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Memòria 2005

Report 2005

Ramon Trias Fargas, 25-27 - 08005 BarcelonaTel: (34) 93 542 24 98 - Fax: (34) 93 542 18 [email protected]

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Index1. Introducció / Introduction 3

2. Organització / Organization 5

3. Investigadors: informe de publicacions i activitatsResearchers: Publications and Activities Report 9

4. Investigadors visitants: informe de publicacions i activitatsVisiting Researchers: Publications and Activities Report 19

5. Investigadors associats: informe de publicacions i activitatsResearch Associates: Publications and Activities Report 25

6. Projectes de recerca i publicacionsResearch Projects and Publications 37

7. Beques i finançament extern / Grants and External Funding 39

8. Conferències / Conferences 43

9. Seminaris / Seminars 47

10. Escola d’estiu / Summer School 49

Appendixes 51

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1. IntroduccióEl Centre de Recerca en EconomiaInternacional (CREI) és un institut de recercapatrocinat per la Generalitat de Catalunya i laUniversitat Pompeu Fabra (UPF). La seva seués al campus principal de la UPF, a Barcelona.Les activitats de recerca del CREI es centrenen l’economia internacional i lamacroeconomia, enteses en un sentit ampli(és a dir, incloent-hi creixement econòmic,cicles econòmics, economia monetària,macroeconomia, comerç i financesinternacionals, geografia econòmica, etc.).Atès el seu origen, localització i esperit, el CREIemfatitza la dimensió europea d’aquests campsd’estudi.

1. IntroductionThe Centre de Recerca en EconomiaInternacional (CREI) is a research institutesponsored by the Generalitat de Catalunyaand Universitat Pompeu Fabra (UPF). It islocated on the main UPF campus inBarcelona. Our research activities focus oninternational economics andmacroeconomics, understood in a broadsense (i.e. encompassing growth, businesscycles, monetary economics,macroeconometrics, economic geography,etc.). Given our origin, location and spirit, weseek to emphasize the European dimensionsof these fields of study.

4 Memòria/Report2005

L’objectiu del CREI és promoure recercad’acord amb els estàndards acadèmics mésalts. També pretén ser un focus de divulgacióde noves idees que es manté constantmenten contacte amb aquesta dimensió de recerca.El CREI té molt a prop el Departamentd’Economia i Empresa de la UPF, amb el qualcol·labora en moltes activitats de recerca idocència. En general, el CREI vol contribuir ala promoció de la recerca d’alta qualitat eneconomia a Catalunya i Europa.

La missió final del CREI és contribuir a unamillor comprensió del funcionament del’economia en la societat contemporània.Aquesta comprensió, basada en l’estudirigorós, és necessària per tal d’assolir unamillora en el disseny de polítiques i institucionsque permetin augmentar el creixementeconòmic i, en últim terme, el benestar delsciutadans d’arreu del món.

Aquesta memòria dóna una visió global de lesactivitats organitzades i esponsoritzades pelCREI durant l’any 2005. A la nostra pàginaweb http://www.crei.cat es pot trobarinformació de les activitats passades així comde les més recents, juntament amb una llistaactualitzada dels propers seminaris iconferències.

CREI’s objective is to promote researchsubject to the highest standards of academicscholarship. Always in connection with thatresearch dimension, we also want to be asource for the dissemination of new ideas.We are fortunate to be close to theDepartment of Economics and Business atUPF, with which we collaborate in manyresearch and teaching activities. Moregenerally, we want to contribute to thepromotion of high quality economic researchin Catalonia and in Europe, as a whole.

CREI’s ultimate mission is to contribute to abetter understanding of the economic forcesthat shape modern societies. Such anunderstanding, based on rigorous study, isnecessary in order to improve the design ofpolicies and institutions, with the aim ofpromoting economic growth and raising thewelfare of our fellow world citizens.

The present report gives an overview of theactivities organized or sponsored by CREIduring 2005. Information on both earlier andmore recent activities, together with links toworking papers and a schedule of forthcomingseminars and conferences, can be found onour web page http://www.crei.cat

2. Organització

El CREI és una institució sense ànim de lucre,creada mitjançant el decret 279/1994 del 4de novembre del 1994 de la Generalitat deCatalunya. El seu màxim òrgan de govern ésla Generalitat de Catalunya i la UniversitatPompeu Fabra.

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2. Organization

CREI is a non-profit institution, created bydecree 279/1994 of November 4th, 1994 ofthe Generalitat de Catalunya. Its highest bodyis a Governing Board appointed by theGeneralitat de Catalunya and the UniversitatPompeu Fabra.

Consell Rector/Governing Board

· President:Carles Solà, conseller del Departament d’Universitats, Recerca i Societatde la Informació (DURSI) de la Generalitat de Catalunya

· Sotspresident/Vice-presidentJosep Joan Moreso, rector de la Universitat Pompeu Fabra

· Vocals/Members:Marta Aymerich, directora de la Comissió Interdepartamental de Recerca iInnovació Tecnològica (CIRIT), Generalitat de Catalunya

Xavier Vendrell, secretari general del conseller primer, Generalitat deCatalunya

Ricard Boix, gerent, Universitat Pompeu Fabra

Teresa Garcia-Milà, catedràtica, Departament d’Economia i Empresa,Universitat Pompeu Fabra

Mª Antònia Monés, directora general de Programació Econòmica,Departament d’Economia i Finances, Generalitat de Catalunya

Daniel Serra, vicerector d’Economia i Promoció, Universitat Pompeu Fabra

Comité Científic Assessor/Scientific Advisory Board

El Comitè Científic Assessor està format pels membres següents / The ScientificAdvisory Board’s composition is as follows:

Alberto Alesina Harvard UniversityPhilippe Bacchetta Studienzentrum GerzenseeDavid Backus New York UniversityRobert Barro Harvard UniversityRoland Bénabou Princeton UniversityGiuseppe Bertola Università di TorinoOlivier Blanchard MITRicardo Caballero MITGuillermo Calvo University of MarylandJean-Pierre Danthine Université de LausanneGuillermo de la Dehesa CEPR, LondonMathias Dewatripont ECARES, Université Libre de BruxellesAllan Drazen Tel Aviv UniversityBarry J. Eichengreen University of California, BerkeleyJeffrey Frankel Harvard UniversityFrancesco Giavazzi IGIER, Università Bocconi, MilanoJordi Gual La Caixa d’Estalvis i Pensions de BarcelonaElhanan Helpman Tel Aviv UniversitySeppo Honkapohja Cambridge UniversityDale Jorgenson Harvard UniversityPer Krusell Princeton UniversityMarco Pagano Università di NapoliRoberto Perotti IGIER, Università Bocconi, MilanoTorsten Persson IIES, Stockholm UniversityRichard Portes CEPR, LondonDanny Quah London School of EconomicsRafael Repullo CEMFI, MadridKenneth Rogoff Harvard UniversityAndrew Rose University of California, BerkeleyJulio Rotemberg Harvard UniversityThomas Sargent New York UniversityJames Stock Harvard UniversityLars Svensson Princeton UniversityGuido Tabellini IGIER, Università Bocconi, MilanoJean Tirole IDEI, Université de ToulouseHarald Uhlig Humboldt University, BerlinJosé Viñals Banco de EspañaXavier Vives INSEAD, FrancePhilippe Weil ECARES, Université Libre de BruxellesCharles Wyplosz GIIS, Université de Genève


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• DirectorEl director del CREI és Jordi Galí (PhD, MIT), que és tambécatedràtic del Departament d’Economia i Empresa de la UPF.(Jordi Galí està visitant al MIT durant el curs acadèmic 2005-2006.L’investigador sènior Jaume Ventura és el director en funcionsdurant aquest període).The Director of CREI is Jordi Galí (PhD, MIT), who is also aProfessor at UPF’s Department of Economics and Business. (Onleave at MIT for the academic year 2005-2006. Acting DirectorJaume Ventura).

• Administració/SecretariatAnna Ricart, gerent / Business ManagerAnna Cano, secretària administrativa / Administrative AssistantÀngels Esterri, secretària administrativa / Administrative AssistantAnna Ventura, secretària administrativa / Administrative Assistant

Fernando BronerPhD, MITInvestigador Júnior / Junior Researcher

Articles publicats o acceptats per a publicació el 2005 / Articles publishedor accepted for publication in 2005

“Determining underlying macroeconomic fundamentals during emerging marketcrises: Are conditions as bad as they seem?” (with M. Aguiar), Journal of MonetaryEconomics, forthcoming

“When in peril, retrench: testing the portfolio channel of contagion,” (with G.Gelos, and C. Reinhart), Journal of International Economics, forthcoming (NBERWorking Paper No. 10941)

“Why are capital flows so much more volatile in emerging than in developedcountries?” (with R. Rigobon), External Financial Vulnerability and PreventivePolicies, Eight Annual Conference of the Central Bank of Chile, forthcoming

Documents de treball / Working papers

“Why do emerging economies borrow short term?” (with G. Lorenzoni, and S.Schmukler)

“Discrete devaluations and multiple equilibria in a first generation model ofcurrency crises”

“Globalization and Risk Sharing” (with J. Ventura)

Presentacions a seminaris / Seminar presentations

· Universidad de San Andrés, Buenos Aires· Bank of Portugal· International Monetary Fund· Universitat Pompeu Fabra· CREI

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3. Investigadors: informe de publicacions i activitats

3. Researchers: Publications and Activities Report


Conferències / Conferences

· CEPR (RTN) Meeting on Analysis of International Capital Markets, London,January, Speaker

· NBER International Finance and Macroeconomics, Summer Institute, Boston,July, Speaker

Altres activitats professionals / Other professional activities

Afiliacions professionals / Professional affiliations· Department of Economics and Business, Universitat Pompeu Fabra, Adjunct

Professor· International Monetary Fund, Visiting Scholar (March)· Centre for Economic Policy Research (CEPR), London, Research Fellow

Activitats editorials / Editorial activities· Journal of International Economics, Associate Editor

Beques i premis / Grants and awards

· Ministerio de Educación y Ciencia, Ramon y Cajal Fellowship (2005-2010)· Generalitat de Catalunya Grant for visiting professors and researchers (2004-

2005)

Jordi GalíPhD, MITDirector i Investigador Sènior / Director and Senior Researcher


“Markups, gaps, and the welfare costs of economic fluctuations”, (with M.Gertler and J.D. López Salido), Review of Economics and Statistics, forthcoming

“Modern perspectives on fiscal stabilization policies”, CESifo Economic Studies,vol. 51, no. 4, 2005, 587-599

“Robustness of the estimates of the hybrid new Keynesian Phillips curve”, (withM. Gertler and J.D. López-Salido), Journal of Monetary Economics, vol. 52,Issue 6 (September 2005), 1107-1118

“Monetary policy and exchange rate volatility in a small open economy” (withT. Monacelli), Review of Economic Studies, vol. 72, no. 3 (July 2005), 707-734

