2017 - crei.cat · · Second ECB Annual Research Conference, Frankfurt, September, Discussant ... Escola d’estiu 11. Summer School L’edició de la Barcelona CREI Macroeconomics

Ramon Trias Fargas, 25-27E-08005 BarcelonaTel. +(34) 93 542 13 88crei@crei .catwww.crei .cat

Memòria / Report

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Índex / Index1. Introducció / Introduction ...................................................................................................... 3

2. Organització / Organization ................................................................................................. 5

3. Investigadors: informe de publicacions i activitats Researchers: Report on Publications and Activities .................................................. 9

4. Investigadors associats: informe de publicacions i activitats Associate Researchers: Report on Publications and Activities ............................ 31

5. Publicacions / Publications ................................................................................................... 49

6. Investigadors visitants / Visiting Researchers ............................................................ 51

7. Divulgació / Dissemination .................................................................................................... 53

8. Beques i finançament extern / Grants and External Funding .............................. 55

9. Conferències / Conferences ............................................................................................... 59

10. Seminaris / Seminars .......................................................................................................... 67

11. Escola d’estiu / Summer School ...................................................................................... 69

Apèndixs / Appendices ........................................................................................................ 71

3

El Centre de Recerca en Economia Internacional (CREI) és un institut de recerca patrocinat per la Generalitat de Catalunya i la Universitat Pompeu Fabra (UPF). La seva seu és al campus Ciutadella de la UPF, a Barcelona. Les activitats de recerca del CREI se centren en l’economia internacional i la macroeconomia, en un sentit ampli (és a dir, incloent-hi creixement, cicles econòmics, economia monetària, macroeconometria, geografia econòmica, etc.).

L’objectiu del CREI és promoure la recerca d’acord amb els estàndards acadèmics més alts. També pretén ser un focus de divulgació de noves idees sempre en contacte amb aquesta dimensió de recerca. Tenim la sort de ser una unitat acadèmica de la Barcelona Graduate School of Economics (Barcelona GSE) i de tenir molt a prop el Departament d’Economia i Empresa de la UPF, amb els quals col·laborem en moltes activitats de recerca i docència. En general, el CREI vol contribuir a la promoció de la recerca d’alta qualitat en economia a Catalunya i Europa.

La missió del CREI és contribuir a una millor comprensió del funcionament de l’economia en la societat contemporània. Aquesta comprensió, basada en l’estudi rigorós, és necessària per tal d’assolir una millora en el disseny de polítiques i institucions que permetin augmentar el creixement econòmic i, de retruc, el benestar dels ciutadans d’arreu del món.

The Centre for Research in International Economics (CREI) is a research institute sponsored by the Generalitat de Catalunya and Universitat Pompeu Fabra (UPF). It is located in UPF’s Ciutadella campus in Barcelona. Our research activities focus on international economics and macroeconomics, understood in a broad sense, i.e. encompassing growth, business cycles, monetary economics, macroeconometrics, economic geography, etc.

CREI’s objective is to promote research subject to the highest standards of academic scholarship. Always with that research dimension in mind, we also want to be a source for the dissemination of new ideas. We are fortunate to be an academic unit of the Barcelona Graduate School of Economics (Barcelona GSE), and to be close to the Department of Economics and Business at UPF. We collaborate with both institutions on many research and teaching activities. More generally, we wish to contribute to the promotion of high quality economic research in Catalonia and in Europe as a whole.

CREI’s ultimate mission is to contribute to a better understanding of the economic forces that shape modern societies. Such an understanding, based on rigorous study, is necessary in order to improve the design of policies and institutions, with the aim of promoting economic growth and improving the welfare of our fellow citizens.

Introducció1. Introduction1.

4 5I Memòria /Report 2017

El CREI és una institució sense ànim de lucre, creada mitjançant el decret 279/1994 del 4 de novembre del 1994 de la Generalitat de Catalunya. El seu màxim òrgan de govern és el Consell Rector nomenat per la Generalitat de Catalunya i la Universitat Pompeu Fabra.

CREI is a non-profit institution, created by decree 279/1994 of November 4,1994 of the Generalitat de Catalunya. Its highest body is a Governing Board appointed by the Generalitat de Catalunya and Universitat Pompeu Fabra.

Organització2. Organization2.

Consell Rector / Governing Board

• President / President:Conseller del Departament d’Empresa i Coneixement, o persona en qui delegui

• Sotspresident / Vice-president:Jaume Casals, rector de la Universitat Pompeu Fabra

• Vocals / Members:Jaume Badia, gerent de la Universitat Pompeu FabraAntoni Bosch, professor emèrit del Departament d’Economia i Empresa,Universitat Pompeu FabraTeresa Garcia-Milà, catedràtica del Departament d’Economia i Empresa,Universitat Pompeu FabraNatàlia Mas, directora general d’Anàlisi Econòmica, Departament de laVicepresidència i d’Economia i Hisenda, Generalitat de CatalunyaJoaquim Nin, secretari general de la Presidència, Departament de laPresidència, Generalitat de CatalunyaFrancesc Ramon Subirada, director general de Recerca, Departamentd’Empresa i Coneixement, Generalitat de Catalunya

A la present memòria, el lector trobarà una visió global de les activitats dutes a terme pel CREI durant l’any 2017. Com en anys anteriors, el 2017 va ser ric en tot tipus d’activitats, incloent-hi nou conferències d’alt nivell, més de 100 seminaris i la quarta edició de Bojos per l’Economia!, una sèrie de tallers adreçats a estudiants de segon de batxillerat. També va acollir nombrosos investigadors visitants.

A la nostra pàgina web http://www.crei.cat es pot trobar informació de les activitats i dels documents de treball, juntament amb una llista actualitzada dels propers seminaris i conferències.

The reader will find in the present report an overview of the activities organized and sponsored by CREI during 2017. As in previous years, 2017 has been a prolific one in terms of research activities, including nine high-level conferences, more than 100 seminars, and the fourth edition of Crazy about Economics!, a workshop for talented high-school students. We also welcomed many visiting researchers.

Information on our activities, together with links to working papers and a schedule of forthcoming seminars and conferences, are available on our web page http://www.crei.cat


Director

Jordi Galí (PhD MIT) ha estat director del CREI fins al 25 d’octubre; el professor Galí és també investigador sènior del CREI, catedràtic (en excedència) del Departament d‘Economia i Empresa de la UPF i professor investigador (Research Professor) de la Barcelona GSE.

Jordi Galí (PhD MIT) was the Director of CREI until October 25; professor Galí is also a Senior Researcher at CREI, Professor (on leave) at UPF’s Department of Economics and Business, and Research Professor at the Barcelona GSE.

Jaume Ventura (PhD Harvard University) és director del CREI des del 25 d’octubre; el professor Ventura és també investigador sènior del CREI, catedràtic del Departament d’Economia i Empresa de la UPF i professor investigador (Research Professor) de la Barcelona GSE.

Jaume Ventura (PhD Harvard University) is Director of CREI since October 25; professor Ventura is also a Senior Researcher at CREI, Professor at UPF’s Department of Economics and Business, and Research Professor at the Barcelona GSE.

Administració / Secretariat

Anna Cano, secretària administrativa / Administrative AssistantMariona Novoa, secretària administrativa / Administrative AssistantAnna Ricart, gerent (fins al 31 d’agost) / Business Manager (until August 31)Anna Ríos, gestora de projectes de recerca (fins al 31 d’agost) / Research Projects Manager (until August 31) gerent (des de l’1 de setembre) / Business Manager (since September 1)Carolina Rojas, secretària administrativa / Administrative Assistant

Comitè Científic Assessor / Scientific Advisory Board

El Comitè Científic Assessor està format pels membres següents / The Scientific Advisory Board is composed of the following members:

Philippe Aghion Collège de France and London School of EconomicsAlberto Alesina Harvard University

Philippe Bacchetta University of Lausanne Robert Barro Harvard University

Giuseppe Bertola University of TurinOlivier Blanchard Peterson Institute for International EconomicsRicardo Caballero Massachusetts Institute of Technology

Guillermo Calvo Columbia UniversityIsabel Correia Bank of Portugal

Jean-Pierre Danthine Paris School of EconomicsGuillermo de la Dehesa Centre for Economic Policy Research

Mathias Dewatripont ECARES-Université Libre de BruxellesAllan Drazen University of Maryland

Jeffrey Frankel Harvard UniversityFrancesco Giavazzi Bocconi University

Jordi Gual Caixabank and IESE Business SchoolElhanan Helpman Harvard University

Seppo Honkapohja Bank of FinlandPer Krusell IIES, Stockholm UniversityDalia Marin Ludwig Maximilian University of Munich

Marco Pagano University of Naples Federico IIRoberto Perotti Bocconi University

Torsten Persson IIES-Stockholm UniversityRichard Portes London Business School

Danny Quah Lee Kuan Yew School of Public Policy (NUS)Lucrezia Reichlin London Business School

Rafael Repullo CEMFIKenneth Rogoff Harvard University

Thomas Sargent New York University and Hoover Institution Lars Svensson Stockholm School of EconomicsGuido Tabellini Bocconi University

Jean Tirole Toulouse School of EconomicsHarald Uhlig University of ChicagoXavier Vives IESE Business School

Beatrice Weder Johannes Gutenberg University of MainzPhilippe Weil ECARES-UniversitéLibre de Bruxelles, and Sciences Po

Charles Wyplosz The Graduate Institute, Geneva


Investigadors:informe de publicacions i activitats

3. Researchers: Report on Publications and Activities

3.

Vladimir AsriyanPhD University of California, Berkeley Investigador / Researcher

Articles publicats o acceptats per a publicació el 2017 / Articles published or accepted for publication in 2017 “Information spillovers in asset markets with correlated values”, (with W. Fuchs and B. Green), American Economic Review, 107 (7), 2007-2040.

Documents de treball / Working papers “Information aggregation in dynamic markets with adverse selection”, (with W. Fuchs and B. Green)“Sentiment, liquidity and asset prices”, (with W. Fuchs and B. Green)“Complex regulation”, (with D. Foarta and V. Vanasco)

Seminaris / Seminars· London Business School· European University Institute, Florence · University of Rochester, Simon Business School· Bocconi University, Milan· University of Florida, Gainesville (FL)· Einaudi Institute for Economics and Finance, Rome· Banco de Portugal, Lisbon· University of Edinburgh, School of Economics· International Monetary Fund, Washington (DC)

Conferències / Conferences· Sciences Po-Wisconsin SB-BdF 8th Summer Macro-Finance Workshop, Paris,

Speaker· 13th CSEF-IGIER Symposium on Economics and Institutions, Capri, Speaker· First Catalan Economic Society Conference, Barcelona, Speaker


Fernando BronerPhD Massachusetts Institute of TechnologyInvestigador Sènior / Senior Researcher

Documents de treball / Working papers “Fiscal multipliers and foreign holdings of public debt”, (with D. Clancy, A. Erce, and A. Martin)

Seminaris / Seminars· Banco Central de Chile, Santiago· Universidad de San Andrés, Buenos Aires· University of Tokyo· Universidad de los Andes, Bogotá

Conferències / Conferences· ECB Conference on “Public Debt, Fiscal Policy and EMU Deepening”, Frankfurt,

Discussant· Asian Development Bank Institute Conference “Globalization and Environment”, Tokyo, Speaker· Tsinghua Workshop in International Finance, Beijing, Speaker· WB-BdE 5th International Policy Conference “The Future of Globalization and

Economic Integration in Europe and Latin America: Implications for Growth and Social Equality”, Madrid, Speaker

· 25th CEPR European Summer Symposium in International Macroeconomics (ESSIM), Tarragona, Discussant

· CREI-TSE 2017 Transpyrenean Macro Workshop, El Tarter, Speaker

Altres activitats professionals / Other professional activities Afiliacions professionals / Professional affiliations· Department of Economics and Business, Universitat Pompeu Fabra,

Adjunct Professor · Barcelona GSE, Research Professor· Centre for Economic Policy Research, Research Fellow

· EIEF 6th Rome Workshop on Macroeconomics a.k.a. “Pizzanomics”, Rome, Speaker

· Society for Economic Dynamics (SED) Annual Meeting, Edinburgh, Speaker

· FTG-LSE-FMG-ERC Financial Theory Group Conference, London, Speaker

· Barcelona GSE Summer Forum: Workshop on “Information Asymmetries in Macro-Finance”, Barcelona, Speaker

· CREI-TSE 2017 Transpyrenean Macro Workshop, El Tarter, Speaker

Altres activitats professionals / Other professional activities Afiliacions professionals / Professional affiliations· Stanford University, Stanford Graduate School of Business, Visiting

Assistant Professor · Department of Economics and Business, Universitat Pompeu Fabra,

Adjunct Professor · Barcelona GSE, Affiliated Professor· Centre for Economic Policy Research, Research Affiliate

Organització d’activitats / Organization of events· Barcelona GSE Summer Forum: Workshop on “Asset Prices, Finance

and Macroeconomics”, Barcelona, June, Co-organizer· Barcelona GSE Summer Forum: Workshop on “Information

Asymmetries in Macro-Finance”, Barcelona, June, Co-organizer· Society for Economic Dynamics (SED) Annual Meeting, Edinburgh,

June, Programme Chair· CREI Workshop on “Bubbles in Macroeconomics: Recent

Developments”, Barcelona, October, Co-organizer· CREI-UPF Macroeconomics Seminar, Barcelona, Organizer (since

September 2017)· CREI Macroeconomics Breakfast Workshop, Barcelona,

Co-organizer (until June 2017)

Altres / Other· Finance Theory Group, Member · Macro Finance Society, Member

Beques i premis / Grants and awards· Ministerio de Economía y Competitividad Grant (ECO2014-54430-P),

2015-2017· Generalitat de Catalunya, AGAUR Grant (2014SGR 830), 2014-2017


Luca FornaroPhD London School of Economics Investigador / Researcher

Articles publicats o acceptats per a publicació el 2017 / Articles published or accepted for publication in 2017“Stagnation traps”, (with G. Benigno), The Review of Economic Studies, forthcoming.“International debt deleveraging”, Journal of the European Economic Association, forthcoming.

