REPLHA International Conference. Rethinking Economic Policies in a Landscape of Heterogeneous Agents October 2011 Milan - Italy.

Transcription

1 REPLHA International Conference Rethinking Economic Policies in a Landscape of Heterogeneous Agents October 2011 Milan - Italy Programme The POLHIA project is funded by the European Commission Seventh Framework Programme (FP7), Socio-economic Sciences and Humanities

2 REPLHA International Conference Rethinking Economic Policies in a Landscape of Heterogeneous Agents October 2011 Università Cattolica del Sacro Cuore di Milano October 13 th 8.30 Registration 9.00 Welcome address Parallel sessions A-B-C Session A (room: Negri da Oleggio) Heterogeneous Expectations Chair: Pablo Rovira-Kaltwasser Micro- and Macroeconomic Drivers of House Price Dynamics Federica Teppa (De Nederlandsche Bank) Animal spirits, Heterogeneous Expectations and the Duration of Crises Cars Hommes (University of Amsterdam) Waves of Optimism and Pessimism Beatrice Pataracchia (Tilburg University) Estimating Animal Spirits Pablo Rovira-Kaltwasser (Katholieke Universiteit Leuven) Session B (room: Cripta) Fiscal Policy Chair: Konstantinos Angelopoulos Tax Evasion under Market Incompleteness Marco Maffezzoli (Bocconi University) Assessing the New European Stability Pact : A Counterfactual Experiment on Alternative Proposals and their Effects on Growth Francesco Saraceno (Sciences Po) Time Consistent Fiscal Policy under Heterogeneity: Conflicting or Common Interests? Konstantinos Angelopoulos (University of Glasgow) Session C (room: Maria Immacolata) Network I Chair: Celso Brunetti Post-Mortem Examination of the International Financial Network Stefano Schiavo (University of Trento) Bankruptcy cascades in interbank markets Gabriele Tedeschi (Università Politecnica delle Marche) Trading Networks Celso Brunetti (Johns Hopkins University) coffee break

3 Plenary session (room: Pio XI) The Instability of the Banking Sector and Macro-Dynamics: Theory and Empirics Willi Semmler (The New School for Social Research) Lunch Parallel sessions D-E-F-G Session D (room: Cripta) Heterogeneous expectations Chair: Yuri Biondi The ECB s New Multi-Country Model for the Euro Area: NMCM with Boundedly Rational Learning Expectations Alberto Gonzalez Pandiella (European Central Bank) Expectations Consistency, Learning and Inflation Persistence with Heterogeneous Expectations Mei Zhu (University of Amsterdam) Share Price Formation, Market Exuberance and Accounting Design Yuri Biondi (CNRS & CNAM, Ecole Polytechnique) Session E (room: Maria Immacolata) Interaction between Fiscal and Monetary Policies Chair: Giorgio Motta The Effectiveness of public Debt for Demand Management: Sensitivity to Monetary Policy Rules Guido Ascari (University of Pavia) Unpleasant Monetarist Arithmetic and the Sustainability of Public Debt Sergey Pekarski (National Research University, Higher School of Economics) Policy Games with Liquidity Constrained Consumers Alice Albonico (University of Pavia) Optimal Simple Monetary and Fiscal Rules under Limited Asset Market Participation Giorgio Motta (University of Milano-Bicocca) Session F (room: Negri da Oleggio) Heterogeneous Firms and Aggregate Fluctuations Chair: Henning Weber Economic Policies with Endogenous Innovation and Keynesian Demand Management Mauro Napoletano (OFCE, Nice) Aggregate Fluctuations and the Cross-sectional Dynamics of Firm Growth Sean Holly (Cambridge University) Financially Driven Growth and Fluctuations: Does Heterogeneity Matter? Domenico Delli Gatti (Università Cattolica del Sacro Cuore) Optimal Inflation and Firms Productivity Dynamics Henning Weber (Kiel Institute for the World Economy)

4 Session G (room: Pio XI) Open Economy Chair: Eyal Dvir Robust Monetary Policy in the Micro-Founded Two-Country Model of the Currency Union Olga Kuznetsova (National Research University, Higher School of Economics) Strategic Interaction between Fiscal and Monetary Policies in an Export-oriented Economy Sergey Merzlyakov (National Research University, Higher School of Economics) Globalization, Optimal Auctions and Exchange Rate Pass-Through Eyal Dvir (Boston College) coffee break Plenary session (DEFAP/LASER annual lecture 2011) (room: Pio XI) Macroeconomic Policy in a Self-Organizing Economy Peter Howitt (Brown University) Welcome cocktail

