Parallel Sessions

Session chair: Aino Silvo

• Evolving Monetary Policy in the Aftermath of the Great Recession   by Aymeric Ortmans
• Asset Purchases, Limited Asset Markets Participation and Inequality   by Stylianos Tsiaras
• On the Time-varying Effects of the ECB's Asset Purchases   by Andrejs Zlobins
• Monetary Policy and Inequality. The Finnish Case.   by Aino Silvo

Session chair: Michele Andreolli

• Should we increase or decrease public debt? Optimal fiscal policy with heterogeneous agents   by Xavier Ragot
• Uncertainty Premia, Sovereign Default Risk, and State-Contingent Debt   by Francisco Roldán
• Monetary Policy and the Maturity Structure of Public Debt   by Michele Andreolli

Session chair: Donggyu Lee

• Windfall Income Shocks with Finite Planning Horizons   by Michael Boutros
• How Does Permanent Income Affect the Response to a Transitory Income Shock?   by Jeanne Commault
• Income Inequality, Financial Intermediation, and Small Firms   by Donggyu Lee

Session chair: Niklas Schmitz

• Identification of Expectational Shocks in the Oil Market using OPEC Announcements   by Riccardo Degasperi
• Uncertainty Shocks, Adjustment Costs and Firm Beliefs: Evidence From a Representative Survey   by Andreas Dibiasi
• 'Sorry, You're Blocked.' Economic Effects of Financial Sanctions on the Russian Economy   by Anna Pestova
• The Downside Risk Channel of Monetary Policy   by Niklas Schmitz

Session chair: Leanne Nam

• Entrepreneurship Over The Life-Cycle: The Role of Human versus Financial Capital Accumulation   by Leonardo Indraccolo
• Age-specific income risk and consumption over life cycle   by Mykhailo Matvieiev
• Job stability, earnings dynamics, and life-cycle savings   by Moritz Kuhn
• Optimal Progressive Pension Systems in a Life-Cycle Model with Heterogeneity in Job Stability   by Leanne Nam

Session chair: Fabien Tripier

• Inequality and Mobility in lifetime incomes in France   by Cecilia Garcia-Penalosa
• Falling Behind: Has Rising Inequality Fueled the American Debt Boom?   by Fabian Greimel
• Taxing Wealth and Capital Income with Heterogeneous Returns   by Burhan Kuruscu
• Wealth inequality in the US: on the impact of technology, taxes and skill composition   by Fabien Tripier

Session chair: Viktor Marinkov

• Towards a more comprehensive framework for Central Bank communication   by Efthymis Smyrniotis
• State-Dependent Central Bank Communication with Heterogeneous Beliefs   by Sylverie Herbert
• Communication at the Zero Lower Bound: The Case for Forward Guidance   by Viktor Marinkov

Session chair: Stefano Pica

• Housing market cycles, productivity growth, and household debt   by Dmitry Brizhatyuk
• House prices and rents: a reappraisal   by Eleni Iliopulos
• House Prices, Increasing Returns, and the Effects of Government Spending Shocks   by Hove Ravn Søren
• Housing Markets and the Heterogeneous Effects of Monetary Policy Across the Euro Area   by Stefano Pica

Session chair: Francisco Queirós

• Firms' Rollover Risk and Macroeconomic Dynamics   by Rafael Guntin
• Constrained-Efficient Capital Reallocation   by Andrea Lanteri
• Macroeconomic Effects of Market Structure Distortions   by Ludovic Panon
• Firm Heterogeneity, Market Power and Macroeconomic Fragility   by Francisco Queirós

Special session organized by Franck Portier and Patrick Fève / Session chair: Franck Portier

• The Transmission of Keynesian Supply Shocks   by Ambrogio Cesa-Bianchi
• Monetary Policy Asymmetries: Evidence from a Nonlinear Proxy-SVAR   by Luca Gambetti
• Dynamic Identification in VARs   by Fabrice Collard

Session chair: Dmitriy Sergeyev

• Monetary Policy and Sentiment-Driven Fluctuations   by Jenny Chan
• Predictable Forecast Errors in Full-Information Rational Expectations Models with Regime Shifts   by Ina Hajdini
• Zero Lower Bound on Inflation Expectations   by Dmitriy Sergeyev

Session chair: Remo Nyffenegger

• The optimal quantity of CBDC in a bank-based economy   by Manuel Munoz
• Elections decrease Financial Regulatory Activity: Evidence from Investment Adviser Disclosures   by Goncalo Pina
• Central Bank Digital Currency with Heterogeneous Bank Deposits   by Remo Nyffenegger

