EEA-ESEM PROGRAMME 27-31 AUGUST 2018 COLOGNE GERMANY - 2019 EEA|ESEM
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PROGRAMME
EEA-ESEM
27–31 AUGUST 2018
COLOGNE GERMANY
33RD ANNUAL CONGRESS OF THE EUROPEAN ECONOMIC ASSOCIATION
71TH EUROPEAN MEETING OF THE ECONOMETRIC SOCIETY
eea-esem-congresses.org
Sponsored by:
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2018 · VOLUME 1
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EEA-ESEM | 27 - 31 August 2018 | Cologne Germany
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Executive Editor: Zhiqi Chen Carleton University
Co-Editors: Chunrong Ai University of Florida
Kevin X. D. Huang Vanderbilt University
Neng Wang Columbia University
Quan Wen University of Washington
Selected Papers Published in 2017 and 2018
Rethinking Globalization in the Trump Era: US-China Relations…………………. Joseph E. Stiglitz
Conquering China’s Unbalanced and Inadequate Development: Macroeconomic Outlook,
Policy Simulations, and Reform Implementation—A Summary of Annual SUFE
Macroeconomic Report (2017–2018)………………….. Kevin X. D. Huang, Lei Ning, Guoqiang Tian
Product Market Competition and Innovation: What Can We Learn from Economic
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The Effects of Macroeconomic Policies in a Mercantilist Economy…………………………………………
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Offshoring and Reshoring: The Roles of Incomplete Contracts and Relative Bargaining
Power…………………………………………………………………......................Ngo Van Long, Maxwell Tuuliy
Agglomeration and Firm Export………………………………………... Churen Sun, Zhihao Yu, Tao Zhang
Examining the Factors Affecting Personal Income: An Empirical Study Based on Survey Data in
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Are Central and Western Chinese Provinces Catching up with the East? An Empirical Analysis
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Audit Competition in Insurance Oligopolies.............................. Nicolas Boccard, Patrick Legros
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I N T E R N A T I O N A L M O N E T A R Y F U N D Order your copies @ www.worldscientific.comCONTENTS WELCOME TO COLOGNE!
The University of Cologne is delighted to host the 33rd Annual Congress of the European Economic
Association and the 71st European Meeting of the Econometric Society.
WELCOME TO COLOGNE!...................................................................................................................................... 9
Founded in 1388, the University of Cologne is one of the oldest and largest within Europe and is recognized
EEA PRESIDENTIAL FOREWORD.......................................................................................................................... 10
for its international reputation of academic achievement and high standards of education. In 2012, it was
selected as one of currently eleven German Excellence Universities and has been awarded funding for
ES PRESIDENTIAL FOREWORD............................................................................................................................. 11
its Institutional Strategy. It has several large and internationally competitive research fields, especially in
biology, medical science, physics, economics, psychology and the humanities.
GENERAL INFORMATION..................................................................................................................................... 12
The Faculty of Management Economics and Social Sciences in Cologne has moved towards a modern research-
SOCIAL PROGRAMME ......................................................................................................................................... 14
oriented department over the last decade. It has developed a strong research focus on behavioral economics
and has established itself as one of the leading research centers for economic design. Its development was
CONGRESS SPONSORS.......................................................................................................................................... 15
accelerated by the previous round of the German Universities Excellence Initiative which gave rise to the
establishment of the Center for Social and Economic Behavior (C-SEB) as one of the Centers of Excellence at
EXHIBITION........................................................................................................................................................... 16
Cologne funded within the Institutional Strategy of the university. In addition the Faculty has a focus on the
research area Markets and Governments, which comprises research in Macroeconomics, Public Economics
EEA ANS ES SPONSORS........................................................................................................................................ 19
and Political Economy, and on Regulation and Industrial Organization.
EEA AND ES AWARD PRESENTATIONS AND MEMBERS’ MEETINGS.................................................................. 20
In April 2017, the Universities of Bonn and Cologne founded the Reinhard Selten Institute to honor Reinhard
Selten’s outstanding contributions to Economics. It was established as an initiative of his former students
WOMEN IN ECONOMICS MENTORING RETREAT................................................................................................ 21
who now teach at the universities of Bonn and Cologne. The institute’s mission is to foster independent
thinking, excellent research and innovative approaches across disciplines. At EEA-ESEM 2018, the Reinhard
PROGRAMME COMMITTEE.................................................................................................................................. 22
Selten Institute sponsors the lunch session on “New Challenges, New Tools and New Objectives for Market
Design and Public Policy” that will be chaired by Axel Ockenfels.
DETAILED SCIENTFIC PROGRAMME.................................................................................................................... 26
Monday, August 27......................................................................................................................................... 26
The city of Cologne is situated on both sides of the Rhine and is home to the Cologne Cathedral, a World
Tuesday, August 28......................................................................................................................................... 45
Heritage Site and Germany‘s number one attraction, which draws over six million visitors each year. In
Wednesday, August 29................................................................................................................................... 66
addition, Cologne‘s world-class museums like the Museum Ludwig, the Wallraf-Richartz-Museum or the
Thursday, August 30...................................................................................................................................... 104
Romano-Germanic Museum also attract visitors from all over the world. Cologne has a very active and
Friday, August 31........................................................................................................................................... 125
diverse nightlife, which offers several music and theatre venues as well as numerous restaurants and pubs.
