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The Lisbon Macro Club (LMaC) is an informal initiative of academic macroeconomists based in Lisbon that joins people from Católica Lisbon SBE, ISEG - ULisboa, and Nova SBE, and also from Banco de Portugal.
The main activity is the LMaC Workshop that brings researchers and graduate students together for discussing their work.
Contacts: Catarina Reis (Católica), Luís F. Costa (ISEG), and Pedro Brinca (Nova).
The Lisbon Macro Club Workshop
Session 33
Friday, 19 April 2024 – ISEG, room Anf. 1 (Quelhas)
11:00h – Omar Kanaan (ISEG) "Time-varying Bayesian SVAR: macroeconomic rates of return in selected advanced economics."
11:45h – Ana Melissa Ferreira (Nova) "Monetary Policy & Household Portfolio Choice."
12:30h – End of session.
Session 32
Friday, 15 December 2023 – Nova SBE, room B003
11:00h – João B. Sousa (Nova) "Taxes and Migration Flows: Preferential Tax Schemes for High-Skill Immigrants."
11:30h – Stefano Grancini (Nova) "Fiscal Multipliers & the Wealthy-Hand-to-Mouth Agents."
12:00h – Paulo Brito (ISEG) "Inequality Aversion, Social Mobility, Social Insurance, and Optimal Distribution Dynamics."
12:30h – End of session.
Session 31
Friday, 28 April 2023 – Católica Lisbon SBE, room 527
14:00h – Adriana Cornea-Madeira (ISEG) “Wage inflation and unemployment under heterogeneous expectations.”
14:30h – Mariana Pires (Nova) “Monetary Policy Shocks and Portfolio Choice.”
15:00h – Luís Morais (Nova) "The mortgage piggy bank, saving behavior and wealth inequality.”
15:30h – Carlos Santos (ISEG) “The distribution of firm growth, and business cycles.”
16:00h – End of session.
Session 30
Thursday, 30 June 2022 – ISEG, room Novo Banco (Quelhas)
14:00h – João B. Sousa (Nova) “Schooling and Lifetime Labor Supply”
14:30h – André Coelho (ISEG) “Fiscal Policy and Immigration in the European Union”
15:00h – João Almeida (Nova) “Gender Pay Gap: does transparency with oversight and bite contribute to its reduction?”
15:30h – Daniel Fehrle (Católica) “Hone the Neoclassical Lens and Zoom in on Germany’s Fiscal Stimulus Program 2008-2009”
16:00h – End of session.
Session 29
Thursday, 19 May 2022 – Nova SBE, room D -104 [please notice the minus]
15:00h – Márcia Pereira (Nova) – “Income Inequality and Inflation Heterogeneity”.
15:30h – Willi Krause (ISEG) – “The Covid-19 Recession in Germany: A Macro-Epidemiological Analysis”.
16:00h – Ana Melissa Ferreira (Nova) – “Asset Liquidity and the Welfare Costs of Business Cycles”.
16:30h – Afonso Souto de Moura (Nova) – "Monetary Policy First Effects on Output and Prices: How Fast Are They Felt?".
17:00h – End of session.
Session 28
Friday, 5 March 2021 - Online session via Teams [check your e-mail for the link].
10:00h – João Costa Filho (UECE), “What if? The role of market power in the Portuguese twin recessions.”
10:30h – João Cordeiro (Nova SBE), “Secular Stagnation and the Demographic Transition: A Factor Model Approach.”
11:00h – Laurence Malafry (U. Oslo), “Climate Policy in an Unequal World: Assessing the Cost of Risk on Vulnerable Households."
11:30h – End of session.
Session 27
Thursday, 26 November 2020 - Online session via Teams [check your e-mail for the link].
11:00h – Anthony Savagar (University of Kent), “Measured Productivity with Endogenous Markup and Economic Profits.”
11:45h – João Barata (Nova SBE), “Investment Specific Technological Change and Optimal Tax Progressivity.”
12:30h – End of session.
Session 26
Wednesday, 28 October 2020 - Online session via Teams [check your e-mail for the link].
14:00h – João Duarte (Nova SBE), “Aggregate Consequences of Sectoral Labor Supply Shocks.”
14:30h – António Rua (Banco de Portugal), “The DEI: Tracking economic activity daily during the lockdown.”
15:00h – End of session.
Session 25
Wednesday, 30 September 2020 - Online session via Teams [check your e-mail for the link].
14:00h – Alessia Paccagnini (U. College Dublin), “The Asymmetric Effects of Uncertainty Shocks.”
14:40h – João B. Oliveira (Nova SBE), “The Impact of Mortgage Borrowing Caps on Debt, Default and Welfare.”
