3rd BMW on “The Macroeconomic Effects of Micro Heterogeneity”
The 3rd BMW on “The Macroeconomic Effects of Micro Heterogeneity” organized by the University of Bristol School of Economics in collaboration with the Centre For Macroeconomics took place in person on May 19-20 2022 in Bristol (United Kingdom).
Keynote lectures:
- Mariacristina De Nardi (University of Minnesota, Minneapolis Fed, CEPR, NBER)
- (TBC) Nezih Guner (Universitat Autònoma de Barcelona, BSE, CEMFI)
- Hugo Hopenhayn (UCLA)
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PROGRAMME
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Thursday May 19
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Time (GMT+1/BST)
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13:30 - 13:55
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Registration / Welcome 1st Day
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13:55 - 14:00
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Introduction
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14:00 - 15:00
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Why Do Couples and Singles Save During Retirement?
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Mariacristina De Nardi [University of Minnesota, Minneapolis Fed, CEPR, NBER]
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15:00 - 16:00
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Delayed Childbearing and Urban Revival
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Clara Santamaria [Universidad Carlos III de Madrid]
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16:00 - 16:15
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16:15 - 17:15
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The Aggregate Effects of Acquisitions on Innovation and Economic Growth
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Pau Roldan-Blanco [Banco de España]
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17:15 - 18:15
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The Hitchhiker's Guide to Markup Estimation
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Maarten De Ridder [London School of Economics]
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19:30
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Dinner
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Friday May 20
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Time (GMT+1/BST)
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8:45 - 9:00
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Welcome 2nd Day
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9:00 - 10:00
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Misallocation and Inequality
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Nezih Guner [Universitat Autònoma de Barcelona, BSE, CEMFI]
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10:00 - 10:15
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Break
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10:15 - 11:15
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Taxing Wealth and Capital Income with Heterogeneous Returns
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Burhan Kuruscu [University of Toronto]
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11:15 - 12:15
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Inequality in the Welfare Costs of Disinflation
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Hannah Rubinton [Federal Reserve Bank of St. Louis]
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12:15 - 13:30
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Lunch
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13:30 - 14:30
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Moral Hazard, Optimal Unemployment Insurance, and Aggregate Dynamics
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Marcelo Veracierto [Federal Reserve Bank of Chicago]
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14:30 - 15:30
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Optimal Nonlinear Savings Taxation
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Charles Brendon [University of Cambridge]
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15:30 - 15:45
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Break
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15:45 - 16:45
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Big Push in Distorted Economies
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Hugo Hopenhayn [University of California, Los Angeles]
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16:45 - 17:45
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Transforming Institutions: Labor Reallocation and Wage Growth in a Reunified Germany
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Sang Yoon (Tim) Lee [Queen Mary University of London]
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17:45
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End of Workshop
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CFM-BoE International Macro Conference
The inaugural international macro conference was held on Friday 06 May 2022. It included presentations on the global financial cycle, dollar dominance, exchange rates, and foreign exchange interventions. It was organized by the CFM, LSE, and the Bank of England with the financial support of the CFM and Hayek Program. The list of participants included speakers from the U.K., European and U.S. universities and central banks. Oleg Itskhoki (UCLA) gave the keynote address.
Date: Friday 06 May 2022
Time: 9am – 5pm
Place: LSE
Programme
CFM London Macro Workshop - Friday March 18 2022 from 14:30 hrs.
This was a half-day event where CFM affiliates presented work in progress to each other.
The programme included 4 seminar-type presentations, with no discussants but interruptions from the floor.
CFM/IMF Lecture - 16 March 2022 (Online event)
Looking for balanced growth in China amid lockdowns, regulatory headwinds, and an ambitious climate agenda—Insights from the latest IMF China Staff Report
Wenjie Chen is a senior economist on the IMF’s China team. Prior to that, she worked in the Research Department, where she was part of the World Economic Outlook team. She has also worked in the African Department on South Africa and South Sudan. Before joining the IMF, Wenjie worked as a professor at George Washington University School of Business and Elliott School of International Affairs. She received her MA and PhD in Economics from the University of Michigan.
Chair - Ricardo Reis
China’s recovery is well advanced—but it lacks balance and momentum has slowed, reflecting the rapid withdrawal of fiscal support, lagging consumption amid recurrent COVID-19 outbreaks despite a successful vaccination campaign, and slowing real estate investment following policy efforts to reduce leverage in the property sector. Regulatory measures targeting the technology sector, intended to enhance competition, consumer privacy, and data governance, have increased policy uncertainty. China’s climate strategy has begun to take shape with the release of detailed action plans. Productivity growth is declining as decoupling pressures are increasing, while a stalling of key structural reforms and rebalancing are delaying the transition to “high-quality”—balanced, inclusive and green—growth.
China rebounded strongly from the pandemic, but growth is losing momentum while remaining overly dependent on support from investment and exports. This imperils the nation’s long-sought transition to sustained high-quality growth that’s balanced, inclusive and green. While China’s many challenges have no easy answer, the key message of the IMF’s annual Article IV review of the economy is that rebalancing toward a more consumption-based model will boost growth prospects in the short term and deliver high-quality expansion in the long run. Importantly, it will also help bring the country closer to achieving its climate goal of carbon neutrality before 2060.”