“New evidence on inflation persistence and price stickiness in the euro area:Implications for macro modeling”, (with I. Angeloni, L. Aucremanne, M. Ehrmann,A. Levin, and F. Smets), Journal of the European Economic Association (Papersand proceedings), forthcoming

“Trends in hours, balanced growth, and the role of technology in the businesscycle”, Federal Reserve Bank of St. Louis Review, vol. 87, no. 4 (July-August2005), 459-486


“Real wage rigidities and the new Keynesian model,” (with O. J. Blanchard)

“Optimal fiscal and monetary policy in a currency union,” (with T. Monacelli)

“Understanding the effects of government spending on consumption,” (with J.D. López-Salido and J. Vallés)

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· Princeton University· Federal Reserve Bank of New York· New York University· Harvard University· Boston College· Boston University· Federal Reserve Board· Federal Reserve Bank of Boston· Oslo University· Bank of Norway· Bank of England


· 9th World Congress of the Econometric Society, London, August, Invitedlecture

· Federal Reserve Board/JMCB Conference on “Quantitative Evidence of PriceDetermination,” Washington D.C., September, Speaker

· NBER Summer Institute, Cambridge, July, Speaker· CEPR-LBS RTN Conference on “Macroeconomic Policy Design for Monetary

Unions”, London, March, Speaker

· FRB/IMF/ECB Conference on “DSGE Modeling at Policymaking Institutions:Progress and Prospects, Washington, D.C., December, Discussant

· NBER Economic Fluctuations and Growth Meeting, Cambridge, July,Discussant

· CREI Conference on “Macroeconomics and Reality, 25 Years Later”,Barcelona, April, Discussant

· ECB-FRB International Monetary Policy Forum, Frankfurt, May, Discussant


Afiliacions professionals / Professional affiliations· Department of Economics, MIT, Visiting Professor· Department of Economics and Business, Universitat Pompeu Fabra, Professor

(part-time)· Centre for Economic Policy Research (CEPR), London, International

Macroeconomics Programme, Co-Director· National Bureau of Economic Research (NBER), Economic Fluctuations and

Growth Program, Research Associate· Econometric Society, Fellow· Council of the European Economic Association, Elected Member


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· CEPR Euro Area Business Cycle Dating Committee, Member· Kiel Institute for World Economics, International Research Fellow· European Central Bank, “Inflation Persistence Network”, Consultant· Banco de España, Visiting Scholar

Activitats editorials / Editorial activities· Journal of the European Economic Association, Co-Editor· International Journal of Central Banking, Associate Editor· Review of Economic Dynamics, Associate Editor

Altres / Other· 9th World Congress of the Econometric Society, London, August, ProgramCommittee

· CEPR European Summer Symposium in International Macroeconomics, Limassol(Cyprus), May, Co-Organizer

· CEPR-LBS RTN Conference on “Macroeconomic Policy Design for MonetaryUnions”, London, March, Co-Organizer


· Yrjö Jahnsson Award in Economics· Ministerio de Ciencia y Tecnología Grant (SEC 2002-03816), 2003-2005· European Commission RTN Grant (RTN-2001-00505), 2002-2005· Ministerio de Educación y Ciencia Grant (SEJ 2005-01124), 2005-2008· Generalitat de Catalunya, DURSI Grant (2005SGR-00490), 2005-2009


Gino GanciaPhD, IIES Stockholm UniversityInvestigador Júnior / Junior Researcher

Articles publicats o acceptats per a publicació el 2005 / Articles published oraccepted for publication in 2005

“Increasing returns, imperfect competition and factor prices” (with P. Epifani), Reviewof Economics and Statistics, forthcoming

“Trade, migration and regional unemployment”, (with P. Epifani), Regional Scienceand Urban Economics, vol. 35, 2005, 625-644

“Horizontal innovation in the theory of growth and development” (with F. Zilibotti),in Handbook of Economic Growth, P. Aghion and S. Durlauf (eds.), Elsevier 2005


“The skill bias of world trade” (with P. Epifani)

“Globalization, divergence and stagnation”

“On globalization and the growth of governments” (with P. Epifani)


· London School of Economics· European University Institute


· Third Annual Conference of “The Euro-Latin Network on Integration and Trade”,Kiel, October, Speaker

· IDEI-CEPR Third bi-annual conference on “The Economics of Software and InternetIndustries”, Toulouse, January, Discussant

· IADB Third Annual Conference of “The Euro-Latin Study Network on Integrationand Trade”, Kiel, October, Discussant


Afiliacions professionals / Professional affiliations· Department of Economics and Business, Universitat Pompeu Fabra, Adjunct Professor

Altres / Other· CREI Macroeconomics Seminar, Organizer


· Ministerio de Ciencia y Tecnología Grant, (SEC 2002-03816), 2002-2005· Ministerio de Educación y Ciencia Grant (SEJ 2005-01126), 2005-2008· Generalitat de Catalunya, DURSI Grant (2005SGR-00490), 2005-2009

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Alberto MartínPhD, Columbia UniversityInvestigador Júnior / Junior Researcher


“Endogenous credit cycles and financial dampening in an adverse selectioneconomy”

“Antidumping: Cooperation enhancing retaliation?” (with W. Vergote)


· University of California, San Diego· University of Iowa· University of Western Ontario· CREI· Universitat Pompeu Fabra· JFK School of Public Policy, Harvard University


· First Annual CARESS-Cowles Conference on “General Equilibrium and itsApplications”, Cowles Foundation, Yale University, New Haven, April, Speaker



Professor


· Ministerio de Educación y Ciencia Grant (SEJ 2005-01126), 2005-2008· Generalitat de Catalunya, DURSI Grant (2005SGR-00490), 2005-2009


Thijs van RensPhD, Princeton UniversityInvestigador Júnior / Junior Researcher


“Organizational capital and employment fluctuations”

“Education, growth and income inequality” (with C. Teulings)


· University of Western Ontario· University of Illinois, Urbana-Champaign· Brown University· Université de Montreal· UQAM, Montreal· Florida State University· Università Bocconi· European Central Bank· Erasmus University· University of Oslo· Sabanci University· Koç University· Federal Reserve Bank of San Francisco· Universitat Pompeu Fabra


· 20th Annual Congress of the European Economic Association, Amsterdam,August, Speaker

· Annual Meeting of the Society for Economic Dynamics, Budapest, June, Speaker



Professor


· Ministerio de Educación y Ciencia Grant (SEJ 2005-01124), 2005-2008· Generalitat de Catalunya, DURSI Grant (2005SGR-00490), 2005-2009

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Jaume VenturaPhD, Harvard UniversityInvestigador Sènior / Senior Researcher


“Country portfolios”, (with A. Kraay, N. Loayza and L. Serven), Journal of theEuropean Economic Association, vol. 3, no. 4, 2005, 914-945

“A global view of economic growth”, in Handbook of Economic Growth, P. Aghionand S. Durlauf (eds.), Elsevier 2005


“Globalization and risk sharing” (with F. Broner)

“The Dot-Com bubble, the Bush deficits, and the US current account” (with A.Kraay), NBER Working Paper 11543, 2005


· Fondation Banque de France· Universitat Pompeu Fabra


· CEPR (RTN) Meeting on “Analysis of International Capital Markets”, London,January, Speaker

· IADB (Inter-American Development Bank) Conference on “Regional Integrationand Trade: Issues for Latin America”, Santiago de Chile, May, Speaker

· CEPR European Summer Symposium in International Macroeconomics,Limassol (Cyprus), May, Speaker

· EUI/Northwestern University Conference on “Inflation, Interest Rates andRelative Prices”, Florence, June, Speaker

· NBER Conference on “G-7 Current Account Imbalance: Sustainability andAdjustment”, Newport (USA), June, Speaker

· IADB Third Annual Conference of “The Euro-Latin Study Network on Integrationand Trade”, Kiel, October, Speaker

· “El Consenso de Barcelona y la Agenda del Desarrollo en América Latina”CIDOB, (Centro de Investigación, Docencia, Documentación y Divulgación deRelaciones Internacionales y Desarrollo), Salamanca, October, Speaker

· CEPR-Bank of Portugal Conference on “Exchange Rates and Currencies”,Lisbon, December, Speaker

· Banque de France Conference, Paris, February, Discussant· The World Bank-CREI Conference on “R&D and Innovation in the Development

Process. A New Look at Theory, Evidence and Policies”, Barcelona, June,Discussant



Professor· Centre for Economic Policy Research (CEPR), London, International

Macroeconomics Programme, Co-Director and Research Associate· European Economic Association, Council Member· Fondation Banque de France, Scientific Committee Member· Brussels European and Global Economic Laboratory (BRUEGEL), Project Advisor

and Member of the Scientific Board· National Bureau of Economic Research (NBER), Economic Fluctuation and

Growth Program, Faculty Research Fellow· American Economic Association, Member· The World Bank, Consultant· Inter-American Development Bank, Consultant

Activitats editorials / Editorial activities· The Economic Journal, Editor· Royal Economic Society, Editor· Moneda y Crédito, Associate Editor· Journal of the European Economic Association, Associate Editor· Review of Economic Studies, Associate Editor· Bepress Journals, Associate Editor· Economic Policy Panel, Member

Altres / Other· International Breakfast Seminar, Organizer


· Ministerio de Ciencia y Tecnología Grant, (SEC-2002-03816), 2002-2005· Ministerio de Educación y Ciencia Grant (SEJ-2005-01126), 2005-2008· Generalitat de Catalunya, DURSI Grant (2005SGR-00490), 2005-2009


Philippe BacchettaPhD, Harvard UniversityInvestigador Visitant / Visiting Researcher


“Can information heterogeneity explain the exchange rate determination puzzle?”(with E. van Wincoop), American Economic Review, forthcoming

“A theory of the currency denomination of International Trade” (with E. vanWincoop), Journal of International Economics, vol. 67, 295-319


“Rational inattention: A solution to the forward discount puzzle”, (with E. vanWincoop), NBER Working Paper 11633, 2005

“Higher order expectations in asset pricing”, (with E. van Wincoop)

“Productivity growth and the exchange rate regime: The role of financialdevelopment”, (with Ph. Aghion, R. Rancière, and K. Rogoff)

“Predictability in financial markets: What do survey expectations tell us?” (withE. Mertens and E. van Wincoop)


· Humboldt University· European University Institute· Paris Sciences Economics· University of St. Gallen· ETH, Zurich· Université de Lausanne· Universitat Pompeu Fabra

4. Investigadors visitants: informede publicacionsi activitats

4. Visiting Researchers:Publications and Activities Report

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· CEPR International Macroeconomics workshop, London, January, Speaker· Society for Economic Dynamics Meeting, Philadelphia, January, Speaker· 2nd Swiss National Bank/National Bank of Poland seminar on “Exchange Rate

Regimes and Monetary Policy”, Zurich, May, Speaker· CEPR European Summer Symposium in International Macroeconomics, Limassol

(Cyprus), May, Speaker· Workshop on “Beauty Contests in Economics and Finance”, Cambridge, May,

Speaker· EUI/Northwestern University Conference on “Inflation, Interest Rates and Relative

Prices”, Florence, June, Speaker· Central Bank of Hungary Conference, Budapest, September, Speaker· European Central Bank Conference on “Exchange Rates”, Frankfurt, November,

Speaker

· International Research Forum on Monetary Policy, Frankfurt, May, Discussant


Afiliacions professionals / Professional affiliations· Study Center Gerzensee, Director· Université de Lausanne, Professor· Centre for Economic Policy Research (CEPR), Londres, Research Fellow

Activitats editorials / Editorial activities· Journal of the European Economic Association, Associate Editor· Economie Internationale, Associate Editor· Moneda y Crédito, Associate Editor

Altres / Others· CEPR - Macroeconomics of Global Interdependence group, Member of

Steering Committee


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Alessandra BonfiglioliPhD, IIES, Stockholm UniversityInvestigadora Visitant / Visiting Researcher


“Explaining co-movements between stock markets: The case of US and Germany,”(with C. Favero), Journal of International Money and Finance, vol. 24, no. 8,1299-1316


“Equities and inequality”

“How does financial liberalization affect economic growth?”