15:20h – Douglas Laxton (Nova SBE), “Mind the Gaps! Financial-Cycle Output Gaps and Monetary-Policy-Relevant Output Gaps.”
16:00h – End of session.
Session 24
Friday, 6 March 2020.
12:30h – Lunch at Nova. All participants are welcome.
Amphitheatre B002 – Nova SBE.
14:30h – João B. Sousa (Católica), “Introducing an Austrian Backpack in Spain.”
15:00h – Zeina Hasna (Cambridge), “Climate Change Mitigation Policies: Distributional and Allocative Effects.”
15:45h – Isaac Baley Gaytan (Pompeu Fabra), “Aggregate Dynamics in Lumpy Economies.”
16:30h – End of session.
Session 23
Thursday, 30 January 2020.
Room Delta (Quelhas building) – ISEG.
10:45h – Tiago Bernardino & Ana Melissa Ferreira (Nova), “Macroeconomics of Big Data.”
11:15h – Eduardo Fortes Rodrigues (ISEG), “Fiscal Multipliers and Economic Uncertainty. A SVAR approach for Brazil.”
11:45h – Leonor Modesto (Católica), “Intra-industry Trade, Involuntary Unemployment and Macroeconomic Stability.”
12:30h – End of session.
12:45h – Lunch at ISEG. All participants are welcome.
Session 22
Friday, 22 November 2019.
Room D012 – Nova SBE.
11:00h – Rui Faustino (ISEG), “Price research and the business cycle.”
11:30h – Miguel Ferreira (Nova), “Aggregate implications of corporate lending by non-financial firms.”
12:00h – Break
12:30h – Ricardo Reis (LSE), “Monetary policy to jump-start an international currency.” [Nova research seminar]
14:00h – End of session.
14:15h – Lunch at Nova. All members are welcome.
Session 21
Thursday, 24 October 2019.
Room 537 (3rd floor) – Católica Lisbon SBE
11:00h - Miguel Fonseca (Nova), “Optimizing Fiscal Policy: A practical exercise on the speed of fiscal consolidation.”
11:15h - Valter Nóbrega (Nova), “Optimal Taxation with Investment-Specific Technological Change.”
11:30h - Mariana Santos (Nova), “The impact of Labor Tax Progressivity on the Fiscal Multiplier.”
11:45h - José Silva (Nova), “Universal Basic Income in the Context of Biased Technological Change.”
12:00h - Bruno Freitas (Nova), “Labor-Share Heterogeneity and Fiscal Consolidation Programs.”
12:15h – Joana Silva (Católica), “Labor Market Adjustment to Economic Shocks.”
12:45h – End of session.
13:00h – Lunch at Católica. All members are welcome.
Session 20
Monday, 23 September 2019.
Room Edifer (2nd floor, Quelhas) – ISEG, ULisboa
10:00h – Pedro Gomes (Birkbeck, U. London), "Education and financial frictions: firm-level interactions and macroeconomic implications."
11:00h – Paulo Brito (ISEG), "Optimal economic growth and inequality dynamics: a distributional Uzawa-Lucas model."
12:00h – End of session.
12:15h – Lunch at ISEG. All members are welcome.
Session 19
Monday, 24 June 2019.
Room 537 (3rd floor) – Católica-Lisbon SBE
11:00h – Ivo Tavares (ISEG), "Uncertainty Quantification in a State-Space Model using a Discrepancy Term with a Gaussian Process Prior: An example from Macroeconomics."
11:45h – João Brogueira de Sousa (EUI), "Modelling Wealth and Income Inequality: Implications for Optimal Taxation."
12:30h – End of session.
12:45h – Lunch at Católica. All members are welcome.
Session 18
Monday, 27 May 2019.
Seminar room, 6th floor (Portugal building, Avenida Almirante Reis 71) – Banco de Portugal.
14:00h – Cezar Santos (Banco de Portugal), “Financing Spreads and Development.”
15:15h – João Duarte (Nova SBE), “Investment-Specific Technological Change, Taxation and Inequality in the U.S.”
16:30h – João Valle e Azevedo (Banco de Portugal), “The Neutrality of Nominal Rates: How Long is the Long Run?”
17:30h – End of session.
Session 17(a)
Tuesday, 14 May 2019.
Room B009 (floor 0) - Nova SBE.
14:30h – Pontus Rendahl (U. Cambridge), “Income Risk, Asset Prices, and Labor Market Cyclicality.”
16:00h – Short presentations by PhD students.”
16:30h – End of session.
Session 17
Friday, 12 March 2019.
Room Aud. B008 – Nova School of Business & Economics.
12:30h – Lunch at Nova. All members are welcome. We meet in the entry hall at 12:20h.