While traditional brewery taverns can be found close to the Rhine in the centre of the city, the quarters
QUICK LOOK: OVERVIEW OF SESSIONS AND ROOMS..................................................................................... 127
close to the university - like the “Belgisches Viertel” or the streets around Rathenauplatz – also host many
nice bars and restaurants. There are thus plenty of possibilities to try Kölsch, the city’s unique type of beer.
QUICK LOOK: PROGRAMME OVERVIEW.......................................................................................................... 139
As the Local Organising Committee we are happy to welcome you in Cologne!
Felix Bierbrauer (Chair), Raphael Flore (Coordinator), Michael Krause, Marc Bettzüge,
Isabel Schnabel and Daniel Scheu
8 9
EEA-ESEM | 27 - 31 August 2018 | Cologne Germany EEA-ESEM | 27 - 31 August 2018 | Cologne GermanyEEA WELCOME ES WELCOME
Welcome to the 33rd annual congress of the European Economic Association. Following a consolidated It is a pleasure to welcome all of you to the 71st European Meeting of the Econometric Society. Cologne is
tradition of cooperation, our congress is held jointly with the European Meetings of the Econometric Society. a wonderful place to hold the meeting and we are grateful to the University of Cologne for serving as our
It is quite impressive to see how this event has grown to become the biggest gathering of economists in host. As usual we have an extremely dedicated local organizing team. On this occasion, it is chaired by Felix
Europe, attracting participants also from other regions. 2018 is a special year for the EEA, as we will be Bierbrauer and includes Raphael Flore, Michael Krause, Marc Bettzüge, Isabel Schnabel and Daniel Scheu.
launching the first pan-European job market in December. The European job market aims at integrating On behalf on the Econometric Society, I thank them all for their superb efforts. Thanks also to Razi Farukh
local initiatives and improving the match between recruiters and PhD candidates on a broader scale. Since and his team of student assistants and Yves Gissot who has managed the facilities and technical equipment.
young researchers are one of the strengths of our annual congress, I hope to see many of them join us in Gemma Prunner-Thomas has masterminded the meeting with her customary efficiency and good humor.
December in Naples.
We are also grateful to the program chairs, Marco Ottaviani (Bocconi University) and Michèle Tertilt
It is a challenging time to be an economist: recent political developments in and outside Europe highlight (University of Mannheim). They have put together a varied and interesting program for us to enjoy in
a growing distrust in institutions and in policymaking. As economists, we need to do a better job at the coming days, ably assisted by Giovanni Montanari and the programme committee. We have a rich
communicating our ideas to non-expert audiences. But we also need to improve our ability to understand program of invited events. In addition to the Fisher Schultz Lecture given by Matthew Gentzkow (Stanford
a world that is becoming increasingly complex and diverse from a social and from a technological point of University) and the Laffont Lecture by Jeremy Greenwood (University of Pennsylvania), we have a wide
view. This requires bridging the gap with other disciplines, learning new methods and opening our minds. range of invited sessions. These are Macroeconomics of Inequality by Matthias Doepke (Northwestern
And this is what makes our times not only challenging but incredibly exciting. University) and Nezih Guner (CEMFI); Business Cycles and Monetary Policy by Nir Jaimovich (University of
Zurich) and Silvana Tenreyro (LSE); Family Economics by Katrine Loken (Norwegian School of Business) and
This year’s scientific program reflects some of the above developments, and I want to thank Nicola Jerome Adda (Bocconi University); Dynamic Microeconomics and Policy by Bard Harstad (University of Oslo)
Gennaioli and Marta Reynal-Querol for doing a superb job at putting it together. I also want to underline and Michelle Sovinsky (Mannheim University); Economics of Research and Experimentation by Maximilian
the importance of the many activities organized by the EEA standing committees, including the mentoring Kasy (Harvard University) and Sylvain Chassang (New York University); Organisational Design by Guillaume
retreat for women in economics, the lunch session on data access for researchers, and the educational Plantin (Paris School of Economics) and Tomasz Sadzik (University of California, Los Angeles).
session on the last day of the congress.
We also have a program of events organized jointly with EEA to support women in the economics profession
Our meeting this year is in the beautiful city of Cologne, a city with a long history and cultural tradition. in Europe. This work has been led on the Econometric Society side by Paola Manzini and the Society is
I am very grateful to the University of Cologne for hosting us on its campus and to the local organizing grateful to her for her effort.
committee, chaired by Felix Bierbrauer, and coordinated by Raphael Flore, for working incredibly hard to
make sure that everything runs efficiently. Finally, I cannot but express my deepest gratitude to Gemma This is also a good opportunity to thank my colleagues on the Regional standing committee who help to
Prunner-Thomas, EEA General Manager, and to Antonio Cabrales, Executive Vice-President, for their tireless coordinate the activities of the Econometric Society in Europe. I would particularly like to thank Sven Rady
dedication to the association. who works with calm efficiency as the Secretary to the Committee and Olivier Scaillet who ably manages
the finances in his role as Treasurer.
I hope you enjoy the congress and I look forward to seeing you in Cologne.