Session chair: Adrian Penalver

• A tail of Labor Supply and a tale of Monetary policy   by Cristiano Cantore
• Robust Real Rate Rules   by Tom Holden
• The Central Bank, the Treasury, or the Market: Which One Determines the Price Level?   by Eric Mengus
• The Deflationary Bias of the ZLB and the FED's Strategic Response   by Adrian Penalver

Session chair: Alexander Haas

• Macroeconomics Dynamics of the Output Floor   by Marzio Bassanin
• Monetary Policy and Endogenous Financial Crises   by Frederic Boissay
• Optimal Policy for Behavioral Financial Crises   by Paul Fontanier
• Liquidity and Safety over the Business Cycle   by Alexander Haas

Special session organized by Andrea Ferrero / Session chair: Andrea Ferrero

• Endogenous Production Networks and Non-Linear Monetary Transmission   by Mishel Ghassibe
• Global Value Chains and the Business Cycle   by Alessandro Ferrari
• The Sectoral Origins of the Spending Multiplier   by Hafedh Boukaez
• The Transmission of Keynesian Supply Shocks   by Ambrogio Cesa-Bianchi

Session chair: Gernot Mueller

• The Macroeconomic Effects of a Carbon Tax to Meet the U.S. Paris Agreement Target: The Role of Firm Creation and Technology Adoption   by Alan Finkelstein Shapiro
• Environmental subisdy to mitigate transition risk   by Gauthier Vermandel
• The Expectations Channel of Climate Change: Implications for Monetary Policy   by Gernot Mueller

Session chair: Riccardo Zago

• Joint Search over the Life Cycle   by Philipp Gruebener
• The surprising Power of the Cap: Unemployment Insurance and Worker Heterogeneity   by Simon Heiler
• A Tale of Two Countries: Two Stories of Job Polarization   by Thepthida Sopraseuth
• Job Polarization and the Flattening of the Phillips Curve   by Riccardo Zago

Session chair: Nathan Zorzi

• Robots, Tools, and Jobs: Evidence from Brazilian Labor Markets   by Gustavo De Souza
• Automation, Offshoring and Employment Distribution in Western Europe   by Jocelyn Maillard
• The Aggregate Effects of Acquisitions on Innovation and Economic Growth   by Pau Roldan
• Inefficient Automation   by Nathan Zorzi

Session chair: Ozlem Kina

• No Regret Fiscal Reforms   by Pierre-Edouard Collignon
• Progressive Taxation and Educational Attainment: An Intergenerational Perspective   by Irina Popova
• Redistributive Capital Taxation Revisited   by Ozlem Kina

Session chair: Ilja Kantorovitch

• Financial Cycles under Diagnostic Beliefs   by Antoine Camous
• Endogenous Liquidity and Capital Reallocation   by Wei Cui
• Human Capital and Financial Development: Firm-Level Interactions and Macroeconomic Implications   by Pedro Gomes
• Exuberant and Uninformed: How Financial Markets (Mis-)Allocate Capital During Booms   by Ilja Kantorovitch

Special session organized by Florin Bilbiie / Session chair: Florin Bilbiie

• Idiosyncratic Income Risk and Aggregate Fluctuations   by Davide Debortoli
• Imperfect Risk Sharing and the Business Cycle   by Luigi Bocola
• Inequality and Business Cycles   by Florin Bilbiie

Session chair: Jean-Baptiste Michau

• Time-consistent implementation in macroeconomic games   by Jean Barthelemy
• Partisanship and Fiscal Policy in Economic Unions: Evidence from U.S. States   by Thorsten Drautzburg
• Fiscal Policy under Secular Stagnation: An Optimal Pump-Priming Strategy   by Jean-Baptiste Michau

Session chair: Christian Merkl

• Explaining deviations from Okun's law   by Francesco Furlanetto
• Estimating Hysteresis Effects   by Antoine Lepetit
• Gender-Specific Application Behavior, Matching, and the Residual Gender Wage Gap   by Christian Merkl

Session chair: Fabio Canova

• Understanding Growth-at-Risk: A Markov-Switching Approach   by Danilo Cascaldi-Garcia
• Tail risk in production networks   by Ian Dew-Becker
• Costly disasters and the role of fiscal policy   by Fabio Canova

Session chair: Romina Ruprecht

• Firm Heterogeneity, Capital Misallocation and Optimal Monetary Policy   by Nuño Galo
• State-Contingent Forward Guidance   by Valentin Jouvanceau
• The EA-BDF Model and Government Spending Multipliers in a Monetary Union   by Pierre Aldama
• Negative Interest Rates and Bank Lending Rates   by Romina Ruprecht