14:00h – Miguel Ferreira (Nova), "Aggregate Implications of Shadow Banking Firms."
15:00h – Douglas Laxton (Nova), “Conventional versus the unconventional forward guidance being used by the Fed.”
16:00h – End of session.
Session 16
Friday, 1 March 2019.
Room Delta (Quelhas building) – ISEG – Lisbon School of Economics & Management.
12:30h – Lunch at ISEG. All members are welcome.
14:00h – Miguel Santana (Católica), “Taxation in Open Economies: Ramsey Problem and Neutrality Results.”
14:30h – André Coelho (ISEG), “Fiscal Policy and Immigration in Europe.”
15:00h – Alperen Evrin (Católica), "Transmission of Fiscal Stimulus in Small Open Economies: The Role of Finance Channel."
15:30h – Luís Catão (ISEG), “Trade Liberalization: Aggregate Gains versus Sectoral Losses, and the Perils of Partial Reform.”
16:00h – End of session
Session 15
Friday, 25 January 2019.
Room 536 (3rd floor) - Católica-Lisbon SBE.
11:00h – Pedro Brinca (Nova), “Modelling Income and Wealth Inequality: Implications for optimal taxation.”
11:30h – Paulo Rodrigues (BdP & Nova), “Testing for Episodic Predictability in Stock Returns.”
12:00h – Cezar Santos (BdP), “Dispersion in Financing Costs and Development.”
12:30h – End of session.
12:45h – Lunch at Católica. All members are welcome.
Session 14
Wednesday, 21 November 2018.
Seminar room, 6th floor (Portugal building, Avenida Almirante Reis 71) – Banco de Portugal.
15:00h – Pedro Brinca (Nova), “Nonlinear Effects of Fiscal Policy.”
16:15h – Pedro Teles (Banco de Portugal), “Ramsey Taxation in the Global Economy.”
17:30h – António Antunes (Banco de Portugal), “Consumer Bankruptcy.”
18:30h – End of session.
Session 13
Wednesday, 24 October 2018.
Room B005 (B building) – Nova SBE.
11:00h – Tiago Bernardino (Nova), “Net vs Liquid Wealth: Implications for fiscal consolidation programs.”
11:30h – André Coelho (ISEG), “Educational Indebtedness and the Fall in Entrepreneurship in the US” (more findings).
12:00h – Rui Faustino (ISEG) – "Endogenous Quality and Firm Entry" (preliminary findings).
12:30h – Teresa Lloyd-Braga (Católica), “Intra-industry Trade, Involuntary Unemployment and Indeterminacy.”
13:00h – End of session.
13:15h - Lunch at Nova SBE. All members are welcome.
Session 12
Wednesday, 26 September 2018.
Room Santander-Totta (Quelhas building, 3rd floor) – ISEG of ULisboa.
11:00h – T. Alves, C. Gonçalves & F. Gonçalves (Nova), “Approximation errors of log-linearization in a stochastic version of the Solow model.”
11:30h – Miguel Ferreira (Nova), “The investment channel of fiscal policy.”
12:00h – João B. Sousa (EUI), “Schooling and lifetime labor supply.”
12:30h – Paulo Brito (ISEG), “Why did people pay taxes? Fiscal innovation in Portugal and state making in times of political struggle (1500-1680).”
13:00h – End of session.
13:15h - Lunch at ISEG. All members are welcome.
Session 11
Friday, 29 June 2018.
Room 539 (3rd floor) - Católica-Lisbon SBE.
This will be the last session of the LMC workshop before summer.
We have two invited speakers this time.
11:00h – Mario Quagliariello (EBA, Director of Economic Analysis and Statistics), “Stress Testing - basics and methodological challenges for research.”
11:45h – Henry Jerome (ECB, Principal Adviser - DG Macroprudential Policy and Financial Stability), “From Micro to Macro Stress Testing - A journey with Stamp€.”
12:30h – End of session.
12:45h - Lunch at Católica-Lisbon SBE. All members are welcome.
Session 10
Friday, 20 April 2018.
Room A13 (floor -1), Nova SBE.
11:00h – Frederico Abreu (ISEG), “What has been driving fluctuations in the Portuguese economy? A business cycle accounting approach.” [Updated version]
11:30h – João Barata (Nova), “Automation, Inequality and Taxation in the US.”
12:00h – Luís Catão (ISEG), "Financial frictions and international risk sharing."
12:30h - end of session.
12:45h - lunch at Nova SBE. All members are welcome.
Session 9
Wednesday, 21 March 2018.
Room Staples, Quelhas 6 building - ISEG, ULisboa.