The Econometric Society remains one of the few truly global associations for academic economists. In addition
With best regards, to its publishing activities, the Society is deeply committed to bringing economists together in meetings
such as this one. So successful has been the society in its mission to promote statistics and mathematical
Eliana La Ferrara methods that this now permeates all aspects of economics. And as our discipline expands in its scope and
President of the European Economic Association breadth, it is remarkable to see how the framework of economics can be adapted and developed as we
will see in the many original papers on offer at our meeting. It is a privilege to be part of the Society and
to serve as its President this year as well as being able to participate in a meeting with so many talented
individuals. It is now more than 30 years since I first attended a European Econometric Society meeting as
a PhD student and the meetings do not cease to impress me with the excitement that they generate. For
those of you who are here for the first time, I hope that this will be the first of many meetings and that you
remain engaged with the Econometric Society throughout your career. I wish all participants an enjoyable
meeting with many stimulating discussions with your fellow economists.
Tim Besley
President 2018
10 11
EEA-ESEM | 27 - 31 August 2018 | Cologne Germany EEA-ESEM | 27 - 31 August 2018 | Cologne GermanyGENERAL INFORMATION USE OF MOBILE PHONES
Please note that the use of mobile phones during contributed, invited and plenary sessions is forbidden and
CONGRESS VENUE the mobile phones have to be muted.
EEA-ESEM Cologne 2018 takes place in four buildings on the University of Cologne campus. A map of the
campus can be found on the inner front cover of this programme. SESSION INSTRUCTIONS
CONFERENCE ROOM
COFFEE BREAKS AND LUNCHES Computer (MS Windows environment) and projector will be available in each room for presentations. Please
There will be food stations on the ground floors of the buildings Hörsaalgebäude, Philosophikum and use Portable Document Format (.pdf) for presentations. Presenters are requested to bring their presentation
Hauptgebäude during all breaks. on a USB disk. Presenters are asked not to connect to their own laptops as this wastes too much time.
REGISTRATION AND INFORMATION DESK DURATION
On Monday, the registration and information desk is located on the ground floor of the building To ensure that the Conference is running smoothly, we would like to make sure that sessions start and end
Hauptgebäude. On all other days, it is located on the ground floor of the building Philosophikum. on time. Also, to ensure that each paper is given sufficient time for presentation and discussion, please
Monday, August 27 10:00 - 19:00 stick to the following time rules: make sure that the time available is divided equally over the papers to be
Tuesday, August 28 08:00 - 19:00 presented and that any remaining time is left for discussion. The chair and speakers should agree the precise
Wednesday, August 29 08:00 - 19:00 format and timing of this discussion: that is whether it covers the session as a whole or comes following
Thursday, August 30 08:00 - 17:00 each paper.
Please note that there is a wardrobe and limited storage facilities for luggage at the entrance of the building
Hauptgebäude. SESSION CHAIRS
Chairs are invited to come to the room 10 minutes prior to the start of the session. They introduce the
CERTIFICATE OF ATTENDANCE AND RECEIPT OF PAYMENT session and the speakers, make sure that the time rules are followed, and guide the general discussion
In order to reduce the amount of paper used at EEA-ESEM Cologne 2018, participants will receive a following the presentation. They should also coordinate with the speakers and agree on the form and
“Certificate of Attendance” and a receipt of payment in pdf format on request only. Requests for these precise timing of discussion. In case the scheduled chair does not show up, the presenter of the session’s
certificates must be made to registration@eea-esem-congresses.org after the Congress has finished and final paper is expected to take over the role of chair. If your session has fewer papers than expected due to
before September 15. last minute cancellations, you can be a bit more flexible with the time, but bear in mind that the audience
might be interested in attending other sessions too.
PROGRAMME UPDATES
The submission and programme software Conference Maker is updated automatically when changes to the OTHER USEFUL INFORMATION
programme are made. You are encouraged to make use of this programme. PUBLIC TRANSPORT
Within the city, as well as region, you reach everything easily via bus, tram, city train or train.
COMPUTER ROOM The stop closest to the conference venue is called “Universität” and you can get there with line 9. From
There is a computer room available for participants of EEA-ESEM Cologne 2018, which is situated on the there to get to Albertus Magnus Platz, which is the main square of the campus around which the EEA-ESEM
ground floor of the Philosophikum (next to Hörsaal H 80). Information about the login at the computers can session rooms will be concentrated, you just have to walk 300 m north parallel to the “Universitätsstraße”.
be provided by the registration and information desk. There is not a printer available there. The same tickets can be used for all trams and buses in the city of Cologne. These tickets can be bought
with coins on the trams or in the buses or at booths that can be found at some stations.
WIFI ACCESS
The most important single tickets are:
You are able to access the Internet using your own device via the eduroam network. If you have an account
• short-distance - area K (one way up to four stops): 1.90 €
from your home university please use that network and your account to login. Otherwise, you can login in
• standard - area 1b (one way within Cologne): 2.90 €
the network UniKoeln-802.1X with the guest account eeapc001 and the password DZ8Vda423.
