MACFINROBODS FP7-SSH

Transcription

1 MACFINROBODS FP7-SSH D12.6 Final Conference and Semi-Annual Steering Committee Meeting Project acronym: MACFINROBODS Project full title: Integrated Macro-Financial Modelling for Robust Policy Design Grant agreement no.: Due-Date: 30 April 2017 Delivery: 24 April 2017 Lead Beneficiary: UvA Dissemination Level: RE Status: submitted Total number of pages: 7 This project has received funding from the European Union s Seventh Framework Programme (FP7) for research, technological development and demonstration under grant agreement number

2 The Final Conference was organized by Volker Wieland and Michael Binder at Goethe University in Frankfurt on 4-5 April, followed by the ECB Watchers Event on Thursday 6 April. The conference was a very successful two-day event with over 50 participants, with two inspiring keynote lectures. The first keynote lecture was given by Frank Schorfheide, professor of Economics at the University of Pennsylvania. The title of the paper that he presented was Macroeconomic Dynamics Near the ZLB. The second keynote lecture was given by John B. Taylor, professor of Economics at Stanford University and member of the MACFINROBODS advisory board. The title of his presentation was Central Bank Models: Lessons from the Past and Ideas for the Future. Both keynote lectures have been followed by a very active general discussion. Volker Wieland (l), John B. Taylor (m) and Michael Binder (r) There were 9 presentations of advanced-stage papers from all teams and a poster session including 4 presentations of early-stage works. Ester Faia- Goethe University Massimo Giovannini- European Commission-Joint Research The final annual Steering Committee meeting was incorporated in the conference with all partners represented. The SC meeting covered a lot of ground discussing all relevant issues, including the second periodic and final reporting and the project finances. The second day of the event was concluded with a networking dinner. On the third day The ECB and Its Watchers XVIII took place, with over 250 participants and more than 100 media representatives from all over the world. Organized by Goethe University and starting with a President s Address by Mario Draghi, President of the European Central Bank. This event was a very stimulating 2

3 meeting with several panel discussions between academic researchers and policy makers addressing many relevant themes from the MACFINROBODS project. Among the panel members were Volker Wieland (GU) and John Taylor and Vitor Gaspar, both members of the MACFINROBODS advisory board. All information on the Conference can be found on the MACFINROBODS website at the link: The detailed program of the conference follows below. 3

4 Integrated Macro-Financial Modelling for Robust Policy Design Final Consortium Conference Program Version: March 31, 2017 Conference Venue for April 4 and 5: Goethe University Frankfurt, Foyer and Room Commerzbank, House of Finance, Campus Westend, Theodor-W.-Adorno-Platz 3, Frankfurt am Main. Conference Venue for April 6 ( The ECB and Its Watchers ): Goethe University Frankfurt, Room HZ1, Hörsaalzentrum, Campus Westend, Theodor-W.-Adorno-Platz 5, Frankfurt am Main. Organizers: Michael Binder Volker Wieland Contact: Jakob Liermann Institute for Monetary and Financial Stability Goethe University Frankfurt Jakob.Liermann@hof.uni-frankfurt.de Phone This meeting is funded through the European Union s Seventh Framework Programme (FP7) for research, technological development and demonstration under grant agreement number

