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Seminars in Economics Branko Urosevic (University of Belgrade)

"Globalization, Exchange Rate Regimes and Financial Contagion" abstract The crisis of the Euro zone brought to the fore important questions including: what isthe proper level of financial integration and what are the optimal exchange rate arrangements between countries that are part of tightly knit financial networks. Using a simple Diamond-Dybvig-style theoretical model we show that…

Seminars in Economics Arie Kapteyn (RAND)

"Do Consumers Know How to Value Annuities? Complexity as a Barrier to Annuitization" abstract This paper provides evidence that complexity of the annuitization decision process – rather than a preference for lump-sums –may help explain observed low levels of annuity purchases. We test this using Social Security benefits as our choice setting in an experimental module…

Monday Lunch Seminars Claudio Tebaldi (Universita’ Bocconi)

"Long Run Risk and the Persistence of Consumption Shocks" abstract In a long run risk valuation model, agents observe directly the structural drivers of consumption growth and produce a selective response to these shocks. Persistence heterogeneity complicates the empirical analysis of consumption growth dynamics and the detection of long run risk: the econometrician observes only aggregate quantities and is unable…

Monday Lunch Seminars Giovanna Nicodano, Luca Regis (University of Torino)

"Firm combinations, insolvency and tax policy" abstract This paper examines endogenous default costs in parent subsidiary structures (PS), and their sensitivity to tax policy. We show that PS lead to inefficiently high default costs relative to conglomerates when interest is deductible from taxes, due to their higher leverage. The introduction of intercorporate dividend taxation is…

Distinguished Scientific Lectures Inauguration Ceremony and Onorato Castellino Lecture

at 5:45 pm: Opening Address Pietro Garibaldi at 6:00 pm: Onorato Castellino Lecture Elsa Fornero "Genere e generazioni: una lettura delle recenti riforme" Introduction by Giovanna Nicodano Elsa Fornero is Minister of Labour, Social Policies and Equal Opportunities. Giovanna Nicodano is professor of Financial Economics, University of Torino and Research Fellow, Collegio Carlo Alberto & CeRP. Reservation is required. +39…

Monday Lunch Seminars Roberto Marfe’ (Swiss Finance Institute and University of Lausanne, Institute of Banking and Finance)

"Realized Expectations and the Equilibrium Risk-Return Trade Off" abstract This paper considers a simple, closed form and parsimonious continuous-time general equilibriummodel with investors featuring “catching up with the Joneses” preferences under incomplete information.Investors have unbiased beliefs about economic growth in the long-run, but underestimatelong-run reversion depending on the evolution of economic conditions as suggested by…

Monday Lunch Seminars Edoardo Grillo (Collegio Carlo Alberto)

"Reference Dependence and Electoral Competition" abstract "We consider a model of electoral competition in which two parties compete to get the support of a mass of voters. Each party is represented by a politician whose valence is unobservable. All voters prefer politicians with high valence, but ideological biases may lead them to vote according to party's affiliation. Candidates can…