• day ticket - area 1b (until 3 am next day within Cologne): 8.60 €
TWITTER & FACEBOOK • week ticket - area 1b (from Monday until Sunday night within Cologne): 25.40 €
The Local Organisers will cover the congress at @EEAESEMCologne on Twitter and at “EEA-ESEM Cologne”
on Facebook. Please follow #EEAESEM18 and tweet your news about EEA-ESEM 2018. For the more adventurous participant, Cologne like other numerous European cities, offers a bike-sharing
service – More information is found at www.kvb-rad.de/en/koeln/
CONGRESS ASSISTANTS
There are assistants ready to help participants. Congress assistants are easily identifiable by their University TAXIS
of Cologne t-shirt. You can call +49 221-2882 or +49 221-131311 for a scheduled pick-up.
The official taxi rate of Cologne consists of: the initial fee of €3.50 and a rate of €1.70 - €1.90 per km. The
NAME BADGES fare from the main station in Cologne to the university is about €12 and from the airport Cologne/Bonn €38.
All participants of EEA-ESEM Cologne 2018 are requested to wear their name badges (given at registration)
at all times! Only participants wearing name badges will be allowed access to the scientific sessions, coffee IMPORTANT NUMBER
and lunch breaks and the social events. Need help? 112 is the European emergency phone number available everywhere in the EU, free of charge.
12 13
EEA-ESEM | 27 - 31 August 2018 | Cologne Germany EEA-ESEM | 27 - 31 August 2018 | Cologne GermanySOCIAL PROGRAMME CONGRESS SPONSORS
MONDAY, AUGUST 27 WELCOME RECEPTION The European Economic Association, Econometric Society, and the local
A welcome reception will be held at the Gürzenich, an old assembly hall from the 15th century, which is organisers from the University of Cologne, kindly thank the following sponsors
situated in the heart of Cologne, from 20:00 – 22:30. The event is open to all participants of EEA-ESEM for their generous support of EEA-ESEM Cologne:
Cologne 2018. The nearest tram station is Heumarkt (Lines 1,5,7 and 9).
DEUTSCHER SPARKASSEN- UND GIROVERBAND
See you daily from 4.00 pm - 4.30 pm at the Sparkassen-Lounge in the
Hörsaalgebäude. Kölsch (local beer) for free.
IZA INSTITUTE
Science at the service of society: Bridging research and practice
www.iza.org
IZA is an independent economic research institute that conducts research in
labor economics and offers evidence-based policy advice on labor market
issues. Supported by the Deutsche Post Foundation, IZA runs the world’s largest
network of economists, whose research provides answers to the global labor
market challenges of our time. Our key objective is to build bridges between
academic research policymakers and society.
THURSDAY, AUGUST 30 END OF CONGRESS PARTY
The Congress Dinner will take place at the Flora, located within the Botanical Garden of Cologne, from
20:00 – 23:30. Please note that the dinner can only be attended by participants who paid the standard
registration fee. If you have paid, your name badge will indicate this and act as your ticket.
No transportation will be provided. The nearest tram station is Zoo/Flora (line 18). To view the timetable of
public transport going from Zoo/Flora (line 18) to the centre, please visit the page SOCIAL EVENTS at www.
eea-esem-congresses.org
14 15
EEA-ESEM | 27 - 31 August 2018 | Cologne Germany EEA-ESEM | 27 - 31 August 2018 | Cologne GermanyEXHIBITION FRONTIER ECONOMICS
Frontier Economics is one of the largest economic consultancies in Europe with
The exhibitors will be located on the ground floor of the building Philosophikum. offices in Berlin, Brussels, Cologne, Dublin, London, Madrid and Paris. We use
There are coffee and lunch stations close by. cutting edge economics to solve complex business and policy problems, and
work with leading private and public-sector organisations, as well as ministries
The opening hours of exhibition are: and industry regulators.
Monday, August 27 14:00 - 19:00
Tuesday, August 28 08:30 - 19:00 HARVARD UNIVERSITY PRESS
Wednesday, August 29 08:30 - 19:00 Founded in 1913, Harvard University Press is the publisher of classic works,
Thursday, August 30 08:30 - 19:00 and continues to be a leading publisher of convergent works in the sciences,
Friday, August 31 08:30 - 12:30 humanities, and social sciences. HUP’s publication program, which includes
important new digital projects and platform,s is driven by the belief that books
from academic publishers are more essential than ever before for understanding
EXHIBITORS critical issues facing the world today.
BRISTOL UNIVERSITY PRESS LATEST THINKING
Bristol University Press publishes world-class scholarship in the social sciences LATEST THINKING is an Open Access Video Journal providing summaries of
that advances theory, knowledge and learning. Home to Policy Press, this bold research findings covering all academic fields from anthropology to physics,
university press publishes for global impact and social change. As a not-for-profit from biology to philosophy. Our original videos are abstracts of peer-reviewed
publisher, we put integrity before profit and research before sensationalism to academic publications brought to you by the authors in person and embedded
provide an internationally respected platform for the dissemination of work in a unique video player, which navigates you through the scholar’s flow of
that matters. ideas.
