The Ph.D. in Economics of Sapienza University organized the 5th Sailing the Macro Workshop that was held at the Ortygia Foundation in Ortygia, Siracusa, Italy, on 5-7 September 2025. Reflecting the breadth of modern macroeconomics, the scope of relevant topics was broad, ranging from theoretical work to empirical applications.
Keynote Speakers
Refet Gürkaynak
Bilkent University
Sophocles Mavroeidis
University of Oxford
Geert Mesters
Universitat Pompeu Fabra
Conference Program
Registration
Conference registration and welcome
HANKSSON
Refet Gürkaynak, Bilkent University
Parallel Sessions 1A & 1B
Regular Session 1A
Chair: Refet Gürkaynak (ground floor)
10:00-10:25
Policy evaluation with Sufficient Macro Statistics — a primer —
10:25-10:50
A robust Bayes Approach to Optimal Policy and Endogeneous Macro Equations
10:50-11:15
The drivers of post-pandemic inflation
Regular Session 1B
Chair: Carolina Serpieri (first floor)
10:00-10:25
Global Determinacy According to HANK
10:25-10:50
Optimal Redistribution with Government Debt
10:50-11:15
Inflation, Fiscal Rules and Cognitive Discounting
Coffee Break
Lightning Session 1
Chair: Marta Maria Pisa (ground floor)
11:30-11:40
Employment Protection and Consumption: Evidence from Italy
11:40-11:50
Trade Fragmentation, Inflationary Pressures and Monetary Policy
11:50-12:00
Endogenous Agent Shares in T-HANK models
12:00-12:10
Local fiscal multipliers in a data-scarce environment: The effectiveness of government spending across Italian regions
12:10-12:20
Scholars and the Machine - On Automation and Academic Performance
Parallel Sessions 2C & 2D
Regular Session 2C
Chair: Daniel Lewis (ground floor)
12:25-12:50
Monetary Policy Shocks and Narrative Restrictions: Rules Matter
12:50-13:15
Cross-Sectional Dynamics Under Network Structure: Theory and Macroeconomic Applications
13:15-13:40
Testing for the Interconnection Channel in Global VAR models
Regular Session 2D
Chair: Salvatore Nisticò (first floor)
12:25-12:50
The Reallocation Effect of Monetary Policy
12:50-13:15
External Finance Premium: Market Finance versus Bank Finance
13:15-13:40
The Borrowing Channel of Monetary Policy
Modelling Endogenous Regime Switching in Macroeconomics
Sophocles Mavroeidis, University of Oxford
Parallel Sessions 3E & 3F
Regular Session 3E
Chair: Sophocles Mavroeidis (ground floor)
10:00-10:25
A Test of Exogeneity in Structural Vector Autoregressions and Local Projections with External Instruments
10:25-10:50
Robust Testing of Macroeconomic Determinacy via Heteroskedasticity
10:50-11:15
Wild inference for wild SVARs with application to heteroscedasticity-based IV
Regular Session 3F
Chair: Francesco S. Lucidi (first floor)
10:00-10:25
Which Macroeconomic News Matter for Price-Setting?
10:25-10:50
Endogenous Monetary Policy Effectiveness
10:50-11:15
What drives policy rate expectations? Evidence from the post-pandemic cycle
Coffee Break
Lightning Session 2
Chair: Marta Maria Pisa (ground floor)
11:30-11:40
Fiscal Impulse responses in a high-dimensional setting
11:40-11:50
Does the financial accelerator accelerate inequalities?
11:50-12:00
Estimating the Macroeconomic Effects of Oil Supply News
Parallel Sessions 4G & 4H
Regular Session 4G
Chair: Raffaella Giacomini (ground floor)
12:00-12:25
Structural interpretations of forecast revision
12:25-12:50
The judgmental strategy of professional forecasters
12:50-13:15
Opening the Black Box of Local Projections
Regular Session 4H
Chair: Saverio Simonelli (first floor)
12:00-12:25
Exchange-Rate Regimes and the Behaviour of Exporters
12:25-12:50
Winners and Losers: How Corporate Tax Reforms Reshape the Firm Distribution
12:50-13:15
International Banking Flows and Financial Crises
Poster Session
September 6, 2025
Government spending shocks and inflation: investigating the fiscal price puzzle
Disentangling the Distributional Effects of Financial Shocks in the Euro Area
Smooth Diagnostic Beliefs and Uncertain Leverage Cycles
Macroeconomic Effects of Government Non-Defense R&D
When the Weather Turns Deadly: Unveiling the Death Toll of Temperature Shocks
Occasionally Binding Constraints in DSGE Models with Heterogeneous Agents: A Generalised Nonlinear Framework and Applications to Inequality and Monetary Policy at the ZLB
Demand and supply shocks over the business cycle
Monetary Policy and the Financing of Automation
Innovations meet Narratives — improving the power-credibility trade-off in macro
Geert Mesters, Universitat Pompeu Fabra
Parallel Sessions 5I & 5J
Regular Session 5I
Chair: Geert Mesters (ground floor)
10:00-10:25
The Monetary Dynamics of Hyperinflation Reconsidered
10:25-10:50
Cast out the pure? Inflation and relative prices on both sides of the Atlantic
10:50-11:15
Central Bank Losses and Inflation: Evidence from 350 Years
Regular Session 5J
Chair: Paolo D'Imperio (first floor)
10:00-10:25
Commitment vs Credibility: Macro Effects of Climate Policy Uncertainty Concerns
10:25-10:50
Shocking concerns: public perception about climate change and the macroeconomy
10:50-11:15
The Unequal Costs of Pollution: Carbon Tax, Inequality, and Redistribution
Coffee Break
Lightning Session 3
Chair: Marta Maria Pisa (ground floor)
11:30-11:40
Fed Information Effects? Evidence from Industrial Production
11:40-11:50
Timing and Sacrifice: The Role of Phillips Curve Non-Linearity
11:50-12:00
Income Inequality and the Rise of Risky Capital
12:00-12:10
Home, Work, and the Space Between: the Rise of Flexible Jobs and the Couples' Labour Supply
12:10-12:20
Tariffs across the Supply Chain
Parallel Sessions 6K & 6L
Regular Session 6K
Chair: Massimiliano Tancioni (ground floor)
12:25-12:50
A Tale of Procyclical Inequality: Facts and Implications
12:50-13:15
Fiscal Policy during a Cost-of-Living Crisis
13:15-13:40
The Role of Risk Sharing in Attenuating Business Cycles Within Currency Unions
Regular Session 6L
Chair: Giuseppe Ragusa (first floor)
12:25-12:50
Monetary policy identification via causal machine learning in a high-dimensional time series controls set
12:50-13:15
Credit strikes back: the macroeconomic impact of the 2022-23 ECB monetary tightening and the role of lending rates
13:15-13:40
ECB communication and its impact on financial markets