11:00h – Leonor Modesto (Católica), “Sovereign Debt, Fiscal Policy, and Macroeconomic Instability.”
11:30h – Paulo Brito (ISEG), “Interest Rates and Endogenous Population Growth: Joint age-dependent dynamics.”
12:00h – Catarina Reis (Católica), “Should We Stop Taxing Homes?”
12:30h - end of session.
12:45h - lunch at ISEG, ULisboa (Quelhas restaurant). All members are welcome.
Session 8
Monday, 26 February 2018.
Room 537 (3rd floor) - Católica-Lisbon SBE.
11:00h – André Coelho (ISEG), “A Risky Business? Returns and the vanishing entrepreneur” (preliminary findings).
11:30h – Rui Faustino (ISEG), “Opportunity Costs of Shopping Effort in a Macro-model” (new results).
12:00h – Pedro Brinca (Nova), "Modelling Wealth and Income Inequality: Implications for optimal taxation" (new results).
12:30h – End of session.
12:45h - Lunch at Católica-Lisbon SBE. All members are welcome.
Session 7
Monday, 29 January 2018.
Room 224 (2nd floor) - Nova SBE.
11:00h – Carlos Santos (Nova), “Demand, Supply and Markup Fluctuations.”
11:30h – João Barata (Nova), “The Declining Labour Share and Inequality.”
12:00h – Pedro Brinca (Nova), "Modelling Wealth and Income Inequality: Implications for optimal taxation."
12:30h – End of session.
12:45h - Lunch at Nova SBE. All members are welcome.
Session 6
Wednesday, 20 December 2017.
12:30h - Lunch at ISEG, ULisboa (Quelhas restaurant). All members are welcome.
Room Santander-Totta, Quelhas 6 building - ISEG, ULisboa.
14:00h – Miguel Ferreira (Nova), “Government Demand and Firm Dynamics.”
14:30h – Ana Pereira (ISEG), “Structural Approaches at Measuring the Credit Cycle.”
15:00h – António Afonso (ISEG), “Quantitative Easing and Sovereign Yield Spreads: Euro-Area Time-Varying Evidence.”
15:30h – Pedro Brinca (Nova), “Human Capital, Total Earnings and Optimal Taxation.”
16:00h - End of session.
Session 5
Monday, 20 November 2017.
Room 531 (3rd floor, aka Auditorium EY) - Católica-Lisbon SBE
11:00h – João Barata (Nova) – "Optimal Prudential Regulation".
11:30h - João Duarte (Nova) – “Structural Transformation and the Business Cycle.”
12:00h – Paulo Brito (ISEG) – “Capital Accumulation and the Growth-Inequality Nexus.”
12:30h - End of session.
12:45h - Lunch at Católica-Lisbon SBE. All members are welcome.
Session 4
Monday, 23 October 2017.
Room 229 (2nd floor) - Nova SBE
10:30h - Rui Faustino (ISEG), "Search Costs."
10:50h - Daniel Belchior (Católica), “Optimal Prudential Taxation.”
11:20h - Pedro Brinca (Nova), "On the Non-linearity of the Fiscal Multiplier."
12:00h - End of session.
12:15h - Lunch at Nova SBE. All members are welcome.
Session 3
Thursday, 28 September 2017.
Room Santander-Totta, Quelhas building - ISEG of ULisboa
10:30h - André Coelho (ISEG), "Fiscal policy and Immigration in the EU."
11:00h - João Barata (Nova), “Optimal Debt and Heterogeneity in Life Cycle Motives.”
11:30h - Luís F. Costa (ISEG), "Through the Looking-Glass."
12:00h - End of session.
12:15h - Lunch at ISEG of ULisboa. All members are welcome.
Session 2
Monday, 24 July 2017.
12:30h - Lunch at Católica Lisbon SBE SBE.
Room 528, Católica Lisbon SBE.
14:00h - Daniel Belchior (Católica), "Ramsey optimal taxation with wage rigidities."
14:30h - Frederico Abreu (ISEG), “What has been driving fluctuations in the Portuguese economy? A business cycle accounting approach.”
Session 1
Tuesday, 20 June 2017.
13:00h - Lunch at Nova SBE.
Room A217 (it is an amphitheatre), Nova SBE.
14:30h - Luigi Paciello (Enaudi, Rome), "Ambiguous Policy Announcements."
15:30h - Rui Faustino (ISEG), “Deep Habits in New Keynesian Model with Durable Goods.”
16:00h - End of session.
Session 0
Wednesday, 10 May 017.
Room 306 (Quelhas building), ISEG.
14:00h - Pedro Brinca (Nova), "Fiscal Consolidation and Inequality.”
15:00h - End of session.
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