List of Speakers “Reassessing the EU Monetary and Fiscal Framework” Cambridge University – Corpus Christi College, October 8 - 9, 2015
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The Econometric Society European Region Aide Mémoire
The Econometric Society European Region Aide M´emoire March 22, 2021 1 European Standing Committee 2 1.1 Responsibilities . .2 1.2 Membership . .2 1.3 Procedures . .4 2 Econometric Society European Meeting (ESEM) 5 2.1 Timing and Format . .5 2.2 Invited Sessions . .6 2.3 Contributed Sessions . .7 2.4 Other Events . .8 3 European Winter Meeting (EWMES) 9 3.1 Scope of the Meeting . .9 3.2 Timing and Format . 10 3.3 Selection Process . 10 4 Appendices 11 4.1 Appendix A: Members of the Standing Committee . 11 4.2 Appendix B: Winter Meetings (since 2014) and Regional Consultants (2009-2013) . 27 4.3 Appendix C: ESEM Locations . 37 4.4 Appendix D: Programme Chairs ESEM & EEA . 38 4.5 Appendix E: Invited Speakers ESEM . 39 4.6 Appendix F: Winners of the ESEM Awards . 43 4.7 Appendix G: Countries in the Region Europe and Other Areas ........... 44 This Aide M´emoire contains a detailed description of the organisation and procedures of the Econometric Society within the European Region. It complements the Rules and Procedures of the Econometric Society. It is maintained and regularly updated by the Secretary of the European Standing Committee in accordance with the policies and decisions of the Committee. The Econometric Society { European Region { Aide Memoire´ 1 European Standing Committee 1.1 Responsibilities 1. The European Standing Committee is responsible for the organisation of the activities of the Econometric Society within the Region Europe and Other Areas.1 It should undertake the consideration of any activities in the Region that promote interaction among those interested in the objectives of the Society, as they are stated in its Constitution. -
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PEOPLE IN ECONOMICS Jeremy Clift profi les Lucrezia Reichlin, a pioneer in real-time short-term forecasting The QUEEN of Numbers URO area growth may be on the Business School, she is also a non-executive mend, but the risks are far from over director of UniCredit—an Italian commercial and the region is still in for a bumpy bank active in central and eastern Europe—a ride, reckons Lucrezia Reichlin, a former director of research at the ECB under Eprofessor at the London Business School who then-President Jean-Claude Trichet, and a for- was the fi rst female head of research at the mer consultant to the U.S. Federal Reserve. European Central Bank (ECB). “I think we’re not out of the crisis, and it’s Ringside seat going to take a while before we find the way,” “Sitting on the board of a commercial bank says Reichlin, an expert in business cycle gives you a ringside perspective of Europe’s analysis. “We have a technical recovery in banking problems,” says Reichlin, who lives terms of GDP showing positive growth, but in north London with her daughter but visits it doesn’t mean the risks to Europe are over,” Italy regularly. she says in her cramped office overlooking She sees a banking union and implementa- London’s Regent’s Park. tion of a planned process for reorganizing or She is a pioneer in real-time short-term winding up failed banks as crucial next steps economic forecasting that harnesses large for a more stable euro area. The outcome amounts of data, and her expertise intersects of European Parliament elections in May the commercial and academic worlds. -
Christian Hellwig
CHRISTIAN HELLWIG Professeur Associé d’Economie, Université Toulouse 1, Capitole Toulouse School of Economics, Manufacture de Tabacs, 21 Allées de Brienne, 31000 Toulouse Email: [email protected] Telephone: +33 (0) 5 61 12 85 93 EDUCATION Ph.D. in Economics, London School of Economics, November 2002 M.Sc. in Econometrics and Mathematical Economics, with distinction, London School of Economics, July 1999 B.A. in Economics, University of Lausanne, July 1998 Visiting Student, Oberlin College, August 1994 – June 1995 CURRENT ACADEMIC APPOINTMENTS Professeur Associé, Université de Toulouse 1 Capitole, September 2010 – present Member, Toulouse School of Economics, September 2010 – present Member, Institut d’Economie Industrielle, September 2010 – present Research Affiliate, Centre for Economic Policy Research, July 2007 – present ACADEMIC EXPERIENCE Associate Professor (with tenure), Department of Economics, UCLA, July 2007 – present (on leave 2010-11) Assistant Professor, Department of Economics, UCLA, July 2002 – June 2007 Visiting Research Fellowship, Fondazione Ente ‘Luigi Einaudi’, Rome, June 2007, September 2008 Visiting Assistant Professor, Department of Economics, Columbia University, September – December 2006 Visiting Scholar, Federal Reserve Bank of Minneapolis, September – December 2004 Visiting Scholar, Department of Economics, Northwestern University, March 2004 Visiting Scholar and Instructor, Department of Economics, MIT, September 2000 – June 2002 Research Assistant, Financial Markets Group, LSE, September 1999 – July 2000 PUBLICATIONS IN REFEREED JOURNALS Setting the Right Prices for the Wrong Reasons, with Venky Venkateswaran, Journal of Monetary Economics, vol. 56 (S), p. S57-S77 (October 2009) Bubbles and Self-enforcing Debt, with Guido Lorenzoni, Econometrica, vol. 77 (4), p. 1137-1164 (July 2009) Knowing What Others Know: Coordination Motives in Information Acquisition, with Laura Veldkamp, Review of Economic Studies, vol. -