5 October 14 th Parallel sessions H-I-J Session H (room: Pio XI) Heterogeneous Information/Expectations Chair: Richhild Moessner A Minsky-Kindleberger Perspective on the Three Forms of Speculative Bubble Crashes and their Role in the Great Recession Barkley Rosser (James Madison University) The Welfare Implications of Costly Information Provision Gianluca Femminis (Università Cattolica del Sacro Cuore) Self-Insurance and Heterogeneous Beliefs in a Bewley Economy Jorg Rieger (University of Essex) How do Inflation Expectations Form? New Insights from a High-Frequency Survey Richhild Moessner (Bank for International Settlements) Session I (room: Cripta) Technological Change Chair: Tania Treibich Stabilization Policies, Technological Diffusion and Economic Growth Herbert Dawid (Bielefeld University) Openness to trade, Convergence in Tastes and Growth Rates Differences in an Evolutionary Model of Structural Change Tommaso Ciarli (Max Planck Institute of Economics) Income Inequality and the Diffusion of Environmental Tehnologies Fabrizio Patriarca (Università La Sapienza, Roma) Heterogeneous Banks and Technical change in an Evolutionary Model of Endogenous Growth and Fluctuations Tania Treibich (Université Nice-Sophia Antipolis) Session J (room: Maria Immacolata) Financial Fragility and Instability Chair: Maja Ferjancic Financial Markets and the Real Economy: A Unified Agent Based Modeling Approach Matthias Lengnick (University of Kiel) Public Bank lending in Crisis Times Alfredo Schclarek (Universidad Nacional de Cordoba) Marking-to-Market Government Guarantees to Financial Systems Theory and Evidence for Europe Umberto Cherubini (Università di Bologna) Propagation of Uncertainty Shocks Maja Ferjancic (Università Cattolica del Sacro Cuore and Bocconi University) coffee break Plenary session (room: Pio XI) A New Keynesian Model with Diverse Beliefs Mordecai Kurz (Stanford University) Lunch

6 Parallel sessions K-L-M Session K (room: Pio XI) Heterogeneous Expectations Chair: Stelios Bekiros Formation of Rationally Heterogeneous Expectations Damjan Pfajfar (Tilburg University) The Impact of Short-Selling Constraints on Financial Market Stability in a Model with Heterogeneous Agents Mikhail Anufriev (University of Amsterdam) Uncertainty in a New Keynesian Model: A Tale of a Technology Shock Giulia Piccillo (Katholieke Universiteit Leuven) Policy-Oriented Macroeconomic Analysis with DSGE and SVAR Models Stelios Bekiros (European University Institute) Session L (room: Cripta) Education/Labour Chair: Giovanni Pica Political Instability, Labour Market Institutions and Unemployment: Theory and Evidence from OECD Countries Claudio Lucifora (Università Cattolica del Sacro Cuore) The Evolution of Wealth Distribution in a Model of Educational Investment with Heterogeneous Agents Marcello D Amato (Università di Salerno) Federalism, Education-Related Public Good and Growth when Agents are Heterogeneous Riccarda Longaretti (University of Milano-Bicocca) Who pays for it? The Heterogeneous Wage Effects of Employment Protection Legislation Giovanni Pica (Univerità di Salerno) Session M (room: Maria Immacolata) Networks II Chair: Georg Co-Pierre Random Digraphs with given Expected Degree Sequences: A Model for Economic Networks Leonardo Bargigli (Università Politecnica delle Marche) Leveraged Network-Based Financial Accelerator Luca Riccetti (Università Politecnica delle Marche) The Effect of the Interbank Network Structure on Contagion and Financial Stability Georg Co-Pierre (Friedrich-Schiller Universitat, Jena) coffee break Plenary session (room: Pio XI) New Metric for the Economic Complexity of Countries and Products Luciano Pietronero (ISC- CNR and Università La Sapienza, Roma) Social dinner

7 October 15 th Parallel sessions N-O-P Session N (room: Pio XI) Financial Factors and the Real Economy Chair: Luisa Lambertini Corporate Finance and Business Cycle Fluctuations Fiorella De Fiore (European Central Bank) Stabilizing an Unstable Economy: Fiscal and Monetary Policies under Heterogeneous Expectation Formation Peter Flaschel (Bielefeld University) Interactions between the Real Economy and the Stock Market Frank Westerhoff (University of Bamberg) Leaning Against Boom-Bust Cycles in Credit and Housing Prices Luisa Lambertini (EPFL) Session O (room: Leone XIII) Technological Change Chair: Massimo Ricottilli Product Variety and Economic Growth: Trade off between Supply and Demand Dynamics Tommaso Ciarli (Max Planck Institute of Economics) Temporary Job Protection and Productivity Growth in EU Economies Andrea Ricci (Università La Sapienza, Roma) Innovation through Local Iteraction, Imitation and Investment Waves Massimo Ricottilli (Università di Bologna) Session P (room: San Paolo) Heterogeneous Expectations, Learning and Economic Policies Chair: Vincenzo Valori Heterogeneity and Learning with Complete Markets Sergio Santoro (Bank of Italy) Monetary Policy, Credit Spreads and Near-Rational Bubbles in a DSGE Model Roberta Cardani (Università di Parma) Heterogenous Public and Policy Maker s Expectations, Learning Dynamics and Macroeconomic Fluctuations Fabio Milani (University of California, Irvine) Heterogeneity and Forecast Interactions in an Inflation Targeting Monetary Model Vincenzo Valori (Università di Firenze) coffee break Plenary session (room: Pio XI) Macroeconomic Model Comparison and Robust Policy Volker Wieland (Goethe University) Lunch

8 Round table (room: Pio XI) Economic POLHIcies during and after the Crisis Jean Paul Fitoussi (Sciences Po) Martin Summer (Oesterreichische National Bank) Wilko Bolt (De Nederlandsche Bank) Michel Juillard (Banque de France and CEPREMAP) Domenico Delli Gatti (Università Cattolica del Sacro Cuore) Concluding remarks

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