Documents de treball / Working papers “The paradox of global thrift”, (with F. Romei)

Seminars / Seminaris· University of Nottingham· University of Cambridge· Federal Reserve Bank of San Francisco· University of California, Berkeley· University of Bern· Bank of England, London· University College London· Federal Reserve Bank of New York

Conferències / Conferences· BdF-CdF Conference on “Secular Stagnation and Growth Measurement,” Paris,

Speaker· AMSE and MaGHiC Macroeconomic Workshop, Aix-en-Provence, Speaker· 25th CEPR European Summer Symposium in International Macroeconomics

(ESSIM), Tarragona, Speaker· First Catalan Economic Society Conference, Barcelona, Speaker· Society for Economic Dynamics (SED) Annual Meeting, Edinburgh, Speaker· INET Conference on Secular Stagnation, New York (NY), Speaker· ECB Workshop on “Monetary Policy in Non-Standard Times”, Frankfurt,

Discussant

Activitats editorials / Editorial activities· Journal of International Economics, Co-editor

Organització d’activitats / Organization of events· Barcelona Summer Forum: Workshop on “International Capital Flows”, Barcelona,

June, Co-organizer· 32nd European Economic Association Annual Congress, Lisbon, August, Member

of the Programme Committee· Fourth European Winter Meeting of the Econometric Society, Barcelona,

December, Member of the Programme Committee

Altres / Other· Barcelona GSE, MSc in International Trade, Finance, and Development,

Co-director

Activitats de projecció externa / Outreach activities · “El dèficit anirà caient” in “La multa de Brussel·les a Espanya desperta recel

entre els experts”, La Vanguardia

Beques i premis / Grants and awards· Ministerio de Economía, Industria y Competitividad Grant (ECO2016-79856-P),

2016-2020 · Generalitat de Catalunya, AGAUR Grant (2014SGR 830), 2014-2017


Altres activitats professionals / Other professional activities Afiliacions professionals / Professional affiliations· Department of Economics and Business, Universitat Pompeu Fabra, Adjunct

Professor· Barcelona GSE, Affiliated Professor· Centre for Economic Policy Research, Research Affiliate

Organització d’activitats / Organization of events· ADEMU-Barcelona GSE-EUI Mini-Conference and Lecture on “Fiscal

Policy in Times of Crises”, Barcelona, March, Co-organizer· Barcelona Summer Forum: Workshop on “International Capital Flows”,

Barcelona, June, Co-organizer

Beques i premis / Grants and awards· Fundació Bancària “La Caixa” Research Grant (CG-2017_02), 2017-2019· Barcelona GSE Seed Grant, 2016-2017· European Union Horizon 2020, ADEMU Project (649396), 2015-2018· Ministerio de Economía y Competitividad Grant (Juan de la Cierva, FJCI-2015-

23561), 2017-2018· Ministerio de Economía y Competitividad Grant (ECO2014-54430-P), 2015-2017· Ministerio de Economía, Industria y Competitividad Grant (ECO2016-79856-P),


Jordi GalíPhD Massachusetts Institute of TechnologyDirector (fins al 25 d’octubre) i Investigador SèniorDirector (until October 25) and Senior Researcher

Articles publicats o acceptats per a publicació el 2017 / Articles published or accepted for publication in 2017“Some scattered thoughts on DSGE models”, in R. S. Gürkaynak and C. Tille (eds.), DSGE Models in the Conduct of Policy: Use as Intended, CEPR Press, 86-92.

Documents de treball / Working papers“The optimal inflation target and the natural rate of interest”, (with P. Andrade, H. Le Bihan and J. Matheron)“The state of New Keynesian Economics: A partial assessment”“Monetary policy with heterogeneous agents: Insights from TANK models”, (with D. Debortoli)“Forward guidance and the exchange rate”“Monetary policy and bubbles in a New Keynesian model with overlapping generations”“The effects of a money-financed fiscal stimulus”

Seminaris / Seminars · Federal Reserve Bank of New York· Columbia University, New York (NY)· Bundesbank, Frankfurt· New York University· University of Vienna

Conferències / Conferences· 42º Simposio de la Asociación Española de Economía (SAEe), Barcelona,

Speaker· 20th Central Bank Macroeconomic Modeling Workshop on Policy Coordination,

Paris, Keynote Speaker· First Annual Workshop of the ESCB Research Cluster on International Macro,

Fiscal, Labour, and EMU Governance: “Medium and Long-run Challenges for Europe”, Madrid, Keynote Speaker

· SNB Research Conference on “Monetary Policy Design, Conduct and Effects”, Zurich, Discussant


· Second ECB Annual Research Conference, Frankfurt, Discussant· First Banco de España Annual Research Conference, Madrid, Speaker· 32nd Annual Congress of the European Economic Association, Lisbon, Speaker· NBER Summer Institute, International Finance and Macroeconomics,

Cambridge (MA), Discussant· NBER Summer Institute, Dynamic Equilibrium Models, Cambridge (MA),

Speaker· Barcelona GSE Summer Forum: Workshop on “Asset Prices, Finance and

Macroeconomics”, Barcelona, Speaker· Bocconi-IGIER-Bank of Canada Conference on “New Directions in

Macroeconomics and Monetary Policy”, Milan, Speaker· 40th NBER International Seminar on Macroeconomics, Vilnius, Discussant· 25th CEPR European Summer Symposium in International Macroeconomics

(ESSIM), Tarragona, Speaker· First Catalan Economic Society Conference, Barcelona, Speaker· UCL-ADEMU-CFM Conference on “The New Macroeconomics of Aggregate

Fluctuations and Stabilisation Policy”, London, Speaker· Riksbank Conference on “The Future of Forward Guidance”, Stockholm,

Keynote Speaker· 22nd Spring Meeting of Young Economists, Halle, Keynote Speaker· BdF-CdF Conference on “Secular Stagnation and Growth Measurement,”

Paris, Speaker

Altres activitats professionals / Other professional activities Afiliacions professionals / Professional affiliations· Department of Economics and Business, Universitat Pompeu Fabra,

Professor (on leave)· Barcelona GSE, Research Professor· Econometric Society, Fellow· European Economic Association, Fellow· Centre for Economic Policy Research, Research Fellow· National Bureau of Economic Research, Research Associate· Institut d’Estudis Catalans, Member· Academia Europaea, Member

Activitats editorials / Editorial activities· International Journal of Central Banking, Associate Editor· Monetaria, Member of the Editorial Board

Organització d’activitats / Organization of events· Barcelona GSE Summer Forum: Workshop on “Asset Prices, Finance and

Macroeconomics”, Barcelona, June, Co-organizer· CREI Workshop on “Bubbles in Macroeconomics: Recent Developments”,

Barcelona, October, Co-organizer· “Bojos per l’Economia!” Workshop, Programme Director

Altres / Other· Banque de France, Consultant· Sveriges Riksbank, Advisor· European Central Bank, Regular Research Visitor· Norges Bank, Scientific Advisor· Federal Reserve Bank of New York, Research Visitor

Activitats de projecció externa / Outreach activities· Panel on “Los límites de la política monetaria,” Cátedra “la Caixa” Economía

y Sociedad, Madrid

Beques i premis / Grants and awards· European Research Council Advanced Grant (FP7-IDEAS-339656), 2014-2017· Generalitat de Catalunya, AGAUR Grant (2014SGR 830), 2014-2017



Professor· Barcelona GSE, Affiliated Professor· Centre for Economic Policy Research, Research Fellow· Kiel Institute for the World Economy, International Research Fellow

Activitats editorials / Editorial activities· Economic Policy, Member of the Panel· Review of Economic Dynamics, Associate Editor

Organització d’activitats / Organization of events· Barcelona GSE Summer Forum: Workshop on “Geography, Trade and

Growth”, Barcelona, June, Co-organizer· Barcelona GSE Summer Forum: Workshop on “The Political Economy of

Globalization”, Barcelona, June, Co-organizer· 32nd Annual Congress of the European Economic Association, Lisbon, August,

Member of the Programme Committee

Activitats de projecció externa / Outreach activities · “Changing political structures in the two waves of globalisation: Lessons for

the EU”, (with G. Ponzetto and J. Ventura), VoxEU.org

Beques i premis / Grants and awards· Ministerio de Economía y Competitividad Grant (ECO2014-59805-P),


Articles publicats o acceptats per a publicació el 2017/ Articles published or accepted for publication in 2017“Global imbalances revisited: The transfer problem and transport costs in monopolistic competition”, (with P. Epifani), Journal of International Economics, 108, 99-116.“Betting on exports: Trade and endogenous heterogeneity”, (with A. Bonfiglioli and R. Crinò), The Economic Journal, forthcoming.“Trade, finance and endogenous firm heterogeneity”, (with A. Bonfiglioli and R. Crinò), Journal of the European Economic Association, forthcoming.

Documents de treball / Working papers“Economic uncertainty and structural reforms”, (with A. Bonfiglioli)“Globalization and political structure”, (with G. Ponzetto and J. Ventura)

Seminaris / Seminars· University of Lugano· Queen Mary University of London· University of Nottingham, School of Economics· University of Porto· University of Bologna· Georgetown University, Washington (DC)· International Monetary Fund, Washington (DC)· London School of Economics

Conferències / Conferences· 65th Economic Policy Panel, Valletta, Discussant· Queen Mary University of London-LSE Workshop in “Political Economy and

Economic Policy”, London, Speaker· 25th CEPR European Summer Symposium in International Macroeconomics

(ESSIM), Tarragona, Speaker

Gino Gancia PhD Stockholm UniversityInvestigador Sènior / Senior Researcher



Professor· Barcelona GSE, Research Professor· Centre for Economic Policy Research, Research Fellow

Activitats editorials / Editorial activities· The Review of Economic Studies, Member of the Editorial Board· Journal of International Economics, Associate Editor

Organització d’activitats / Organization of events· Barcelona GSE Summer Forum: Workshop on “International Capital Flows”,

Barcelona, June, Co-organizer· Barcelona GSE Summer Forum: Workshop on “Asset Prices, Finance and

Macroeconomics”, Barcelona, June, Co-organizer· Barcelona GSE Summer Forum: Workshop on “Information Asymmetries in

Macro-Finance”, Barcelona, June, Co-organizer· CREI Workshop on “Bubbles in Macroeconomics: Recent Developments”,

Barcelona, October, Co-organizer

Activitats de projecció externa / Outreach activities · “Bojos per l’Economia!” Workshop, session on “Macroeconomía y finanzas”,

Barcelona

Beques i premis / Grants and awards· European Research Council Consolidator Grant (FP7-IDEAS-615651), 2014-2019· Ministerio de Economía, Industria y Competitividad Grant (ECO2016-79856-P),

2016-2020· Generalitat de Catalunya, AGAUR Grant (2014SGR-830), 2014-2017

Alberto Martin PhD Columbia UniversityInvestigador Sènior / Senior Researcher

Articles publicats o acceptats per a publicació el 2017 / Articles published or accepted for publication in 2017“The macroeconomics of rational bubbles. A user’s guide”, (with J. Ventura), Annual Review of Economics, forthcoming.

Documents de treball / Working papers “Banks, government bonds, and default: What do the data say?”, (with N. Gennaioli and S. Rossi)“Fiscal multipliers and the home bias of public debt”, (with D. Clancy, A. Erce, and A. Martin)

Seminaris / Seminars· Banque de France, Paris· Bank of Finland, Helsinki· University of Cambridge· University of Oxford· University of Cologne· European Central Bank, Frankfurt

Conferències / Conferences· LACEA-LAMES Annual Meeting, Buenos Aires, Speaker· Johns Hopkins SAIS Global Risk Conference “Financial Risk and the Expanding

Public Debt”, Bologna, Member of the Panel· Second ECB Annual Research Conference, Frankfurt, September, Discussant· 32nd Annual Congress of the European Economic Association, Lisbon, Speaker· European System of Central Banks’ Day-Ahead Conference, Lisbon, Discussant· Society for Economic Dynamics (SED) Annual Meeting, Edinburgh, Speaker· First Catalan Economic Society Conference, Barcelona, Speaker· Barcelona GSE 10th Anniversary Workshop on Macroeconomics, Barcelona,

Speaker· XX Workshop in International Economics and Finance, Buenos Aires, Discussant


Organització d’activitats / Organization of events· Barcelona Summer Forum: Workshop on “Geography, Trade and Growth”,


Beques i premis / Grants and awards· Barcelona GSE Seed Grant, 2016-2017· Generalitat de Catalunya, AGAUR Grant (2014SGR-830), 2014-2017

Dávid Krisztián NagyPhD Princeton UniversityInvestigador / Researcher

Articles publicats o acceptats per a publicació el 2017 / Articles published or accepted for publication in 2017“Asia’s geographic development”, (with K. Desmet and E. Rossi-Hansberg), Asian Development Review, 34 (2), 1-24.

Documents de treball / Working papers“City location and economic development”

Seminaris / Seminars· Columbia University, New York (NY)· Federal Reserve Bank of Minneapolis· Universitat Autonòma de Barcelona

Conferències / Conferences· NBER International Trade and Investment Spring Meeting, Cambridge (MA),

Speaker· First Catalan Economic Society Conference, Barcelona, Speaker· Barcelona Summer Forum: Workshop on “Political Economy and Globalization”,

Barcelona, Speaker· Society for Economic Dynamics (SED) Annual Meeting, Edinburgh, Speaker· 17th SAET Conference on “Current Trends in Economics”, Faro, Speaker· NBER Summer Institute, Urban Economics, Cambridge (MA), Speaker· KTI Nyári Műhely, Budapest, Speaker Altres activitats professionals / Other professional activities Afiliacions professionals / Professional affiliations· Department of Economics and Business, Universitat Pompeu Fabra, Adjunct

Professor· Barcelona GSE, Affiliated Professor


· CEPR-OSE-Sciences Po-PSE-LIEPP-CEPREMAP Conference in Urban and Regional Economics, Paris, Speaker

· Free University of Bozen-Bolzano Workshop on Political Economy, Bruneck, Speaker

· CEPR Annual Macroeconomics and Growth Programme Meeting, Frankfurt, Discussant

· Center for Market Studies and Spatial Economics-Faculty of Economic Sciences International Workshop in International Trade and Regional Economics, Moscow, Speaker


Professor· Barcelona GSE, Affiliated Professor· Centre for Economic Policy Research, Research Affiliate· Institute of Political Economy and Governance, Associate Researcher

Activitats editorials / Editorial activities· Journal of the European Economic Association, Associate Editor· The Review of Economic Studies, Member of the Editorial Board

Organització d’activitats / Organization of events· Barcelona GSE Summer Forum: Workshop on “The Economic Analysis of

Electoral Politics”, Barcelona, June, Co-organizer· Barcelona GSE Summer Forum: Workshop on “Political Institutions”,

Barcelona, June, Co-organizer· Barcelona GSE Summer Forum: Workshop on “The Political Economy of

Globalization”, Barcelona, June, Co-organizer· Barcelona GSE Summer Forum: Workshop on “Geography, Trade and Growth”,

Barcelona, June, Co-organizer· European Economic Association Young Economist Award, Lisbon, August,

Member of the Award Committee· Free University of Bozen-Bolzano Workshop on Political Economy, Bruneck,

October, Co-organizer· 42º Simposio de la Asociación Española de Economía (SAEe), Barcelona,

December, Member of the Programme Committee· CREI International Lunch Workshop, Organizer· CREI Macroeconomics Faculty Lunch Seminar, Organizer (until June 2017)

Giacomo PonzettoPhD Harvard UniversityInvestigador Sènior / Senior Researcher

Articles publicats o acceptats per a publicació el 2017 / Articles published or accepted for publication in 2017“The political economy of transportation investment”, (with E. L. Glaeser), Economics of Transportation, forthcoming.

