Program

1st Bologna Macro Meeting 

December 11-12, 2025 

Department of Economics, University of Bologna,  

Piazza Antonio Scaravilli, 2, Bologna (1st floor – "Auditorium") 

Thursday 11 December 

8:30 Registration and opening remarks 

9:00 Session 1: Beliefs and Communication (Chair: Jérémy Boccanfuso)

“The Effects of News Shocks and Supply-Side Beliefs” 

Rupal Kamdar (Indiana University) and Walker Ray (Chicago Fed) 

“Asset Purchases and Heterogeneous Beliefs” 

Gaetano Gaballo (HEC Paris) and Carlo Galli (Universidad Carlos III de Madrid) 

11:00 Coffee break 

11:30 “Interest Rate Surprises when the Fed Doesn’t Speak” 

Silvia Miranda-Agrippino (University of Oxford) and John Williams (New York Fed)  

12:30 Lunch 

13:30 Session 2: Fiscal Policy (Chair: Jacopo Bonchi)

“Stimulus Effects of Common Fiscal Policies” 

Tobias Broer (Paris School of Economics), Jeppe Druedahl (University of Copenhagen), Karl Harmenberg (University of Oslo), Erik Öberg (Uppsala University) 

“Uncovering Attention Heterogeneity” 

 Jeremy Boccanfuso (University of Bologna) and Luca Neri (Catholic University of Louvain)

15:30 Coffee break 

16:00 Session 3: Market Power and the Macroeconomy (Chair: Marco Brianti)

“Market Power, Antitrust and U.S. Macroeconomic Outcomes” 

Brian Amorim Cabaco and Morten Ravn (University College London) 

17:00 End of the first day 

Friday 12 December 

9:00 Session 4: Macroeconometrics (Chair: Fabio Franceschini)

“State-dependent Local Projections: Nonparametric Estimation and Valid Inference” 

Joel David (Chicago Fed), Raffaella Giacomini (University College London), Xiyu Jiao (University of Gothenburg), Weining Wang (University of Bristol) 

“Flexible Priors and Restrictions in Structural Vector Autoregressions” 

Christiane Baumeister (University of Notre Dame), Francesca Loria (Fed Board), Junior Maih (Norges Bank) 

11:00 Coffee Break 

11:30 Session 5: International Macroeconomics (Chair: Luca Gemmi)

“Winds of Trade Wars” 

Alexandre Carrier (European Central Bank), Kostas Mavromatis (DNB), Leonardo Melosi (European University Institute), Sebastian Rast (DNB) 

12:30 Lunch  

13:30 End of the conference