· Banco de España· Stockholm Institute for Financial Research· St. Andrews University· Tinbergen Institute, University of Amsterdam· European Central Bank· University of Leicester· Universidad Carlos III de Madrid· Universitat Autònoma de Barcelona· CREI


Afiliacions professionals / Professional affiliationsDepartment of Economics and Business, Universitat Pompeu Fabra, VisitingProfessor


· Jan Wallander’s Foundation Scholarship (2003-2005)

Digo PugaPhD, LSEInvestigador Visitant / Visiting Researcher


“Causes of sprawl: A portrait from space” (with M. Burchfield, H. G. Overman,and M. A. Turner), Quarterly Journal of Economics, forthcoming

“From sectoral to functional urban specialisation” (with G. Duranton), Journalof Urban Economics, vol 57, no 2, March, 343-370


“Wake up and smell the ginseng: The rise of incremental innovation in low-wagecountries” (with D. Trefler), NBER Working Paper No. 11571, August


· CORE, Université Catholique de Louvain· Col·legi d’Economistes de Catalunya· GREQAM Marseille· CREI· Universidade de Vigo· Università Bocconi


· 2005 John Kain Memorial Lecture, Kennedy School of Government, HarvardUniversity, Cambridge, March, Invited Speaker

· Revista de Economía Aplicada Opening Lecture, Encuentros de EconomíaAplicada, Murcia, June, Invited Speaker

· Foro Diario La Región, Orense, October, Invited Speaker· Consejo Económico y Social de Aragón, Zaragoza, October, Invited Speaker

· CEPR Workshop on “Globalisation and Contracts: Trade, Finance andDevelopment”, Paris, April, Speaker

· CEPR Workshop on “The Long Run Growth and Development of the WorldEconomy: Measurement and Theory”, Venice, April, Speaker

· NBER International Trade and Investment Program Meeting, Cambridge, USA,April, Speaker

· CEPR Workshop on “Agglomeration Economies and Regional Growth”, Cagliari,May, Speaker


· CIAR, Economic Growth Program Meeting, Montreal, October 2005, Speaker· Conference on “The Role of Open Space and Green Amenities in the Residential

Move from Cities”, Dijon, December, Speaker· NBER International Trade and Investment Program Meeting, Palo Alto, USA,

December, Speaker


Afiliacions professionals / Professional affiliations· Department of Economics, University of Toronto, Associate Professor· Canadian Institute for Advanced Research (CIAR), Research Associate· CREA, Department of Economics and Business, Universitat Pompeu Fabra,

Visiting Professor· Centre for Economic Policy Research (CEPR), London, Research Fellow· National Bureau of Economic Research (NBER), Faculty Research Fellow

Activitats editorials / Editorial activities· Journal of Economic Geography, Editor· Journal of the European Economic Association, Associate Editor· Journal of Regional Science, Associate Editor


· Ministerio de Ciencia y Tecnología Grant, (SEC 2002-03816), 2004-2005· Social Sciences and Humanities Research Council of Canada Research Grant,

2005-2008· Generalitat de Catalunya, DURSI Grant (2005SGR-00926), 2005-2009· Geoffrey J. D. Hewings Award 2005 (Awarded by the North American Regional

Science Council)

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Fabio Canova PhD, University of MinnesotaInvestigador Associat / Research Associate


“The transmission of US shocks to Latin America”, Journal of AppliedEconometrics, vol. 20, no 2, 229-251

“Price differentials in monetary unions: The role of fiscal policy” (with E. Pappa),The Economic Journal, forthcoming

“Similarities and convergence of G-7 cycles” (with M. Ciccarelli and E. Ortega),Journal of Monetary Economics, forthcoming

“Does it cost to be virtuous? The macroeconomic effects of fiscal constraints”(with E. Pappa), NBER International Macro Annual 2005, forthcoming

“On the elusive costs and the immaterial gains of fiscal restrictions” (wih E.Pappa), Journal of Public Economics, forthcoming

“G-7 inflation forecasts”, Macroeconomic Dynamics, forthcoming

“Monetary policy in the euro area: Lessons from 5 years of ECB and implicationsfor Turkey” (with C. Favero), in Turkey and the EU: Facts and prospects, J.VonHagen (ed.), forthcoming


“Structural changes in the US economy: Bad luck or bad policy” (with L. Gambetti)

“Monetary policy and the evolution of the US economy: 1948-2002”

“The structural dynamics of US output and inflation: What explains the changes?”(with E. Pappa and L. Gambetti)

“Back to square one: Identification issues in DGSE models” (with L. Sala)

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5. Investigadors associats: informe de publicacions i activitats

5. Research Associates:Publications and Activities Report



· Bank of England· University of Southampton· National Bank of Belgium· European Central Bank· University of Athens· Università Bocconi· HEC, Génève· Swiss National Bank


· Turkey and the EU, Ankara, May, Invited Speaker

· CREI Conference on “Macroeconomics and Reality, 25 Years Later”, Barcelona,April, Speaker

· CEPR European Summer Symposium in International Macroeconomics, Limassol(Cyprus), May, Speaker

· 36th Konstanz Seminar in Monetary Economics, Konstanz, May, Speaker· Banque de France Workshop on “Monetary Models and Aggregate Dynamics”,

Paris, June, Speaker

· First Meeting of the Applied Macroeconomics Network (AMeN), Barcelona,November, Discussant


Afiliacions professionals / Professional affiliations· Catalan Institute for Advanced Research (ICREA) Research Professor· Department of Economics and Business, Universitat Pompeu Fabra, Professor· IGIER, Università Bocconi, Research Professor· Centre for Economic Policy Research (CEPR), London, Research Fellow

Altres / Other· Bank of Spain, Consultant· Bank of Italy, Consultant· World Congress of ICE, Morocco, July, Program Committee· Annual Meeting ICEEE, Venice, January, Program Committee· Third Workshop on “Dynamic Macroeconomics”, Hydra, June, Member of the

Advisory Committee· CEPR Euro Area Business Cycle Dating Committee, Member· Euro Area Business Cycle Network, Scientific Advisory Board· Applied Macroeconomics Network, Scientific Board· CREI Conference on “Macroeconomics and Reality, 25 Years Later”, Barcelona,

April, Co-organizer


· Generalitat de Catalunya, DURSI Grant (2005SGR-00926), 2005-2009

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Antonio Ciccone PhD, Stanford UniversityInvestigador Associat / Research Associate


“Long-run substitutability between more and less educated workers: Evidencefrom US States 1950-1990” (with G. Peri), The Review of Economics and Statistics,vol. 87, no. 4, 2005, 652-663

“Identifying human capital externalities: Theory with applications” (with G. Peri),The Review of Economic Studies, forthcoming


“Human capital, the structure of production, and growth,” (with E. Papaioannou)

“Identifying human capital externalities: Theory with applications,” (with G. Peri)


· CREI, Universitat Pompeu Fabra· The Hebrew University of Jerusalem· Vienna Institut fuer Hoehere Studien· UNIDO, Vienna· Mannheim University


· CEPR-CRENOS Conference on “Agglomeration Economics and RegionalGrowth”, Cagliari, May, Invited Lecture

· EUI “Brucchi Luchino” Conference, Milan, December, Invited Lecture

· CEPR European Summer Symposium in Macroeconomics, Limassol (Cyprus),May, Speaker


Afiliacions professionals / Professional affiliations· Department of Economics and Business, Universitat Pompeu Fabra, Professor· Catalan Institute for Advanced Research (ICREA) Research Professor· Centre for Economic Policy Research (CEPR), London, Research Fellow


Activitats editorials / Editorial activities· Regional Science and Urban Economics, Editor· Review of Economic Studies, Editorial board· Rivista di Politica Economica, Editorial board· Research in Economics, Editorial board· Moneda y Crédito, Editorial board· Applied Economics Quarterly, Editorial board

Altres / Other· XXX Simposio de Análisis Económico, Murcia, December, Scientific Committee· 20th Congress of the European Economic Association, Amsterdam, August,

Programme Committee


· Ministerio de Ciencia y Tecnología Grant (SEC 2002-01601), 2002-2005· Distinció de la Generalitat de Catalunya per a la Promoció de la Recerca

Universitària, 2003-2007· Ministerio de Educación y Ciencia Grant (SEJ 2004-03619), 2004-2007· Ministerio de Educación y Ciencia Grant (SEJ 2005-08110), 2005-2008· Generalitat de Catalunya, DURSI Grant (2005SGR-00926), 2005-2009

29

Teresa Garcia-Milà PhD, University of MinnesotaInvestigador Associat / Research Associate


“Fiscal decentralization in Spain: An asymmetric transition to democracy” Subsidiarityand solidarity: The role of intergovernmental fiscal relations in maintaining an effectivestate in diverse countries, R. Bird and R. Ebel (eds.) Edward Elgar, forthcoming


“Why do differences in the degree of fiscal decentralization endure?” (with X.Calsamiglia and T. McGuire)

“The impact of new highways on business location: a microeconometricmethodology for Spain” (with J. Garcia-Montalvo)


· Universidade de Vigo Conference on “The Role of Government in RegionalEconomic Development”, Baiona, September, Speaker


Afiliacions professionals / Professional affiliations· Department of Economics and Business, Universitat Pompeu Fabra, Professor

Activitats editorials / Editorial activities· Revista de Economía Aplicada, Associate Editor· Investigaciones Regionales, Member of the Scientific Board· Expansión, Member of the Editorial Board (January-June)

Altres / Other· Agència per a la Qualitat del Sistema Universitari de Catalunya (AQU), President

of the Comissió de Professors Lectors i Professors Col·laboradors (January-July)· Agencia Nacional de Evaluación y Prospectiva (ANEP), Economics Coordinator· Círculo de Economía, Member of the Directory Board· Fundació Cercle d’Economia, Member of the Directory Board· Centre d’Economia Industrial, Member of the Scientific Board· Servei d’Estudis de “La Caixa”, Member of the Advisory Board· CREI, Governing Board, Member