Documents de treball / Working papers“Optimally vague contracts and the law”, (with N. Gennaioli)“Fundamental errors in the voting booth”, (with E. L. Glaeser)“Globalization and political structure”, (with G. Gancia and J. Ventura)

Seminaris / Seminars· New York University, School of Law· University of Namur· University of St Andrews· London School of Economics

Conferències / Conferences· 13th Annual NYU/Penn Conference on Law and Finance, New York, Speaker· Annual Conference of the Royal Economic Society, Bristol, Speaker· “La Caixa”-Barcelona GSE 5th Workshop on the Political Economy of

Development and Conflict, Barcelona, Discussant· First Catalan Economic Society Conference, Barcelona, Speaker· IEB Workshop on Political Economy and Fiscal Federalism: “Economic Shocks,

Government Quality and Political Disintegration”, Barcelona, Speaker and Discussant

· Society for Economics Dynamics (SED) Annual Meeting, Edinburgh, Speaker· NBER Summer Institute, Political Economy, Cambridge (MA), Speaker· NBER Summer Institute, Real Estate, Cambridge (MA), Speaker· NBER Summer Institute, Urban Economics, Cambridge (MA), Discussant · 70th European Meeting of the Econometric Society, Lisbon, Speaker· 32nd Annual Congress of the European Economic Association, Lisbon, Speaker · U. Bath-King’s College London-TW-U. Konstanz Workshop on Political Economy:

“Theory Meets Empirics”, Konstanz, Speaker


Edouard Schaal PhD Princeton UniversityInvestigador / Researcher

Articles publicats o acceptats per a publicació el 2017 / Articles published or accepted for publication in 2017“Uncertainty and unemployment”, Econometrica, 85 (6), 1675-1721.“Uncertainty traps”, (with P. Fajgelbaum and M. Taschereau-Dumouchel), The Quarterly Journal of Economics, 132 (4), 1641-1692.

Documents de treball / Working papers“Optimal transport networks in spatial equilibrium”, (with P. Fajgelbaum)

Seminaris / Seminars· Federal Reserve Bank of Atlanta· Bocconi University, Milan· Hong Kong University· CREST, Paris· University of Oxford· Tsinghua University, Beijing· Universitat de Barcelona· Universidad Carlos III de Madrid

Conferències / Conferences· Asian Meeting of the Econometric Society, Hong Kong, Speaker· BGSE Summer Forum: Workshop on “Geography, Trade and Growth”, Barcelona,

Speaker· BGSE Summer Forum: Workshop on “Economic Growth and Fluctuations”,

Barcelona, Speaker· Bristol Macroeconomics Workshop, Bristol, Speaker· University of Essex Search and Matching Workshop, Essex, Speaker· Minnesota Workshop in Macroeconomic Theory, Minneapolis (MN), Speaker· 17th SAET Conference on “Current Trends in Economics”, Faro, Speaker

Activitats de projecció externa / Outreach activities· “Bojos per l’Economia!” Workshop, session on “The Economics of Cities”,

Barcelona· “Tres punts a millorar per escalar posicions”, El Periódico· “Changing political structures in the two waves of globalisation: Lessons for the

EU”, (with G. Gancia and J. Ventura), VoxEU.org· “Fundamental errors in the voting booth”, (with E. L. Glaeser), VoxEU.org Beques i premis / Grants and awards· ERC Starting Grant (Horizon 2020-714905), 2017-2021· Ministerio de Economía y Competitividad, Ramón y Cajal Grant (RYC-2013-

13838), 2015-2019 · Ministerio de Economía y Competitividad Grant (ECO2014-59805-P), 2015-2017· Generalitat de Catalunya, AGAUR Grant (2014SGR-830), 2014-2017


Jaume Ventura PhD Harvard UniversityDirector (des del 25 d’octubre) i Investigador Sènior Director (since October, 25) and Senior Researcher

Articles publicats o acceptats per a publicació el 2017 / Articles published or accepted for publication in 2017“The macroeconomics of rational bubbles. A user’s guide”, (with A. Martin), Annual Review of Economics, forthcoming.

Documents de treball / Working papers“Globalization and political structure”, (with G. Gancia and G. Ponzetto)

Seminaris / Seminars· BI Norwegian Business School, Oslo· Bocconi University, Milan· Goethe University Frankfurt

Conferències / Conferences· First Banco de España Annual Research Conference, Madrid, Discussant· 25th CEPR European Summer Symposium in International Macroeconomics

(ESSIM), Tarragona, Discussant· ADEMU-Barcelona GSE-EUI Mini-Conference and Lecture on “Fiscal Policy

in Times of Crises”, Barcelona, Discussant· Princeton University, The Frank D. Graham Memorial Lecture “Globalization

and Governments”, Princeton (NJ), Keynote Lecture

Altres activitats professionals / Other professional activities Afiliacions professionals / Professional affiliations· Department of Economics and Business, Universitat Pompeu Fabra, Professor· Barcelona GSE, Research Professor· Center for Economic Policy Research, Research Fellow· National Bureau of Economic Research, Research Associate · European Economic Association, Fellow· Kiel Institute for the World Economy, International Research Fellow


Professor· Barcelona GSE, Affiliated Professor· Centre for Economic Policy Research, Research Affiliate

Activitats editorials / Editorial activities· The Review of Economic Studies, Member of the Editorial Board

Beques i premis / Grants and awards· Barcelona GSE Seed Grant, 2016-2017· Ministerio de Economía y Competitividad, Ramón y Cajal Grant (RYC-2016-19454),



Organització d’activitats / Organization of events· CREI-TSE 2017 Transpyrenean Macro Workshop, El Tarter, March,

Co-organizer· Barcelona GSE Summer Forum: Workshop on “Asset Prices, Finance and

Macroeconomics”, Barcelona, June, Co-organizer· Barcelona GSE Summer Forum: Workshop on “The Political Economy of

Globalization”, Barcelona, June, Co-organizer· CREI Workshop on “Bubbles in Macroeconomics: Recent Developments”,

Barcelona, October, Co-organizer

Altres / Other· Barcelona GSE, Member of the Academic Programmes Committee· Centre for Economic Policy Research, Working Group on Macroeconomics

of Global Interdependence, Member of the Steering Committee· Barcelona GSE, MSc in International Trade, Finance, and Development,

Co-director Activitats de projecció externa / Outreach activities · “Bojos per l’Economia!” Workshop, session on “Globalització i l’Estat”,

Barcelona· “El pitjor de tot és l’ofec actiu de l’Estat a l’economia catalana”, El Punt Avui

(interview) · “Catalonia on the brink: How did we get here?”, Pro-Market (Chicago Booth,

Stigler Center’s blog)· 77th ICREA Colloquium - Some Aspects of Economic Consequences of Catalan

Independence, Barcelona· “Changing political structures in the two waves of globalisation: Lessons for

the EU” (with G. Gancia and G. Ponzetto), VoxEU.org

Beques i premis / Grants and awards· European Research Council Advanced Grant (Horizon 2020-693512), 2016-2021· Ministerio de Economía y Competitividad Grant (ECO2014-54430-P), 2015-2017· Generalitat de Catalunya, AGAUR Grant (2014SGR 830), 2014-2017

Investigadors associats: informe de publicacions i activitats

4. Associate Researchers:Report on Publications and Activities

4.

Andrea CaggesePhD London School of EconomicsProfessor titular d’Economia de la Universitat Pompeu Fabra /Associate Professor of Economics at Universitat Pompeu Fabra

Articles publicats o acceptats per a publicació el 2017 / Articles published or accepted for publication in 2017“Firing the wrong workers: Financing constraints and labor misallocation”, (with V. Cuñat and D. Metzger), Journal of Financial Economics, forthcoming.

Documents de treball / Working papers“Financing constraints, radical versus incremental innovation, and aggregate productivity” “The interaction between household and firm dynamics and the amplification of financial shocks”, (with A. Pérez)

Seminaris / Seminars· Norwegian School of Economics, Bergen· Halle Institute for Economic Research

Conferències / Conferences· Macro and Finance Research Group-Cass Business School Conference on

“Investment, Funding and Industrial Policy”, London, Keynote Speaker· Society for Economic Dynamics (SED) Annual Conference, Edinburgh,

Speaker· Fifth ECB-CBRT Conference “Productivity and Sectoral Reallocation”, Izmir,

Speaker· First Banco de España Annual Research Conference, Madrid, Speaker


Altres activitats professionals / Other professional activities Afiliacions professionals / Professional affiliations· Barcelona GSE, Affiliated Professor

Organització d’activitats / Organization of events· Barcelona GSE Summer Forum: Workshop on “Asset Prices, Finance and

Macroeconomics”, Barcelona, June, Co-organizer · Barcelona GSE Summer Forum: Workshop on “Firms in the Global Economy:

Jobs, Finance, Trade, Innovation and the Macroeconomy”, Barcelona, June, Co-organizer

Beques i premis / Grants and awards· RecerCaixa 2014 Grant, 2015-2017

Antonio CicconePhD Stanford UniversityICREA Research Professor

Articles publicats o acceptats per a publicació el 2017 / Articles published or accepted for publication in 2017“Agricultural risk and the spread of religious communities”, (with P. Ager), Journal of the European Economic Association, forthcoming.

Documents de treball / Working papers“Commodity prices and civil war outbreak: New evidence”“The human capital stock: A generalized approach. Comment”, (with F. Caselli)

Seminaris / Seminars· University of Oxford· University of Southampton· Goethe University Frankfurt· University of Lausanne· University of Heidelberg

Conferències / Conferences· Associazione Italo-Americana/American Studies Center and University of Naples

Parthenope International Conference on “Deep Roots of Economic Growth: The Role of Geography, History and Institutions”, Naples, Keynote Speaker

Altres activitats professionals / Other professional activities Afiliacions professionals / Professional affiliations· Mannheim University, Professor· Department of Economics and Business, Universitat Pompeu Fabra, Professor· Barcelona GSE, Research Professor· Centre for Economic Policy Research, Research Fellow· CESifo Group, Research Fellow· European Economic Association Council, Member· Kiel Institute for the World Economy, Research Fellow· Institute of Political Economy and Governance, Associate Researcher


Activitats editorials / Editorial activities· Applied Economics Quarterly, Member of the Editorial Board

Organització d’activitats / Organization of events· “La Caixa”-Barcelona GSE 5th Workshop on the Political Economy of

Development and Conflict, Barcelona, May, Co-organizer

Altres / Other· BBVA Prize “Fronteras del conocimiento”, Member of the Jury

Beques i premis / Grants and awards· German Research Foundation Collaborative Research Center Grant (Transregio

224-EPoS), 2017-2020· Ministerio de Economía y Competitividad Grant (ECO2014-55555-P), 2015-2017

Davide DebortoliPhD Universitat Pompeu FabraProfessor titular d’Economia de la Universitat Pompeu Fabra / Associate Professor of Economics at Universitat Pompeu Fabra

Articles publicats o acceptats per a publicació el 2017 / Articles published or accepted for publication in 2017“Optimal time-consistent government debt maturity”, (with R. Nunes and P. Yared), The Quarterly Journal of Economics, 132 (1), 55-102.

Documents de treball / Working papers“Monetary policy with heterogeneous agents: Insights from TANK models”, (with J. Galí)“The optimality of consols in government debt management”, (with R. Nunes and P. Yared)“Designing a simple loss function for the Fed: Does the dual mandate make sense?”, (with J. Kim, J. Lindé and R. Nunes)

Seminaris / Seminars· Paris School of Economics· Einaudi Institute for Economics and Finance, Rome

Conferències / Conferences· Banque de France Workshop on “Fiscal Policies and Sovereign Debt”, Paris,

Discussant· Danmarks Nationalbank-Deutsche Bundesbank-Norges Bank Conference

on “Heterogeneity in Firms, Households and Financial Intermediaries: NewDevelopments in Business Cycles Analysis”, Copenhagen, Speaker

· IAE-CSIC XII REDg Workshop in Quantitative Economics, Barcelona, Speaker· NBER Summer Institute, Impulse and Propagation Mechanisms, Cambridge

(MA), Speaker· Barcelona GSE 10th Anniversary Workshop on Macroeconomics, Barcelona,

Speaker· ADEMU-Barcelona GSE-EUI Mini-Conference and Lecture on “Fiscal Policy in

Times of Crises”, Barcelona, Discussant· CREI-TSE 2017 Transpyrenean Macro Workshop, El Tarter, Speaker


Julian di GiovanniPhD University of California, BerkeleyICREA Research Professor

Articles publicats o acceptats per a publicació el 2017 / Articles published or accepted for publication in 2017“Capital flows and the international credit channel”, (with Y. S. Baskaya, S. Kalemli-Özcan, J. L. Peydró and M. F. Ulu), Journal of International Economics, 108 (Supplement 1), S15-S22.“Large firms and international business cycle comovement”, (with A. Levchenko and I. Mejean), American Economic Review: Papers and Proceedings, 107 (5), 598-602.“The welfare consequences of income-induced expenditure switching”, (with R. Bems), American Economic Association: Papers and Proceedings, forthcoming.“The micro origins of international business-cycle comovement”, (with A. Levchenko and I. Mejean), American Economic Review, forthcoming.

Documents de treball / Working papers“International spillovers and local credit cycles”, (with Y. S. Baskaya, S. Kalemli-Özcan and M. F. Ulu)

Seminaris / Seminars· Bank of England, London· Banca d’Italia, Rome· Norges Bank, Oslo

Conferències / Conferences· NBER Summer Institute, International Trade and Macroeconomics, Cambridge

(MA), Discussant· 40th NBER International Seminar on Macroeconomics, Vilnius, Discussant

Altres activitats professionals / Other professional activitiesAfiliacions professionals / Professional affiliations· Department of Economics and Business, Universitat Pompeu Fabra, Professor· Barcelona GSE, Research Professor· Centre for Economic Policy Research, Research Fellow

Altres activitats professionals / Other professional activitiesAfiliacions professionals / Professional affiliations· Barcelona GSE, Affiliated Professor· Centre for Economic Policy Research, Research Fellow

Activitats editorials / Editorial activities· B. E. Journal of Macroeconomics, Associate Editor

Organització d’activitats / Organization of events· Barcelona GSE Summer Forum: Workshop on “Central Bank Design”,

Barcelona, June, Co-organizer· 32nd Annual Congress of the European Economic Association, Lisbon, August,

Member of the Programme Committee

Altres / Other· Department of Economics and Business, Universitat Pompeu Fabra, Member of

the Junior Recruiting Committee

Beques i premis / Grants and awards· EC Research Executive Agency, FP7-PEOPLE-2013- Marie Curie Actions –

International Incoming Fellowships (628855), 2015-2017· European Union Horizon 2020, ADEMU Project (649396), 2015-2018· Ministerio de Economía y Competitividad Grant (ECO2014-55555-P), 2015-2017


Activitats editorials / Editorial activities· Journal of International Economics, Associate Editor

Organització d’activitats / Organization of events· Barcelona GSE Summer Forum: Workshop on “Firms in the Global Economy”,

June, Co-organizer· Bank of Italy-CEPR-CEBR “Rethinking Competitiveness, Structural Reforms,

and Macro Policy” Conference, Rome, October, Co-Organizer and Session Chair· European Winter Meetings of the Econometric Society, Barcelona, December,

Local Committee Chair· 42º Simposio de la Asociación Española de Economía (SAEe), Barcelona,

December, Local Committee Chair

Atres / Other · Department of Economics and Business, Universitat Pompeu Fabra, Chair of

the Junior Recruiting Committee· Department of Economics and Business, Universitat Pompeu Fabra, Chair of

the Tenure Sub-Committee· Barcelona GSE, Deputy Director for Research

Beques i premis / Grants and awards· European Research Council Consolidator Grant (Horizon 2020-726168), 2017-

2022· Fundación BBVA Grant for Researchers and Creators, 2017-2018· Ministerio de Economía y Competitividad Grant (ECO2014-55555-P), 2015-2017

Articles publicats o acceptats per a publicació el 2017 / Articles published or accepted for publication in 2017“Strength in diversity? Fiscal federalism among the fifty U. S. states”, (with T. McGuire and W. Oates), International Tax and Public Finance, forthcoming.

