Banca d’Italia, Collegio Carlo Alberto and Norges Bank will host a joint conference on new modeling approaches and novel empirical evidence on heterogeneity in the behaviour of firms, households and financial intermediaries. The meeting will bring together economists from academia and central banks focused on using microdata in empirical work and model estimation to understand how banking activities, capital markets, and balance-sheet choices by firms and households shape the economy. Special attention will be paid to papers with relevance to current policy questions.

Program

Tuesday, September 10

8:30 – 8:55     Registration

8:55 – 9:00     Welcome

9:00 – 10:00   Measuring the Effects of Aggregate Shocks on Unit-Level Outcomes and Their Distribution

Stephanie Ettmeier (University of Bonn) with Chi Hyun Kim (University of Bonn) and Frank Schorfheide (University of Pennsylvania)

Discussant: Francesco Furlanetto (Norges Bank)

10:00 – 11:00   Heterogeneity in MPCs Beyond Liquidity Constraints: the Role of Permanent Earnings

Jeanne Commault (Sciences Po)

Discussant: Gisle Natvik (BI Norwegian Business School   

11:00 – 11:30  Coffee Break

11:30 – 12:30  Keynote address: The New Causal Macroeconomics of Subjective Expectations and Decisions

Olivier Coibion (The University of Texas at Austin)

12:30 – 13:30  Lunch

13:30 – 14:15  Poster session

14:15 – 15:15  Keynote address: How Do Supply Shocks to Inflation Generalize? Evidence from the Pandemic Era in Europe

Viral Acharya (New York University Stern School of Business)

15:15 – 15:30   Coffee Break

15:30 – 17:00   Inflation Expectations and the Housing Market: Insights from Real Estate Agents    

Elisa Guglielminetti (Banca d’Italia) with Michele Loberto (Banca d’Italia)

Subjective Earnings and Employment Dynamics

Margherita Borella (CeRP-Collegio Carlo Alberto and University of Turin) with Manuel Arellano (CEMFI), Orazio Attanasio (Yale University), Mariacristina De Nardi (University of Minnesota), and Gonzalo Paz-Pardo (European Central Bank)

Five Facts about Inflation Expectations: Evidence from Four Different Groups of Agents

Eleonora Granziera (Norges Bank) with Tuva Marie Fastbø (Norges Bank), Nicolo Maffei-Faccioli (Norges Bank), Lovisa Reiche (University of Oxford), and Michael Weber (University of Chicago Booth School of Business)

19:00  Dinner for speakers at Solsiden Restaurant (Akershusstranda 13, Skur 34, 0150 Oslo)

 

Wednesday, September 11

8:30 – 9:00    Registration

9:00 – 10:00  Monetary Policy, Household Debt and Consumption: Evidence from Natural Experiments

Angus Foulis (Bank of England) with Jonathon Hazell (London School of Economics), Atif Mian (Princeton University) and Belinda Tracey (Bank of England)

Discussant: Maria Olsson (BI Norwegian Business School)

10:00 – 11:00   Keynote address: Supply Chain Shortages, Large Firms’ Market Power, and Inflation

Mariassunta Giannetti (Stockholm School of Economics)

11:00 – 11:30    Coffee Break

11:30 – 12:30    Keynote address: Where Credit Markets Overlap

Steven Ongena (University of Zurich)

12:30 – 13:30  Lunch

13:30 – 14:30  Banking Without Branches

Niklas Amberg (Sveriges Riksbank) with Bo Becker (Stockholm School of Economics)

Discussant: Ali Uppal (Imperial College Business School)

14:30 – 16:00    Stock market wealth and entrepreneurship    

Plamen Nenov (Norges Bank) with Gabriel Chodorow-Reich (Harvard), Vitor Santos (BI Norwegian Business School) and Alp Simsek (Yale School of Management)  

Has the Phillips Curve Steepened after COVID? Evidence from US Cities

Giulia Gitti (Collegio Carlo Alberto and University of Turin) with Andrea Cerrato (Federal Reserve Bank of Boston)

Business Loan Characteristics and Inflation Shocks Transmission in the Euro Area

Fabio Massimo Piersanti (Banca d’Italia) with Valentina Michelangeli (Banca d’Italia)

Posters:

Dynamic Tax Evasion and Capital Misallocation in General Equilibrium
Andrea Modena (University of Mannheim, Visiting Collegio Carlo Alberto - LTI) with Francesco Menoncin (Università degli Studi di Brescia) and Luca Regis (University of Torino and Collegio Carlo Alberto)

A Tale of Procyclical Inequality: Facts and Implications
Drago Bergholt (Norges Bank) with Francesco Furlanetto (Norges Bank) and Lorenzo Mori (University of Padova)

Borrowing Constraints, Discouraged Home-ownership and Nonhousing Consumption
Gazi Kabaş (Tilburg University) with Yann Joel Cerasi (University of Zurich) and Kasper Roszbach (Norges Bank)

Banking on Deposit Relationships: Implications for Hold-Up Problems in the Loan Market
Jin Cao (Norges Bank) with Emilia Garcia-Appendini (Norges Bank and University of St Gallen) and Cédric Huylebroek (KU Leuven)

Taylor Rules with Endogenous Regimes
Knut Are Aastveit (Norges Bank) with Jamie Cross (Melbourne Business School), Francesco Furlanetto (Norges Bank) and Herman Van Dijk (Erasmus University and Norges Bank)

 

Organizers: Margherita Borella (CeRP-Collegio Carlo Alberto and University of Turin), Margherita Bottero (Banca d’Italia), Francesco Furlanetto (Norges Bank), Karolis Liaudinskas (Norges Bank), Stefano Neri (Banca d’Italia), Massimiliano Pisani (Banca d’Italia), Federico Ravenna (Collegio Carlo Alberto)