CAMBRIDGE UNIVERSITY PRESS MIT PRESS
Cambridge University Press dates from 1534 and is part of the University of The MIT Press is a leading publisher of books and journals, and committed to
Cambridge. Our mission is to unlock people’s potential with the best learning advancing knowledge by publishing significant works by pioneering authors,
and research solutions by combining state-of-the-art content with the highest and exploring new fields and new modes of inquiry. We honor complexity with
standards of scholarship writing and production. Visit our stand for 20% off all provocative and transformative work that crosses academic and geographic
titles on display. boundaries to serve the broadest possible global audience
CENTRE FOR EUROPEAN ECONOMIC RESEARCH (ZEW) OXFORD UNIVERSITY PRESS
The Centre for European Economic Research (ZEW) in Mannheim is one of Oxford University Press is a department of the University of Oxford. It furthers
Germany’s leading economic research institutes and has a reputation for the University’s objective of excellence in research, scholarship, and education
excellence throughout Europe. The institute’s key objectives are to conduct by publishing worldwide.
cutting-edge research, to provide independent, evidence-based economic policy,
advice to promote up-and-coming researchers, and to inform the professional PALGRAVE MACMILLAN
and lay public. ZEW is a member of the Leibniz Association. Palgrave Macmillan publishes award-winning research across the humanities,
social sciences and business for academics and professionals. Palgrave Macmillan
DSI offers authors and readers the very best in academic content and supports the
DSI Data Service & Information is focused on realising processing and running scholarly community with innovative new formats and tools.
statistical time series platform solutions that work smarter feel better and are
easier to use: PRINCETON UNIVERSITY PRESS
• DSI’s statistics platform AllThatStats provides access to latest time series Princeton University Press is a major academic press, publishing around 250 new
databases from national & international statistical bureaus & institutions. books each year. We commission and publish books across the social sciences,
• Customised time series platforms to make working with statistical time series sciences, and humanities, from literature to physics, from classics to cognitive
databases less painful. science. Our fundamental mission is to disseminate scholarship (through print
and digital media) both within academia and to society at large.
16 17
EEA-ESEM | 27 - 31 August 2018 | Cologne Germany EEA-ESEM | 27 - 31 August 2018 | Cologne GermanyRWI – LEIBNIZ INSTITUTE FOR ECONOMIC RESEARCH EEA AND ES SPONSORS
RWI – Leibniz-Institute for Economic Research is a leading centre for economic
research and evidence-based policy advice in Germany. The Institute´s research EEA INSTITUTIONAL MEMBERS SPONSORSHIP OF INVITED SESSIONS
is structured along four “competence areas” and four research groups that look The European Economic Association is grateful to its institutional members for their support of the following
into economic interrelations at all levels – ranging from the individual to global EEA invited sessions:
economy. The claim “research with impact” illustrates its high scientific demand.
Banca d’Italia The Economics of Management
ROUTLEDGE
Routledge partners with world-class authors, from leading scientists and
researchers, to scholars and professionals operating at the top of their fields.
Together, we publish in all areas of the Humanities, Social Sciences, Behavioural Banco de España Production Networks
Sciences, Science, Technology and Medicine sectors. We are one of the world’s
leading publishers of scholarly journals, books, eBooks, text books and reference
works.
Bank of England Inequality and Tax Policy
SPRINGER
Springer is a leading global publisher in science, technology, medicine, humanities
and social sciences, providing researchers in academia, scientific institutions and
corporate R&D departments with quality content via innovative information Deutsche Bundesbank Behavioural Macroeconomics
products and services. Springer is part of Springer Nature, one of the world’s
leading global research, educational and professional publishers.
WILEY National Bank of Romania Economics of Online Media
Wiley is a global provider of knowledge and knowledge-enabled services in
research, professional practice and education. Developing digital education,
learning, assessment and certification, partnering with societies and
communicating research discoveries. Oesterreichische Nationalbank Culture and Economics
EEA INSTITUTIONAL MEMBERS’ EXHIBITION
At EEA-ESEM Cologne 2018, some of the institutional members of the EEA will
be available to speak to participants about their research activites. The following Sveriges Riksbank Housing Markets and the Macroeconomy
institutional members can be found at the exhibition area in the building
Philosophikum at the following times:
Deutsche Bundesbank Tuesday, August 28 The EEA would also like to thank the the European Central Bank for organizing
Bank of England Tuesday, August 28 and Wednesday, August 29 the lunch session Monetary and Macroprudential Policy Interactions, which
European Investment Bank Wednesday, August 29 and Thursday, August 30 takes place on Tuesday, August 28 from 13:00 – 14:00.
Moreover the EEA also thanks the European Investment Bank for putting
together a special contributed session Investment, Investment Finance and
Regulation.
ES SPONSORS
The Econometric Society wishes to thank the Toulouse School of Economics
for its continued support of the Laffont Lecture. The Laffont lecture in ESEM
2018, Starting Ventures, will be given by Jeremy Greenwood (University of
Pennsylvania). It will take place on Tuesday, August 28 at 18:00, and will be
chaired by Pierre Dubois Magnac (TSE).
18 19
EEA-ESEM | 27 - 31 August 2018 | Cologne Germany EEA-ESEM | 27 - 31 August 2018 | Cologne GermanyEEA AND ES AWARDS AND MEMBERS’ MEETINGS WOMEN IN ECONOMICS MENTORING RETREAT
EUROPEAN ECONOMIC ASSOCIATION Following on from the very successful past 5 WinE mentoring retreats, the EEA Women in Economics (WinE)
Committee holds its 6th Retreat on the afternoon of Sunday, August 26 and the morning of Monday, August 27.