Crises and Prices: Information Aggregation, Multiplicity, and Volatility
Crises and Prices: Information Aggregation, Multiplicity, and Volatility By GEORGE-MARIOS ANGELETOS AND IVA´ N WERNING* Crises are volatile times when endogenous sources of information are closely monitored. We study the role of information in crises by introducing a financial market in a coordination game with imperfect information. The asset price aggre- gates dispersed private information acting as a public noisy signal. In contrast to the case with exogenous information, our main result is that uniqueness may not obtain as a perturbation from perfect information: multiplicity is ensured with small noise. In addition, we show that: (a) multiplicity may emerge in the financial price itself; (b) less noise may contribute toward nonfundamental volatility even when the equilibrium is unique; and (c) similar results obtain for a model where individuals observe one another’s actions, highlighting the importance of endogenous infor- mation more generally. (JEL D53, D82, D83) It’s a love-hate relationship—economists are outcomes, but often lack obvious comparable at once fascinated and uncomfortable with mul- changes in fundamentals. Many attribute an im- tiple equilibria. On the one hand, crises can be portant role to more or less arbitrary shifts in described as times of high nonfundamental vol- “market sentiments” or “animal spirits,” and atility: they involve large and abrupt changes in models with multiple equilibria formalize these ideas.1 On the other hand, these models can also be viewed as incomplete theories, which should * Angeletos: Department of Economics, Massachusetts ultimately be extended along some dimension Institute of Technology, 50 Memorial Drive, Cambridge, MA 02142, and National Bureau of Economic Research to resolve the indeterminacy. -
Transparency of Information and Coordination in Economies with Investment Complementarities
ISSUES IN MACROECONOMIC POLICY DESIGN Transparency of Information and Coordination in Economies with Investment Complementarities By GEORGE-MARIOS ANGELETOS AND ALESSANDRO PAVAN* Economies with production externalities, de- spect to public information, which increases the mand spillovers, incomplete financial markets, volatility generated by common noise in market and Keynesian frictions are only a few exam- expectations. Moreover, when information is ples of those in which macroeconomic comple- heterogeneous, an increase in the precision of mentarities play a prominent role. Within this public information may have the perverse effect class of economies, how does the precision of of increasing aggregate volatility, by increasing publicly provided and privately collected infor- the sensitivity of economic activity to common mation affect equilibrium allocations and social noise. On the contrary, an increase in the pre- welfare? And what is the optimal transparency cision of private information necessarily re- in the information conveyed, for example, by duces aggregate volatility. Nevertheless, we economic statistics, policy announcements, or show that, as long as there is no value to lotter- news in the media? To answer these questions, ies, welfare unambiguously increases with an we consider a simple real economy where the increase in either the relative or the absolute individual return to investment is increasing in precision of public information. Hence, policies the aggregate level of investment and where that either disseminate more precise informa- market participants have heterogenous expecta- tion about economic fundamentals or reduce the tions about the underlying economic fundamen- heterogeneous interpretation of economic statis- tals (the exogenous productivity). We interpret tics and policy measures necessarily boost wel- an increase in the transparency of public infor- fare. -
Signaling in a Global Game: Coordination and Policy Traps
Signaling in a Global Game: Coordination and Policy Traps George-Marios Angeletos Massachusetts Institute of Technology and National Bureau of Economic Research Christian Hellwig University of California, Los Angeles Alessandro Pavan Northwestern University This paper introduces signaling in a global game so as to examine the informational role of policy in coordination environments such as currency crises and bank runs. While exogenous asymmetric in- formation has been shown to select a unique equilibrium, we show that the endogenous information generated by policy interventions leads to multiple equilibria. The policy maker is thus trapped into a We are grateful to the editor, Nancy Stokey, and two anonymous referees for suggestions that greatly helped us improve the paper. For comments we thank Daron Acemoglu, Andy Atkeson, Philippe Bacchetta, Gadi Barlevy, Marco Bassetto, Olivier Blanchard, Ricardo Caballero, V. V. Chari, Eddie Dekel, Glenn Ellison, Paul Heidhues, Patrick Kehoe, Robert Lucas Jr., Narayana Kocherlakota, Kiminori Matsuyama, Stephen Morris, Bala`zs Szentes, Jean Tirole, Muhamet Yildiz, Iva´n Werning, and seminar participants at Athens University of Economics and Business, Berkeley, Carnegie-Mellon, Harvard, Iowa, Lausanne, London School of Economics, Mannheim, Massachusetts Institute of Technology, Northwestern, Stanford, Stony Brook, Toulouse, University of California at Los Angeles, University of Pennsylvania, the Federal Reserve Banks of Boston, Cleveland, and Minneapolis, the 2002 annual meeting of the Society for Economic Dynamics, the 2002 Universita´PompeuFabra workshop on coordination games, the 2003 Centre for Economic Policy Research Euro- pean Summer Symposium in International Macroeconomics, and the 2003 workshop of the Stanford Institute for Theoretical Economics. We also thank Emily Gallagher for excellent editing assistance. -