· Ministerio de Educación y Ciencia Grant (SEJ 2004-06877), 2004-2007


Albert Marcet PhD, University of MinnesotaInvestigador Associat / Research Associate


“Money and prices in models of bounded rationality in high-inflation economies”,(with J.P. Nicolini) Review of Economic Dynamics, vol. 8, no. 2, 2005, 452-479

“Recursive contracts”, New Palgrave Dictionary


“The HP filter in cross country comparisons” (with M. Ravn)

“Debt and deficit fluctuations and the structure of bond markets” (with A. Scott)

“Overdifferencing VAR’s is OK”

“Prior for growth rates, small sample bias and some VAR applications tomacroeconomic data” (with M. Jarocinski)



· European University Institute· University of Mannheim


· CREI Conference on “Macroeconomics and Reality, 25 Years Later”, Barcelona,April, Speaker

· European Central Bank “International Research Forum on Monetary Policy:Third Conference” Frankfurt, May, Discussant


Afiliacions professionals / Professional affiliations· Institut d’Anàlisi Econòmica (CSIC), Research Professor· Department of Economics and Business, Universitat Pompeu Fabra, Adjunct

Professor· Centre for Economic Policy Research (CEPR), London, Research Fellow· Spanish Economic Association, Vice-President

31

Activitats editorials / Editorial activities· Economic Journal, Associate Editor· Moneda y Crédito, Member of the Scientific Board· Cuadernos Económicos del ICE, Member of the Scientific Board

Altres / Other· CREI Conference on “Macroeconomics and Reality, 25 Years Later”, Barcelona,

April, Co-organizer· CREI Macroeconomics Workshop, Organizer


· Ministerio de Ciencia y Tecnología Grant (SEC 2002-01601), 2002-2005· Ministerio de Educación y Ciencia Grant (SEJ 2005-05971), 2005-2008


Ramon Marimon PhD, Northwestern UniversityInvestigador Associat / Research Associate


“Competition, innovation and growth with limited commitment” (with V. Quadrini)

“Nominal debt as a burden to monetary policy” (with J. Díaz-Giménez, G.Giovannetti and P. Teles)

“Stable sunspot equilibria in a cash-in-advance economy" (with G. Evans andS. Honkapohja)


· London School of Economics· Università di Bari· IIES, Stockholm University· Bank of Portugal· Ente Einaudi· CEMFI, Madrid


· Annual Meeting of the Society for Economic Dynamics, Budapest, June,Speaker

· 9th World Congress of the Econometric Society, London, August, Speaker· 20th Annual Congress of the European Economic Association, Amsterdam,

August, Speaker· XXX Simposio de Análisis Económico, Murcia, December, Speaker· Swiss Science Briefing, Brussels, June, Speaker· European Commission Conference on “Social Sciences and Humanities: New

Challenges, New Opportunities”, Brussels, December, Speaker· The World Bank-CREI Conference on “R&D and Innovation in the Development

Process. A New Look at Theory, Evidence and Policies”, Barcelona, June,Speaker

· CREI Conference on “Macroeconomics and Reality, 25 Years Later”, Barcelona,April, Discussant

33


Afiliacions professionals / Professional affiliations· Department of Economics and Business, Universitat Pompeu Fabra, Professor· Group of Economic Advisors on Knowledge Economics for the European

Research Commissioner, Member· Centre de Referència en Economia Analítica (CREA), Barcelona Economics,

Director· Graduate Programme in Economics, Finance and Management (GPEFM),

Universitat Pompeu Fabra, Director· Centre for Economic Policy Research (CEPR), London, Research Fellow· National Bureau of Economic Research (NBER), Economic Fluctuations and

Growth Program, Research Fellow· European Economic Association, Council Member

Activitats editorials / Editorial activities· Expansión, Member of the Editorial Board

Altres / Other· CREI-CREA Innovation Workshop, Organizer· The World Bank-CREI Conference on “R&D and Innovation in the Development

Process. A New Look at Theory, Evidence and Policies”, Barcelona, June, Co-organizer


· Ministerio de Ciencia y Tecnología, Special Action Grant, 2003-2005· Generalitat de Catalunya, DURSI Special Action Grant, 2003-2005· Ministerio de Ciencia y Tecnología Grant, (SEC 2003-03474), 2003-2006· Fundación BBVA, Research Grant, 2003-2006

Hans-Joachim Voth PhD, Oxford UniversityInvestigador Associat / Research Associate


“Credit rationing and crowding out during the Industrial Revolution: Evidencefrom Hoare’s Bank, 1702-1862” (with P. Temin), Explorations in Economic History,vol. 42, no. 3, 2005, 325-477

“Banking as an emerging technology: Hoare’s Bank 1702-1724” (with P. Temin),Financial History Review, forthcoming

“Private borrowing during the Financial Revolution: Hoare’s Bank and itscustomers, 1702-1724” (with P. Temin), Economic History Review, forthcoming

“Comment on Oxley’s ‘Seat of death and terror’” (with T. Leunig), EconomicHistory Review, forthcoming


“The great diversification Fata Morgana: Financial openness and equity returncorrelations, 1890-2000”

“Why England? Demand, growth and inequality during the Industrial Revolution”(with N. Voigtländer)


· Stockholm School of Economics (2)· Federal Reserve Bank of New York (2)· Rutgers University· IIES, Stockholm University· Universitat Pompeu Fabra· Max-Planck-Institute for Collective Goods, Bonn· University of California, Berkeley· Stern School of Business, NYU



· CEPR European Summer Symposium in Macroeconomics (ESSIM), Limassol(Cyprus), May, Speaker

· CEPR-ESF conference on “The Long Run Growth and Development of theWorld Economy”, Venice, May, Speaker

· CREI-CEPR workshop on “War and the Macroeconomy”, Barcelona, June,Speaker

· European Historical Economics Society (EHES) Conference, Istanbul, September,Speaker

· Economic History Association (EHA) Meetings, Toronto, September, Speaker· CEPR/Bank of Italy conference on “Building Blocks of Effective Financial

Systems”, Rome, October, Speaker

· German Cliometrics Conference, Humboldt University, Berlin, December,Discussant


Afiliacions professionals / Professional affiliations· Catalan Institute for Advanced Research (ICREA), Research Professor· Departament of Economics and Business, Universitat Pompeu Fabra, Professor· Stern School of Business, NYU, Economics Department, Visiting Professor· Centre for Economic Policy Research (CEPR), London, Research Fellow· European Historical Economics Society Trustee· Iberometrics Association, Academic Committee Member

Activitats editorials / Editorial activities· Journal of Economic History, Editorial Board Member

Altres / Other· CREI-CEPR workshop on “War and the Macroeconomy”, Barcelona, June,

Co-organizer


· Ministerio de Educación y Ciencia, Ramon y Cajal Fellowship (2002-2007)· Universitat Pompeu Fabra (COMENÇAB3.011)· European Commission’s Sixth Framework Programme (MRTN-CT-2004-512439),

2004· Ministerio de Ciencia y Tecnología Grant, (BEC 2003-00190), 2003-2006· Glucksman Institute Research Prize in Finance (Honorable Mention), NYU

Finance Department

35

37

6. Projectes de recercai publicacions

RecercaEls projectes de recerca finançats pel CREIhan de generar contribucions originals valuosesper a la ciència econòmica. Les versions inicialsd'aquesta recerca circulen en format d’articlesde treball i es poden descarregar de la pàginaweb del CREI. Després de la seva presentacióen seminaris i conferències, s’espera queaquests treballs de recerca siguin enviats iposterirment publicats a revistes acadèmiquesinternacionals. Els articles de treballconstitueixen el material de suport per a “ElsOpuscles del CREI”, que tenen com a objectiula divulgació a un públic més ampli de larecerca patrocinada pel CREI.

6. Research Projects and Publications

ResearchResearch projects funded by CREI areexpected to generate valuable originalcontributions to economic science. Earlyversions of such research are circulated asworking papers, and can be downloaded fromCREI’s web page. After being presented inseminars and conferences, they are expectedto be submitted and eventually published ininternational academic journals. These papersconstitute the background for the largely non-technical “Opuscles del CREI,” which aim atdisseminating the research sponsored by CREIto a broader public.

Els següents projectes de recerca, completats durant l’any 2005, van ser finançatspel CREI / The following research projects, completed during 2005, were fundedby CREI:

“Ready to Take Risks? Experimental Evidence on Risk Aversionand Attraction”, Antoni Bosch (UPF) and Joaquim Silvestre (University ofCalifornia, Davis)

“Human Capital, the Structure of Production and Growth”,Antonio Ciccone (UPF)

“Monetary and Innovation Policies”, Ramon Marimon (UPF)

“Learning Models: Applications to Monetary Policy and StockMarket Behavior”, Albert Marcet (IAE)

“Financial Institutions and Growth during the British IndustrialRevolution”, Joachim Voth (UPF)

Els projectes de recerca iniciats durant l’any 2005 són els següents / Researchprojects initiated during year 2005 include the following:

“Urban Sprawl: Causes and Consequences”, Diego Puga (UPF)

“Structural Changes in the US and Euro Area Economy. WhatExplain Inflation and Output Dynamics?”, Fabio Canova (UPF)

Publicacions:Els Opuscles del CREILa sèrie “Els Opuscles del CREI” té com aobjectiu esdevenir l’instrument principal dedivulgació de la recerca patrocinada pelCREI, més enllà del món acadèmic. Cadaopuscle recull, per al públic general, lesprincipals conclusions dels articles de recercapublicats en revistes professionalsespecialitzades.

Publications:Els Opuscles del CREIThe “Opuscles” series seek to be the maininstruments of dissemination beyond theacademic world of research sponsored byCREI. Each Opuscle gathers, for the generalpublic, the main conclusions of paperspublished in specialised professionaljournals.


Opuscles publicats l’any 2005Opuscles published in 2005:

“Ready to Take Risks? ExperimentalEvidence on Risk Aversion andAttraction”, Antoni Bosch i JoaquimSilvestre, novembre / November2005 (Opuscle 16).

39

7. Beques ifinançament extern

Beca de la Comissió Europea “RTN”, 2002-2006

El projecte de recerca “Macroeconomic PolicyDesign for Monetary Unions” està finançat perla UE dins el programa “Research TrainingNetwork”. El CREI coordina un equipinternacional format per sis institucions més:

· Centre for Economic Policy Research (CEPR)Londres

· Economic Policy Research Unit (EPRU),University of Copenhagen

· European University Institute (EUI), Florència· London Business School (LBS), Londres· Humboldt University, Berlin· Graduate Institute for International Studies

(GIIS), Ginebra

El principal objectiu d’aquesta recerca ésproduir una anàlisi rigorosa del funcionamentde la política macroeconòmica a Europa, tanta l’àrea de l’euro com a la seva perifèria. Elprojecte es basa en els darrers avenços enmacroeconomia per avaluar:

· La conveniència d’estratègies alternativesde polítiques monetàries per al BCE.

