Fifth Annual Workshop - ESCB Research Cluster 2

Abstract icon International Macroeconomics, Fiscal Policy, Labour Economics, Competitiveness, and EMU governance. Conference hosted by Danmarks Nationalbank.


Online Conference, 18-19 November 2021

Danmarks Nationalbank and the Bank of Greece are organizing the fifth annual Workshop of the European System of Central Banks (ESCB) Research Cluster 2, to be held virtually and hosted by Danmarks Nationalbank on 18-19 November 2021. Research Cluster 2 seeks to foster awareness and collaboration, across ESCB institutions, of research initiatives related to international macroeconomics, fiscal policy, labour economics, competitiveness, and EMU governance. The Annual Workshop represents an opportunity to learn about ongoing ESCB research in these areas. The workshop is open to ESCB researchers only. Both theoretical and empirical contributions are welcome.

Conference Program, 18-19 November 2021

​Day 1: 18 November 2021
9:00 - 9:15
​Welcome by Signe Krogstrup (Governor, Danmarks Nationalbank)
​9:15 - 10:15
Keynote speech: Behavioral Heterogeneity, Inequality and Financial Outcomes, by Søren Leth-Petersen (Copenhagen University)
​Session I: Fiscal Policy
10:30 - 11:00

Francesco Bianchi (Duke University), Leonardo Melosi (Federal Reserve Bank of Chicago) and Anna Rogantini Picco (Sveriges Riksbank)

Discussion by Michaela Elfsbacka Schmöller (Bank of Finland)

11:00 - 11:30
Endogenous Technology, Scarring and Fiscal Policy

Michaela Elfsbacka Schmöller (Bank of Finland)

Discussion by Matthias Rottner (Deutsche Bundesbank)

​Session II: EMU Governance
11:40 - 12:10

The International Impact of a Fragile EMU
Demosthenes Ioannou (European Central Bank), Maria Sole Pagliari (Banque de France), and Livio Stracca (European Central Bank)

Discussion by Luca Rossi (Banca d'Italia)

12:10 - 12:40

Downside-Risk Sharing and the Renewed Case for a Fiscal Union
Luca Rossi (Banca d'Italia)

Discussion by Anna Rogantini Picco (Sveriges Riksbank)

​Session III: International Finance
​14:00 - 14:30
Global Risk and the Dollar

Georgios Georgiadis (European Central Bank), Gernot Müller (Univeristy of Tübingen), Ben Schumann (Free University of Berlin)

Discussion by Maria Sole Pagliari (Banque de France)

​14:30 - 15:00

How Does International Capital Flow?
Michael Kumhof (Bank of England), Andrej Sokol (European Central Bank), and Phurichai Rungcharoenkitkul (Bank for International Settlements)

Discussion by Daniele Siena (Banque de France and Politecnico di Milano)

Session IV: Productivity
​15:15 - 15:45
On the Cleansing Effect of Recessions and Government Policy: Evidence from Covid-19

Nicholas Kozeniauskas (Banco de Portugal), Pedro Moreira (Banco de Portugal), Cezar Santos (Banco de Portugal)

Discussion by Dmitry Khametshin (Banco de España)

​15:45 - 16:15

A Tale of Two Margins: Monetary Policy and Capital Misallocation
Silvia Albrizio (International Monetary Fund), Beatriz González (Banco de España), Dmitry Khametshin (Banco de España)

Discussion by Nicholas Kozeniauskas (Banco de Portugal)

Day 2: 19 November 2021
​9:00 - 10:00
​Keynote speech: Monetary Policy and Financial Cycles, by Hélène Rey (London Business School)
​Session I: Labour​
​10:15 - 10:45

EU Enlargement and (Temporary) Migration: Effects on Labour Market Outcomes in Germany
Luisa Hammer (Free University of Berlin), Matthias Hertweck (Deutsche Bundesbank)

Discussion by Effrosyni Adamopoulou (University of Mannheim)

​10:45 - 11:15

​Staggered Contracts and Unemployment during Recessions
Effrosyni Adamopoulou (University of Mannheim), Luis Díez-Catalán (BBVA Research), Ernesto Villanueva (Banco d’España)

Discussion by Fernando Martins (Banco de Portugal) 

​11:15 - 11:45

​Did COVID-19 induce a reallocation wave?
Agostino Consolo (European Central Bank), and Filippos Petroulakis (Bank of Greece)

Discussion by Matthias Hertweck (Deutsche Bundesbank)  

​11:45 - 12:15

Job Polarization and the Flattening of the Price Phillips Curve
Daniele Siena (Banque de France and Politecnico di Milano), and Riccardo Zago (Banque de France)

Discussion by Agostino Consolo (European Central Bank) 

​Session II: International Trade

​13:30 - 14:00

​International Trade and Innovation Dynamics with Endogenous Markups
Laurent Cavenaile (University of Toronto), Pau Roldan-Blanco (Banco de España), Tom Schmitz (Bocconi University)

Discussion by Antonin Bergeaud (Banque de France)

​14:00 - 14:30

From Macro to Micro: Heterogeneous Exporters in the Pandemic
Jean-Charles Bricongne (Banque de France), Juan Carluccio (Banque de France), Lionel Fontagné (Banque de France), Guillaume Gaulier (Banque de France), Sebastian Stumpner (Banque de France)

Discussion by João Amador (Banco de Portugal)

​14:30 - 15:00

​COVID-19, Lockdowns and International Trade: Evidence from Firm-Level Data
João Amador (Banco de Portugal), Carlos Melo Gouveia (Banco de Portugal) and Ana Catarina Pimenta (Banco de Portugal)

Discussion by Juan Carluccio (Banque de France)

Organizers: Renato Faccini (Danmarks Nationalbank) and Filippos Petroulakis (Bank of Greece)

Program Committee: Antonin Bergeaud (Banque de France), Antoine Berthou (Banque de France), Jacopo Cimadomo (European Central Bank), Ana Lamo (European Central Bank), Matthias Rottner (Deutsche Bundesbank), and Ernesto Villanueva (Banco d'España)

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