5 Tuesday, April 4 9:30 10:00 Registration and Coffee 10:00 10:40 Behavioural Macroeconomics (Cars Hommes) (UvA) 10:40 11:20 Heterogeneous Information, Diverse Higher-Order Beliefs and Business Cycles (Michael Binder, with Matyas Gabor Farkas and Volker Wieland) (GU) 11:20 11:45 Coffee Break 11:45 12:45 Keynote Talk: Frank Schorfheide (University of Pennsylvania) Macroeconomic Dynamics Near the ZLB 12:45 14:00 Lunch 14:00 15:00 Poster Session Robust Control Based on Predictive Likelihoods (Joe Pearlman, Paul Levine, Afrasiab Mirza and Szabolcs Deak) (CITY/USU) Slice Sampling in Medium/Large Scale DSGE Models: Gallery of Applications (L. Cales, F. Pericoli and Marco Ratto) (JRC) Labor Adjustment at the Zero Lower Bound: Evidence from the OECD (Vivien Lewis, with Maarten Dossche and Andrea Gazzani) (KUL) The Effect of Tax Shocks on Job Creation in New and Established Firms (Branka Markovic, with Andrea Colciago and Vivien Lewis) (KUL) 15:00 15:20 Coffee Break 15:20 16:00 Explaining International Business Cycle Synchronization (Robert Kollmann) (ULB) 16:00 16:40 On the Effect of Debt and Reserve Ratios in the Transmission of Shocks (Joe Pearlman and Afrasiab Mirza) (CITY) 16:40-17:00 Coffee Break 17:00 18:30 Steering Committee (Node Leaders) 5

6 Wednesday, April 5 10:00 10:40 International Expansion and Riskiness of Banks (Ester Faia, with Gianmarco Ottaviano and Irene Sanchez Arjona) (UCSC) 10:40 11:20 Latent Variables and Real-Time Forecasting in DSGE Models with Occasionally Binding Constraints. Can Non-Linearity Improve Our Understanding of the Great Recession? (Marco Ratto, with Massimo Giovannini) (JRC) 11:20 11:45 Coffee Break 11:45 12:45 Keynote Talk: John B. Taylor (Stanford University) Central Bank Models: Lessons from the Past and Ideas for the Future 12:45 14:00 Lunch 14:00 14:40 Countercyclical Macroprudential Policy: Evidence from Emerging Market Economies (Joe Pearlman and Ayah El Said) (CITY) 14:40 15:20 Robust Macro-Prudential and Regulatory Policies (Jorge Quintana, with Michael Binder, Philipp Lieberknecht and Volker Wieland) (GU) 15:20 15:40 Coffee Break 15:40 16:20 Particle Filtering with Dynare (Stephane Adjemian and Frederic Karame) (CEP) 19:00 Conference Dinner (Members of the MACFINROBODS Network) Restaurant Goldmund im Literaturhaus Frankfurt, Schöne Aussicht 2, Frankfurt am Main 6

7 Thursday, April 6 (The ECB and Its Watchers XVIII) (Members of the MACFINROBODS Network) 8:30 8:55 Registration and Coffee 8:55 9:00 Welcome Günter W. Beck (Institute for Monetary and Financial Stability) 9:00 9:30 President s Address Mario Draghi (European Central Bank) 9:30 11:00 Debate #1: Assessment of the Expanded Asset Purchase Programme Chair: Natacha Valla (European Investment Bank) Speakers: Peter Praet (European Central Bank) John B. Taylor (Stanford University) Jan Hatzius (Goldman Sachs) 11:00 11:30 Coffee Break 11:30 13:00 Debate #2: Macroeconomic Adjustment in the Euro Area: The Role of Monetary Policy, Fiscal Policy and Structural Reforms Chair: Michael Haliassos (Goethe University Frankfurt) Speakers: Vitor Gaspar (International Monetary Fund) Christoph Schmidt (German Council of Economic Experts) Marco Buti (European Commission) 13:00 14:00 Lunch 14:00 15:30 Debate #3: International Challenges for Monetary Policy A Need for Coordination? Chair: Hans-Helmut Kotz (Center for Financial Studies) Speakers: Philip Lane (Central Bank of Ireland) Thomas Laubach (Board of Governors of the Federal Reserve System) Hiroshi Nakaso (Bank of Japan) (tbc) 15:30 16:30 Moderated Debate: Do Monetary Policy Frameworks Need to Be Adjusted in a World of (Potentially) Low Natural Real Interest Rates? If So, How? Moderator: Sam Fleming (Financial Times) Participants: John Williams (Federal Reserve Bank of San Francisco) Volker Wieland (Goethe University Frankfurt) 16:30 16:40 Closing Remarks Günter W. Beck (Institute for Monetary and Financial Stability) 7