Transparency of Information and Coordination in Economies with Investment Complementarities
ISSUES IN MACROECONOMIC POLICY DESIGN Transparency of Information and Coordination in Economies with Investment Complementarities By GEORGE-MARIOS ANGELETOS AND ALESSANDRO PAVAN* Economies with production externalities, de- spect to public information, which increases the mand spillovers, incomplete financial markets, volatility generated by common noise in market and Keynesian frictions are only a few exam- expectations. Moreover, when information is ples of those in which macroeconomic comple- heterogeneous, an increase in the precision of mentarities play a prominent role. Within this public information may have the perverse effect class of economies, how does the precision of of increasing aggregate volatility, by increasing publicly provided and privately collected infor- the sensitivity of economic activity to common mation affect equilibrium allocations and social noise. On the contrary, an increase in the pre- welfare? And what is the optimal transparency cision of private information necessarily re- in the information conveyed, for example, by duces aggregate volatility. Nevertheless, we economic statistics, policy announcements, or show that, as long as there is no value to lotter- news in the media? To answer these questions, ies, welfare unambiguously increases with an we consider a simple real economy where the increase in either the relative or the absolute individual return to investment is increasing in precision of public information. Hence, policies the aggregate level of investment and where that either disseminate more precise informa- market participants have heterogenous expecta- tion about economic fundamentals or reduce the tions about the underlying economic fundamen- heterogeneous interpretation of economic statis- tals (the exogenous productivity). We interpret tics and policy measures necessarily boost wel- an increase in the transparency of public infor- fare. -
Uncorrected Transcript
1 EUROZONE-2015/01/16 THE BROOKINGS INSTITUTION THE EUROZONE: NOW WHAT? A CONVERSATION WITH LUCREZIA REICHLIN Washington, D.C. Friday, January 16, 2015 PARTICIPANTS: Welcome and Moderator: DAVID WESSEL Director, The Hutchins Center on Fiscal and Monetary Policy, and Senior Fellow, Economic Studies The Brookings Institution Featured Speaker: LUCREZIA REICHLIN Professor of Economics, London Business School Research Director, Centre for Economic Policy Research * * * * * ANDERSON COURT REPORTING 706 Duke Street, Suite 100 Alexandria, VA 22314 Phone (703) 519-7180 Fax (703) 519-7190 2 EUROZONE-2015/01/16 P R O C E E D I N G S MR. WESSEL: I am David Wessel from the Hutchins Center on Fiscal and Monetary Policy here at Brookings and is an example of just how perfect our timing is. I can't think of a better moment to have someone who actually knows something about the European Central Bank and the European economy, especially someone who has such great foresight that her last day as a Research Director at the ECB was the day that Lehman Brothers failed. Lucrezia Reichlin really is a wonderful example of globalization. She was born in Italy, educated at NYU, has worked in Frankfurt for the ECB, taught in Brussels, and she's now Professor of Economics at the London Business School, a columnist for Italy's Il Corriere della Serra, a Director of Unicredit and at AGEAS Insurance Group, and she's involved in pretty much every European think tank I ever heard of. And on the side she has started a company called Now-Casting, a firm that specializes in real time economic data and near-term forecasting. -
Defense Policies Against Currency Attacks: on the Possibility of Predictions in a Global Game with Multiple Equilibria
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Angeletos, George-Marios; Hellwig, Christian; Pavan, Alessandro Working Paper Defense policies against currency attacks: on the possibility of predictions in a global game with multiple equilibria Discussion Paper, No. 1459 Provided in Cooperation with: Kellogg School of Management - Center for Mathematical Studies in Economics and Management Science, Northwestern University Suggested Citation: Angeletos, George-Marios; Hellwig, Christian; Pavan, Alessandro (2007) : Defense policies against currency attacks: on the possibility of predictions in a global game with multiple equilibria, Discussion Paper, No. 1459, Northwestern University, Kellogg School of Management, Center for Mathematical Studies in Economics and Management Science, Evanston, IL This Version is available at: http://hdl.handle.net/10419/31181 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. -
