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Seminars in Economics Jordi Gali (CREI and UPF)

"Insider-Outsider Labor Markets, Hysteresis and Monetary Policy" Abstract I develop a version of the New Keynesian model with insideroutsider labor markets and hysteresis that can account for the high persistence of of European unemployment. I study the implications of that environment for the design of monetary policy. A simple interest rule that includes the unemployment…

Monday Lunch Seminars Irina Stefanescu (FED Board)

"Cost Saving and the Freezing of Corporate Pension Plans" Abstract The decision to freeze corporate defined benefit (DB) plans is related to variation in prospective cost saving, and freezing DB plans reduces total corporate compensation costs. Firms that freeze have at least 50% higher 10-year expected DB accruals than matched non-freeze firms. Comparing counterfactual DB…

Monday Lunch Seminars Mascia Bedendo (Audencia School of Management)

"Reputational Shocks and the Information Content of Credit Ratings" (Note: the seminar is on Thursday) ABSTRACT In the last two decades Credit Rating Agencies (CRAs) have faced extensive criticism for their rating practices and business models. We examine to what extent a number of significant reputational shocks suffered by CRAs (i.e. the Enron/WorldCom scandals, the subprime…

Monday Lunch Seminars Claudio Campanale (University of Alicante)

"Luxury goods in heterogeneous agents economies" Abstract Most macroeconomic models are based on the assumption of a single homogeneous consumption good. In the present paper we consider a model with two goods: A basic good and a luxury good. We then apply this assumption to a standard general equilibrium heterogeneous agent model. We find a substantial reduction in precautionary…

Seminars in Politics and Society Robert Hancke (LSE)

"The missing link: Labour unions, central banks and monetary integration in Europe" Abstract This paper examines the problems of the single currency in light of the organization of labour relations in the member-states and their interaction with monetary policies. Continental (western) Europe consists of two very different systems of employment and labour relations, roughly coinciding…

Seminars in Economics Yuliy Sannikov (Princeton University)

"Dynamic Trading: Price Inertia, Front-Running and Relationship Banking" Abstract We build a linear-quadratic model to analyze trading in a market with pri-vate information and heterogeneous agents. Agents receive private endowment shocks and trade continuously. Agents dier in their need for trade as well assize, i.e. the ability to stay away from their ideal positions. In…

Arthur Van Soest (Tilburg University)

"Home Production and Retirement in Couples: A Panel Data Analysis" Abstract We analyze the effects of retirement of one partner on home production by both partners in a couple. Using longitudinal data from the German Socio-Economic Panel on couples in the age group 45-75, we control for fixed household specific effects to address the concern that…

Monday Lunch Seminars Bruno Contini (Collegio Carlo Alberto)

"A neo-keynesian proposal for restoring growth in the Italian economy" abstract A neo-keynesian suggestion aimed at recovering after twenty years of dramatic economic crisis has recently been put forward in Italy. There are reasons to suppose that analogous measures could be reasonably adapted to other EU countries where the wellbeing of the low-middle class is…

Seminars in Politics and Society Rinke Bax (European Central Bank)

"The European Central Bank’s role in the Single Supervisory Mechanism as part of the Banking Union" Abstract On 4 November 2014, the European Central Bank (ECB) took up its supervisory tasks as part of the Single Supervisory Mechanism (SSM). The presentation will focus on the ECB’s role in the SSM and the exercise of its supervisory…