Session chair: Matthias Schön

• Public Pension Policy and the Equity–Efficiency Trade-off   by Johan Gustafsson
• Wealth and consumption over the life cycle with pension plans and durable goods   by Pim Kastelein
• Progressive Pensions as an Incentive for Labor Force Participation   by Veronika Pueschel
• Consumption Taxation to Finance Pension Payments   by Matthias Schön

Special session organized by Ethan Ilzetzki / Session chair: Ethan Ilzetzki

• Why does capital flow from equal to unequal countries   by Sergio De Ferra
• Automatic for the (tax) people: information sharing and cross-border investment in tax havens   by Agustin Benetrix
• Individual Beliefs, Demand for Currency and Exchange Rate Dynamics   by Vania Stavrakeva
• Zipf's Law for Currencies   by Ethan Ilzetzki

Session chair: Fabian Winkler

• Trust what you hear: Policy communication and fiscal credibility   by Hee Hong Gee
• Make-up Strategies with Finite Planning Horizons but Forward-Looking Asset Prices   by Julien Matheron
• The Natural Rate of Interest Through a Hall of Mirrors   by Fabian Winkler

Session chair: Manuel Menkhoff

• Dissecting the Home Bias in Survey Expectations   by Elio Bolliger
• Consumer Credit with Over-Optimistic Borrowers   by Florian Exler
• Overreaction Through Expectation Smoothing   by Julio Ortiz
• How economic expectations react to news: Evidence from German firms   by Manuel Menkhoff

Session chair: Victor Degorce

• Financial Dollarization in Emerging Markets: Efficient Risk Sharing or Prescription for Disaster   by Husnu Dalgic
• Labor Market Reforms in Open Economies: Current Account Dynamics and Consumer Heterogeneity   by Stéphane Moyen
• Public credit and the trilemma of international finance   by Victor Degorce

Session chair: Klodiana Istrefi

• Are all ECB asset purchases the same? Different rationales, different effects   by Jérôme Creel
• Asset Purchases and Default-Inflation Risks in Noisy Financial Markets   by Carlo Galli
• ECB Communication and its Impact on Financial Markets   by Klodiana Istrefi

Session chair: Andrea Alati

• Risky Business Cycles   by Giacomo Candian
• a real theory of aggregate demand shortages   by Ehsan Ebrahimy
• Mainly Employment: Survey-Based News and the Business Cycle   by Maria Masolo Riccardo
• Leveraging on human capital: labor rigidities and sorting over the business cycle   by Andrea Alati

Special session organized by Ricardo Reis / Session chair: Ricardo Reis

• The unequal economic consequences of carbon pricing   by Diego Kanzig
• An anatomy of long-run task exposures to technology   by Joseba Martinez
• A Preferred-Habitat Model of Term Premia, Exchange Rates, and Monetary Policy Spillovers   by Ray Walker
• The consumption response to borrowing constraints in the mortgage market   by Belinda Tracy

Session chair: Sanjay Singh

• Preventing Financial Disasters: Macroprudential Policy and Financial Crises   by Romero Fernández-Gallardo
• Speculative Bubbles and Aggregate Boom Bust Cycles   by Robert Kollmann
• Long-term bank lending and the transfer of aggregate risk   by Michael Reiter
• The Financial Origins of Non-Fundamental Risk   by Sanjay Singh

Session chair: Nicolò Maffei Faccioli

• Factor Augmented Vector-Autoregression with narrative identification. An application to monetary policy in the US   by Giorgia De Nora
• Identifying High-Frequency Shocks with Bayesian Mixed-Frequency VARs   by Fabio Parla
• Bad News, Good News: Coverage and Response Asymmetries   by Nicolò Maffei Faccioli

Session chair: Raphael Abiry

• Green Asset Pricing   by Benmir Ghassane
• Climate Change Mitigation: How Effective is Green Quantitative Easing?   by Raphael Abiry
• No country is an island: International cooperation and climate change   by Sole Pagliari Maria

Session chair: Simon Lloyd

• Variable Trade Costs and the Dynamics of International Trade   by Michael Nower
• World interest rates and macroeconomic adjustments in developing commodity producing countries   by Erica Perego
• International Diversification, Reallocation, and the Labor Share   by Rancière Romain
• Aggregation Across Each Nation: Aggregator Choice and Macroeconomic Dynamics   by Simon Lloyd

Session chair: Ramon Marimon

• Present Bias and Public Debt   by Joost Roettger
• A convenient truth: The convenience yield and implications for fiscal policy   by Dennis Bonam
• Who Is Afraid of Eurobonds?   by Anna Rogantini Picco
• Making Sovereign Debt Safe with a Financial Stability Fund   by Ramon Marimon

Special session organized by Eddie Gerba (BOE) / Session chair: Huw Pill (Bank of England chief economist)

