3rd Macro Banking and Finance Workshop
Pavia, 10 - 11 September 2015
Dipartimento di Scienze Economiche e Aziendali
Via San Felice 5, Pavia
Thursday, 10 September
14:00 - 15:40
Parallel Session 1 – Room: Sala Lettura
Economic Policy and Business Cycle Dynamics
Does Interbank Market Matter for Business Cycle Fluctuation? An Estimated DSGE Model
with Financial Frictions for the Euro Area
Federico Giri (Università Politecnica delle Marche)
Productivity shocks, capital intensities, and bank interest
Enzo Dia (Università degli Studi di Milano Bicocca), Lorenzo Menna (Università degli Studi di Milano
Bicocca)
Business cycle dynamics and macroprudential policy through the lens of the Aino model
Fabio Verona (Bank of Finland), Juha Kilponen (Bank of Finland), Seppo Orjasniemi (Bank of Finland), Antti
Ripatti (University of Helsinki)
Debt-financed fiscal policies and the dynamics of the household borrowing constraint
Valerio Ercolani (Bank of Portugal), António Antunes (Bank of Portugal)
Parallel Session 2 – Room: Sala del Consiglio
Monetary Policy – Theory
The Interaction between Monetary and Macroprudential Policy
Sebastian Krug (Kiel University)
Monetary Policy with Ambiguity Averse Agents
Riccardo Masolo (Bank of England), Francesca Monti (Bank of England)
Optimal Monetary Policy for a Pessimistic Central Bank
Paolo Vitale (University of Pescara)
15:40 - 16:15
Coffee Break
16:15 - 17:15
Keynote Speaker: Lucio Sarno (Cass Business School)
Currency Premia and Global Imbalances
17:15 - 18:30
Parallel Session 1 – Room: Sala Lettura
Finance
Optimal stake acquisition: explaining heterogeneity in ownership share transactions
Raffaele Corvino (Cass Business School)
Bankruptcy reforms in the presence of labour contracts rigidities
Alessandro Peri (Universidad Carlos III de Madrid)
Ownership and tax arbitrage
Luca Regis (Institute for Advanced Studies Lucca), Giovanna Nicodano (Università di Torino)
Parallel Session 2 – Room: Sala del Consiglio
Systemic Risk
Debt-Overhang Banking Crises: Detecting and Preventing Systemic Risk
Filippo Occhino (Federal Reserve Bank of Cleveland)
Systemic Risk and Economic Growth
Ettore Panetti (Bank of Portugal)
Sovereign Risk and Bank Risk-Taking
Anil Ari (University of Cambridge)
20:00
Social Dinner
Friday, 11 September
09:00 - 10:00
Keynote Speaker: Stefano Neri (Bank of Italy)
Financial Intermediation, Monetary and Macroprudential Policies
10:00 - 11:15
Parallel Session 1 – Room: Sala Lettura
Banking and Finance
Derivatives and Risk Management by Commercial Banks
Guillaume Vuillemey (Sciences Po)
Distressed Banks Recovery, Resolution, and the Optimal Transparency in a Crisis
Fabrizio Spargoli (Erasmus University)
Bank Regulation in a Complex Environment
Gerd Weinrich (Catholic University of Milan), Carsten Nielsen (Catholic University of Milan)
Parallel Session 2 – Room: Sala del Consiglio
Monetary Policy – Empirics
Dynamic Models for Monetary Transmission
Laura Parisi (University of Pavia)
How Monetary Policy Changes Bank Liability Structure and Funding Cost
Mattia Girotti (Banque de France)
Lending Standards, Credit Booms, and Monetary Policy
Elena Afanasyeva (Goethe University Frankfurt), Jochen Güntner (Johannes Kepler University Linz)
11:15 - 11:45
Coffee Break
11:45 - 13:00
Parallel Session 1 – Room: Sala Lettura
Sovereign Debt
Liquidity, Government Bonds and Sovereign Debt Crises
Francesco Molteni (University of Paris 1)
Bank Lending and the European Sovereign Debt Crisis
Filippo De Marco (Bocconi University)
European Capital Flows. Sovereign Default, Intermediation and Trade
Sergio de Ferra (London School of Economics)
Parallel Session 2 – Room: Sala del Consiglio
Development / International Economics
The regime-dependent nature of twin deficits: Long-run relation and Short-run dynamics
across Boom and Busts
Giulia Ghiani (Politecnico di Milano), Anna Florio (Politecnico di Milano)
A model-based analysis of the world input-output network
Jakob Grazzini (Catholic University of Milan), Alessandro Spelta (Catholic University of Milan)
Potential Output and Fiscal Rules in a Monetary Union under Asymmetric Information
Luigi Marattin (University of Bologna), Simone Meraglia (University of Exeter)
13:00 - 14:20
Lunch
14:20 - 15:20
Keynote Speaker: Elena Carletti (Bocconi University)
Supervisory Incentives in a Banking Union
15:20 - 17:00
Parallel Session 1 – Room: Sala Lettura
Banking
Banks Interconnectivity and Leverage
Laura Moretti (Central Bank of Ireland), Alessandro Barattieri (Université du Québec à Montréal), Vincenzo
Quadrini (University of Southern California)
The Long Journey of Bank Competition: New Evidence on Italy from 1890 to 2014
Francesco Vercelli (Bank of Italy), Riccardo De Bonis (Bank of Italy), Giuseppe Marinelli (Bank of Italy)
Financial Intermediation, Resource Allocation, and Macroeconomic Interdependence
Galip Kemal Ozhan (University of Washington)
Parallel Session 2 – Room: Sala del Consiglio
Empirical Macroeconomics
The existence and persistence of liquidity effects: evidence from a large-scale historical
natural experiment
Nuno Palma (European University Institute and University of Groningen)
Estimating the Real Effects of Uncertainty Shocks at the Zero Lower Bound
Giovanni Pellegrino (University of Verona), Efrem Castelnuovo (University of Melbourne and University of
Padova), Giovanni Caggiano (University of Padova)
Identifying Noise Shocks: a VAR with Data Revisions
Alessia Paccagnini (University of Milano-Bicocca), Riccardo M. Masolo (Bank of England)
The quantity of corporate credit rationing with matched bank-firm data
Andrea Nobili (Bank of Italy), Lorenzo Burlon (Bank of Italy), Davide Fantino (Bank of Italy), Gabriele Sene
(Bank of Italy)