Altres activitats professionals / Other professional activities Afiliacions professionals / Professional affiliations· Barcelona GSE, Director and Affiliated Professor

Altres / Other· Banc Sabadell, Member of the Board of Directors· CREI, Member of the Governing Board· Institute of Political Economy and Governance, Vice-president of the Governing Board· Universitat Pompeu Fabra, Member of the Comissió de Professorat· Autoridad Independiente de Responsabilidad Fiscal, Member of the Advisory Board· Cercle d’Economia, Vicepresident

Activitats de projecció externa / Outreach activities · “Una Catalunya Estat és viable però m’amoïna el cost de la transició”, El Punt Avui

(interview)· “He estat primera dona de bastantes coses”, Via Empresa (interview)

Beques i premis / Grants and awards· Ministerio de Economía y Competitividad Grant (ECO2014-55555-P), 2015-2017

Teresa Garcia-Milà PhD University of MinnesotaCatedràtica d’Economia de la Universitat Pompeu Fabra / Professor of Economics at Universitat Pompeu Fabra


Articles publicats o acceptats per a publicació el 2017 / Articles published or accepted for publication in 2017“Stock price booms and expected capital gains”, (with K. Adam and J.Beutel), American Economic Review, 107 (8), 2352-2408.“Government debt management: The long and the short of it”, (with E. Faraglia, R. Oikonomou and A. Scott), The Review of Economic Studies, forthcoming. Documents de treball / Working papers“Recursive contracts”, (with R. Marimon)

Seminaris / Seminars· University College London· University of Cambridge· Federal Reserve Bank of Minneapolis· Emory University, Atlanta (GA)· Federal Reserve Bank of Atlanta

Conferències / Conferences· The 8th Shanghai Macroeconomics Workshop, Shanghai, Keynote Speaker· U. Chicago-Becker Friedman Institute Conference on “Government Debt:

Constraint and Choices”, Chicago (IL), Speaker

Altres activitats professionals / Other professional activities Afiliacions professionals / Professional affiliations· Institute of Economic Analysis (CSIC), Director· Universitat Autònoma de Barcelona, Adjunct Professor· Barcelona GSE, Research Professor · Barcelona GSE-AXA Research Chair on Macroeconomic Risk (AXA Research Fund)· MOVE Foundation, Director· Centre for Economic Policy Research, Research Fellow· Econometric Society, Fellow

Albert Marcet PhD University of MinnesotaICREA Research Professor

Organització d’activitats / Organization of events· III Winter Macroeconomics Workshops in Bellaterra, Bellaterra, March,

Co-organizer· IAE-CSIC XII REDg Workshop in Quantitative Economics, Barcelona, September,

Co-organizer· MOVE-Fundación Ramón Areces Workshop on “Health Economics: New

Technologies, Adoption and Hospital Management”, Barcelona, November, Co-organizer

Beques i premis / Grants and awards· European Commission MACFINROBODS Network, (FP7-612796), 2014-2017· European Research Council Advanced Grant, (FP7-IDEAS-324048), 2013-2018· Generalitat de Catalunya, AGAUR Grant (2014SGR-1446), 2014-2017


José Luis PeydróPhD INSEADICREA Research Professor

Articles publicats o acceptats per a publicació el 2017 / Articles published or accepted for publication in 2017“Macroprudential policy, countercyclical bank capital buffers and credit supply: Evidence from the Spanish dynamic provisioning experiments”, (with G. Jiménez, S. Ongena and J. Saurina), Journal of Political Economy, 125 (6), 2126-2177.“Capital flows and the international credit channel”, (with Y. S. Baskaya, J. di Giovanni, S. Kalemli-Özcan and M. F. Ulu), Journal of International Economics, 108 (Supplement 1), S15-S22.“The international bank lending channel of monetary policy rates and quantitative easing: Credit supply, reach-for-yield, and real effects”, (with B. Morais and C. Ruiz), The Journal of Finance, forthcoming.

Documents de treball / Working papers“Monetary policy at work: Security and credit application registers evidence”, (with A. Polo and E. Sette)“Burning money? Government lending in a credit crunch”, (with G. Jiménez, R. Repullo and J. Saurina)“Household credit, global financial cycle, and macroprudential policies: Credit register evidence from an emerging country”, (with M. Epure and I. Mihai)“Monetary policy and bank profitability in a low interest rate environment”, (with C. Altavilla and M. Boucinha)“Do demand or supply factors drive bank credit, in good and crisis times?”, (with G. Jiménez, S. Ongena and J. Saurina)“International financial integration, crises and monetary policy: Evidence from the Euro Area interbank crises”, (with P. Abbassi, F. Bräuning and F. Fecht)

Seminaris / Seminars· Banco de Portugal, Lisbon· INSEAD, Paris · Bocconi University, Milan· Catholic University of Milan

Conferències / Conferences· ECBN-Bank of Slovenia-CEPR 3rd Policy Research Conference “Evaluating the

Effectiveness of Macroprudential Policies”, Ljubljana, Keynote Speaker

· Banco de Portugal Workshop “Using Credit Register Data for Research: Past, Present, and Future”, Porto, Keynote Speaker

· 40th NBER Summer Institute, Monetary Economics, Cambridge (MA), Speaker· ECB Conference on “Credit, Banking and Monetary Policy”, Frankfurt, Speaker· Barcelona GSE Summer Forum: Workshop on “Financial Intermediation and Risk”,

Barcelona, Speaker· 42º Simposio de la Asociación Española de Economía (SAEe), Barcelona, Speaker· Bocconi-CAREFIN-San Paolo 9th International Banking Conference “Banking and

Financial Regulation”, Milan, Discussant· ECB Workshop on “Monetary Policy in Non-standard Times”, Frankfurt, Discussant· Asociación Española de Finanzas “25º Foro de Finanzas”, Barcelona, Invited Speaker· Central Bank of Turkey Conference on “Global Environment and Policy Challenges in

Emerging Markets”, Antalya, Invited Speaker· €ABCN-Banque de France Conference “Recent Developments in Monetary Policy

Research”, Paris, Discussant· First Catalan Economic Society Conference, Barcelona, Speaker· Imperial College Business School-Brevan Howard Centre for Financial Analysis-

CEPR “Modelling Credit Cycles” Conference, London, Discussant· Bank of England “London Financial Intermediation Workshop”, London, Discussant

Altres activitats professionals / Other professional activities Afiliacions professionals / Professional affiliations· Department of Economics and Business, Universitat Pompeu Fabra, Professor· Barcelona GSE, Research Professor· Centre for Economic Policy Research, Research Fellow· European Systemic Risk Board, Member of the Advisory Scientific Committee· Bundesbank, Research Professor

Activitats editorials / Editorial activities· Review of Finance, Associate Editor

Organització d’activitats / Organization of events· 10th Swiss Winter Conference on Financial Intermediation, Lenzerheide, March,

Member of the Programme Committee· Banco de España-CEMFI 1st Conference on “Financial Stability”, Madrid, May,

Co-organizer and Session Chair· First Catalan Economic Society Conference, Barcelona, May, Member of the

Programme Committee· Barcelona GSE Summer Forum: Workshop on “Financial Intermediation and Risk”,



· ECB Conference on “Credit, Banking and Monetary Policy”, Frankfurt, October,Co-organizer

· Bocconi-CAREFIN-San Paolo 9th International Banking Conference “Banking andFinancial Regulation”, Milan, October, Member of the Scientific Advisory Board

· 42º Simposio de la Asociación Española de Economía (SAEe), Barcelona, December,Member of the Programme Committee

· Department of Economics and Business, Universitat Pompeu Fabra, DepartmentalSeminar, Organizer

Altres / Other· Social Sciences and Humanities Research Council of Canada, Advisor· Research Grants Council of Hong Kong, Advisor· Spanish Agency for Evaluation and Prospective (ANEP), Advisor· Department of Economics and Business, Universitat Pompeu Fabra, Member of the

Senior Recruiting Committee· Banco de España, Research Advisor· European Central Bank, Directorate Monetary Policy, DG Ecomomics, Consultant

Activitats de projecció externa / Outreach activities · “Monetary policy, credit dynamics, and economic activity in developing countries”

(with C. Abuka, R. Alinda, C. Minoiu, and A. Presbitero), Vox.Eu.org· “Mejorar en educación e investigación en el 2017”, NeG (economics blog)

Beques i premis / Grants and awards· European Research Council Consolidator Grant (FP7-IDEAS-648398), 2015-2020· Ministerio de Economía y Competitividad Grant (ECO2015-68182-P), 2016-2018

Barbara Rossi PhD Princeton UniversityICREA Research Professor

Articles publicats o acceptats per a publicació el 2017 / Articles published or accepted for publication in 2017“Rolling window selection for out-of-sample forecasting with time-varying parameters”, (with A. Inoue and L. Jin), Journal of Econometrics, 196 (1), 55-67.“Macroeconomic uncertainty indices for the Euro Area and its individual member countries”, (with T. Sekhposyan), Empirical Economics, 53 (1), 41-62.

Documents de treball / Working papers“Alternative tests for correct specification of conditional forecast densities”, (with T. Sekhposyan)“Identifying the sources of misspecification”, (with A. Inoue and C. H. Kuo)“Understanding the sources of macroeconomic uncertainty”, (with T. Sekhposyan and M. Soupre)“Uncertainty and deviations from uncovered interest rate parity”, (with A. Ismailov)“Confidence intervals for the strength of identification in IV and SVAR models”, (with G. Gánics and A. Inoue)

Seminaris / Seminars· Federal Reserve Bank of New Zealand, Wellington· University of Padova· University of Pennsylvania, Philadelphia (PA)· DIW Berlin· Hitotsubashi University, Tokyo· Hokkaido University Graduate School of Economics and Business Administration,

Sapporo· Columbia University, New York (NY)· NC State University, Raleigh (NC)

Conferències / Conferences· “5th Continuing Education in Macroeconometrics” Workshop, Sydney, Keynote

Speaker· 27th Annual Meeting of the Midwest Econometrics Group, College Station (TX),

Keynote Speaker· Mentoring Workshop for Junior Female Economists, College Station (TX),

Discussant· German Statistical Week, Rostock, Invited Speaker


· Deutsche Bundesbank Workshop on Forecasting, Frankfurt, Speaker· U. of St Andrews-BoE-Centre for Dynamic Macroeconomic Analysis Workshop on

“Time-Varying Uncertainty in Macro”, St Andrews, Speaker· Japanese Women Economists Network Mentoring Event, Sapporo, Panelist· International Association for Applied Econometrics Annual Conference, Sapporo,

Speaker· CEPR-Journal of International Money and Finance-Global Research Unit-BIS

International Conference on “Exchange Rate Models for a New Era: Major and Emerging Market Currencies”, Hong Kong, Speaker

· TSE Financial Econometrics Conference, Toulouse, Speaker· UPF Mini Workshop “Empirical Methods in Time Series, Macroeconometrics and

Forecasting”, Barcelona, Speaker· Barcelona GSE Summer Forum: Workshop on “Time Series Analysis in Macro and

Finance”, Barcelona, Speaker· 25th Society for Nonlinear Dynamics and Econometrics Annual Symposium, Paris,

Speaker· 22nd Spring Meeting of Young Economists, Halle, Keynote Speaker· NYU-Stern Workshop on “Information, Uncertainty and Beliefs”, New York,

Speaker· Seventh Italian Congress of Econometrics and Empirical Economics, Messina,

Speaker Altres activitats professionals / Other professional activities Afiliacions professionals / Professional affiliations· Department of Economics and Business, Universitat Pompeu Fabra, Professor· Barcelona GSE, Research Professor· Centre for Economic Policy Research, Research Fellow· Centre for Applied Financial Economics, University of Southern California,

Research Fellow· International Association for Applied Econometrics, Co-Director· CEPR Business Cycle Dating Committee, Member· European Standing Committee of the Econometric Society, Member· University of Sydney School of Economics and Reserve Bank of New Zealand,

Visiting Researcher, November-December

Activitats editorials / Editorial activities· Journal of Applied Econometrics, Editor· International Journal of Central Banking, Co-editor· Quantitative Economics, Associate editor

Organització d’activitats / Organization of events· Seventh Italian Congress of Econometrics and Empirical Economics, Messina,

January, Member of the Programme Committee

· 25th Annual Symposium of the Society for Nonlinear Dynamics and Econometrics, Paris, March, Member of the Programme Committee

· Mini Workshop on “Empirical Methods in Time Series, Macroeconometrics and Forecasting”, Barcelona, May, Organizer

· IJCB Annual Research Conference on “The Interplay between Monetary Policy and Fiscal Policy”, Prague, June, Co-organizer

· EABCN-EUI Conference “Time-varying Models for Monetary Policy and Financial Stability”, Florence, June, Co-organizer

· International Association for Applied Econometrics Annual Conference, Sapporo, June, Co-organizer

· Barcelona GSE Summer Forum: Workshop on “Time Series Analysis in Macroeconomics and Finance”, Barcelona, June, Co-organizer

· 19th INFER Annual Conference, Bordeaux, June, Member of the Programme Committee

· Department of Economics and Business, Universitat Pompeu Fabra, Econometrics Seminar, Organizer

Activitats de projecció externa / Outreach activities · “Bojos per l’Economia!” Workshop, session on “Forecasting in Economics”,

Barcelona

Beques i premis / Grants and awards· Fundación BBVA Grant for Researchers, Innovators and Cultural Creators, 2016-

2018· European Research Council Consolidator Grant (FP7-IDEAS-615608), 2014-2019· Ministerio de Economía y Competitividad Grant (ECO2015-68136-P), 2016-2018


Publicacions5. Publications5.

Articles publicats o acceptats per a publicació / Articles published or accepted for publication

· Asriyan, V., W. Fuchs and B. Green, “Information spillovers in asset markets with correlated values”, American Economic Review, 107 (7), 2007-2040.

· Benigno, G. and L. Fornaro, “Stagnation traps”, The Review of Economic Studies, forthcoming.

· Bonfiglioli, A., R. Crinò and G. Gancia, “Betting on exports: Trade and endogenous heterogeneity”, The Economic Journal, forthcoming.