BIRGIT GRODAL AWARD
The Birgit Grodal Award, named after Birgit Grodal, who was the first female elected President of the EEA The Retreat is open to early career female economists with positions (post-doctoral fellows, lecturers,
but sadly passed away before she was due to take up her presidency, has been bestowed every even year researchers, and assistant professors) at academic and research institutions who obtained their PhDs within
since 2012. The Award is sponsored by the Danmarks Nationalbank and the winner of the Birgit Grodal 5 years of Retreat.
Award receives €10,000. The attendees participate in a series of innovative discussions organized as panels and as smaller groups
The 2018 prize has been awarded to Ekaterina Zhuravskaya (Paris School of Economics). Ekaterina will be run by senior mentors. The discussions cover topics such as publishing, writing successful grant applications,
presented with the Award before the Presidential Address on Wednesday, August 29. networking and career planning, with attention paid to the unique challenges that women may face at
different stages of their careers. A number of attendees also take part in small group sessions, which focus
HICKS-TINBERGEN AWARD on participants’ research papers and provide an opportunity for detailed comment and feed-back from
In 1991 the EEA created a medal to be awarded once every two years (even years) to the author(s) of an senior mentors in their field.
outstanding article published in the Association’s Journal during the two preceding years. Until the end of There are also many opportunities for the attendees to socialise with each other and their mentors during
2002 this journal was the European Economic Review (EER). From January 2003, the article is chosen from this event.
the Journal of the European Economics Association (JEEA). It has been named the Hicks-Tinbergen medal
to make it clear that the EEA stands for both theoretical and empirical work in economics in Europe. It was The scientific co-chairs of this year’s Retreat are Emmanuelle Auriol, Chair of the EEA’s Women in Economics
awarded for the first time in 1992 at the Dublin Congress. The 2018 Hicks-Tinbergen medal will be presented Committee, and Paola Manzini, ES representative. The EEA also thanks the other mentors - Graziella
to Luigi Guiso, Paola Sapienza and Luigi Zingales for their paper Long-term Persistence (published in JEEA Bertocchi, Monica Billio, Valentina Corradi, Raffaella Giacomini, Brit Grosskoph, Krisztina Kis-Katos, Michèle
Volume 14 Issue 6) before the Schumpeter lecture on Tuesday, August 28. Tertilt and Antonella Trigari - for their participation.
YOUNG ECONOMIST AWARD ORGANISERS AND SPONSORS
The EEA Young Economist Award, which will be given to the authors of the three best papers presented The WinE Retreat is supported by funding from EEA and ES and an annual donation received by The Review
by young economists at the annual congress of the European Economic Association, will be conferred for of Economic Studies. The Retreat is organized by the EEA central office in collaboration with the WinE
the third time. Eligible candidates (and all co-authors) should be no more than three years past a PhD Committee, chaired by Emmanuelle Auriol, and a scientific co-chair nominated by the Econometric Society.
defense and current members of the European Economic Association. The Award is sponsored by UniCredit From 2017 onwards, the WinE Retreat also benefits from a kind donation from the European Central Bank
Foundation and each winner is awarded €2,000. The winners will be presented with their awards before the (ECB). The ECB is committed to enhancing gender diversity in the economics profession. It is also currently
EEA Marshall lecture on Thursday, August 30. engaged in increasing the share of women in its own leadership ranks. Having achieved a share of 28%
of women in management-level positions and 19% of women in senior management-level positions in
2018, the ECB is now striving to further increase these numbers, as well as achieving additional targets
ECONOMETRIC SOCIETY for Principal Experts (42%) and Senior/Experts (50%), in order to increase the internal pipeline of talented
female candidates for managerial positions. The topic of gender diversity has been high on the ECB’s agenda
APPLIED ECONOMICS PAPERS BY YOUNG RESEARCHERS as the organisation aims to identify, attract and develop female talent. The ECB has implemented a wide
Two prizes will be awarded for the best papers in applied economics (broadly taken to include applied variety of gender diversity measures, including recruitment and promotion policies, an open day for female
theory, empirical economics, experimental economics, and computational economics including both micro talent focusing on university students and the establishment of several Diversity Networks. Upcoming
and macro approaches) presented by young researchers (within ten years of their PhD i.e. for the Cologne priorities include gender equality certification and benchmarking, as well as inclusive leadership training
meetings with PhD awarded not earlier than January 1 2008). The ESEM Awards will be announced before for managers.
the ES Presidential Address on Monday, August 27.
7TH WINE RETREAT, EEA-ESEM MANCHESTER 2019
INSTITUTIONAL MEETINGS The 7th WinE Retreat will take place during EEA-ESEM Manchester 2019. Full information on this can be
ES Members’ Members, Monday, August 27, 19:15 Horsaalgebäude: Hörsaal B found on the WinE section of EEA website from November onwards.