· La necessitat de coordinació entre lesautoritats fiscals i monetàries (i/o entre lesmateixes autoritats fiscals) dins la UME.

· La conveniència de plans alternatius en elstipus de canvi i tipus monetaris per païsoseuropeus que no siguin membres de la UME.

Ajut del Ministerio de Ciencia y Tecnología(SEC2002-03816), 2002-2005

El projecte de recerca “FluctuacionesEconómicas y Políticas de Estabilización” estàfinançat pel Ministerio de Ciencia y Tecnologíaespanyol. L’objectiu del projecte és l’estudid'algunes de les implicacions per al dissenyòptim de la política monetària sobre la

7. Grants and External Funding

European Commission RTN Grant, 2002-2006

The Research Project “Macroeconomic PolicyDesign for Monetary Unions” is being financedby the EU under its RTN Program. CREIcoordinates an international team, whichincludes six other institutions:

· Centre for Economic Policy Research (CEPR),London

· Economic Policy Research Unit (EPRU),University of Copenhagen

· European University Institute (EUI), Florence· London Business School (LBS), London· Humboldt University, Berlin· Graduate Institute for International Studies

(GIIS), Geneve

The overall objective of the research networkis to provide a rigorous account of the operationof macroeconomic policy in Europe, both withinthe euro area and in its periphery. The projectwill build on the latest developments inmacroeconomics to assess:

· the desirability of alternative monetary policystrategies for the ECB.

· the need for coordination between monetaryand fiscal authorities (and/or among the fiscalauthorities themselves) within EMU.

· the desirability of alternative monetary andexchange rate arrangements for neighbouringEuropean countries which are not membersof EMU.

Ministerio de Ciencia y Tecnología Grant(SEC2002-03816), 2002-2005

The research project “FluctuacionesEconómicas y Políticas de Estabilización” isfinanced by the Spanish Ministry of Scienceand Technology. The purpose of the projectis the study of some of the implications for the

design of optimal monetary policy in thepresence of imperfect competition in goodsand labour markets, combined with othermarket frictions or imperfections, includingnominal rigidities, imperfect information andspeculative bubbles.

Ministerio de Educación y Ciencia Grant(SEJ2005-01124), 2005-2008

The research project “Imperfecciones deMercado, Políticas de Estabilización y Bienestar”is financed by the Spanish Ministry of Educationand Science. The purpose of the project is tostrengthen our knowledge about the nature ofeconomic fluctuations experienced by moderneconomies. More specifically, we are interestedin the role played by financial imperfectionsand labor market rigidities.


presència de competència imperfecta en elmercat de béns i treball, i de la seva interaccióamb altres friccions o imperfeccions de mercat,incloses rigideses nominals, informacióincompleta i bombolles especulatives.

Ajut del Ministerio de Educación y Ciencia(SEJ2005-01124), 2005-2008

El projecte de recerca “Imperfecciones deMercado, Políticas de Estabilización y Bienestar”està finançat pel Ministerio de Educación yCiencia espanyol. L’objectiu del projecte ésaprofundir en el nostre coneixement sobre lanaturalesa de les fluctuacions econòmiquesexperimentades per les economies modernesi, específicament, el paper jugat com a causao mecanisme de propagació d’aquestes perdos tipus d’imperfeccions o friccions: lesimperfeccions financeres i les rigideses realsen el mercat de treball.

41

Ministerio de Educación y Ciencia Grant(SEJ2005-01126), 2005-2008

The research project “Los EfectosMacroeconómicos de las BurbujasEspeculativas” is financed by the SpanishMinistry of Education and Science. The purposeof the project is to explore the implications ofviewing bubbles, not as a market failure, butrather as a result of an existing failure in financialmarkets, for economic growth, tradeimbalances and welfare.

Ministerio de Educación y Ciencia (Ramóny Cajal Programme), 2005-2010

Partial funding of junior researcher FernandoBroner for a period of five years

Ministerio de Educación y Ciencia Grant(SEJ2004-21682-E), 2005Generalitat de Catalunya Grant(2005ARCS1 00235), 2005

Financial support for the conference“Macroeconomics and Reality, 25 Years Later”

Ministerio de Educación y Ciencia Grant(SEJ2004-24005-E), 2005Generalitat de Catalunya Grant(2005ARCS1 00228), 2005

Financial support for the conference “War andthe Macroeconomy”

Generalitat de Catalunya Grant (2005SGR00490), 2005-2009

Financial support for CREI’s research activitiesas a research group.

Ajut del Ministerio de Educación y Ciencia(SEJ2005-01126), 2005-2008

El projecte de recerca “Los EfectosMacroeconómicos de las BurbujasEspeculativas” està finançat pel Ministerio deEducación y Ciencia espanyol. L’objectiud’aquest projecte és explorar quina implicacióté en el creixement econòmic, en els desajustoscomercials, i, en el mercat immobiliari,considerar les bombolles especulatives, nocom un error del mercat, sinó com a resultatd’un error existent en els mercats financers, ianalitzar quina és la política econòmica òptimaamb relació amb les bombolles especulatives.

Ministerio de Educación y Ciencia(Programa Ramón y Cajal), 2005-2010

Finançament parcial de l’investigador júniorFernando Broner per un període de 5 anys

Ajut del Ministerio de Educación y Ciencia(SEJ2004-21682-E), 2005Ajut de la Generalitat de Catalunya(2005ARCS1 00235), 2005

Suport financer per a la celebració de laconferència “Macroeconomics and Reality, 25 Years Later”

Ajut del Ministerio de Educación y Ciencia(SEJ2004-24005-E), 2005Ajut de la Generalitat de Catalunya(2005ARCS1 00228), 2005

Suport financer per a la celebració de laconferència “War and the Macroeconomy”

Ajut de la Generalitat de Catalunya(2005SGR 00490), 2005-2009

Suport financer per al Grup de Recercareconegut per la Generalitat de Catalunya delCREI

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8. Conferències

“Macroeconomics and Reality, 25 Years Later”1-2 d’abril, 2005 / April 1-2, 2005

8. Conferences

CREI was the local organizer of thisconference partially sponsored by the ECB,Riksbank and Bank of Spain. The ProgamCommittee was formed by: Fabio Canova(Università Boconi, UPF and CREI), EricLeeper (Indiana University), Albert Marcet(IAE, UPF and CREI), Harald Uhlig (HumboldtUniversity) and Tao Zha (FRB of Atlanta).

Financial support was obtained from theGeneralitat de Catalunya, the SpanishMinisterio de Educación y Ciencia and CSIC.

See Appendix 1 for a complete program.

El CREI va ser l’organitzador local d’aquestaconferència, que va comptar amb el patrocinidel Banc Central Europeu, el Riksbank i elBanc d’Espanya. El comitè organitzadorencarregat d’elaborar el programa estavaformat per: Fabio Canova (Università Boconi,UPF i CREI), Eric Leeper (Indiana University),Albert Marcet (IAE, UPF i CREI), Harald Uhlig(Humboldt University) i Tao Zha (FRB d’Atlanta).

Es va obtenir suport financer de la Generalitatde Catalunya, del Ministerio de Educación yCiencia i del CSIC.

Vegeu programa complet a l’annex 1.

Durant l’any 2005, el CREI ha organitzat lessegüents conferències:

During year 2005 CREI hosted the followingconferences:

“R&D and Innovation in the Development Process.A New Look at Theory, Evidence and Policies”

9-11 de juny, 2005 / June 9-11, 2005

El CREI va ser l’amfitriód’aquesta conferènciapatrocinada icoorganitzada ambl’Oficina de l’Economistaen Cap per AmèricaLlatina del World Bank. Elcomitè organitzadorencarregat d’elaborar elprograma està format per:Ramon Marimon (UPF iCREI), William F. Maloney(World Bank) i Paul Romer(Stanford University).

Es va obtenir suport financer de la FundaciónBBVA, Fundació Catalana per a la Recerca,Generalitat de Catalunya i CREA.


This conference washosted by CREI underthe sponsorship andco-organisation of theOffice of the ChiefEconomist for LatinAmerica (The WorldBank). The programwas prepared by:William F. Maloney (TheWorld Bank), RamonMarimon (UPF andCREI) and Paul Romer(Stanford University).

Financial support was obtained fromFundación BBVA, Fundació Catalana per a laRecerca, Generalitat de Catalunya and CREA.

See a complete program in Appendix 2.


Conferència organitzada conjuntament ambel CEPR de Londres, dins del seu programa:Iniciativa d’Història Econòmica. Els investigadorsencarregats d’elaborar el programa són: AlanM. Taylor (UC Davis i CEPR) i Hans-JoachimVoth (UPF, CREI i CEPR).

Es va obtenir suport financer de la Generalitatde Catalunya i del Ministerio de Educación yCiencia.


The conference was jointly organized withthe CEPR through the Economic HistoryInitiative. The program was prepared byAlan M. Taylor (UC Davis) and Hans-Joachim Voth (UPF and CREI).

Financial support was obtained from theGeneralitat de Catalunya and the SpanishMinisterio de Educación y Ciencia.

See a complete program in Appendix 3.

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“War and the Macroeconomy”29-30 de juny, 2005 / June 29-30, 2005

The first conference of the AMeN network wasorganized jointly with Universitat Pompeu Fabraand hosted by CREI. AMeN is a joint project ofUPF, University of Toulouse and IGIER, Bocconithat brings together applied macroeconomistsfrom different institutions with similar researchinterest and who use possible differentmethodologies to address similar problems.The task of the network is to provide a forumfor discussions and interactions exchangingpapers, computer codes, ideas and researchprojects. The first conference, which broughttogether academics from the Barcelona area,

from the threeparticipating institutionsand a few CentralBankers, assessed theprogress made in thelast five years in this fieldin Europe.

See a completeprogram in Appendix 4.

Conferència organitzada conjuntament amb laUPF. AMeN és un projecte conjunt de la UPF,Université de Toulouse i IGIER (UniversitàBocconi), que aplega macroeconomistesaplicats de diferents institucions amb interessossimilars de recerca i que fan servir diferentsmetodologies per solucionar problemessimilars. L’objectiu de la xarxa és proveir unfòrum de debat i interacció per presentar elsdocuments de treball, idees i projectes derecerca. La primera conferència va reuniracadèmics de l’àrea de Barcelona, de les tresinstitucions participants i d’uns quants bancscentrals, i va avaluarel progrés fet enaquest camp aEuropa en els darrers5 anys.

Vegeu programacomplet a l’annex 4.

“First Meeting of the Applied Macroeconomics Netwook (AMeN)”22 de novembre, 2005 / November 22, 2005


47

9. SeminarisEl Seminari CREI-DEE s’ha dut a termesetmanalment durant l’any 2005, i ha portatal campus de la UPF macroeconomistes lídersd’arreu del món, per tal de presentar i discutirla seva recerca actual. El Seminari ha estatcoordinat per l’investigador del CREI, GinoGancia, i patrocinat conjuntament amb elDepartament d’Economia i Empresa de la UPF.

