6th Workshop in Macro Banking and Finance

September 13-14, 2018

Department of Architecture, Design and Urban Planning, University of Sassari

Alghero (SS), Sardinia

Program

Day 1: Thursday September 13, 2018

08:30 - 09:00

Registration

09:00 - 10:00

Plenary session: Keynote speech - Aula Piazza Santa Croce II Piano

Fernando Alvarez (University of Chicago), "The Analytic Theory of a Monetary Shock"

10:00 - 10:05

Plenary session: Ceremony of the UniCredit Foundation young economist best paper awards- Aula Piazza Santa Croce II Piano

10:05 - 10:35

Plenary session: Young economist best paper award- Aula Piazza Santa Croce II Piano

Marco Luca Pinchetti (ECARES), "Creative Destruction Cycles: Schumpeterian Growth in an Estimated DSGE Model"

10:35 - 11:00

Coffee break - Settima Aula

11:00 - 13:00

Parallel session 1A - Aula Piazza Santa Croce II Piano

1. Ambrogio Cesa-Bianchi (Bank of England), "Firms’ Heterogeneity, Credit Spreads, and Monetary Policy"

2. Sarah Holton (European Central Bank), "Credit Supply and Demand in Unconventional Times"

3. Mattia Girotti (Banque de France), "External Credit Ratings and Bank Lending"

Parallel session 1B - Aula Juharia

1. Anton Nakov (European Central Bank), "Monetary Policy Implications of State-dependent Prices and Wages"

2. Lilia Cavallari (Università di Roma III), "Monetary Policy with Non-homothetic Preferences"

3. Caterina Mendicino (European Central Bank), "Bank Capital in the Short and in the Long Run"

4. Francesco Lippi (EIEF), "Unequal Growth"

13:00 - 14:00

Lunch break - Settima Aula

14:00 - 15:00

Plenary session: Keynote speech - Aula Piazza Santa Croce II Piano

Luca Dedola (European Central Bank), "The Missing Internal Devaluation: Regional Adjustment in the US Great Recession"

15:00 - 16:30

Parallel session 2A - Aula Piazza Santa Croce II Piano

1. Mishel Ghassibe (University of Oxford), "Monetary Policy and Production Networks: An Empirical Investigation"

2. Nicolò Maffei Faccioli (Universitat Autònoma de Barcelona), "Monetary Policy Shocks and Inequality: Evidence from the U.S."

3. Timo Haber (University of Cambridge), "Sticky Prices and the Transmission Mechanism of Monetary Policy: A Minimal Test of New Keynesian Models"

Parallel session 2B - Aula Juharia

1. Ettore Panetti (Banco de Portugal), "Banks' Liquidity Management and Financial Fragility"

2. Kebin Ma (Warwick Business School), "Contagious Bank Runs and Dealer of Last Resort"

16:30 - 17:00

Coffee break - Settima Aula

17:00 - 18:30

Parallel session 3A - Aula Piazza Santa Croce II Piano

1. Lorenza Rossi (Università di Pavia), "Uncertainty Shocks and Firms Dynamics"

2. Lorant Kaszab (Central Bank of Hungary), "International Spillover Effects of Unconventional Monetary Policies"

3. Fabio Massimo Piersanti (Università di Milano Bicocca), "IST Shock Transmission, Creative Destruction and Financial Constraints"

Parallel session 3B - Aula Juharia

1. Francesco Ravazzolo (Università di Bolzano), "Commodity Futures and Forecasting Commodity Currencies"

2. Yannick Lucotte (University of Orleans), "Measuring Network Systemic Risk Contributions: A Leave-one-out Approach"

20:00 - 23:00

Social dinner at "Quintilio Ristobar"

Day 2: Friday September 14, 2018

09:00 - 10:00

Plenary session: Keynote speech - Aula Piazza Santa Croce II Piano

Marco Pagano (Università di Napoli Federico II and CSEF), "Talent Discovery, Layoff Risk and Unemployment Insurance"

10:00 - 10:30

Plenary session: Young economist best paper award - Aula Piazza Santa Croce II Piano

Nordine Abidi (European Central Bank), "Unconventional Monetary Policy and Credit Rating Inflation"

10:30 - 11:00

Coffee break - Settima Aula

11:00 - 13:00

Parallel session 4A - Aula Piazza Santa Croce II Piano

1. Andrea Polo (Universitat Pompeu Fabra), "Negative Policy Rates and Bank Asset Allocation: Evidence from the Italian Credit and Security Registers"

2. Immacolata Marino (Università di Napoli Federico II), "The Missing Link: Exploring the Role of Asset Quality on Euro Area Banks’ Behaviour"

3. Carlo Altavilla (European Central Bank), "Banking Supervision, Monetary Policy and Risk Taking: Big Data Evidence from 15 Credit Registers"

4. Loriana Pelizzon (Università Ca' Foscari Venezia), "Demand for Central Clearing"

Parallel session 4B - Aula Juharia

1. Omar Rachedi (Banco de España), "Sectoral Heterogeneity, Production Networks, and the Effects of Government Spending"

2. Juan Manuel Figueres (Università di Padova), "Fiscal Policy and Financial Frictions in Recessions and Expansions"

3. Massimo Giuliodori (University of Amsterdam), "Revenue‐ Versus Spending‐based Consolidation Plans: The Role of Follow‐up"

4. Alessandro Gobbi (Università Cattolica), "The Debt Multiplier"

13:00 - 14:00

Lunch break - Settima Aula

14:00 - 15:30

Parallel session 5A - Aula Piazza Santa Croce II Piano

1. Cristiano Cantore (University of Surrey), "The Missing Link: Monetary Policy and The Labor Share"

2. Drago Bergholt (Norges Bank), "The Decline of the Labor Share: Some New Empirical Evidence"

3. Stefano Fasani (Università di Milano Bicocca), 'Uncertainty Shocks and Monetary Smoothness in a DSGE medium-scale model"

Parallel session 5B - Aula Juharia

1. Jakob Grazzini (Università Cattolica), "Understanding Aggregate Volatility: An Empirical Study"

2. Oana Furtuna (European Central Bank), "Private and Public Risk Sharing in the Euro Area"

3. Silvia Marchesi (Università di Milano Bicocca), “Life after Default: Official vs. Private Sovereign Debt Restructurings"

15:30 - 16:00

Coffee break - Settima Aula

16:00 - 17:30

Parallel session 6A - Aula Piazza Santa Croce II Piano

1. Francesco Furlanetto (Norges Bank), "Output Gap, Monetary Policy Trade-offs and Financial Frictions"

2. Pietro Dindo (Università Ca' Foscari Venezia), "Risk Pooling, Leverage Constraints and Business Cycle"

3. Tommaso Trani (Universidad de Navarra), "Corporate Debt, Capital Flows, and International Business Cycles"

Parallel session 6B - Aula Juharia

1. Francesca Lenoci (Università Cattolica), "The Interplay between Leverage Pro-cyclicality and Systemic Risk"

2. Ester Faia (Goethe University Frankfurt), "P2P Lending: Information Externalities, Social Networks and Loans’ Substitution"