First ECB/IMOP Workshop on Dynamic Macroeconomics

23-24 May 2003
Hydra, Greece

The European Central Bank (ECB) and the Athens Laboratory of Economic Policy Studies (IMOP) are organising the first of an annual series of Workshops on Dynamic Macroeconomics on 23-24 May 2003. The two focal points of these workshops are the study of quantitative dynamic stochastic general equilibrium (DSGE) models (especially of the euro area) and the empirical analysis of micro-economic data that can provide insights for macro-economic modelling.

The workshop is co-organised by Plutarchos Sakellaris (University of Maryland, AUEB & IMOP) and Frank Smets (ECB). An advisory committee, consisting of Orazio Attanasio (University College London), Fabio Canova (Pompeu Fabra University), Harris Dellas (University of Bern & IMOP), Wouter DenHaan (London Business School), Luigi Guiso (University of Sassari, Ente Luigi Einaudi), Sergio Rebelo (Kellogg School of Management) and Harald Uhlig (Humboldt Universität zu Berlin), has assisted in drawing up the programme, which consists of five "macro" and five "micro" papers.

As soon as available, it will be possible to download the papers by clicking on their title in the draft programme below. Attendance at the conference is by invitation only. Please address any correspondence to Ioanna Griva (IMOP) using the following e-mail address imop@aueb.gr. Participants can find local information in the enclosed form ( 

pdf 85 kB, en ).

Organizers:

Plutarchos Sakellaris (University of Maryland, AUEB & IMOP)
Frank Smets (European Central Bank)

Draft programme

•  Thursday, 22 May
•  Friday, 23 May: Macro part
•  Saturday, 24 May: Micro part

Thursday 22 May

Friday, 23 May: Macro part

• 09:00-09:15
  Welcome
  Chair: Plutarchos Sakellaris (University of Maryland, AUEB and IMOP)
• 09:15-10:30
  The Great Depression and the Friedman-Schwartz Hypothesis (   pdf 988 kB, en )
  
  Larry Christiano (  1 ) (Northwestern University), Massimo Rostagno (ECB) and Roberto Motto (ECB)
  
  Discussants: Harris Dellas (University of Bern & IMOP) and Ramon Marimon (Pompeu Fabra University)
• 10:30-10:45
  Coffee break
  
  Chair: Harris Dellas (University of Bern & IMOP)
• 10:45-12:00
  Understanding the Effects of Government Spending on Consumption (   pdf 399 kB, en )
  
  Jordi Gali (Pompeu Fabra University), David Lopez-Salido (  1 ) (Bank of Spain) and Javier Valles (Bank of Spain)
  
  Discussants: Apostolis Philippopoulos (AUEB & IMOP) and Gabriel Fagan (ECB)
• 12:00-13:15
  Shocks and Frictions in US and Euro Area Business Cycles: a Bayesian DSGE Approach (   pdf 929 kB, en )
  
  Frank Smets (  1 ) (European Central Bank) and Rafael Wouters (National Bank of Belgium)
  
  Discussants: Marvin Goodfriend (FRB of Richmond) and Evi Pappa (London School of Economics & IMOP)
• 13:15-14:30
  Lunch
  Chair: Luigi Guiso (University of Sassari, Ente Luigi Einaudi)
• 17:00-18:15
  Priors from General Equilibrium Models for VARs (   pdf 308 kB, en )
  
  Marco Del Negro (FRB of Atlanta) and Frank Schorfheide (  1 ) (University of Pennsylvania)
  
  Discussants: Fabio Canova (Pompeu Fabra University) and Matteo Ciccarelli (ECB)
• 18:15-18:30
  Coffee break
• 18:30-19:45
  VARs, Common Factors and the Empirical Validation of Equilibrium Business Cycle Models (   pdf 293 kB,  en )
  
  Domenico Giannone (ULB), Lucrezia Reichlin (ULB) and Luca Sala (  1 ) (Bocconi University)
  
  Discussants: Fabrice Collard (University of Toulouse I) and Jesper Lindé (Sveriges Riksbank)
• 21.00
  Dinner at KONDYLENIA TAVERN, a local tavern in Kamini (approx. 20 mn walking)

(1) Denotes Speaker

Saturday, 24 May: Micro part

Chair: Marvin Goodfriend (FRB of Richmond)

• 09:00-10:15
  Tracking the Source of the Decline in GDP Volatility: An Analysis of the Automobile Industry (   pdf 623 kB,  en )
  
  Valerie Ramey (  2 ) (University of California, San Diego) and Daniel Vine (University of California)
  
  Discussants: Gabriel Perez-Quiros (Bank of Spain) and Kamil Yilmaz (Koc University)
• 10:15-10:30
  Coffee break
  Chair: Gabriel Fagan (ECB)
• 10:30-11:45
  Real Versus Financial Frictions to Capital Investment. (   pdf 184 kB,  en )
  
  Nihal Bayraktar (University of Maryland), Plutarchos Sakellaris (  1 ) (University of Maryland, AUEB & IMOP) and Philip Vermeulen (ECB)
  
  Discussants: Simon Gilchrist (Boston University) and Tullio Japelli (University of Salerno)
• 11:45-13:15
  How Interest Sensitive Is Investment? Very. (   pdf 639 kB,  en )
  
  Luigi Guiso (  2 ) (University of Sassari, Ente Luigi Einaudi), Anil Kashyap (University of Chicago), Fabio Panetta (Bank of Italy) and Daniele Terlizesse (Bank of Italy)
  
  Discussants: Konstantinos Tsatsaronis (Bank for International Settlements) and Philip Vermeulen (ECB)
• 13.15-14:15
  Lunch
  Chair: Frank Smets (ECB)
• 17:00-18:15
  Linking Individual and Aggregate Price Changes (   pdf 931 kB,  en )
  
  Attila Ratfai (  2 ) (Central European University)
  
  Discussants: Ariel Burstein (University of Michigan) and Carsten Folkertsma (De Nederlandsche Bank)
• 18:15-18:30
  Coffee break
• 18:30-19:45
  Household Stockholding in Europe: Where Do We Stand and Where Do We Go? (   pdf 1.15 MB,  en )
  
  Luigi Guiso (University of Sassari, Ente Luigi Einaudi), Michael Haliassos (  2 ) (University of Cyprus, HERMES & IMOP) and Tullio Jappelli (University of Salerno)
  
  Discussants: Charlotta Groth (Bank of England) and Vanghelis Vassilatos (Athens University of Economics and Business, & IMOP)
• 21.00
  Dinner at RESTAURANT PORPHYRA, in the town of Hydra

(2) Denotes Speaker