The Ph.D. in Economics of Sapienza University organized the 4th Sailing the Macro Workshop that was held at the Ortygia Foundation in Ortygia, Siracusa, Italy, on 6-8 September 2024. Reflecting the breadth of modern macroeconomics, the scope of relevant topics was broad, ranging from theoretical work to empirical applications.
Keynote Speakers
Raffaella Giacomini
University College London
Evi Pappa
Universidad Carlos III de Madrid
Federica Romei
University of Oxford
Conference Program
Common Trends in European Labor Share Dynamics and US comparisons
Evi Pappa, Universidad Carlos III de Madrid
Parallel Sessions 1A & 1B
Parallel Session 1A
Chair: Francesco Simone Lucidi
10:00-10:25
Central banking in times of high geopolitical risk
10:25-10:50
The Dynamic Nature of Macroeconomic Risks
10:50-11:15
Euro area monetary policy and financial markets: heterogeneity across policy instruments, assets and sectors
Parallel Session 1B
Chair: Salvatore Nisticò
10:00-10:25
How Oil Shocks Propagate: Evidence on the Monetary Policy Channel
10:25-10:50
Financial Imbalances and Macroeconomic Tail Risks: A Structural Regime-Switching Investigation
10:50-11:15
The Macroeconomics of Liquidity in Financial Intermediation
Coffee Break
Lightning Session
Chair: Marta Maria Pisa
Climate Growth-at-Risk
The Enduring Effects of Unconventional Monetary Policy
A General Theory of Holdouts
Parallel Sessions 2A & 2B
Parallel Session 2A
Chair: Evi Pappa
12:15-12:40
Bad luck or bad decisions? Macroeconomic implications of persistent heterogeneity in optimism
12:40-13:05
Taylor Rules with Endogenous Regimes
13:05-13:30
The Systematic Origins of Monetary Policy Shocks
Parallel Session 2B
Chair: Salvatore Nisticò
12:15-12:40
The Foreign Liability Channel of Bank Capital Requirements
12:40-13:05
Managing the transition to central bank digital currency
13:05-13:30
CBDC and Banks: Threat of Opportunity
Inequality, expenditure composition and the transmission of the monetary policy shock
Federica Romei, University of Oxford
Parallel Sessions 3A & 3B
Parallel Session 3A
Chair: Federica Romei
10:00-10:25
Housing Tenure, Consumption and Household Debt: Life-Cycle Dynamics During a Housing Bust in Spain
10:25-10:50
Household Belief Formation in Uncertain Times
10:50-11:15
Heterogeneity in Household Spending and Well-being on Retirement
Parallel Session 3B
Chair: Massimiliano Tancioni
10:00-10:25
The Macroeconomic Implications of the Gender Revolution
10:25-10:50
Regressive Trend Inflation Shocks
10:50-11:15
Market Perceptions, Monetary Policy, and Credibility
Coffee Break
Lightning Session
Chair: Marta Maria Pisa
The Effect of Inflation Expectations on Consumption in the New Keynesian Framework: Reconciling Theory with Empirical Ambiguity
A Misbelieved Uncertainty-driven Inflation
The Fed information effects – what have trade partners to say?
Parallel Sessions 4A & 4B
Parallel Session 4A
Chair: Giuseppe Ragusa
12:15-12:40
Invalid proxies and volatility changes
12:40-13:05
Estimation and Inference of the Forecast Error Variance Decomposition for Set-Identified SVARs
Parallel Session 4B
Chair: Cristiano Cantore
12:15-12:40
Labor Income Risk and Monetary Policy: The Within-Wealth MPC Channel
12:40-13:05
Decomposing HANK
Perceived shocks and impulse responses
Raffaella Giacomini, University College London
Parallel Sessions 5A & 5B
Parallel Session 5A
Chair: Raffaella Giacomini
10:00-10:25
The Macroeconomic Effects of Inflation Expectations: The Distribution Matters
10:25-10:50
Uncertainty and the Business Cycle When Inflation is High
10:50-11:15
Expectations and Forecasts: The Role of Strategic Incentives
Parallel Session 5B
Chair: Cristiano Cantore
10:00-10:25
Do Recessions Slow Technology Growth? Evidence from the Firm Level
10:25-10:50
A Traffic Jam Theory of Growth
10:50-11:15
Human Capital Ladders, Cyclical Sorting, and Hysteresis
Coffee Break
Lightning Session
Chair: Francesco Simone Lucidi
Taylor Projection under Tail Risk
Monetary Tightening, Quantitative Easing, and Financial Stability
The Micro Anatomy of International Remittance Flows
Default, Inflation Expectations, and the Currency Denomination in Sovereign Bonds
Parallel Sessions 6A & 6B
Parallel Session 6A
Chair: Massimiliano Tancioni
12:25-12:50
Privilege Lost? The Rise and Fall of a Dominant Global Currency
12:50-13:15
Left and Right: A Tale of Two Tails of the Wealth Distribution
13:15-13:40
Optimal Climate Policy in a Global Economy
Parallel Session 6B
Chair: Giuseppe Ragusa
12:25-12:50
Opening the Black Box: Aggregate Implications of Public Investment Composition
12:50-13:15
Green and Brown Returns in a Production Economy
13:15-13:40
A toolkit for Computing Constrained Optimal Policy Projections (COPPs)