• Transmission channels during QE5  by Jack Worlidge
  • discussant: Joost Bats
• How global is unconventional?” A FX risk tail  by Carlos Canon
  • discussant: Pasquale Della Corte
• Quantitative Easing in Conventional Times  by Pau Belda i Tortosa
  • discussant: Richard Harrison

Session chair: Filippo Maurici

• Rise of Superstar Firms and Fall of the Price Mechanism   by Dan Su
• Capital Regulation and Shadow Finance: A Quantitative Analysis   by Hyunju Lee
• Open economy, redistribution, and the aggregate impact of external shocks   by Haonan Zhou
• Firm heterogeneity, financial frictions and ambiguity   by Filippo Maurici

Session chair: Philipp Pfeiffer

• Deep Reinforcement Learning in a Monetary Model   by Andreas Joseph
• DSGE Nash: solving Nash Games in Macro Models -- with an application to optimal monetary policy under monopolistic commodity pricing   by Sole Pagliari Maria
• DeepHAM: A Global Solution Method for Heterogeneous Agent Models with Aggregate Shocks   by Yucheng Yang
• Efficient and robust inference of models with occasionally binding constraints   by Philipp Pfeiffer

Session chair: Marco Pinchetti

• Imperfect Exchange Rate Expectations   by Pierre De Leo
• Exchange Rate Disconnect Redux   by Rosen Valchev
• Global spillovers of the Fed information effect   by Marco Pinchetti

Session chair: Hugo Van Buggenum

• Bank Runs, Fragility and Credit Easing   by Javier Bianchi
• Endogenous Liquidity and Volatility   by Lu Wang
• Private Money and Self-Fulfilling Prophecies   by Hugo Van Buggenum

Session chair: Timo Reinelt

• Global value chains and the dynamics of UK inflation   by Aydan Dogan
• The Transmission of Nominal Shocks When Prices Are Sticky   by Erwan Gautier
• The Real Effects of Monetary Shocks: Evidence from Micro Pricing Moments   by Ernesto Pasten
• Markups and inflation cyclicality in the euro area   by Timo Reinelt

Special session organized by Filipa Sa / Session chair: Filipa Sa

• Foreign Demand and Local House Prices: Evidence from the US   by Anil Ari
• Affordable Housing and City Welfare   by Jack Favilukis
• Local Effects of Global Capital Flows: A China Shock in the U.S. Housing Market   by Zhimin Li

Session chair: Laure Simon

• Endogenous Technology, Scarring and Fiscal Policy   by Michaela Elfsbacka Schmöller
• The Macroeconomic Effects of Corporate Tax Reforms   by Francesco Furno
• Fiscal Stimulus and Skill Accumulation over the Life Cycle   by Laure Simon

Session chair: Hubert Kempf

• Modelling optimal quarantines with waning immunity   by Aditya Goenka
• Switching-track after the Great Recession   by Francesca Vinci
• Living with Covid-19. Optimal pandemic-related lockdown policies.   by Hubert Kempf

Session chair: Giovanni Morzenti

• Labor Share, Capital Misallocation and TFP Losses   by Francesca Crucitti
• Heterogeneous Increase in Sectoral Market Power: the Role of ICT   by Riccardo Silvestrini
• The Macroeconomic Impact of Firm's Defensive Behavior: Knowledge Spillover and Horizontal Innovation   by Iacopo Varotto
• The Hitchhiker's Guide to Markup Estimation   by Giovanni Morzenti

Session chair: Florian Oswald

• The heterogeneous effects of freedom of movement agreements   by John Lewis
• Spatial Misallocation of Native Labor and Immigration   by Julian Neira
• Structural Change, Land Use and Urban Expansion   by Florian Oswald

Session chair: Giovanni Nicolò

• The Unattractiveness of Indeterminate Dynamic Equilibria   by Martin Ellison
• Understanding Persistent ZLB: Theory and Assessment   by Pablo Cuba-Borda
• U.S. Monetary Policy and Indeterminacy   by Giovanni Nicolò

Session chair: Brigitte Hochmuth

• Credit Supply Driven Boom-Bust Cycles   by Yavuz Arslan
• Credit and Liquidity Policies during Large Crises   by Miguel Faria-E-Castro
• Credit Supply Shocks and Prices: Evidence from Danish Firms   by Tobias Renkin
• Financial Constraints, Firm Age, and the Labor Market   by Brigitte Hochmuth

Session chair: Stefan Schiman

• Three Liquid Assets   by Lorenzo Carbonari
• The role of systemic risk spillovers in the transmission of Euro Area monetary policy   by Alexandros Skouralis
• Systemic Bank Runs and Solvency Crises   by Lukas Voellmy
• Measuring monetary policy in the euro area using SVARs with residual restrictions   by Stefan Schiman