|12.30 p.m.||Registration and buffet lunch|
|2 p.m.||Session 1
Macroeconomic adjustment in currency areas
Chair: Massimo Rostagno, European Central Bank
Keynote speech 1
It’s all about risk-sharing
Atif Mian, Princeton University
|3 p.m.||Understanding the gains from wage flexibility: The exchange rate connection
Jordi Galí, CREI; Barcelona Graduate School of Economics, with Tommaso Monacelli, Bocconi University; IGIER
Discussant: Mirko Wiederholt, Goethe University Frankfurt
|3.50 p.m.||Sudden stops and expenditure switching: The role of income and relative prices
Rudolfs Bems, Latvijas Banka; International Monetary Fund, with Julian di Giovanni, Universitat Pompeu Fabra; Barcelona Graduate School of Economics; CREI; CEPR
Discussant: Franck Portier, Toulouse School of Economics
|4.40 p.m.||Coffee break|
|5.10 p.m.||Reassessing regional labour market adjustments in Europe and the US: Has the role of migration changed?
Frank Smets, European Central Bank, with Robert Beyer, Goethe University Frankfurt
Discussant: Giuseppe Bertola (EDHEC Business School)
Hosted by Benoît Cœuré, Member of the Executive Board, European Central Bank
|8.30 a.m.||Registration and coffee|
|9.00 a.m.||Session 2
Chair: Frank Smets, European Central Bank
Keynote speech 2
Fiscal unions and macroprudential policies for currency areas
Emmanuel Farhi, Harvard University
|10 a.m.||A culture clash view of the EU crisis
Luigi Guiso, EIEF; CEPR, with Helios Herrera, HEC Montréal and Massimo Morelli, Columbia University
Discussant: Philippe Weil, Sciences Po; ECARES; CEPR
|10.50 a.m.||Spillover of fiscal shocks in the euro area
Fabio Canova, European University Institute; CEPR, with Matteo Ciccarelli, European Central Bank and Pietro Dallari, Universitat Pompeu Fabra
Discussant: Roel Beetsma, University of Amsterdam
|11.40 a.m.||Coffee break|
|12.10 p.m.||Household leverage and sovereign risk
Philippe Martin, Sciences Po; CEPR, with Thomas Philippon, New York University; CEPR; NBER
Discussant: Fiorella De Fiore, European Central Bank
|1 p.m.||Buffet lunch|
|2.30 p.m.||Session 3
Monetary and financial stability in currency areas
Chair: Giancarlo Corsetti, University of Cambridge; CEPR
Inflation, debt and default
IIlenin Kondo, Federal Reserve Board, with Fabrizio Perri, Federal Reserve Bank of Minneapolis; University of Minnesota; NBER; CEPR and Sewon Hur, University of Pittsburgh
Discussant: Keith Kuester, University of Bonn
|3.20 p.m.||Market deregulation and optimal monetary policy in a monetary union
Matteo Cacciatore, HEC Montréal, with Giuseppe Fiori, North Carolina State University and Fabio Ghironi, Boston College
Discussant: Andrea Ferrero, University of Oxford
|4.10 p.m.||Coffee break|
|4.40 p.m.||Macroprudential policy implementation in a heterogeneous monetary union
Margarita Rubio, University of Nottingham
Discussant: Caterina Mendicino, European Central Bank
|5.30 p.m.||End of conference|
The Directorate General Economics and Directorate General Research of the European Central Bank, in collaboration with the Centre for Economic Policy Research (CEPR), are organising a conference entitled “Heterogeneity in currency areas and macroeconomic policies”, which will be held on 28 and 29 November 2013 in Frankfurt am Main.
The recent sovereign and financial crisis in the euro area has emphasised the importance of understanding and dealing with cross-border heterogeneity in large currency areas, whether the borders of states and provinces within a country (as in a federal country like the United States) or across countries (as in an economic and monetary union like the euro area).
The goal of the conference is to invite policy-relevant theoretical and empirical academic contributions and bring together academic economists and central bank researchers to discuss these issues.
Both empirical and theoretical contributions are welcome. Possible topics include, but are not limited to:
Among those who have already confirmed their participation are Emmanuel Farhi (Harvard University), Jordi Galí (Centre de Recerca en Economia Internacional (CREI)), Philippe Martin (Sciences Po) and Atif Mian (Princeton University).
To submit a paper, please e-mail MPR-MSYfirstname.lastname@example.org attaching the paper in pdf format, by 30 June 2013. Authors whose papers have been accepted will be notified by 31 July 2013.
Travel and accommodation expenses of those presenting papers and discussants will be reimbursed. It should be noted, however, that participants from the European System of Central Banks or other European Union institutions are expected to cover their own expenses.
Giancarlo Corsetti (University of Cambridge & CEPR), Luca Dedola, Giovanni Lombardo and Roberto Motto (all ECB).