EEA Members’ Members, Wednesday, August 29, 19:15 Horsaalgebäude: Hörsaal B
20 21
EEA-ESEM | 27 - 31 August 2018 | Cologne Germany EEA-ESEM | 27 - 31 August 2018 | Cologne GermanyPROGRAMME COMMITTEE Fabian Kindermann Alexandra Spitz-Oener
Keith Kuester Stefan Staubli
EEA PROGRAMME COMMITTEE 2018 Moritz Kuhn Nora Szech
Chairs | Nicola Gennaioli | Marta Reynal-Querol Thomas Le Barbachon Olivier Terceux
Attila Lindner Michela Tincani
AREA COORDINATORS: Alexander Ludwig Ragnar Torvik
Applied Microeconomics | Uta Schoenberg and Andrea Weber Joan Lull Antonella Trigari
Applied Macroeconomics | Paolo Surico Michael Mandler Carolina Villegas Sánchez
Behavioural and Experimental Economics | Steffen Huck Sandra McNally Hans Martin von Gaudeker
Development | Jean-Marie Baland Isabelle Mejean Felix Weinhardt
Econometrics | Paolo Surico Alex Michaelides Lukas Wenner
Economic Geography | Daniel Sturm Luigi Minale Evgeny Yakovlev
Economic History | Ronny Razin Arieda Muco Kamil Yılmaz
Economic Theory | Stephan Lauermann Haroon Mumtaz Tanju Yorulmazer
Environmental | Dorothea Kubler David Nagy Jan Zapal
Finance | Peter Kondor and Jose Luis Peydro Joana Naritomi Adam Zawadowski
Industrial Organisation | Philipp Schmidt-Dengler Francesco Nava Galina Zudenkova
International Economics | Kalina Manova Oskar Nordström-Skans Christine Zulehner
Labour | Steve Machin and Josef Zweimuller Steven Ongena
Law and Economics | Ronny Razin Evi Pappa
Macroeconomics | Klaus Adam Nezih Guner and Mathias Thoenig William Pariente
Political Economics | Ronny Razin Maria Petrov
Public Economics | Camille Landais Johannes Pfeifer
Ludovic Phalippou
PROGRAMME COMMITTEE MEMBERS: Pia Pinger
Silvia Miranda Agrippino Alon Eizenberg Paolo Pinotti
Massimo Anelli Miguel Ferreira Kirill Pogorelskiy
Emmanelle Auriol Sebastian Findeisen Celine Poilly
Saleem Bahaj Urs Fischbacher Franck Portier
Christian Bayer Reto Foellmi Sébastien Pouget
Michele Belot Thierry Foucault Susanne Prantl
Kenza Benhima Lola Gadea Marek Pycia
Gianluca Benigno Lucie Gadenne Mariola Pytliková
Jo Blanden Daniel Garcia Raghavendra Rau
Michael Boehm Stefania Garretto Anna Raute
Fernando Broner Christina Gathmann Rafael Repullo
Max Bruche Francois Gerard Mariacristina Rossi
Aline Butekoefer Chryssi Giannitsarou Marco Runkel
Pierre Cahuc Susanne Goldluecke Dominik Sachs
Vasco M. Carvalho Antonio Guarino Kjell Salvanes
Matteo Cervellati Refet Gürkaynak Andreas Schabert
Julie Chytilova Yoram Halevy Robert Schmidt
Alexandra Cirone Martin Halla Patrick Schmitz
Paola Conconi Helios Herrera Isabel Schnabel
Davide Debortoli Felix Hoeffler Nicolas Schutz
Jaime de Melo Isabel Horta Correia Enrique Sentana
Wouter den Haan Romain Houssa Enrico Sette
Swati Dhingra Nagore Iriberri Sandro Shelegia
Julian DiGiovanni Oleg Itskhoki Sergey Slobodyan
22 23
EEA-ESEM | 27 - 31 August 2018 | Cologne Germany EEA-ESEM | 27 - 31 August 2018 | Cologne GermanyESEM PROGRAMME COMMITTEE 2018 Lucie Gadenne
Chairs | Marco Ottaviani | Michèle Tertilt Ludovic Renou
Marianne Andries
AREA COORDINATORS: Martin Weidner
Development Economics | Alessandro Tarozzi Martina Björkman
Econometrics: Microeconometrics | Aureo de Paula Mathias Trabandt
Econometrics: Theory | Christoph Rothe Matt Levy
Econometrics: Time Series | Raffaella Giacomini Matthias Parey
Empirical Studies | Fabian Waldinger Melanie Schienle
Experimental and Behavioral Economics | Erik Eyster Mikkel Plagborg-Moller
Finance: Asset Pricing | Anna Pavlova Miklos Koren
Finance: Corporate Finance | Luigi Guiso Monica Martinez-Bravo
Industrial Organisation | Michelle Sovinsky Natalia Fabra
International Economics | Nicolas Coeurdacier Nicolas Berman
Labour Economics | Katrine Loken Nizar Allouch
Macroeconomics: Business Cycles | Albert Marcet Paolo Pinotti
Macroeconomics: Growth | Francesco Caselli Peter Nilsson
Macroeconomics: Labour Consumption and Fiscal Policy | Nir Jaimovich Pierre Dubois
Political Economy & Public Economics | Giacomo Ponzetto Raül Santaeulalia
Theory: Decisions Games and Rationality | Pierpaolo Battigalli Rigas Oikonomou
Theory: General Equilibrium Bargaining & Networks | Gabrielle Demange Salvatore Nunnari
Theory: Information Contracts & Mechanism Design | Roland Strausz Schjerning Bertel
Sebastian Schweighofer-Kodritsch
Sekhposyan Tatevik
Silvia Miranda Agrippino