· Bonfiglioli, A., R. Crinò and G. Gancia, “Trade, finance and endogenous firm heterogeneity”, Journal of the European Economic Association, forthcoming.

· Epifani, P. and G. Gancia, “Global imbalances revisited: The transfer problem and transport costs in monopolistic competition”, Journal of International Economics, 108, 99-116.

· Desmet, K., D. K. Nagy and E. Rossi-Hansberg, “Asia’s geographic development”, Asian Development Review, 34 (2), 1-24.

· Fajgelbaum, P., E. Schaal and M. Taschereau-Dumouchel, “Uncertainty traps”, The Quarterly Journal of Economics, 132 (4), 1641-1692.

· Fornaro, L., “International debt deleveraging”, Journal of the European Economic Association, forthcoming.

· Galí, J., “Some scattered thoughts on DSGE models” in R. S. Gürkaynak and C. Tille (eds.), DSGE Models in the Conduct of Policy: Use as Intended, CEPR Press, 86-92.

· Glaeser, E. L. and G. Ponzetto, “The political economy of transportation investment”, Economics of Transportation, forthcoming.

· Martin, A. and J. Ventura, “The macroeconomics of rational bubbles. A user’s guide”, Annual Review of Economics, forthcoming.

· Schaal, E., “Uncertainty and unemployment”, Econometrica, 85 (6), 1675-1721.

Documents de treball / Working papers

· Andrade, P., J. Galí, H. Le Bihan and J. Mathero, “The optimal inflation target and the natural rate of interest”

· Asriyan, V., D. Foarta and V. Vanasco “Complex regulation”

· Asriyan, V., W. Fuchs and B. Green, “Information aggregation in dynamic markets with adverse selection”

50 51I Memòria / Report 2017

· Asriyan, V., W. Fuchs and B. Green, “Sentiment, liquidity and asset prices”

· Bonfi glioli, A. and G. Gancia, “Economic uncertainty and structural reforms”

· Broner, F., D. Clancy, A. Erce and A. Martin, “Fiscal multipliers and foreign holdings of public debt”

· Debortoli, D. and J. Galí, “Monetary policy with heterogeneous agents: Insights from TANK models”

· Fajgelbaum, P. and E. Schaal, “Optimal transport networks in spatial equilibrium”

· Fornaro, L. and F. Romei, “The paradox of global thrift”

· Galí, J., “Forward guidance and the exchange rate”

· Galí, J., “Monetary policy and bubbles in a New Keynesian model with overlapping generations”

· Galí, J., “The effects of a money-fi nanced fi scal stimulus”

· Galí, J., “The state of New Keynesian Economics: A partial assessment”

· Gancia, G., G. Ponzetto and J. Ventura, “Globalization and political structure”

· Gennaioli, N. and G. Ponzetto, “Optimally vague contracts and the law”

· Gennaioli, N., A. Martin and S. Rossi, “Banks, government bonds, and default: What do the data say?”

· Glaeser, E. L. and G. Ponzetto, “Fundamental errors in the voting booth”

· Nagy, D. K., “City location and economic development”

El CREI acull periòdicament visites d’economistes capdavanters en els seus camps de recerca. Els visitants del CREI generalment donen un o més seminaris, interaccionen amb els estudiants de doctorat i amb el professorat, i de vegades també imparteixen cursos breus. Durant l’any 2017 els nostres visitants han estat:

CREI periodically hosts visits by leading economics researchers in their fi eld. CREI visitors generally present one or more seminars, interact with PhD students and faculty, and sometimes teach mini-courses. Our visitors in 2017 were:

Investigadors visitants

6. Visiting Researchers

6.

Gadi Barlevy(Federal Reserve Bank of Chicago) Octubre 2017October 2017

Elhanan Helpman(Harvard University) Febrer-març 2017February-March 2017

Harald Fadinger(University of Mannheim) Gener-juny 2017January-June 2017

Julien Bengui(Université de Montréal) Març-abril 2017March-April 2017

Salvatore Nisticò(Sapienza-University of Rome) Maig-juny 2017May-June 2017

Florin Bilbiie(Paris School of Economics) Maig-juny 2017May-June 2017

52 53I Memòria / Report 2017

Divulgació7. Dissemination7.

Els Opuscles del CREI

L’objectiu principal del CREI és promoure la recerca d’acord amb els estàndards acadèmics més alts. El CREI, en constant contacte amb aquesta dimensió de recerca, és un centre de formació i divulgació d’idees. Els articles de treball constitueixen el material de suport per a Els Opuscles del CREI, que tenen com a objectiu la divulgació de la recerca dels investigadors amb base a Catalunya a un públic més ampli, a fi de contribuir a una millor comprensió del funcionament de l’economia en la societat contemporània.

Un consell de redacció format per Alberto Martin (director editorial), Jordi Galí, Teresa Garcia-Milà i Jaume Ventura, s’encarrega de fer la selecció d’autors de la sèrie dels Opuscles.


CREI’s main objective is to promote research subject to the highest standards of academic scholarship. Always with that research dimension in mind, CREI also wishes to be a source of education and dissemination of ideas. The largely non-technicalEls Opuscles del CREI aim at disseminating the research of Catalonia-based researchers to a broader public, and thus contribute to a better understanding of the economic forces that shape modern societies The selection of authors for the Opuscles series is made by an Editorial Board composed of Alberto Martin (Managing Editor), Jordi Galí, Teresa Garcia-Milà and Jaume Ventura.

Opuscles publicats l’any 2017 / Opuscles published in 2017:


Ramon Trias Fargas, 25-27 - 08005 BarcelonaTel: 93 542 13 88 - Fax: 93 542 28 26E-mail: [email protected]://www.crei.cat

num. 44 December 2017

Mass media and its influence on behaviour

Ruben EnikolopovMaria Petrova

Ruben Enikolopov is ICREA Research Professor at Universitat Pompeu Fabra and Associate Professor of economics at the New Economic School, Moscow. His research interests include political economy, economics of mass media, and development economics. He has published in the leading academic journals such as American Economic Review, Quarterly Journal of Economics, Review of

Economic Studies, Proceedings of National Academy of Science, American Political Science Review, American Economic Journal: Applied Economics, Journal of Public Economics.

Ruben Enikolopov

Maria Petrova Maria Petrova is ICREA Research Professor at Universitat Pompeu Fabra and a Researcher at the Barcelona Institute for Political Economy and Governance. Her research interests include political economy and economics of mass media. She is a Co-Editor at the Journal of Public Economics and a member of the Editorial Board at the Review of Economic Studies. She has published in leading

academic journals such as American Economic Review, Quarterly Journal of Economics, Proceedings of National Academy of Science, American Political Science Review, American Economic Journal: Applied Economics, Journal of Public Economics.

“Media failures and media markets”Fabrizio GermanoGener 2017 / January 2017Opuscle 43

Etienne Wasmer(Sciences Po) Novembre 2017November 2017

Giovanni Maggi(Yale University) Novembre 2017November 2017

Ariel Burstein(University of California, Los Angeles) Novembre 2017-març 2018November 2017-March 2018

“Mass media and its infl uence on behaviour”Ruben Enikolopov and Maria PetrovaDesembre 2017 /December 2017Opuscle 44


Opuscles en preparació / Opuscles in preparation:

“Measures of rationality and welfare for behavioral decision-makers”Jose Apesteguia (ICREA-UPF and Barcelona GSE)

Bojos per l’Economia!

Bojos per l’Economia! és una sèrie de tallers organitzats pel CREI adreçats a estudiants de segon de batxillerat que desitgin aprofundir en l’estudi de l’economia. Consisteix en un conjunt de vuit sessions sobre diferents àrees de la disciplina, amb èmfasi en els mètodes estadístics i matemàtics. Els tallers són impartits per experts de cada camp, tant del CREI com de la UPF.

El 2017 les sessions van ser les següents:

Crazy about Economics!

Crazy about Economics! is a workshop organized by CREI targeted at selected high-school students with an interest in economics. It consists of a series of eight sessions covering different topics of the discipline —with a special interest in statistical and mathematical methods— and which are delivered by experts in each field both from CREI and UPF.

In 2017 the sessions were as follows:

• Jaume Ventura: “Globalització i l’Estat”, January 14 • Barbara Rossi: “Forecasting in economics”, January 21 • Giacomo Ponzetto: “The economics of cities”, January 28 • Alberto Martin: “Macroeconomía y finanzas”, February 4 • Jordi Quoidbach: “The Economics of happiness”, February 11 • Rosemarie Nagel: “Bubbles in the theory, lab, and field”, February 18 • Alessandro Tarozzi: “The economics of poverty and development”, February 25 • Marta Reynal-Querol: “Economia i conflicte”, March 4

Closing lecture: Andreu Mas-Colell,“Emparellaments”, July 7

This initiative is held within the Bojos per la Ciència (Crazy about Science) programme launched by the Fundació Catalunya-La Pedrera.

Conferència de clausura: Andreu Mas-Colell,“Emparellaments”, Juliol 7

Aquesta iniciativa forma part del programa Bojos per la Ciència creat per la Fundació Catalunya-La Pedrera.

Beques i finançament extern

8. Grants and External Funding

8.

ERC Advanced Grant (FP7-IDEAS-339656), 2014-2017799.200€Finançament de l’European Research Council pel projecte de recerca “Monetary Policy and Asset Price Bubbles” de l’investigador Jordi Galí per un període de 4 anys.

ERC Advanced Grant (Horizon 2020-693512), 2016-20211.080.000€Finançament de l’European Research Council pel projecte de recerca “Globalization, Economic Policy and Political Structure” de l’investigador Jaume Ventura per un període de 5 anys.

ERC Consolidator Grant (FP7-IDEAS-615651), 2014-2019979.800€Finançament de l’European Research Council pel projecte de recerca “The Macroeconomics of Collateral” de l’investigador Alberto Martin per un període de 5 anys.

ERC Starting Grant (Horizon 2020-714905), 2017-2021960.000€Finançament de l’European Research Council pel projecte de recerca “Citizens, Institutions and Globalization” de l’investigador Giacomo Ponzetto per un període de 5 anys.

ERC Advanced Grant (FP7-IDEAS-339656), 2014-2017799,200€European Research Council Advanced Grant was awarded to Jordi Galí for the research project “Monetary Policy and Asset Price Bubbles” and covering a 4-year period.

ERC Advanced Grant (Horizon 2020-693512), 2016-20211,080,000€European Research Council Advanced Grant was awarded to Jaume Ventura for the research project “Globalization, Economic Policy and Political Structure” and covering a 5-year period.

ERC Consolidator Grant (FP7-IDEAS-615651), 2014-2019979,800€European Research Council Consolidator Grant was awarded to Alberto Martin for the research project “The Macroeconomics of Collateral” and covering a 5-year period.

ERC Starting Grant (Horizon 2020-714905), 2017-2021960,000€European Research Council Starting Grant was awarded to Giacomo Ponzetto for the research project “Citizens, Institutions and Globalization” and covering a 5-year period.


Ministerio de Economía, Industria y Competitividad (ECO2016-79856-P), 2016-202027.830€El projecte de recerca “Globalització i crisis financeres” està finançat pel Ministerio de Economía, Industria y Competividad espanyol. La finalitat del projecte és explorar dos aspectes fonamentals de la globalització financera: la regulació sobre els mercats financers i la restricció en les transaccions de capital.Investigador principal: Fernando Broner

Ministerio de Economía y Competitividad (ECO2014-54430-P), 2015-201744.770€El projecte de recerca “Ciclos del crédito” està finançat pel Ministerio de Economía y Competividad espanyol. L’objectiu és investigar els orígens i els efectes dels cicles de crèdit per tal de millorar les polítiques econòmiques. Els temes tractats són: (i) globalització financera i (ii) problemes d’informació als mercats financers. Investigador principal: Jaume Ventura

Ministerio de Economía y Competitividad (ECO2014-59805-P), 2015-201729.040€El projecte de recerca “Heterogeneidad y volatilidad en la macroeconomía” està finançat pel Ministerio de Economía y Competividad espanyol. La finalitat del projecte és l’estudi de tres aspectes de la interacció entre l’heterogeneïtat individual i la volatilitat agregada: (i) el paper i l’evolució dels lligams d’input-output entre empreses; (ii) el risc en la innovació i (iii) la volatilitat agregada causada per la incertesa política. Investigador principal: Gino Gancia

Ministerio de Economía, Industria y Competitividad Grant (ECO2016-79856-P), 2016-202027,830€Spanish Ministry of Economy, Industry and Competition grant awarded to Fernando Broner for the research project “Financial Globalization and Crises” and covering a four-year period.

Ministerio de Economía y Competitividad Grant (ECO2014-54430-P), 2015-201744,770€Spanish Ministry of Economy and Competition grant awarded to Jaume Ventura for the research project “Credit Cycles” and covering a three-year period.

Ministerio de Economía y Competitividad Grant (ECO2014-59805-P), 2015-201729,040€Spanish Ministry of Economy and Competition grant awarded to Gino Gancia for the research project “Heterogeneity and Volatility in Macroeconomics” and covering a three-year period.

Ministerio de Economía y Competitividad, Programa Ramón y Cajal (RYC-2013-13838), 2015-2019208.600€Finançament parcial de l’investigador Giacomo Ponzetto per un període de 5 anys.

Ministerio de Economía y Competitividad, Programa Juan de la Cierva (JCI-2012-11925), 2014-201786.000€Finançament parcial de l’investigador Régis Barnichon per un període de 3 anys.

Ministerio de Economía y Competitividad, Programa Juan de la Cierva (FJCC-2015-02076), 2016-201750.000€Finançament parcial de Luca Fornaro per un període de 2 anys.

Generalitat de Catalunya, AGAUR (2014SGR-830), 2014-201736.000€Suport financer per al grup de recerca del CREI reconegut per la Generalitat de Catalunya.

Distinció d’Excel·lència Severo Ochoa del Ministerio de Economía y Competitividad (SEV-2015-0563), 2016-20194.000.000€ (assignació provisional al CREI: 201.720€) La segona convocatòria del programa Severo Ochoa va atorgar una distinció d’excel·lència a la Barcelona Graduate School of Economics (Barcelona GSE) per al període 2016-2019. L’ajut atorga quatre milions d’euros a cada centre de recerca per promoure la investigació de frontera i distingir aquelles institucions que defineixen el debat científic global. El CREI, en tant que una de les quatre unitats acadèmiques de la Barcelona GSE, es beneficia d’aquesta distinció.

Ministerio de Economía y Competitividad, Ramón y Cajal Fellowship (RYC-2013-13838), 2015-2019208,600€Partial funding of researcher Giacomo Ponzetto for a period of 5 years.

Ministerio de Economía y Competitividad, Juan de la Cierva Fellowship (FJCI-2015-23561), 2016-20175,000€Partial funding of researcher Luca Fornaro for a period of 2 years.

Generalitat de Catalunya, AGAUR Grant (2014SGR-830), 2014-201636,000€Financial support for CREI’s research activities as a research group.

