Marta Maria Pisa) 

-        Climate Growth-at-Risk, D. Di Francesco, C. Brownlees, G. Fagiolo, F. Lamperti

-        The Enduring Effects of Unconventional Monetary Policy, G. Tarquini

-        A General Theory of Holdouts, X. Yu

Parallel Session 2A (Chair: Evi Pappa) 

12:15-12:40 Bad luck or bad decisions? Macroeconomic implications of persistent heterogeneity in optimism, O. Pfäuti, F. Seyrich, J. Zinman

12:40-13:05 Taylor Rules with Endogenous Regimes, K. A. Aastveit, J. Cross, F. Furlanetto, H. K. Van Dijk

13:05-13:30 The Systematic Origins of Monetary Policy Shocks, L. Hack, K. Istrefi, M. Meier

Parallel Session 2B (Chair: Salvatore Nisticò) 

12:15-12:40 The Foreign Liability Channel of Bank Capital Requirements, L. Falasconi, P. Herrero, C. Mendicino, D. Supera

12:40-13:05 Managing the transition to central bank digital currency, K. Assenmacher, M. Ferrari Minesso, A. Mehl, M. S. Pagliari

13:05-13:30 CBDC and Banks: Threat of Opportunity, M. Fraschini, L. Somoza, T. Terracciano

13:30 Lunch

Day 2 - September 7

09:00-09:40  Keynote Session 2:  Federica Romei, Inequality, expenditure composition and the transmission of the monetary policy shock

Parallel Session 3A (Chair: Federica Romei) 

10:00-10:25 Housing Tenure, Consumption and Household Debt: Life-Cycle Dynamics During a Housing Bust in Spain, C. Ferreira, J. Galvez, M. Pidkuyko

10:25-10:50 Household Belief Formation in Uncertain Times, L. Gemmi, R. Mihet

10:50-11.15 Heterogeneity in Household Spending and Well-being on Retirement, P. Moran, M.O’Connell, C. O’Dea, F. Parodi

Parallel Session 3B (Chair: Massimiliano Tancioni) 

10:00-10:25 The Macroeconomic Implications of the Gender Revolution, D. Bergholt, L. Fosso, F. Furlanetto

10:25-10:50 Regressive Trend Inflation Shocks, E. Pappa, S. Rast, A. Vicondoa

10:50-11.15 Market Perceptions, Monetary Policy, and Credibility, V. Cuciniello

11:15-11:35 Coffee Break

11:40-12:10 Lightning Session (Chair: Marta Maria Pisa) 

-        The Effect of Inflation Expectations on Consumption in the New Keynesian Framework: Reconciling Theory with Empirical Ambiguity, F. Masek

-        A Misbelieved Uncertainty-driven Inflation, M. Ciganovic, F. D’Amario, V. Patella

-        The Fed information effects – what have trade partners to say?, L. Kuitunen

Parallel Session 4A (Chair: Giuseppe Ragusa) 

12:15-12:40 Invalid proxies and volatility changes, G. Angelini, L. Fanelli, L. Neri

12:40-13:05 Estimation and Inference of the Forecast Error Variance Decomposition for Set-Identified SVARs, F. Fusari, J. Marlow, A. Volpicella

Parallel Session 4B (Chair: Cristiano Cantore) 

12:15-12:40 Labor Income Risk and Monetary Policy: The Within-Wealth MPC Channel, E. Savoia

12:40-13:05 Decomposing HANK, Z. Gong

13:05 Lunch

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

Day 3 - September 8

09:00-09:40 Keynote Session 3:  Raffaella Giacomini, Perceived shocks and impulse responses

Parallel Session 5A (Chair: Raffaella Giacomini) 

10:00-10:25 The Macroeconomic Effects of Inflation Expectations: The Distribution Matters, G. Ascari, P. Bonomolo, A. Celani

10:25-10:50 Uncertainty and the Business Cycle When Inflation is High, E. Castelnuovo, G. Pellegrino, L. L. Særkjær

10:50-11.15 Expectations and Forecasts: The Role of Strategic Incentives, F. Amodeo

Parallel Session 5B (Chair: Cristiano Cantore) 

10:00-10:25 Do Recessions Slow Technology Growth? Evidence from the Firm Level, M. Elfsbacka-Schmoller, O. Goldfayn-Frank, T. Schmidt

10:25-10:50 A Traffic Jam Theory of Growth, D. Finocchiaro, P. Weil

10:50-11.15 Human Capital Ladders, Cyclical Sorting, and Hysteresis, E. M. Acabbi, A. Alati, L. Mazzone

11:15-11:35 Coffee Break

11:40-12:20 Lightning Session (Chair: Francesco Simone Lucidi) 

-        Taylor Projection under Tail Risk, O. A. Juul, J. C. Parra-Alvarez

-        Monetary Tightening, Quantitative Easing, and Financial Stability, I. Shchapov

-        The Micro Anatomy of International Remittance Flows, M. L. Ambrosino, A. Soenarjo

-        Default, Inflation Expectations, and the Currency Denomination in Sovereign Bonds, F.S. Maeng

Parallel Session 6A (Chair: Massimiliano Tancioni) 

12:25-12:50 Privilege Lost? The Rise and Fall of a Dominant Global Currency, K. Arvai, N. Coimbra

12:50-13:15 Left and Right: A Tale of Two Tails of the Wealth Distribution, M. D’Amato , C. Di Pietro, M. M. Sorge

13:15-13:40 Optimal Climate Policy in a Global Economy, A. Karantounias

 Parallel Session 6B (Chair: Giuseppe Ragusa) 

12:25-12:50 Opening the Black Box: Aggregate Implications of Public Investment Composition, H. S. Basso, M. Pidkuyko, O. Rachedi

12:50-13:15 Green and Brown Returns in a Production Economy, I. Jaccard, T. Kockerols, Y. Schüler

13:15-13:40 A toolkit for Computing Constrained Optimal Policy Projections (COPPs), O. de Groot, F. Mazelis, R. Motto, A. Ristiniemi

13:40 Lunch