The Ph.D. in Economics of Sapienza University organized the 3rd Sailing the Macro Workshop that was held at the Ortygia Foundation in Ortygia, Siracusa, Italy, on 8-10 September 2023. Reflecting the breadth of modern macroeconomics, the scope of relevant topics was broad, ranging from theoretical work to empirical applications.
Keynote Speakers
Florin Bilbiie
Cambridge University
Caterina Mendicino
European Central Bank
Barbara Rossi
Universitat Pompeu Fabra
Conference Program
Euro Area Monetary Policy Effects: Does the shape of the yield curve matter?
Barbara Rossi, Universitat Pompeu Fabra
Parallel Sessions 1A & 1B
Parallel Session 1A
Chair: Barbara Rossi
10:10-10:35
Asymmetric Transmission of Oil Supply News
10:35-11:00
The transmission of monetary policy when agents fear inflation or deflation
Parallel Session 1B
Chair: Salvatore Nisticò
10:10-10:35
Spending Allocation under Nominal Uncertainty: a Model of Effective Price Rigidity
10:35-11:00
The Hitchhiker's Guide to Markup Estimation
Coffee Break
Lightning Session
Chair: Marta Maria Pisa
The Uncertainty of Fairness: A Game Theory Analysis for a Debt Mutualization Scheme in the Euro Area
Disentangling the effects of uncertainty and disagreement: A proposal using transaction-level data
Mixing it up: A new approach to inflation at risk
The Determinants of the Inflation Surge in Europe
Parallel Sessions 2A & 2B
Parallel Session 2A
Chair: Massimiliano Tancioni
12:10-12:35
The Market for Inflation Risk
12:35-13:00
Inflation: persistence and central bank independence
13:00-13:25
Do firm expectations respond to monetary policy announcements?
Parallel Session 2B
Chair: Valeria Patella
12:10-12:35
Limiting mortgage debt: Aggregate demand externalities and housing market distortions
12:35-13:00
Non-Exponential Growth Theory
13:00-13:25
Who killed business dynamism in the U.S.?
Lunch
Greed? Profits, Inflation, and Aggregate Demand -- and Entry/Exit
Florin Bilbiie, Cambridge University
Parallel Sessions 3A & 3B
Parallel Session 3A
Chair: Florin Bilbiie
10:10-10:35
HANK Beyond FIRE: Amplification, Forward Guidance and Belief Shocks
10:35-11:00
Monetary Policy in a Bounded Rational Heterogeneous-Agent New Keynesian Framework
Parallel Session 3B
Chair: Massimiliano Tancioni
10:10-10:35
Price Discrimination and Mortgage Choice
10:35-11:00
Classification of monetary and fiscal dominance regimes using machine learning techniques: The euro area case
Coffee Break
Lightning Session
Chair: Marta Maria Pisa
Macro-Financial Trends in a Model with Concentrated Ownership of Capital
Fear of Secular Stagnation and the Natural Interest Rate
Energy Price Shocks, Unemployment, and Monetary Policy
Monopsonistic Competition, Income Redistribution, and the Effects of Fiscal Policy
Parallel Sessions 4A & 4B
Parallel Session 4A
Chair: Carolina Serpieri
12:10-12:35
Greed versus Fear: Optimal Time-Consistent Taxation with Default
12:35-13:00
Optimal Monetary Policy, Tariff Shocks and Exporter Dynamics
13:00-13:25
CBDC Policies in Open Economies
Parallel Session 4B
Chair: Giuseppe Ragusa
12:10-12:35
How do Entrants Build Market Share? The Role of Demand Frictions
12:35-13:00
Structural Change, Land Use and Urban Expansion
13:00-13:25
Liquidity Shocks and the Real Economy
Lunch
Bank Foreign Liabilities and Capital Requirements
Caterina Mendicino, European Central Bank
Parallel Sessions 5A & 5B
Parallel Session 5A
Chair: Caterina Mendicino
10:10-10:35
State-Dependent Pass-Through from Monetary Policy to Lending Rates
10:35-11:00
Did Monetary Policy Kill The Phillips Curve? Some Simple Arithmetics
Parallel Session 5B
Chair: Salvatore Nisticò
10:10-10:35
Robots and Technological Unemployment
10:35-11:00
Robot Adoption and Inflation Dynamics
Coffee Break
Lightning Session
Chair: Carolina Serpieri
Micro Level Data for Macro Models: The Distributional Effects of Monetary Policy
Money Demand and Income Inequality: International Evidence using a Century of Data
Reverse Cross-Fitting and Macroeconomic impact of Basel Capital Requirements
Financial and house price shocks and their medium-run effects on the business cycle
Parallel Sessions 6A & 6B
Parallel Session 6A
Chair: Giuseppe Ragusa
12:10-12:35
The Labor Demand And Labor Supply Channels Of Monetary Policy
12:35-13:00
The Natural Rate Chimera and Bond Pricing Reality
13:00-13:25
US monetary policy spillovers to developing countries: the financial-commodity channel
Parallel Session 6B
Chair: Valeria Patella
12:10-12:35
The Environmental Impact of Interest-rate Expectations and Monetary Policy
12:35-13:00
Corporate taxes, productivity and business dynamism Productivity
13:00-13:25
Climate Change Mitigation: How Effective is Green Quantitative Easing?