Per una llista completa de les sessions vegeul’annex 5.

A més a més del Seminari CREI-DEE, l’any2005 es van dur a terme periòdicament trestallers finançats pel CREI.

El Taller de Macroeconomia, coordinat perAlbert Marcet, està dirigit als investigadors delCREI, professors de la UPF i estudiants dedoctorat, i s’hi presenta la recerca en curs demanera informal.

Per una llista completa de les sessions vegeul’annex 6.

El Taller d’Innovació, coordinat per RamonMarimon, aplega, de forma regular,investigadors de diferents universitats i centresde recerca de l’àrea de Barcelona interessatsen l’economia de la innovació que, o bépresenten la seva recerca en curs o béparticipen de manera activa en seminarisdonats per investigadors líders en aquest camp.Es cobreix un ampli ventall de perspectives:macroeconomia, microeconomia, gestió ipolítica científica i tecnològica.

Vegeu l’annex 7 per una llista completa de lessessions.

9. SeminarsThe CREI-DEE Seminar Series has beenmeeting on a weekly basis during 2005,bringing to the UPF campus leadingmacroeconomists from all over the world, topresent and discuss their current research.The seminar has been coordinated by GinoGancia, and co-sponsored with theDepartment of Economics and Business atthe UPF

For a complete list of sessions see Appendix 5.

In addition to the Seminar, three workshopssponsored by CREI have been meetingperiodically during 2005.

The Macroeconomics Workshop, coordinatedby Albert Marcet, is an internal workshopaddressed to CREI researchers, UPFprofessors, and advanced graduate students,in which research in progress is presented inan informal setting.


The Innovation Workshop, coordinated byRamon Marimon, gathers, on a regular basis,researchers from the different universities andresearch centres of the Barcelona areainterested in Economics of Innovation.Researchers either present their current workor actively participate in seminars given byleading scholars in the field. The Workshopcovers a wide range of perspectives:macroeconomic, microeconomic,management, and science and technologypolicy.



L’International Breakfast Seminar, coordinat perJaume Ventura, està adreçat als investigadorsdel CREI i professors i estudiants de segon ciclede doctorat del Departament d’Economia iEmpresa de la UPF que centren la seva recercaen el camp de l’economia internacional.

Vegeu l’annex 8 per una llista completa de lessessions.

El mes de novembre del 2005 es va començarun nou taller, el “Macroeconomics Break”,organitzat per l’investigador associat FabioCanova que reuneix setmanalmentinvestigadors del CREI i professors i estudiantsde segon cicle de doctorat del Departamentd’Economia i Empresa de la UPF per presentari comentar la recerca, bàsicament delsestudiants, i esporàdicament de la resta, en elcamp de la macroeconometria.

The International Breakfast Seminar,coordinated by Jaume Ventura, is addressedto CREI researchers and to professors andadvanced graduate students of the UPFDepartment of Economics and Business whoconduct their research in the field ofInternational Economics.


In November 2005 a new internal seminar onmacroeconometrics “Macroeconomics Break”was started. It is coordinated by Fabio Canovaand is addressed to CREI researchers and toprofessors and advanced graduate studentsof the UPF Department of Economics andBusiness who conduct their research in thefield of Macroeconometrics.

La setena edició de la BarcelonaMacroeconomics Summer School (BMSS)organitzada pel CREI va tenir lloc entre el 27 dejuny i el 8 de juliol del 2005. Va oferir una varietatde cursos que van proporcionar una perspectivageneral sobre els darrers avenços a les diferentsàrees de la macroeconomia, incloent-hi teoriade creixement i recerca empírica,macroeconometria, política monetària i d’altres.El contingut i el nivell dels cursos estavenprincipalment dirigits a estudiants de doctorat iprofessors o investigadors especialitzats enmacroeconomia i amb l’ànim d’aprofundir en elconeixement d’aquest camp, i compartir elsdarrers avenços de la investigació acadèmica.Fins a l’actualitat cada edició del BMSS ha tingutun gran èxit i ha atret aproximadament uncentenar de participants. Aquests provenen d’ungran nombre de països i institucions. Al BMSS2005, van assistir-hi 140 participants. D’aquests,19 eren afiliats a institucions espanyoles, 112 ainstitucions de la Unió Europea (no espanyoles),

10. Escola d’estiu 10. Summer School

The seventh edition of the BarcelonaMacroeconomics Summer School (BMSS),organised by CREI, took place June 27 -July 8, 2005. It offered a variety of coursesthat provided an overview of the recentdevelopments in different areas ofmacroeconomics, including growth theoryand empirics, macroeconometrics, monetarypolicy, and others. The content and the levelof the courses were aimed at graduatestudents specializing in macroeconomics, aswell as faculty members or economicresearchers willing to brush up theirknowledge of the field and expose themselvesto the latest advances in academic research.In 2005 BMSS welcomed 140 participants.Of those, 19 participants were affiliated withSpanish institutions, 112 with (non-Spanish)European institutions, and 9 with institutionsoutside Europe. The distribution ofparticipants by employer type was as follows:48 were affiliated with Universities, 59 with

49


i 9 a institucions de fora de la Unió Europea. Ladistribució dels participants d’acord amb el seutipus de lloc de treball va ser la següent: 48estaven afiliats a universitats, 59 a bancs centrals,5 a empreses privades, 22 a agènciesgovernamentals i 6 a centres de recerca.

Central Banks, 5 with private firms, 22 withgovernment agencies, and 6 with researchcentres.

Cursos oferts al BMSS 2005, del 27 de juny al 8 de juliol del 2005Courses offered at BMSS 2005, June 27-July 8, 2005“Monetary Policy, Inflation, and the Business Cycle”, Jordi Galí

“Fiscal Policy and Business Cycles”, Albert Marcet

“Economic Growth and Development I”, Xavier Sala-i-Martin

“Economic Growth and Development II”, Antonio Ciccone

“Cities and Economic Geography”, Diego Puga

“Globalization and Financial Markets”, Jaume Ventura

“Credibility and Learning with Applications to Economic Policy”, Ramon Marimon

“Bayesian Methods for Estimation of VAR and DSGE Models”, Fabio Canova

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Appendix 1Macroeconomics and Reality,25 Years Later

SESSION 1Chair: Jaume Ventura (CREI and UPF)

- “The State of Macroeconomic Policy: WhereDo We Go”, Chris Sims (Princeton University)

- “Benefits from US Monetary PolicyExperimentation in the Days of Samuelsonand Solow and Lucas”, Thomas Sargent,Riccardo Colacito and Tim Cogley (NYU andUC Davis)

Discussants: Ramon Marimon (UPF andCREI) and Martin Ellison (Warwick)

SESSION 2Chair: Robert Eisenbeis (Federal Reserve Bankof Atlanta)

- “Modern Forecasting Models in Action:Improving Macroeconomic Analyses atCentral Banks”, Michael Andersson, MattiasVillani and Anders Vredin (Sveriges Riksbank)

- Panel discussion “VARs and DSGEs in PolicyAnalysis”, David Altig (Federal Reserve Bankof Cleveland), Adrian Pagan (ANU), FrankSmets (ECB) and Grant Spencer (Bank ofNew Zealand)

SESSION 3Chair: Beth Ingram (University of Iowa)

- “Invertibility and the Virtues of Differencing”,Albert Marcet (IAE, UPF and CREI)

Discussants: George Tauchen (Duke) andJim Nason (Federal Reserve Bank of Atlanta)

- “Implications of Dynamic Factor Models forVAR Analysis”, James Stock and MarkWatson (Harvard University and PrincetonUniversity)

Discussants: Charlie Evans (Chicago Fed)and Ken West (University of Wisconsin)

- “Monetary Policy Analysis with PotentiallyMisspecified Models”, Marco del Negro andFrank Schorfheide (Atlanta Fed and Universityof Pennsylvania)

Discussants: John Geweke (University ofIowa) and Jesus Fernandez-Villaverde(University of Pennsylvania)

SESSION 4Chair: Jordi Galí (CREI and UPF)

- “Is Applied Monetary Policy Analysis Hard?”,Jon Faust (Federal Reserve Board)

Discussants: Mark Watson (PrincetonUniversity) and Luca Sala (IGIER)

- “Firm-Specific Capital, Nominal Rigidities andthe Business Cycle”, David Altig, LawrenceChristiano, Martin Eichenbaum and JesperLinde (Cleveland Fed, Northwestern Universityand Sveriges Riksbank)

Discussants: Morten Ravn (EUI) and JordiGali (CREI and UPF)

- “Consumption Strikes Back, Measuring LongRun Risk”, Lars Hansen, John Heaton, NanLi (University of Chicago and NorthwesternUniversity)

Discussants: Wouter den Haan (LBS) andCarlo Favero (IGIER)

Appendix 2R&D and Innovation in theDevelopment Process. A New Look atTheory, Evidence and Policies

SESSION 1: HUMAN CAPITAL,ENLIGHTENMENT AND INNOVATIONChair: Jordi Galí (CREI and UPF)

- “The Great Synergy: The EuropeanEnlightenment as a Factor in ModernEconomic Growth”, Joel Mokyr (NorthwesternUniversity)

Discussant: Joachim Voth (UPF and CREI)

- “Human Capital and the Wealth of Nations”,Rodolfo Manuelli and Ananth Seshadri(University of Wisconsin, Madison and NBER)

Discussants: Omar Licandro (EUI) andMarcelo Soto (IAE)

SESSION 2: COMPETITION, VOLATILITYAND INNOVATIONChair: Tim Kehoe (University of Minnesota)

- “Growth and Volatility”, Diego Comin andSunil Mulani (NYU and Analysis Group)

Discussants: Diego Puga (University ofToronto and CREI) and Álvaro Riascos (Bancode la República de Colombia)

- “Competition, Innovation and Growth withLimited Commitment”, Ramon Marimon andVincenzo Quadrini (UPF, CREI and CREA,and University of Southern California)

Discussants: Stephen Parente (University ofIllinois) and Hugo Hopenhayn (UCLA)

- “What if the UK had joined the Euro in 1999?An Empirical Evaluation using a Global VAR”,Hashem Pesaran, Ron Smith and VanesaSmith (Cambridge University and BirbeckCollege)

Discussants: Marco del Negro (Atlanta Fed)and Tom Doan (ESTIMA)

SESSION 5Chair: Bob Litterman (Goldman and Sachs)

- “The Structural Dynamics of US Output andInflation: What Explains the Changes?”, FabioCanova, Luca Gambetti and Evi Pappa(IGIER, UPF and CREI and LSE)

Discussants: Tim Cogley (UC Davis) and TaoZha (Atlanta Fed)

- “New Evidence on the Puzzles? Results fromAgnostic Identification on Monetary Policyand Exchange Rates”, Harald Uhlig andAlmuth Scholl (Humbolt University Berlin)

Discussants: Mattias Villani (SverigesRiksbank) and Ralf Wouters (NBB)

- “Monetary and Fiscal Policy Switching”, TroyDavig, Eric Leeper and Hess Chung (Collegeof William and Mary and Indiana University)