Ph.D. in ECONOMICS GAME THEORY
Ph.D. in ECONOMICS GAME THEORY (2020) Prof. Mario Gilli PURPOSE: This course is an introduction to topics in game theory. Its objective is to equip the students with tools, which are essential to study economics of information and of strategic behaviour and for setting up and solving a wide range of economic problems. COURSE DESCRIPTION: The course consists of six lectures. We start with game representations. First, a game tree is defined, as well as information sets and pure, mixed and behavioral strategies, perfect recall and Kuhn’s theorem, complete as well as incomplete information. Then we consider Strategic form games and the relation among different ways of modelling strategic Interaction. Thus, properties and calculation of solutions and of Nash equilibria are discussed. Next Nash equilibria in extensive form games are analysed and refinements proposed. Finally, we turn to the analysis of dynamic games with incomplete information. STRUCTURE: The lectures will illustrate the main concepts through formal definitions and examples, with a particular attention to the calculus of solutions. There will be problem sets as homework. You are encouraged to form small group to solve problem sets. The problems will be quite difficult: you are not expected to be able to answer all the questions correctly. In the final part of the course, the students will present in groups research papers to the class. The aim is to learn how to read and understand research topics, in order to prepare the final dissertation. Your course grade will be based on the homework (20%), on the group presentation (20%) and on the final exam (60%). -
Reinforcing the Eurozone and Protecting an Open Society
MEZ 2 2016 Reinforcing the Eurozone and Protecting an Open Society GIANCARLO CORSETTI, LARS FELD, RALPH KOIJEN, LUCREZIA REICHLIN, RICARDO REIS, HÉLÈNE REY, BEATRICE WEDER DI MAURO WITH THE HELP OF FERDINANDO GIUGLIANO Acknowledgements We would like thank Aurelio Maccario, Jasper McMahon, Richard PorteS and Jeromin Zettelmeyer for excellent comments all along thiS project. We are extremely grateful to the Tommaso Padoa-Schioppa Chair at the EUI for financial Support and for organiSing SeamleSSly the February 5th Conference at which the draft report was diScuSSed. We benefitted immenSely from the inSightful comments of participants at the Conference. Furthermore we thank thank participants at SeminarS and workShopS at the ECB, the German MiniStry of Finance and the London BuSineSS School. We thank Ferdinando Giugliano for hiS excellent editing and making uS clarify Some obScure SentenceS. We are alSo grateful to CEPR for hoSting Some of our diScuSSionS and Anil Shamdasani for the final editing of thiS e-book. Reinforcing the Eurozone and Protecting an Open Society Monitoring the Eurozone 2 April 2016 “Il nous faut de l'audace, encore de l'audace, toujours de l'audace ». Danton, 2 Septembre 1792. Introduction: A critical juncture for the Euro area and the European Union The Sovereign debt and the refugee criSes prove that Europe has failed to deSign inStitutionS robuSt enough to weather difficult timeS. The StakeS are high: when economic ShockS and political crises coincide, the riSk of diSintegration riSeS to alarming levelS. Coordinated actionS are needed, but theSe are difficult to implement becauSe of the political climate. In Short, we may be contemplating the end of Europe as we know it. -
The Ecb and Its Watchers Xvi
Frankfurt am Main March 11, 2015 1999since THE ECB AND ITS WATCHERS XVI The Conference: The ECB and Its The ECB and Its Four Questions, Selected Topics About the Past, Presence, Watchers XVI: Watchers XVI: Four Economic and Speakers: Organizing and Future The Program The Speakers Answers Indicators 1999 – 2014 Institutions 1 2 3 4 6 7 8 Editorial This year’s “The ECB and Its Watchers” conference takes place against the background of an economic situation in the euro area that has unfortunately not significantly improved compared to the previous year. As the economic indicators presented on pages 6-7 show, the unemployment rate has only slightly decreased and still exhibits a level well above that of other major advanced economies. GDP growth has not picked up and inflation has further declined and has even fallen below zero in December 2014. In light of these disconcerting economic developments, the Governing Council decided in its January meeting to launch an “extended asset purchase programme” involving monthly purchases of public and private sector securities totaling €60 billion until September 2016 or, alternatively, until a “sustained adjustment in the path of inflation” consistent with the ECB’s inflation aim is achieved. While large-scale asset- purchase programs have been undertaken by other major central banks in recent years (see Figure 2) and The ECB and Its Watchers Conference – the economies of these countries have been successful in substantially reducing their unemployment rates, Past, Presence, and Future there is considerable disagreement regarding the benefit-risk analysis of the ECB’s planned measures Otmar Issing (continue on page 4 to read the comments of ECB Watchers we asked about this topic).