Sapienza University's 1st Sailing the Macro Workshop took place on the Island of Ventotene on September 16-18, 2021. The aim of this three-day workshop was to bring together researchers in the field of theoretical and applied macroeconomics to promote and discuss their current works and ideas.
Keynote Speakers
Salvatore Nisticò
ECB and Sapienza University
Giorgio Primiceri
Northwestern University
Giuseppe Ragusa
University of Pisa
Conference Program
Keynote Presentation
Giorgio Primiceri, Northwestern University
Parallel Sessions 1A & 1B
Parallel Session 1A
Chair: Giorgio Primiceri
09:50-10:25
Estimating Hysteresis Effects
10:25-11:00
Bad News, Good News: Coverage and Response Asymmetries
11:00-11:35
Business Cycle Fluctuations: Financial Shocks versus Uncertainty Shocks
Parallel Session 1B
Chair: Luca Zamparelli
09:50-10:25
The Long-Run Phillips Curve is...a curve
10:25-11:00
Supply Shocks in a Heterogeneous Agent Economy: Evidence and Theory
11:00-11:35
Firms' ex-ante Heterogeneity, Entry and the Labour Share
Poster Session 1
Chair: Massimiliano Tancioni
Inflation persistence
Optimal monetary policy and intrinsic inflation persistence
Heterogeneous Decline in Sectoral Business Dynamism
Secured and unsecured credit cycles
Firm Dynamics with Coworker Learning
Nowcasting – developing the sources and methods to improve high-frequency labour market forecasting
Parallel Sessions 1A & 1B (continued)
Parallel Session 1A (continued)
Chair: Giorgio Primiceri
12:15-12:50
Global value chains and the dynamics of UK inflation
12:50-13:25
Global Spillovers of the Fed Information Effect
Parallel Session 1B (continued)
Chair: Luca Zamparelli
12:15-12:50
Credit Markets, Relationship Lending, and the Dynamics of firm entry
12:50-13:25
Unemployment, Firm Dynamics, and the Business Cycle
Keynote Presentation
Salvatore Nisticò, ECB and Sapienza University of Rome
Parallel Sessions 2A & 2B
Parallel Session 2A
Chair: Elton Beqiraj
09:50-10:25
What are the Sources of Boom-Bust Cycles?
10:25-11:00
A Structural Investigation of Quantitative Easing
11:00-11:35
Monetary policy shocks over the business cycle: Extending the Smooth Transition framework
Parallel Session 2B
Chair: Salvatore Nisticò
09:50-10:25
The unbearable lightness of equilibria in a low interest rate environment
10:25-11:00
The Effectiveness of a Negative Interest Rate Policy
11:00-11:35
The (Ir)Relevance of Rule-of-Thumb Consumers for U.S. Business Cycle Fluctuations
Poster Session 2
Chair: Elton Beqiraj
Bank Heterogeneity and Mortgage Supply under Negative Policy Rates
Forbearance vs foreclosure in a general equilibrium model
Preventive monetary and macroprudential policy response to anticipated shocks to financial stability
Asset Price Bubbles with Low Interest Rates: Not All Bubbles are Likely to Emerge
Has the Fed ever responded to stock market bubbles? Evidence from non linear VARs
Undesired effects of monetary policy in a bubbly economy: some empirical findings and a theoretical explanation
Parallel Sessions 2A & 2B (continued)
Parallel Session 2A (continued)
Chair: Elton Beqiraj
12:50-13:25
A tail of labor supply and a tale of monetary policy
Parallel Session 2B (continued)
Chair: Salvatore Nisticò
12:15-12:50
Monetary Policy and Payment-to-Income Limits in Liquidity Traps
12:50-13:25
Whither Liquidity Shocks?
Keynote Presentation
Giuseppe Ragusa, University of Pisa
Parallel Sessions 3A & 3B
Parallel Session 3A
Chair: Giuseppe Ragusa
09:50-10:25
A new macro-financial condition index for the euro area
10:25-11:00
Bargaining power and the Phillips curve: a micro-macro analysis
11:00-11:35
Inflation expectations and the ECB's perceived inflation objective: novel evidence from firm-level data
Parallel Session 3B
Chair: Paolo Giordani
09:50-10:25
Exchange Rate Disconnect Redux
10:25-11:00
Fiscal Rules and Discretion with Risk of Default
11:00-11:35
Sovereign default and imperfect tax enforcement
Poster Session 3
Chair: Francesco Lippi
Production networks and fiscal multiplier
The macroeconomic effects of climate shocks in Europe
A News-based Policy Index for Italy: Expectations and Fiscal Policy
Lovebirds: Story of two inseparable orthogonal shocks
Sources of output variability and risk-sharing channels in the US and the euro area
Parallel Sessions 3A & 3B (continued)
Parallel Session 3A (continued)
Chair: Giuseppe Ragusa
12:15-12:50
The Macroeconomic Effects of the Gender Revolution
12:50-13:25
The transmission of oil price shocks through the US banking sector
Parallel Session 3B (continued)
Chair: Paolo Giordani
12:15-12:50
Corporate Taxation and Carbon Emissions
12:50-13:25
Fiscal Stimulus of Last Resort