Ministerio de Economía y Competitividad Severo Ochoa Ecellence Distinction (SEV-2015-0563), 2016-20194,000,000€ (provisional allowance to CREI: 201,720€) The Barcelona Graduate School of Economics (Barcelona GSE) was awarded the second Severo Ochoa Research Excellence Distinction for the period 2016-2019. The award grants four million euros to each center to promote frontier research and distinguish those institutions that are defining the global scientific debate. CREI, as one of the four academic unit of the Barcelona GSE, benefits from this award.


Conferències9. Conferences9.

Durant el 2017 el CREI va organitzar les conferències següents:

During 2017 CREI organized the following conferences:

Transpyrenean Macro Workshop9-10 de març de 2017 / March 9-10, 2017

Workshop organitzat per Martial Dupaigne (TSE) i Jaume Ventura (CREI, UPF i Barcelona GSE), amb la participació d’investigadors del CREI, la UPF i la Toulouse School of Economics. Vegeu el llistat complet de presentacions i ponents a l’annex 1.

Organized by Martial Dupaigne (TSE) and Jaume Ventura (CREI, UPF and Barcelona GSE), and with the participation of researchers from CREI, UPF and the Toulouse School of Economics. For a complete list of titles of presentations and speakers see Appendix 1.

Conferència organitzada per Alessandra Bonfiglioli (UPF i Barcelona GSE), Gino Gancia (CREI, UPF i Barcelona GSE), Dávid K. Nagy (CREI, UPF i Barcelona GSE) i Giacomo Ponzetto (CREI, UPF, IPEG i Barcelona GSE) dins del Barcelona GSE Summer Forum. Finançat pel CREI a través de l’European Research Council (ERC) sota l’European Union’s Horizon 2020 Programme, grant agreement no. 714905 (“Citizens, Institutions and Globalization”) i la Barcelona GSE mitjançant el programa “Severo Ochoa” per a centres d’excel·lència en I+D (SEV- 2015-0563) del Ministerio de Economía y Competitividad.

Vegeu el llistat complet de presentacions i ponents a l’annex 2.

This workshop was organized by Alessandra Bonfiglioli (UPF and Barcelona GSE), Gino Gancia (CREI, UPF and Barcelona GSE), Dávid K. Nagy (CREI, UPF and Barcelona GSE) and Giacomo Ponzetto (CREI, UPF, IPEG and Barcelona GSE). It was funded by CREI through the European Research Council (ERC) under the European Union’s Horizon 2020 Programme, grant agreement no. 714905 (“Citizens, Institutions and Globalization”) and the Barcelona GSE through the Spanish Ministry of Economy and Competitiveness “Severo Ochoa” Programme for Centres of Excellence in R&D” (SEV-2015-0563).

For a complete list of titles of presentations and speakers see Appendix 2.

Barcelona GSE Summer Forum: Workshop on “Geography, Trade and Growth”7-8 de juny de 2017 / June 7-8, 2017


Conferència organitzada per Fernando Broner (CREI, UPF i Barcelona GSE), Aitor Erce (European Stability Mechanism), Luca Fornaro (CREI, UPF i Barcelona GSE) i Alberto Martin (CREI, UPF i Barcelona GSE) dins del Barcelona GSE Summer Forum.

Finançat pel CREI a travès de l’European Research Council (ERC) sota l’European Union’s Seventh Framework Programme (FP7/2007-2013), grant agreement no. 615651 (“The Macroeconomics of Collateral”), per l’European Stability Mechanism i per la Barcelona GSE mitjançant el programa “Severo Ochoa” per a centres d’excel·lencia en I+D (SEV2015-0563) del Ministerio de Economia y Competitividad.


This workshop was organized by Fernando Broner (CREI, UPF and Barcelona GSE), Aitor Erce (European Stability Mechanism), Luca Fornaro (CREI, UPF and Barcelona GSE) and Alberto Martin (CREI, UPF and Barcelona GSE), as part of the Barcelona GSE Summer Forum.

It was funded by CREI through the European Research Council (ERC) under the European Union’s Seventh Framework Programme (FP7/2007-2013), grant agreement no. 615651 (“The Macroeconomics of Collateral”), the European Stability Mechanism (ESM) and the Barcelona GSE through the Spanish Ministry of Economy and Competitiveness “Severo Ochoa” Programme for Centres of Excellence in R&D” (SEV-2015-0563).


Workshop on “International Capital Flows”8-9 de juny de 2017 / June 8-9, 2017

Conferència organitzada per Gino Gancia (CREI, UPFi Barcelona GSE), Giacomo Ponzetto (CREI, UPF, IPEG i Barcelona GSE) i Jaume Ventura (CREI, UPF i Barcelona GSE) dins del Barcelona GSE Summer Forum.

Finançada pel CREI a través de l’European Research Council (ERC) sota l’European Union’s Horizon 2020 Programme, grant agreement no. 693512 (“Globalization, Economic Policy and Political Structure”) i la Barcelona GSE mitjançant el programa “Severo Ochoa” per a centres d’excel·lència en I+D” (SEV-2015-0563) del Ministerio de Economía y Competitividad.


This workshop was organized by Gino Gancia (CREI, UPF and Barcelona GSE), Giacomo Ponzetto (CREI, UPF, IPEG and Barcelona GSE) and Jaume Ventura (CREI, UPF and Barcelona GSE), as part of the Barcelona GSE Summer Forum.

It was funded by CREI through the European Research Council (ERC) under the European Union’s Horizon 2020 Programme, grant agreement no. 693512 (“Globalization, Economic Policy and Political Structure”) and the Barcelona GSE through the Spanish Ministry of Economy and Competitiveness “Severo Ochoa” Programme for Centres of Excellence in R&D” (SEV-2015-0563).


Workshop on “The Political Economy of Globalization”9 de juny de 2017 / June 9, 2017


Conferència organitzada per Gianmarco León (UPF i Barcelona GSE), Maria Petrova (ICREA-IPEG, UPF i Barcelona GSE) i Giacomo Ponzetto (CREI, UPF, IPEG i Barcelona GSE), dins del Barcelona GSE Summer Forum. Finançada pel CREI a través de l’European Research Council (ERC) sota l’European Union’s Horizon 2020 Programme, grant agreement no. 714905 (“Citizens, Institutions and Globalization”) i la Barcelona GSE mitjançant el programa “Severo Ochoa” per a centres d’excel·lència en I+D” (SEV-2015-0563) del Ministerio de Economía y Competitividad.


This workshop was organized by Gianmarco León (UPF and Barcelona GSE), Maria Petrova (ICREA-IPEG, UPF and Barcelona GSE) and Giacomo Ponzetto (CREI, UPF, IPEG and Barcelona GSE), as part of the Barcelona GSE Summer Forum. It was funded by CREI through the European Research Council (ERC) under the European Union’s Horizon 2020 Programme, grant agreement no. 714905 (“Citizens, Institutions and Globalization”) and the Barcelona GSE through the Spanish Ministry of Economy and Competitiveness “Severo Ochoa” Programme for Centres of Excellence in R&D” (SEV-2015-0563).


Workshop on “The Economic Analysis of Electoral Politics”12 de juny de 2017 / June 12, 2017

Conferència organitzada per Vladimir Asriyan (CREI, UPF i Barcelona GSE), William Fuchs (UCLA), Alberto Martin (CREI, UPF i Barcelona GSE) i Victoria Vanasco (Stanford Graduate School of Business i UPF), dins del Barcelona GSE Summer Forum. Finançada pel CREI a través de l’European Research Council (ERC) sota l’European Union’s Seventh Framework Programme (FP7/2007- 2013) Consolidator Grant no. 615651 (“The Macroeconomics of Collateral”) i la Barcelona GSE mitjançant el programa “Severo Ochoa” per a centres d’excel·lència en I+D” (SEV-2015-0563) del Ministerio de Economía y Competitividad.


This workshop was organized by Vladimir Asriyan (CREI, UPF and Barcelona GSE), William Fuchs (UCLA), Alberto Martin (CREI, UPF and Barcelona GSE) and Victoria Vanasco (Stanford Graduate School of Business), as part of the Barcelona GSE Summer Forum. It was funded by CREI through the European Research Council (ERC) under the European Union’s Seventh Framework Programme (FP7/2007- 2013) Consolidator Grant no. 615651 (“The Macroeconomics of Collateral”) and the Barcelona GSE through the Spanish Ministry of Economy and Competitiveness “Severo Ochoa” Programme for Centres of Excellence in R&D” (SEV-2015-0563).


Workshop on “Information Asymmetries in Macro-Finance”12 de juny de 2017 / June 12, 2017


Conferència organitzada per Ruben Durante (UPF, Barcelona GSE i Science Po), Ruben Enikolopov (ICREA-IPEG, UPF, Barcelona GSE i New Economic School) i Giacomo Ponzetto (CREI, UPF, IPEG i Barcelona GSE), dins del Barcelona GSE Summer Forum. Finançada pel CREI a través de l’European Research Council (ERC) sota l’European Union’s Seventh Framework Programme (FP7/2007-2013), grant agreement no. 638221 (“Social Media, Political Participation and Accountability”) i de l’European Union’s Horizon 2020 Research and Innovation Programme grant agreement no. 714905 (“Citizens, Institutions and Globalization”); la Barcelona GSE també la va finançar mitjançant el programa “Severo Ochoa” per a centres d’excel·lència en I+D” (SEV-2015-0563) del Ministerio de Economía y Competitividad.


This workshop was organized by Ruben Durante (UPF, Barcelona GSE and Science Po), Ruben Enikolopov (ICREA-IPEG, UPF, Barcelona GSE and New Economic School) and Giacomo Ponzetto (CREI, UPF, IPEG and Barcelona GSE), as part of the Barcelona GSE Summer Forum. It was funded by CREI through the European Research Council (ERC) under the European Union’s Seventh Framework Programme (FP7/2007-2013), grant agreement no. 638221 (“Social Media, Political Participation and Accountability”), by CREI under the European Union’s Horizon 2020 Research and Innovation Programme grant agreement no. 714905 (“Citizens, Institutions and Globalization”) and by the Barcelona GSE through the Spanish Ministry of Economy and Competitiveness “Severo Ochoa” Programme for Centres of Excellence in R&D” (SEV-2015-0563).


Workshop on “Political Institutions”13-14 de juny de 2017 / June 13-14, 2017

Conferència organitzada per Vladimir Asriyan (CREI, UPF i Barcelona GSE), Andrea Caggese (UPF, CREI i Barcelona GSE), Jordi Galí (CREI, UPF i Barcelona GSE), Alberto Martin (CREI, UPF i Barcelona GSE) i Jaume Ventura (CREI, UPF i Barcelona GSE), dins del Barcelona GSE Summer Forum. Finançada pel CREI a través de l’European Research Council (ERC) Advanced Grant no. 339656 (“Monetary Policy and Asset Price Bubbles”), i la Barcelona GSE mitjançant el programa “Severo Ochoa” per a centres d’excel·lència en I+D” (SEV-2015-0563) del Ministerio de Economía y Competitividad.


Conferència organitzada per Vladimir Asriyan (CREI, UPF i Barcelona GSE), Jordi Galí (CREI, UPF i Barcelona GSE), Alberto Martin (CREI, UPF i Barcelona GSE) i Jaume Ventura (CREI, UPF i Barcelona GSE). Finançada pel CREI a través de l’European Research Council (ERC) sota l’European Union’s Seventh Framework Programme (FP/2007-2013/grant agreement no. 339656, “Monetary Policy and Asset Price Bubbles”).


This workshop was organized by Vladimir Asriyan (CREI, UPF and Barcelona GSE), Andrea Caggese (UPF, CREI and Barcelona GSE), Jordi Galí (CREI, UPF and Barcelona GSE), Alberto Martin (CREI, UPF and Barcelona GSE) and Jaume Ventura (CREI, UPF and Barcelona GSE), as part of the Barcelona GSE Summer Forum. It was funded by CREI through the European Research Council (ERC) Advanced Grant no. 339656 (“Monetary Policy and Asset Price Bubbles”), and the Barcelona GSE through the Spanish Ministry of Economy and Competitiveness “Severo Ochoa” Programme for Centres of Excellence in R&D” (SEV-2015-0563).


This workshop was organized by Vladimir Asriyan (CREI, UPF and Barcelona GSE), Jordi Galí (CREI, UPF and Barcelona GSE), Alberto Martin (CREI, UPF and Barcelona GSE) and Jaume Ventura (CREI, UPF and Barcelona GSE). It was funded by CREI through the European Research Council (ERC) under the European Union’s Seventh Framework Programme (FP/2007-2013/grant agreement no. 339656, “Monetary Policy and Asset Price Bubbles”).


Workshop on “Asset Prices, Finance and Macroeconomics”14-16 de juny de 2017 / June 14-16, 2017

Workshop on “Bubbles in Macroeconomics: Recent Developments”26-27 d’octubre de 2017 / October 26-27, 2017


El “CREI-UPF Macroeconomics Seminar” s’ha dut a terme setmanalment durant el 2017. Coordinat pels investigadors del CREI, Luca Fornaro (fins al juny)i per Vladimir Asriyan, està patrocinat conjuntament amb el Departament d’Economia i Empresa de la UPF. Aquest seminari ha portat al campus de la Ciutadella de la UPF macroeconomistes mundialment reconeguts per tal de presentar i debatre la seva recerca actual.

Vegeu el programa complet a l’annex 10.

A més a més, durant l’any 2017 el CREI va dur a terme, de manera periòdica, tres tallers.

L’“International Lunch Seminar”, coordinat per Giacomo Ponzetto, és el fòrum on estudiants de doctorat que fan recerca en l’àmbit de l’economia internacional presenten els seus treballs en curs als investigadors del CREI i professors de la UPF.

The CREI-UPF Macroeconomics Seminar Series took place on a weekly basis during 2017. Coordinated by Luca Fornaro (until June) and Vladimir Asriyan and co-sponsored by the Department of Economics and Business at UPF, these seminars have brought to the UPF Ciutadella campus some of the most important macroeconomists in the world to present and discuss their fields of research.

For a complete list of sessions see Appendix 10.

In addition to the Seminar, CREI sponsored three workshops that took place periodically during 2017.

The International Lunch Workshop, coordinated by Giacomo Ponzetto, is addressed to CREI researchers and to professors and advanced graduate students of the UPF Department of Economics and Business who conduct their research in the field of International Economics.

For a complete list of sessions see Appendix 11.The Macroeconomics Lunch Workshop,

Seminaris10. Seminars10.


Vegeu el programa complet a l’annex 11.El “Macro Lunch Seminar”, coordinat per Edouard Schaal i Isaac Baley és el fòrum on estudiants de doctorat que fan recerca en l’àmbit de la macroeconomia presenten els seus treballs en curs als investigadors del CREI i professors de la UPF.

Vegeu el programa complet a l’annex 12.

Durant l’any 2017 també s’ha continuat organitzant setmanalment el “Macro Faculty Lunch Seminar”, coordinat per Gino Gancia i Giacomo Ponzetto (fins al juny), i Luca Fornaro a partir de llavors. Hi assisteixen els investigadors del CREI, propis, associats i visitants, i els professors de la UPF que treballen en el camp de la macroeconomia i hi presenten la seva recerca en curs.

coordinated by Edouard Schaal and Isaac Baley, is a forum where PhD students doing research on Macroeconomics present their ongoing work to CREI researchers and the UPF faculty.