Discussants: Giorgio Primicieri (NorthwesternUniversity) and Bartosz Mackowiak (HumboldtUniversity)


SESSION 3: INNOVATION IN DEVELOPINGCOUNTRIES: EVIDENCE AND POLICYChair: Marcelo Tokman, (Ministry of Finance,Chile)

- “Innovation and R&D Expenditures inArgentina: Evidence from a Firm LevelSurvey”, Pablo Sanguinetti (UniversidadTorcuato Di Tella, Argentina)

- “Rates of Return and the Industrial Structureof R&D in Chile”, José Miguel Benavente(Universidad de Chile)

Discussants: Armando Castelar Pinheiro(IPEA, Brasil), Rachel Griffith (IFS, UniversityCollege London) and Osmel Manzano (CAF,Venezuela)

PANEL ON INNOVATION POLICIES FORDEVELOPING COUNTRIESModerator: William F. Maloney (World Bank)

Bronwyn Hall (UC Berkeley), “On PublicFinancing of Innovation”Jan Fagerberg (University of Oslo), “OnCapacity Competitiveness”Manuel Trajtenberg (Tel-Aviv University), “OnGovernment Support to R&D and the Roleof VC”

SESSION 4: SCIENCE, INNOVATION ANDINSTITUTIONSChair: Fiona Murray (MIT)

- “The Arc of Science”, Paul Romer (StanfordUniversity)

53

- “Science and Technology: Which Way doesthe Causation Run?”, Nathan Rosenberg(Stanford University)

Discussants: Paula E. Stephan (Georgia StateUniversity) and Paul David (University ofOxford)

- “Academia, the Private Sector and theProcess of Innovation”, Philippe Aghion,Mathias Dewatripoint and Jeremy Stein(Harvard University, Université Libre deBruxelles and Harvard University)

Discussants: Andreu Mas-Colell (UPF) andJuan Pablo Nicolini (Universidad Torcuato DiTella, Argentina)

POLICY PANEL DISCUSSION: CHOOSINGAND DESIGNING R&D AND INNOVATIONPOLICIES TO ENHANCE GROWTHModerator: Ramon Marimon (UPF, CREI andCREA)

- Marta Aymerich, Director of InterministerialCouncil for Research and TechnologicalInnovation, Catalonia

- Guillermo Perry, Chief Economist, LatinAmerican and Caribbean Region, WorldBank

- Nathan Rosenberg, Stanford University- Luc Soete, Universiteit Maastrich- Andrew Sors, DG Research, European

Commission- Enric Banda, Director of Fundació Catalana

per a la Recerca i la Innovació

SESSION 5: MEASURING INNOVATIONPERFORMANCE IN DEVELOPINGCOUNTRIESChair: Bruno Cassiman (IESE Business School)

- “Identifying R&D Shortfalls in LDCs”, AndrésRodríguez-Clare (Inter American DevelopmentBank and Pennsylvania State University)

- “Patenting and Research and Development:A Global View”, Mariano Bosch, DanielLederman and William F. Maloney (LSE andWorld Bank)

Discussants: Gerardo Esquivel (Colegio deMéxico), Rodrigo Fuentes (Central Bank ofChile) and Reinhilde Veugelers (KUL, ECFIN& CEPR)

SESSION 6: INTERNATIONAL DIMENSIONSOF INNOVATIONChair: José Luis Guasch (World Bank)

- “Innovation, Diffusion and Trade”, JonathanEaton and Samuel Kortum (NYU andUniversity of Minnesota)

Discussants: Jaume Ventura (CREI and UPF)and Eduardo Morón (Universidad del Pacífico,Perú)

- “Do Multinational Enterprises Contribute toConvergence or Divergence? ADisaggregated Analysis of US FDI”, DavidMayer-Foulkes and Peter Nunnenkamp(Centro de Investigación y DocenciaEconómicas, Mexico and Institute for WorldEconomics, Kiel)

Discussants: Giorgia Giovanetti (Universitàdi Firenze and ICE) and Claudio Bravo-Ortega(Universidad de Chile)


SESSION 7: INNOVATION ANDEMPLOYMENTChair: Geoffrey Lewis (New Zealand Treasury)

- “Does Innovation Stimulate Employment? AFirm-Level Analysis Using Comparable MicroData from Four European Countries”, RupertHarrison, Jordi Jaumandreu, JacquesMairesse, and Bettina Peters (IFS and UCL,UC3M, Crest and ZEW)

Discussants: Walter García-Fontes (UPF)and Sebastián Galiani (Universidad TorcuatoDi Tella, Argentina)

SESSION 8: INTELLECTUAL PROPERTYRIGHTSChair: Xavier Vives (UPF and INSEAD)

- “Intellectual Property and Market Size”,Michele Boldrin and David Levine (Universityof Minnesota and UCLA)

- “Do Formal Intellectual Property Rights Hinderthe Free Flow of Scientific Knowledge? AnEmpirical Test of the Anti-CommonsHypothesis”, Fiona Murray and Scott Stern(MIT and Northwestern University)

- “The Value of Patents”, Alfonso Gambardella,Dietmar Harhoff and Bart Verspagen(Università Bocconi, Universität Münchenand Eindhoven University of Technology)

PANEL: ARE THE CURRENT IPR SYSTEMSSTIMULATING INNOVATION ANDDEVELOPMENT?Moderator: Paul Romer (Stanford University)

- Dominique Guellec, Chief Economist(European Patent Office)

- Keith Maskus (University of ColoradoBoulder)

- Ashish Arora (Carnegie Mellon University)

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Appendix 3War and the Macroeconomy

SESSION 1: WAR AND INTERNATIONALTRADEChair: Eugene White (Rutgers University)

- “Make Trade not War?”, Philippe Martin(CERAS-ENPC, Université de Paris 1 andCEPR), Thierry Mayer (PSE - Paris JourdanSciences Economiques and CEPR) andMathias Thoenig (Université de Genève andCEPR)

- Gregory Hess (Claremont McKenna College),“The Economic Welfare Cost of Conflict”

Discussant: Gérard Roland (ECARES,Université Libre de Bruxelles, UC, Berkeleyand CEPR)

- “The Coasts of Remoteness: Evidence fromGerman Division and Reunification”, StephenRedding (LSE and CEPR) and Daniel Sturm(University of Munich and CEPR)

- “Collateral Damage: The Economic Impactof War”, Alan M Taylor (NBER, UC, Davis andCEPR) and Reuven Glick (Federal ReserveBank of San Francisco)

Discussant: Elisenda Paluzie (Universitat deBarcelona)

SESSION 2: WAR’S IMPACT ONPRODUCTIVITY AND PUBLICEXPENDITUREChair: Hugh Rockoff (Rutgers University)

- “The Long Run Impact of Bombing Vietnam”,Gérard Roland (ECARES, Université Libre deBruxelles, UC, Berkeley and CEPR)

- “Wars, Redistribution and CivilianExpenditures in the US over the 20thCentury”, Roel Beetsma (Universiteit vanAmsterdam and CEPR), Alex Cukierman(CentER, Tilburg University, Tel Aviv Universityand CEPR) and Massimo Giuliodori(Universiteit van Amsterdam)

Discussant: Alan M. Taylor (NBER, UC, Davisand CEPR)

- “The Economics of World War I: AComparative Quantitative Analysis”, StevenBroadberry (University of Warwick and CEPR)and Mark Harrison (University of Warwick)

- “The Impact of World War II on ProductivityGrowth in the United States”, Alex Field(Santa Clara University)

Discussant: Mar Rubio (UPF)

SESSION 3: FINANCIAL MARKETS ANDTHE ECHO OF WARFAREChair: Ramon Marimon (UPF, CREI and CEPR)

- “The Nazi Squeeze on the Capital Marketsin Occupied France”, Eugene White (NBERand Rutgers University) and Kim Oosterlink(Université Libre de Bruxelles)

- “Measuring Pre-War Threat PerceptionsUsing Financial Markets: The NordicCountries before WWII”, Bruno Frey(University of Zurich) and Daniel Waldenström(Stockholm School of Economics)

Discussant: Steve Broadberry (University ofWarwick and CEPR)


- “Credit Rationing and Crowding Out in EnglishFinancial Markets during the IndustrialRevolution: Evidence from Hoare's Bank,1702-1862”, Peter Temin (MIT and NBER)and Hans-Joachim Voth (UPF, CREI andCEPR)

- “Capitalizing Patriotism: WWI Liberty Bonds”,Hugh Rockoff (NBER and Rutgers University)

Discussant: Alex Cukierman (CentER, TilburgUniversity, Tel Aviv University and CEPR)

Appendix 4First Meeting of the AppliedMacroeconomics Network (AMeN)

- Carlo Favero (Università Bocconi), “FiscalSustainability: A New Framework for Testsand Indicators” (with A. Carriero and F.Giavazzi)

Discussant: Marek Jarocinski (UPF)

- Franck Portier (Toulouse), “The ‘News’ Viewof Economic Fluctuations: Evidence fromAggregate Japanese Data and Sectoral USData” (with P. Beaudry)

Discussant: Luca Gambetti (UPF)

- Fabrice Collard (Toulouse), “Validating DSGEModels with SVARs with Short-RunRestrictions: Information Sets Matter! (withP. Fève and J. Matheron)

Discussant: Fabio Canova (ICREA, UPF andCREI)

- Pau Rabanal (IMF), “Euro-Dollar ExchangeRate Dynamics in an Estimated Two CountryModel: What is Important and What it is Not”(with V. Tuesta)

Discussant: Christian Haefke (UPF)

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Appendix 5CREI-DEE Seminars

17th JanuaryRoberto Perotti (IGIER-Università Bocconi)“Public Investment: Another (Different) Look”

7th MarchRaquel Fernández (NYU and LSE)“Culture: An Empirical Investigation of Beliefs,Work, and Fertility” (with A. Fogli)

14th MarchRamon Marimon (UPF and CREI)“Competition, Innovation and Growth withLimited Commitments” (with V. Quadrini)

4th AprilMarco Del Negro (FRB Atlanta)“On the Fit and Forecasting Performance ofNew Keynesian Models” (with F. Schorfheide,F. Smets and R. Wouters)

11th AprilKris Mitchener (Santa Clara University)“Empire, Public Goods, and the RooseveltCorollary” (with M. Weidenmier)

18th AprilDoireann Fitzgerald (UC, Santa Cruz)“A Gravity View of Exchange Rate Disconnect”

25th AprilManuel Amador (Stanford University)“Commitment versus Flexibility” (with G.Angeletos and I. Werning)

2nd MayMark Bils (Rochester University)“Deducing Price Markups for Stockout Behavior”

9th MayHanno Lustig (UCLA)“The Returns of Human Capital: Good Newson Wall Street is Bad News on Main Street”(with S. van Nieuwerburgh)

23rd MayAnne Sibert (Birbeck College)“Is Central Bank Transparency Desirable?”

