Registration (Welcome Desk outside Room G.001 Bontadini)

Plenary Session 1 (Room G.001 Bontadini): Keynote Speech

“The Housing Boom and Bust: Model Meets Evidence”, Gianluca Violante (Princeton University)

Coffee break (Room G.051)

Parallel Session 1a (Room G.001 Bontadini): Financial Frictions

1. “Macroeconomics of Bank Capital and Liquidity Regulations”, Frédéric Boissay and Fabrice Collard
2. “Confidence, House Prices and Financial Frictions”, Francesco Giovanardi
3. “Risky Bank Guarantees”, Taneli Mäkinen, Lucio Sarno and Gabriele Zinna

Parallel Session 1b (Room G.052): Macroprudential Regulation

1. “Unpleasant Monetarist Arithmetic: Macroprudential Edition”, Jan Libich
2. “Bank Regulation and Market Structure”, Carsten Krabbe Nielsen and Gerd Weinrich
3. “Concerted Efforts? Monetary Policy and Macro-Prudential Tools”, Andrea Ferrero, Richard Harrison, and Benjamin Nelson

Lunch (Room G.051)

Plenary Session 2 (Room G.001 Bontadini): Keynote Speech

“Behavioural and Experimental Macroeconomics”, Cars Hommes (University of Amsterdam)

Parallel Session 2a (Room G.001 Bontadini): Heterogeneous Agents

1. “The Impact of Bank's Leverage Behaviour on Macroeconomic Dynamics in a HANK Model”, Andrea Boitani and Chiara Punzo
2. “A Theory of Government Bailouts in a Heterogeneous Banking System”, Ettore Panetti and Filomena Garcia
3. “Optimal Delegation, Unawareness, and Financial Intermediation”, Sarah Auster and Nicola Pavoni

Parallel Session 2b (Room G.052): Business Cycles

1. “Debunking the Myth of Southern Profligacy. A DSGE Analysis of Business Cycles in the EMU's Big Four”, Alice Albonico, Roberta Cardani, and Patrizio Tirelli
2. “Demand, Markups and the Business Cycle” (slides), Lilia Cavallari and Federico Etro
3. “Supervision, Loophole Innovation and Bank Leverage Cycles”, Jianxing Wei and Tong Xu

Coffee break (Room G.051)

Parallel Session 3a (Room G.001 Bontadini): Empirical Macroeconomics 1

1. “The Young, the Old, and the Government: Demographics and Fiscal Multipliers”, Henrique S. Basso and Omar Rachedi
2. “The Secular Increase in Operating Leverage”, Giacomo Saibene

Parallel Session 3b (Room G.052): Banking

1. “Global Liquidity and Global Banks’ Connectedness Network”, Ratih Puspitasari
2. “Financial Volatility, Currency Diversification and Banking Stability”, Justine Pedrono

Social dinner at Ristorante Domus Nostra (Via Lodovico Necchi 9, Milan)

Parallel Session 4a (Room G.001 Bontadini): Fiscal Stimulus and its Financing

1. “Public Investment under Debt, Tax and Money Financing”, Lorenzo Burlon, Alberto Locarno, Alessandro Notarpietro, and Massimiliano Pisani
2. “Fiscal Shocks and Helicopter Money in Open Economy”, Giorgio Di Giorgio and Guido Traficante
3. “Money-Financed versus Debt Financed Fiscal Stimulus with Borrowing Constraints”, Chiara Punzo and Lorenza Rossi

Parallel Session 4b (Room G.052): Financial Instability

1. “Animal Spirits, Financial Markets and Aggregate Instability”, Wei Dai, Mark Weder, and Bo Zhang
2. “Secular Stagnation and Financial Instability: How Bubbles Postponed the Great Recession”, Jacopo Bonchi
3. “Risk Aversion, Uninsurable Idiosyncratic Risk, and the Financial Accelerator”, Giacomo Candian and Mikhail Dmitriev

Coffee break (Room G.051)

Parallel Session 5a (Room G.001 Bontadini): Empirical Macroeconomics 2

1. “Unemployment and Nominal Volatility at Low Frequency: a Bayesian TVP-VAR Approach”, Stefano Fasani
2. “Estimating Fiscal Multipliers at the ZLB: A TVP-VAR Approach”, Silvia Delrio
3. “Selection of Prior Tightness for Set-Identified Structural Vector Autoregressions”, Alessio Volpicella

Parallel Session 5b (Room G.052): Portfolio Theory

1. “The Portfolio of Euro Area Fund Investors and ECB Monetary Policy Announcements”, Johannes Bubeck, Maurizio Michael Habib, and Simone Manganelli
2. “The Double Bind of Asymmetric Information in Over-the-counter Markets” (slides), Taneli Mäkinen and Francesco Palazzo
3. “Limited Participation and Local Currency Sovereign Debt”, Nicola Borri and Kirill Shakhnov

Lunch (Room G.051)

Plenary Session 3 (Room G.001 Bontadini): Keynote Speech

“Price-Rent Variations, Financial Frictions, and Investment Dynamics: A General-Equilibrium Perspective”, Tao Zha (Federal Reserve Bank of Atlanta and Emory University)

Parallel Session 6a (Room G.001 Bontadini): Monetary Policy

1. “Monetary Policy, Real Activity, and Credit Spreads: Evidence from Bayesian Proxy SVARs”, Dario Caldara and Edward Herbst
2. “The Missing Link: Labor Share and Monetary Policy”, Cristiano Cantore, Filippo Ferroni, and Miguel León-Ledesma
3. “Indeterminate Forecast Accuracy under Indeterminacy”, Marco Sorge and Luca Fanelli

Parallel Session 6b (Room G.052): Empirical Finance

1. “Consumption Volatility Risk and the Inversion of the Yield Curve”, Adriana Grasso and Filippo Natoli
2. “Implications of Return Predictability across Horizons for Asset Pricing Models”, Carlo Favero, Fulvio Ortu, Andrea Tamoni, and Haoxi Yang
3. “Prepayment Risk Modeling: Behavioural Options, Contagion and Interest Rates Dynamics”, Flavia Barsotti