For a complete list of sessions see Appendix 12.

During the year, we continued the Macro Faculty Lunch Seminar coordinated by Luca Fornaro, Gino Gancia and Giacomo Ponzetto (until June). This seminar gathers CREI researchers, DEE professors, associate and visiting researchers and is intended for the presentation of research in progress on a weekly basis.

Escola d’estiu11. Summer School11.

L’edició de la Barcelona CREI Macroeconomics Summer School de l’any 2017 es va organitzar conjuntament amb la Barcelona GSE i va formar part de la Barcelona GSE Summer School. Va tenir lloc del 26 de juny al 7 de juliol.

The 2017 edition of the CREI Barcelona Macroeconomics Summer School was organized by CREI and the Barcelona GSE, becoming part of the Barcelona GSE Summer School. It took place from June 26 to July 7, 2017.

Cursos oferts a la Barcelona CREI Macroeconomics Summer School 2017 Courses offered at the Barcelona CREI Macroeconomics Summer School 2017

“Sovereign Debt Crises: Theory, Evidence and Policy”, Fernando Broner“Finance, Firm Dynamics and the Business Cycle: Theory and Empirical Evidence”, Andrea Caggese“Numerical Methods: Computer Lab Practicals” and “Numerical Methods for Fiscal and Monetary Policy Analysis”, Davide Debortoli“Firms, Networks and Macroeconomic Fluctuations”, Julian di Giovanni“An Introduction to the New Keynesian Framework and its Monetary Policy Applications”, Jordi Galí“Economic Growth and Inequality”, Gino Gancia“Learning in Finance and Macroeconomics”, Albert Marcet“The Macroeconomics of Financial Globalization”, Alberto Martin“Financial Intermediation, Macroeconomics and Public Policy”, José Luis Peydró“Government Inefficiency and Reform”, Giacomo Ponzetto“Recent Developments in Forecasting” and “Forecasting: Computer Lab Practicals”, Barbara Rossi“The Macroeconomics of Credit and Asset Bubbles”, Jaume Ventura


“Evaluating the Economic Cost of Coastal Flooding”, Dávid K. Nagy (CREI, UPF and Barcelona GSE) (with K. Desmet and E. Rossi-Hansberg)

“Can Redistribution Lead to Economic Development?”, Tim Lee (TSE) (with H. Holter and A. Seshadri)

“Fiscal Multipliers and the Home Bias of Public Debt”, Fernando Broner (CREI, UPF and Barcelona GSE) (with D. Clancy, A. Erce and A. Martin)

“Putting the Cycle Back into Business Cycle Analysis”, Franck Portier (TSE) (with P. Beaudry and D. Galizia)

“Information-driven Business Cycle: A Primal Approach”, Robert Ulbricht (TSE) (with R. Chahrour)

“Sentiment, Liquidity and Asset Prices”, Vladimir Asriyan (CREI, UPF and Barcelona GSE) (with W. Fuchs)

“Nonlinear Tax Incidence and Optimal Taxation in General Equilibrium”, Nicolas Werquin (TSE) (with D. Sachs and A. Tsyvinski)

“Designing a Simple Loss Function for Central Banks: Does a Dual Mandate Make Sense?”, Davide Debortoli (UPF, CREI and Barcelona GSE) (with J. Kim, J. lindé and R. Nunes)

Appendix 1

Transpyrenean Macro Workshop

Appendix 2

Session 1

“The Global Productivity Distribution and Ricardian Comparative Advantage”, Thomas Sampson (LSE)

“Learning to Import from your Peers”, Marta Bisztray (Institute of Economics, Centre for Economic and Regional Studies) (with M. Koren and A. Szeidl)

Session 2

“Urban Growth and its Aggregate Implications”, Diego Puga (CEMFI) (with G. Duranton)

“Rethinking Detroit”, Esteban Rossi-Hansberg (Princeton) (with R. Owens III and P. Daniel Sarte)

Session 3

“Small Establishments and City Growth”, Naomi Hausman (Hebrew U. of Jerusalem)

“Dense Enough to Be Brilliant: Patents, Urbanization, and Transportation in Nineteenth Century America”, Elisabeth Perlman (US Census Bureau)

Session 4

“East Side Story: Historical Pollution and Persistent Neighborhood Sorting”, Yanos Zylberberg (U. Bristol) (with S. Heblich and A. Trew)

Session 5

“Of Mice and Merchants: Trade and Growth in the Iron Age”, Stephan Maurer (LSE and CEP) (with J. - S. Pischke and F. Rauch)

Barcelona GSE Summer Forum: Workshop on “Geography, Trade and Growth”


“Drivers of Fragmented Value Chains: Evidence from the 19th Century”, Reka Juhasz (Columbia U.) (with C. Steinwender)

Session 6

“Optimal Transport Networks in Spatial Equilibrium”, Edouard Schaal (CREI, UPF and Barcelona GSE) (with P. Fajgelbaum)

“Rural Roads and Structural Transformation”, Sam Asher (WB) (with P. Novosad)

Session 7

“Economic Shocks and Internal Migration”, Joan Monras (CEMFI)

“Basic Education and Persistent Regional Inequalities”, Francesco d’Acunto (U. Maryland)

Appendix 3

Session 1

Financial Cycles with Heterogeneous Intermediaries”, Nuno Coimbra (PSE) (with H. Rey)

“External Imbalances, Gross Capital Flows and Sovereign Debt Crises”, Sergio de Ferra (Stockholm U.)

Session 2

“Inflation, Debt, and Default”, Illenin Kondo (Federal Reserve Board) (with S. Hur and F. Perri)

“Inflation, Default and Sovereign Debt: The Role of Denomination and Ownership”, Laura Sunder-Plassmann (U. Copenhagen)

Session 3

“Fiscal Policy, Sovereign Risk, and Unemployment”, Ignacio Presno (Federal Reserve Board) (with J. Bianchi and P. Ottonello)

“Sovereign Cocos and the Reprofiling of Debt Payments”, Juan Carlos Hatchondo (Indiana U.) (with Y. Kursat Önder, L. Martínez and F. Roch)

Session 4

“Sovereign Risk and Bank Risk-Taking”, Anil Ari (Cambridge)

Domestic Banks as Lightning Rods? Home Bias during Eurozone Crisis”, Orkun Saka (Cass BS-City University of London)

Session 5

“International Credit Supply Shocks”, Andrea Ferrero (Oxford) (with A. Cesa-Bianchi and A. Rebucci)

Barcelona GSE Summer Forum: Workshop on “International Capital Flows”

Appendix 4

Session 1

“Sovereign Polities, Territorial Control and City Growth in Pre-Industrial Europe, 1000-1800”, Sara Lazzaroni (U. Bologna) (with M. Cervellati, G. Prarolo and P. Vanin)

“Border Effects and Urban Structure”, Dávid K. Nagy (CREI, UPF and Barcelona GSE)

Session 2

“Culture and Global Sourcing”, Bohdan Kukharskyy (U. Tübingen) (with Y. Gorodnichenko and G. Roland)

“Instrumental Variables and Causal Mechanisms: Unpacking the Effect of Trade on Workers and Voters”, Christian Dippel (UCLA, Anderson) (with R. Gold, S. Heblich and R. Pinto)

Session 3

“The Limits to Partial Banking Unions: A Political Economy Approach”, Dana Foarta (Stanford GSB)

“Political Specialization”, Kevin Sheedy (LSE) (with B. Guimaraes)

“Globalization and Political Structure”, Giacomo Ponzetto (CREI, UPF, IPEG and Barcelona GSE) (with G. Gancia and J. Ventura)

Keynote Address

“Nation-Building, Nationalism and Wars”, Alberto Alesina (Harvard) (with B. Reich and A. Riboni)

Barcelona GSE Summer Forum: Workshop on “Political Economy of Globalization”

U. S. Monetary Policy and Fluctuations of International Bank Lending”, Galina Hale (San Francisco Fed) (with S. Avdjiev)

Session 6

“Domestic and External Debt and Default”, Dirk Niepelt (Study Center Gerzensee & U. Bern)

“Selective Sovereign Defaults”, Enrico Mallucci (Federal Reserve Board)

Session 7

“Foreign Booms, Domestic Busts: The Global Dimension of Banking Crises”, Ambrogio Cesa-Bianchi (Bank of England) (with F. Eguren-Martin and G. Thwaites)

“Cross-Border Bank Flows and Monetary Policy”, Ricardo Correa (Federal Reserve Board) (with T. Paligorova, H. Sapriza and A. Zlate)

Session 8

“Capital Inflows, Sovereign Debt and Bank Lending: Micro-Evidence from an Emerging Market”, Tomas Williams (UPF and Barcelona GSE)

“Has Globalization Really Increased Business Cycle Synchronization?”, Eric Monnet (Banque de France and PSE) (with D. Puy)


Session 1

“Vulnerability and Clientelism”, Gustavo J. Bobonis (U. Toronto) (with P. Gertler, M. González-Navarro and S. Nichter)Discussant: Julien Labonne (U. Oxford, Blavatnik School of Government)

“Can Gender Quotas Empower Women? Evidence from a Regression Discontinuity Design”, Pamela Campa (U. Calgary) (with M. Bagues)Discussant: Irma Clots-Figueras (U. Carlos III de Madrid)

Session 2

“A Theory of Small Campaign Donors”, Allan Drazen (U. Maryland) (with L. Bouton and M. Castanheira)Discussant: Georgy Egorov (Northwestern-Kellogg)

“How Outside Spending Shapes American Democracy”, Stephane Wolton (LSE) (with N. Abdul-Razzak and C. Prato)Discussant: Dana Foarta (Stanford GSB)

Session 3

“Persuasion and Gender: Experimental Evidence from Two Political Campaigns”, Tommaso Nannicini (Bocconi) (with V. Galasso)Discussant: Manuel Bagues (Aalto U.)

“The Lawyers’ Comparative Advantage in Parliamentary Elections”, Raphael Franck (Hebrew U. of Jerusalem)Discussant: Felipe Valencia (Bonn U.)

Keynote Speech

“What We Know (and Don’t Know) about Political Selection”, Ernesto dal Bó (UC Berkeley)

Session 1

“Limited Credit History and Endogenous Credit Cycles”, Sergei Kovbasyuk (EIEF) (with A. Larinsky and G. SpagnoloDiscussant: Sushant Acharya (New York Fed)

“Macroeconomic Effects of Secondary Market Trading”, Daniel Neuhann (UT Austin)Discussant: Daisuke Ikeda (Bank of England)

Session 2

“Sentiment, Liquidity and Asset Prices”, Vladimir Asriyan (CREI, UPF and Barcelona GSE) (with W. Fuchs and B. Green)Discussant: Vincent Maurin (Stockholm School of Economics)

Session 3

“Equilibrium Corporate Finance and Intermediation”, Piero Gottardi (EUI) (with A. Bisin and G. Clementi)Discussant: Giorgia Piacentino (Columbia U.)

“The Two Faces of Information”, Gaetano Gaballo (ECB and Banque de France) (with G. Ordóñez)Discussant: Alexandre Kohlhas (IIES, Stockholm University)

Session 4

“Long-run Growth of Financial Technology”, Laura Veldkamp (NYU) (with M. Farboodi)Discussant: Robert Ulbricht (TSE)

“Bargaining with Affiliated Values and its Applications to Decentralized Markets”, Anton Tsoy (EIEF)Discussant: Alp Atakan (Koç U.)

Appendix 5 Appendix 6

Barcelona GSE Summer Forum: Workshop on “The Economic Analysis of Electoral Politics”

Barcelona GSE Summer Forum: Workshop on “Information Asymetries in Macro-Finance”

Session 1

“Political Favor Exchange in a Democracy”, Adam Szeidl (CEU) (with F. Szucs)Discussant: Brian Richter (UT Austin)

Session 2

“From Weber to Kafka: Political Activism and the Emergence of an Inefficient Bureaucracy”, Massimo Morelli (Bocconi) (with G. Gratton, L. Guiso and C. Michelacci)Discussant: Stephane Wolton (LSE)

“Elections in Nondemocracies”, Georgy Egorov (Northwestern, Kellogg) (with K. Sonin)Discussant: Andrew Little (Cornell)

Keynote Speech

“Parsing Party Polarization”, James Snyder (Harvard)

Session 3

“Elite Competition and the Iron Law of Oligarchy: A Tale of 14 Islands”, Christian Dippel (UCLA, Anderson) (with J. - P. Carvalho)Discussant: Raphael Franck (Hebrew U. of Jerusalem)

Session 4

“Tordesillas, Slavery and the Origins of Brazilian Inequality”, Felipe Valencia (Bonn U.) (with T. Fujiwara and H. Laudares)Discussant: Luigi Pascali (UPF)

Appendix 7

Barcelona GSE Summer Forum: Workshop on “Political Institutions”

Session 5

“1984 or the Brave New World? Evidence from a Field Experiment on Media Censorship in China”, David Yang (Stanford) (with Y. Chen)Discussant: Pamela Campa (U. Calgary)

“Violent Crime, News and Anti-immigration Voting”, Sophie Hatte (U. Lausanne) (with M. Couttenier, M. Thoenig and S. Vlachos)Discussant: Francesco Amodio (McGill U.)