30th MayJohn Hassler (IIES, Stockholm University)“The Dynamics of Government” (with P. Krusell,K. Storesletten and F. Zilibotti)

6th JuneJuan Carlos Conesa (UPF)“Taxing Capital Income: Not a Bad Idea AfterAll” (with S. Kitao and D. Krueger)

13th JuneBernard Dumas (INSEAD)“What Can Rational Investors Do AboutExcessive Volatility?” (with A. Kurshev and R.Uppal)

20th JuneThomas Laubach (Federal Reserve Board andOECD)“New Evidence on the Interest Rate Effects ofBudget Deficits and Debt”

26th SeptemberDiego Puga (University of Toronto and CREI)“Wake Up and Smell the Ginseng: The Rise ofIncremental Innovation in Low-Wage-Countries”(with D. Trefler)

3rd OctoberJuan F. Rubio-Ramírez (Atlanta FED)“A, B, C’s (and D’s) for Understanding VARs”(with J. Fernández-Villaverde and T. Sargent)

10th OctoberAlessandra Bonfiglioli (CREI)“Equities and Inequality


Appendix 6Macroeconomics Workshops

18th JanuaryRoberto Perotti (U. Bocconi))“The Splendid Isolation of the Italian University”(with S. Gagliarducci, A. Ichino and G. Peri)

25th JanuaryAllen Head (Queen’s University)“Search, Price Adjustment and InflationDynamics” (with A. Kumar and B. Lapham)

8th FebruaryAlexander Ludwig (UPF)“Estimating Auerbach-Kotlikoff Models: HowWell do They Match the Data?”

15th FebruaryBev Lapham (Queen’s University)“Import Protection as Export Destruction” (withH. Kasahara)

22nd FebruaryAlbert Marcet (IAE)“Inflation, Money and Learning” (with J. P.Nicolini)

1st MarchFernando Broner (CREI and UPF)“Managing Financial Integration” (with J.Ventura)

15th MarchJordi Galí (CREI andUPF)“Cost Shocks and Real Rigidities”

22nd MarchLutz Weinke (UPF)“Inflation Dynamics with Sticky Prices andLumpy Investment”

29th MarchPol Antràs (Harvard U.)“Contracts and the Division of Labor”

17th OctoberPhilippe Bacchetta (Study Center Gerzenseeand CREI)“Rational Inattention: A Solution to the ForwardDiscount Puzzle” (with E. van Wincoop)

24th OctoberGianluca Benigno (LSE)“Optimal Fiscal and Monetary Policy for a SmallOpen Economy” (with B. De Paoli)

14th NovemberFelix Kubler (University of Mannheim)“Leverage, Incomplete Markets and Crises”(with J. Geanakoplos)

21st NovemberMarc Giannoni (Columbia GSB)“DSGE Models in a Data-Rich Environment”(with J. Boivin)

28th NovemberAlejandro Cuñat (University of Essex)“Labor Market Flexibility and ComparativeAdvantage” (with M. Melitz)

12th DecemberGeorge-Marios Angeletos (MIT)“Efficient Use of Information and WelfareAnalysis in Economies with Complementaritiesand Asymmetric Information” (with A. Pavan)

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30th MarchWouter den Haan (LBS)“Temporary Shocks and the Unavoidable Roadto High Taxes and High Taxes and HighUnemployment”

5th AprilJinill Kim (Federal Reserve Board)“Conditional Welfare Comparisons of MonetaryPolicy Rules” (with A. Levin)

19th AprilAnton Nakov (UPF)“Monetary Causality of Oil and Gold Prices”(with M. Gillman)

26th AprilJaume Ventura (CREI and UPF)“A Global View of Economic Growth”

10th MayRomain Rancière (CREI, UPF and IMF)“Exchange Rate Regime and Growth: The Roleof Financial Development” (with P. Aghion, P.Bacchetta and K. Rogoff)

17th MayJaume Ventura (CREI and UPF)“Bubbles, Deficits and the US Foreign AssetPosition” (with A. Kraay)

24th MayTimothy Kehoe (University of Minnesota)“U. S. Real Exchange Rate Fluctuations andRelative Price Fluctuations” (with C. Betts)

31st MayMichael Reiter (UPF)“Optimal Monetary and Fiscal Policy:Numerics and Economics”

7th JuneGernot P. Doppelhofer (University of Cambridge)“Jointness of Growth Determinants” (with M.Weeks)

14th JuneAndrea Pescatori (UPF)“Credit Fictions, Housing Prices and OptimalMonetary Policy Rules” (with C. Medicino)

21st JuneRoc Armenter (Federal Reserve Bank ofNew York)“Does the Time Inconsistency Problem MakeFlexible Exchanges Rates Look Worse thanYou Think? (with M. Bodenstein)

28th JuneLuca Gambetti (UPF)“Technology Shocks and the Time-varyingDynamics of Hours Worked”

5th JulyAndrea Caggese (UPF)“Entrepreneurial Risk and Aggregate InvestmentDynamics”

12th JulyAndrea Pescatori (UPF)“Household’s Wealth Distribution and OptimalMonetary Policy”

20th SeptemberMelvyn Coles (UAB)“Optimal Unemployment Insurance in aMatching Equilibrium: The Role of Congestionand Thick Market Externalities”

27th SeptemberLuca Gambetti (UPF)“Technology Shocks and the Time-VaryingDynamics of Hours Worked”

Appendix 7Innovation Workshops

18th JanuaryMarco Ceccagnoli (INSEAD)“Patent Protection, Complementary Assets,and Firms’ Incentives for TechnologyLicensing” (with A. Arora)

8th FebruaryMontserrat Vilalta (UAB)“Knowledge Spillovers and Labor Mobility”andGiovanni Valentini (IESE)“Mergers & Acquisitions and TechnologicalPerformance”

10th MayPaula Stephan (Georgia State University)“Capturing Knowledge: The LocationDecision of New PhDs Working in Industry”(with A. Sumell and J. Adams)


4th OctoberNicoletta Batini (IMF)“Model Uncertainty and the Gains fromCoordinating Monetary Rules” (with A.Justiniano, P. Levine and J. Pearlman)

11th OctoberJaume Ventura (CREI and UPF)“Anonymous Markets and Sovereign Risk”(with F. Broner)

18th OctoberThijs van Rens (CREI and UPF)“Income Risk and Consumption Inequality”(with G. Primiceri)

25th OctoberGino Gancia (CREI and UPF)“On Globalization and the Growth ofGovernments” (with P. Epifani)

15th NovemberFrancesc Ortega (UPF)“Labor Mobility and the Size of Governments”(with R. Armenter)

29th NovemberAlberto Martin (CREI and UPF)“Markets & Contracts”

13th DecemberJoachim Voth (UPF and CREI)“Betting on Hitler - The Value of PoliticalConnections in Nazi Germany” (with T.Ferguson)

20th DecemberJavier Díaz-Giménez (Univ. Carlos III)“Flat Tax Reforms in the US: A Boon for theIncome Poor” (with J. Pijoan-Mas)

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Appendix 8International Breakfast Seminars

19th JanuaryMaylis Coupet (UPF)“Monetary Policy and Capital Flows: AStructural VECM Approach”

26th JanuaryGustavo Solorzano (UPF)“Diversification in Emerging Markets”

9th FebruaryXavier Ordeñana (UPF)“On the Structure of Capital Flows to EmergingMarkets”

9th MarchAlessia Campolmi (UPF)“Inflation Differentials and Different LaborMarket Institutions in the EMU” (with E. Faia)

16th MarchInes Buono (UPF)“Heterogeneous Firms, Asymmetric Countriesand Trade”

30th MarchChiara Sardelli (UPF)“Interaction between Financial Liberalisationand Host Country Environment: An EmpiricalAnalysis of the Effect on Capital Inflows”

6th AprilZeno Enders (UPF)“Slow Money Dissemination”

13th AprilHarald Fadinger (UPF)“Trade, Financial Development and theComposition of Investment”

19th AprilFrancesc Ortega (UPF)“Economic Effects of Immigration: RicardianInsights”

26th AprilNico Voigtländer (UPF)“Why England? Demand, Growth and Inequalityduring the Industrial Revolution (with J. Voth)

3rd MayFelix Hammermann (UPF)“Monetary Policy in Emerging Markets”

10th MayChiara Forlati (UPF)“Optimal Monetary and Fiscal Policy in aMonetary Union”

17th MaySergi Basco (UPF)“A Model of the Real Estate Bubble”

31st MayPaolo Vanin (UPF)“On Competition and Reputation”

7th JuneSofia Bauducco (UPF)“Delayed Stabilizations under a FixedExchange Rate Regime”andMariona Puig (UPF)“Does the recent enlargement of the EU(through regional trade agreements) raise orlower the benefits of accepting Turkey in theEU?”


13th JuneFilippo Brutti (UPF)“Risk, Diversification and Growth in OpenEconomies”andSergi Lanau (UPF)“Sovereign Debt Restructuring”

13th SeptemberStefan Berger (UPF)“Intellectual Property and AgglomerationEffects”

20th SeptemberSergi Lanau (UPF)“Sovereign Debt Restructuring”

11th SeptemberHarald Fadinger (UPF)“Development Accounting in Open Economies”

19th OctoberPaolo Vanin (UPF)“On Oligopolistic Market Structure withInformation Asymetries”

26th OctoberInes Buono(UPF)“French Firm Heterogeneity and Falling TradeCosts: An Empirical Analysis”

2nd NovemberMargherita Comola (UPF)“Political Influence on Arms Trade: AMicroeconometric Analysis”

9th NovemberNico Voigtländer (UPF)“Trade, Industrialization and Growth”

16th NovemberKatharina Greulich (UPF)“Asset Prices and Interest Rates withHeterogeneous Portfolios”

22nd NovemberSofia Bauducco (UPF)“Can Defaults be Optimal?”andMariona Puig (UPF)“Why Foreign Aid doesn’t Seem to ImpactGrowth?”

23rd NovemberXavier Ordeñana (UPF)“The Composition of Capital Flows toEmerging Markets”

29th NovemberPhilip Sauré (UPF)“Effects of Income and Trade”

30th NovemberAlessia Campolmi (UPF)“Cyclical Inflation Differentials & Different LaborMarket Institutions in the EMU”

7th DecemberFilippo Brutti (UPF)“Market Liquidity and Capital Flows”

14th DecemberChiara Forlati (UPF)“Optimal Monetary and Fiscal Policy in aMonetary Union”

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Appendix 9Macroeconomics Break

8th NovemberMartina Cecioni (UPF)“Monetary Policy in a Currency Area Open toExternal Trade”

15th NovemberJosé Antonio Dorich (UPF)“Reviving the Role of Money in DSGE Models”

29th NovemberFrancesco Turino (UPF)“Advertising and Macroeconomics” (joint withB. Molinari)Alessia Campolmi (UPF)“Cyclical Inflation Differentials and DifferentLabour Market Institutions in the EMU” (jointwith E. Faia)

13th DecemberChiara Forlati (UPF)“Optimal Monetary and Fiscal Policy in aMonetary Union”

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