“Demand and Supply of Populism”, Helios Herrera (U. Warwick) (with L. Guiso, M. Morelli and T. Sonno)Discussant: Torun Dewan (LSE)

“Voter Turnout with Peer Punishment”, Andrea Mattozzi (EUI) (with D. Levine)Discussant: Allan Drazen (U. Maryland)

Session 6

“Religion and Abortion: The Role of Political Identity”, Irma Clots-Figueras (U. Carlos III de Madrid) (with S. Bhalotra and L. Iyer)Discussant: Tommaso Nannicini (Bocconi)

“Convicting Corrupt Officials: Evidence from Randomly Assigned Cases”, Sebastian Axbard (Queen Mary)Discussant: Gustavo Bobonis (U. Toronto)


Session 1

“Monetary Policy and Bank Risk Taking”, Monika Piazzesi (Stanford)

“Monetary Policy and Inequality when Aggregate Demand Depends on Liquidity”, Florin Bilbiie (PSE) (with X. Ragot)

Session 2

“Housing Finance and the Boom-Bust in the U.S. Housing Market”, Carlos Garriga (St. Louis Fed) and Aaron Hedlund (U. Missouri)

“Credit Misallocation during the Financial Crisis”, Enrico Sette (Banca d’Italia) (with F. Schivardi and G. Tabellini)

Session 3

“Monetary Policy and Asset Valuation”, Francesco Bianchi (Duke) (with M. Lettau and S. Ludvigson)

“Optimal Debt Maturity and Firm Investment”, Joachim Jungherr (IAE-CSIC, MOVE and Barcelona GSE) (with I. Schott)

Session 4

“Animal Spirits in a Monetary Economy”, Konstantin Platonov (UCLA) (with R. Farmer)

“Quantitative Easing without Rational Expectations”, Dmitriy Sergeyev (Bocconi) (with L. Iovino)

Session 5

“Monetary Policy and Bubbles in a New Keynesian Model with Overlapping Generations”, Jordi Galí (CREI, UPF and Barcelona GSE)

“Monetary Policy, Inflation and Rational Asset Price Bubbles”, Daisuke Ikeda (Bank of England)

Session 6

“On Interest Rate Policy and Asset Bubbles”, Gadi Barlevy (Chicago Fed) (with F. Allen and D. Gale)

Session 7

“Financial Regulation in a Quantitative Model of the Modern Banking System”, Juliane Begenau (Harvard BS) (with T. Landvoigt)

“Regulation and the Evolution of the Financial Sector”, Vania Stavrakeva (LBS)

Session 8

“The Side Effects of Safe Asset Creation”, Sushant Acharya (New York Fed) (with K. Dogra)

“Payments, Credit and Asset Prices”, Martin Schneider (Stanford)

Appendix 8

Barcelona GSE Summer Forum: Workshop on “Asset Prices, Finance and Macroeconomics”

Session 1

“A Multi-Century Perspective on Return Predictability and Price Bubbles”, Valerio Poti (University College Dublin) (with M. Baig and D. Bredin)

“Stock Prices and Economic Activity”, Sebastian Merkel (U. Mannheim) (with K. Adam)

Session 2

“Recurrent Bubbles, Economic Fluctuations and Growth”, Pablo Guerrón-Quintana (Boston College) (with T. Hirano and R. Jinnai)

“Asset Price Bubbles and Systemic Risk”, Simon Rother (U. Bonn) (with M. Brunnermeier and I. Schnabel)

“Effects of Margin-Debt Deregulation on Bubbles and Crashes in the Chinese Stock Market”, Harrison Hong (Columbia U.) (with W. Jiang, J. Liu and J. Meng)

Session 3

“Asset Bubbles and Monetary Policy”, Pengfei Wang (Hong Kong U. of Science and Technology) (with F. Dong and J. Miao)

“A Quantitative Model of Bubble-Driven Business Cycles”, Benjamin Larin (U. Leipzig)

Session 4

“Collateral Booms and Information Depletion”, Luc Laeven (ECB) (with V. Asriyan and A. Martin)

“An Experimental Comparison of Two Market Institutions”, John Hey (U. York) (with E. Carbone and T. Neugebauer)

Session 5

“Bond-Boom Recessions” David Domeij (Stockhom School of Economics) (with T. Ellingsen)

“Frictional Unemployment with Stochastic Bubbles”, Etienne Wasmer (Sciences Po) (with G. Vuillemey)

Scientific Panel on “Bubbles in Macroeconomics: The Way Forward”, with Gadi Barlevy (Chicago Fed) and Jaume Ventura (CREI, UPF and Barcelona GSE)Chair: Jordi Galí (CREI, UPF and Barcelona GSE)

Appendix 9

Workshop on “Bubbles in Macroeconomics: Recent Developments”


January 9Julien Bengui (U. Montreal)“Liquidity Traps, Capital Flows” (with S. Acharya)

January 16Cecile Gaubert (UC Berkeley)“Granular Comparative Advantage” (with O. Itskhoki)

January 23Klaus Adam (U. Mannheim)“The Optimal Inflation Rate with Heterogeneous Firms” (with H. Weber)

January 30Wouter den Haan (LSE)“Unemployment (Fears) and Deflationary Spirals” (with P. Rendahl and M. Riegler)

February 6Claudio Michelacci (EIEF)“Ambiguous Policy Announcements” (with L. Paciello)

February 13Francesco Lippi (EIEF)“Price Plans and the Real Effects of Monetary Policy” (with F. Álvarez)

February 20Tommaso Monacelli (Bocconi)“The Inherent Benefit of Monetary Unions” (with D. Groll)

February 27Luigi Bocola (Northwestern)“A Model of Financial Crises in Open Economies” (with G. Lorenzoni)

March 6Andrea Eisfeldt (UCLA Anderson)“Complex Asset Markets” (with H. Lustig and L. Zhang)

March 13Matthias Doepke (Northwestern)“Money as a Unit of Account” (with M. Schneider)

March 20Esteban Rossi-Hansberg (Princeton)“Learning, Career Paths, and the Distribution of Wages” (with S. Caicedo and Robert E. Lucas Jr.)

March 27Alisdair McKay (Boston U.)“Optimal Automatic Stabilizers” (with R. Reis)

April 3Dirk Krueger (UPenn)“High Marginal Tax Rates on the Top 1%? Lessons from a Life Cycle Model with Idiosyncratic Income Risk” (with F. Kindermann)

April 24Paula Bustos (CEMFI)“Capital Allocation across Regions, Sectors and Firms Evidence from a Commodity Boom in Brazil” (with G. Garber and J. Ponticelli)

May 2Pol Antràs (Harvard)“On the Geography of Global Value Chains” (with A. de Gortari)

May 8Morten Ravn (UCL)“Macroeconomic Fluctuations with HANK & SAM: An Analytical Approach” (with V. Sterk)

May 15Arvind Krishnamurthy (Stanford)“A Model of Safe Asset Determination” (with Z. Hey and K. Milbradt)

Appendix 10

CREI-UPF Macroeconomics Seminar

May 22Salvatore Nisticò (La Sapienza)“Non-Neutrality of Open Market Operations” (with P. Benigno)

May 29Loukas Karabarbounis (U. Minnesota and Minneapolis Fed)“The Limited Macroeconomic Effects of Unemployment Benet Extensions” (with G. Chodorow-Reich)

September 26Marcela Eslava (Universidad de los Andes)“Life Cycle Growth of Plants in Colombia: Fundamentals vs. Distortions” (with J. Haltiwanger)

October 2Simon Mongey (Minneapolis Fed)“Market Structure and Monetary Non-neutrality”

October 9Liang Bai (U. Edinburgh)“Estimating US Consumer Gains from Chinese Imports” (with S. Stumpner)

October 16Julieta Caunedo (Cornell)“Capital Obsolescence and Agricultural Productivity” (with E. Keller)

October 23David Baqaee (LSE)“Productivity and Misallocation in General Equilibrium” (with E. Farhi)

October 30Eduardo Dávila (NYU)“House Price Beliefs and Mortgage Leverage Choice” (with M. Bailey, T. Kuchler, J. Stroebel)

November 6Thierry Mayer (Sciences Po)“Brands in Motion: How Frictions Shape Multinational Production” (with K. Head)

November 13Nir Jaimovich (U. Zurich)“Trading Down and the Business Cycle” (with S. Rebelo and A. Wong)

November 20Ezra Oberfield (Princeton)“Misallocation in the Market for Inputs: Enforcement and the Organization of Production”

November 27Philippe Martin (Sciences Po)“The Economics of Sovereign Debt, Bailouts and the Eurozone” (with P. O. Gourinchas)

December 4Philipp Kircher (U. Edinburgh and EUI)“How Wage Announcements Affect Job Search Behaviour – A Field Experimental Investigation” (with M. Belot and and P. Muller)

December 11Ariel Zetlin-Jones (Carnegie-Melon)“Market-Making with Search and Information Frictions” (with B. Lester, A. Shourideh and V. Venkateswaran)

December 18Amir Kermani (UC Berkeley)“Stock Market Returns and Consumption” (with M. di Maggio and K. Majlesi)


Appendix 11

January 20Christian Höynck, GPEFM (UPF and Barcelona GSE)“Monetary Policy, Disaggregate Prices and Production Networks”

January 27Shangyu Liu, GPEFM (UPF and Barcelona GSE)“Understanding the Technology Preference of the State Owned Enterprise”

February 3Guohao Yang, GPEFM (UPF and Barcelona GSE)“Vertical Integration and Firm Ownership: Theory and Evidence from China”

February 10Christoph Albert, GPEFM (UPF and Barcelona GSE)“The Labor Market Impact of Undocumented Immigrants: Job Creation vs. Job Competition”

February 17Jorge Pozo, GPEFM (UPF and Barcelona GSE)“Macroprudential Policy in an Open Economy”

February 24Francisco Queirós, GPEFM (UPF and Barcelona GSE)“Is Business Dynamism Declining in Spain? Some Evidence from Microdata”

March 3Haozhou Tang, GPEFM (UPF and Barcelona GSE)“Firm Exit and Asymmetric Credit Cycles”

March 17Julia Faltermeier, GPEFM (UPF and Barcelona GSE)“What Drives the Convergence in Returns to Capital Across Countries?”

March 24Yimei Zou, GPEFM (UPF and Barcelona GSE)“Endogenous Production Networks and Gains from Trade”

March 29Marta Santamaria, GPEFM (UPF and Barcelona GSE)“The Road to Integration: Evidence from the Division and Unification of Germany”

April 7Sébastien Willis, GPEFM (UPF and Barcelona GSE)“Assessing the Effect of Cultural Diversity on Productivity”

April 21Shangyu Liu, GPEFM (UPF and Barcelona GSE)“Misallocation in China, More than Capital Market”

April 28Guohao Yang, GPEFM (UPF and Barcelona GSE)“Highway Construction and Productivity Growth”

May 10Federica Daniele, GPEFM (UPF and Barcelona GSE)“Idiosyncratic Risk, Sharing and Firms Co-Localization”

May 19Inês Xavier, GPEFM (UPFand Barcelona GSE)“Bubbly Liquidity in a Stagnation Trap”

September 22Francisco Queirós, GPEFM (UPF and Barcelona GSE)“The Downward Trend in Business Dynamism: Some Evidence from Spain (1995-2013)”

International Lunch Workshop

September 29Yimei Zou, GPEFM (UPF and Barcelona GSE)“Endogenous Production Networks and Gains from Trade”

October 10Federica Daniele, GPEFM (UPF and Barcelona GSE)“The Consumption Benefits of Agglomeration and Firm-Specific Uncertainty”

October 13Julia Faltermeier, GPEFM (UPF and Barcelona GSE)“The Marginal Product of Capital: New Facts and Interpretation”

October 17Marta Santamaria, GPEFM (UPF and Barcelona GSE)“The Choice and Effects of Transport Infrastructure: Evidence from the German Division”

October 24Christoph Albert, GPEFM (UPF and Barcelona GSE)“The Labor Market Impact of Undocumented Immigrants: Job Creation vs. Job Competition”

November 3Flavio Hafner, GPEFM (UPF and Barcelona GSE)“Firms, Borders and Local Labor Demand: Employment and Population Effects of a Market Integration”

November 17Shangyu Liu, GPEFM (UPF and Barcelona GSE)“Misallocation in China, More than Credit Market Friction”

November 24Guohao Yang, GPEFM (UPF and Barcelona GSE)“Infrastructure, Firm Relocation and Regional Productivity”

November 28Ilja Kantorovitch, GPEFM (UPF and Barcelona GSE)“Is There a Behavioural Bubble in Bitcoin?”

December 5Andrea Fabiani, GPEFM (UPF and Barcelona GSE)“Capital Controls, Foreign Capital Inflows and the Local Credit Cycle: Evidence from Colombian Credit Register and Controls”


January 19Giacomo Caracciolo, GPEFM (UPF and Barcelona GSE)“The Resilience of Pension Systems”

January 26Tongbin Zhang (UAB)“Understanding AH Premium in China Stock Market”

February 2Derrick Kanngiesser, GPEFM (UPF and Barcelona GSE)“Endogenous Financial Crisis and Policy”

February 9Ana Figueiredo, GEPFM (UPF and Barcelona GSE)“Match Quality over the Cycle: New Evidence from the National Longitudinal Survey of Youth”

February 16Jacopo Bonchi (La Sapienza)“Secular Stagnation Revisited: Did Asset Price Bubbles Postpone It?”

February 23Christian Höynck, GPEFM (UPF and Barcelona GSE)“Monetary Policy, Disaggregate Prices and Production Networks”

March 2Alexander Ziegenbein, GPEFM (UPF and Barcelona GSE)“Macroeconomic Effects of Tax Changes in Good Times and Bad”

March 16Christoph Albert, GPEFM (UPF and Barcelona GSE)“The Labor Market Impact of Illegal Immigrants: Job Creation vs. Job Competition”

March 23Donghai Zhang, GPEFM (UPF and Barcelona GSE)“Ambiguous Monetary Policy and the Long-term Rate”

March 30Giacomo Caracciolo, GPEFM (UPF and Barcelona GSE)“The Resilience of Pension Systems”

April 4Matthieu Soupre, GPEFM (UPF and Barcelona GSE) and CREI“Information Theory and Forecaster Uncertainty”

April 20Jorge Pozo, GPEFM (UPF and Barcelona GSE)“Macroprudential Policies in an Open Economy”

April 27Jenny Chan, GPEFM (UPF and Barcelona GSE)“Monetary Policy, Public Information and Aggregate Demand Fluctuations”

May 4Cristina Manea, GPEFM (UPF and Barcelona GSE) and CREI“Inside-Money, Cash in Advance Constraints and Monetary Policy”

May 10Sebastian Diz & Ángelo Gutiérrez, both GPEFM (UPF and Barcelona GSE)“Minimum Wages and Economic Fluctuations”“Bounded Rationality, Nominal Rigidities and the Transmission of Monetary Policy”

Macroeconomics Lunch Workshop

Appendix 12

May 18Christopher Evans, GPEFM (UPF and Barcelona GSE) & Ilja Kantorovitch, GPEFM (UPF and Barcelona GSE) and CREI“Conventional and Unconventional Monetary Policy and Bank Runs”“Stock Market Bubbles and Information”

June 1Mario Giarda & Inês Xavier, both GPEFM (UPF and Barcelona GSE)“Redistribution and Monetary Policy in the Business Cycle”“Bubbly Liquidity in a Stagnation Trap”

September 27Ana Figueiredo, GPEFM (UPF and Barcelona GSE)“Information Frictions in Education and Inequality”

October 4Christoph Hedtrich, GPEFM (UPF and Barcelona GSE)“Skill Mismatch and Worker Turnover”

October 11Alexander Ziegenbein, GPEFM (UPF and Barcelona GSE)“Can Tax Cuts Restore Economic Growth during Bad Times?”

October 18Donghai Zhang, GPEFM (UPF and Barcelona GSE)“Term Structure, Forecast, Revision and the Information Channel of Monetary Policy”

October 25Felix Mauersberger, GPEFM (UPF and Barcelona GSE)“Thompson Sampling: Predicting Behavior in Games and Markets”

November 15Derrick Kanngiesser, GPEFM (UPF and Barcelona GSE)”Overinvestment, Financial Crises and Policy”

November 22Giacomo Caracciolo, GPEFM (UPF and Barcelona GSE)“The Role of Pensions in Segmented Financial Markets”

November 29Mehregan Ameri, GPEFM (UPF and Barcelona GSE)“Partial Asset Market Participation: Towards an Explanation of the Redistributive Impact of Monetary Policy”

Ramon Trias Fargas, 25-27E-08005 BarcelonaTel. +(34) 93 542 13 88crei@crei .catwww.crei .cat

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