PROGRAMME COMMITTEE MEMBERS: Stephane Guibaud
Akos Valentinyi Filip Matejka Susanna Esteban
Alexander Bick Francesco Bianchi Thomas Troeger
Alon Eizenberg Francis Bloch Toru Kitagawa
Andrea Carriero Frank Kleibergen Wei Cui
Andrea Lanteri Frank Verboven William Parienté
Anton Tsoy Frederic Malherbe Xavier d’Haultfoeuille
Antonio Ciccone Georg Weizsäcker Zsofia Barany
Antonio Penta Giacomo Calzolari
Arash Nekoei Gianmarco Léon
Bartosz Mackowiak Haroon Mumtaz
Bas Van der Klaauw Helena Nielsen
Bettina Klaus Inés Macho Stadler
Cosmin Ilut Ioanid Rosu
Daniel Garrett Irma Clots-Figueras
Daniel Krahmer Itay Saporta
David Yanagizawa-Drott Jaap Abbring
Davide Cantoni Jean-Marc Tallon
Dennis Kristensen Joachim Winter
Edwin Leuven John Fernald
Emiliano Pagnotta John Hassler
Evi Pappa Julien Sauvagnat
Fabian Herweg Laura Coroneo
Facundo Piguillem Laurent Bouton
24 25
EEA-ESEM | 27 - 31 August 2018 | Cologne Germany EEA-ESEM | 27 - 31 August 2018 | Cologne GermanyDETAILED LIST OF SCIENTIFIC SESSIONS 12:30 - 13:45 | JOINT EEA-IEA PRE-CONGRESS SESSION
HÖRSAALGEBÄUDE: HÖRSAAL C
Is Europe an Optimal Political Union? (joint EEA and IEA session)
Speaker: Guido Tabellini (Bocconi University Milan)
Chair: Marta Reynal-Querol (Universitat Pompeu Fabra ICREA IPEG and Barcelona GSE)
14:15 TO 16:00 | CONTRIBUTED SESSIONS 1
EEA SESSIONS
CREDIT
PHILOSOPHIKUM: S73
Chair: Alfredo Martin-Oliver, University Balearic Islands
Gender and credit risk: a view from the loan officers’ desk
Presented by: Jose G. Montalvo, Universitat Pompeu Fabra
The Excess Burden of Collateral and The Slowdown of Job Creation in Early Stages of Firm’s Life Cycle
Presented by: Farshad Ranjabr, Ravasan Paris School of Economics
Credit Supply and Demand in Unconventional Times
Presented by: Sarah Holton, European Central Bank
Credit Risk in Markets with Spatial Competition and Moral Hazard
Presented by: Alfredo Martin-Oliver, University Balearic Islands
DEVELOPMENT: FIRMS
PHILOSOPHIKUM: S54
Chair: Shuo YAN, South University of Science&Technology
OPTIMAL PENALTIES ON INFORMAL FIRMS
Presented by: Anders Fredriksson, University of São Paulo
Material efficiency and welfare losses from input misallocation in Indian iron and steel production
Presented by: Gregor Singer, London School of Economics
Local Effects of Artisanal Mining: Empirical Evidence from Ghana
Presented by: Martin Guenther, Royal Holloway College University of London
Corporate Political Connections and the Finance-Growth Nexus: Evidence from China
Presented by: Shuo YAN, South University of Science&Technology
ECONOMETRICS I
PHILOSOPHIKUM: S83
Chair: Barbara Sadaba, Bank of Canada
GLS Estimation and Confidence Sets for the Date of a Single Break in Models with Trends
Presented by: Yicong Lin, Maastricht University
MONDAY,
Simulation error in maximum likelihood estimation of discrete choice models
Presented by: Mikołaj Czajkowski, University of Warsaw
Choosing Prior Hyperparameters: With Applications To Time-Varying Parameter Models
27 AUGUST 2018
Presented by: Mu-Chun Wang, University of Hamburg
Cyclicality of schooling: new evidence from unobserved components models
Presented by: Barbara Sadaba, Bank of Canada
26 27
EEA-ESEM | 27 - 31 August 2018 | Cologne Germany EEA-ESEM | 27 - 31 August 2018 | Cologne GermanyECONOMETRICS II EXPERIMENTAL LABOUR ECONOMICS AND CONTRACTS
PHILOSOPHIKUM: S55 PHILOSOPHIKUM: S82
Chair: G. Charles-Cadogan, University of Leicester Chair: Felix Peterhammer, University of Regensburg
Combining Factor Models and External Instruments to Identify Uncertainty Shocks Leveraging wage subsidies to facilitate fair wages and increase social welfare
Presented by: Martin Bruns, DIW Berlin Presented by: Ro’i Zultan, Ben-Gurion University of the Negev
Estimating non-stationary common factors: Implications for risk sharing Betrayal Aversion and the Effectiveness of Incentive Contracts
Presented by: Pilar Poncela, Universidad Autónoma de Madrid (SPAIN)/ Joint Research Center (ITALY) Presented by: Stephan Müller, Göttingen University
Tail and Center Rounding of Probabilistic Expectations in the Health and Retirement Study Attention-Driven Demand for Bonus Contracts
Presented by: Pamela Giustinelli, Bocconi University Presented by: Florian Peiseler, Duesseldorf Institute for Competition Economics University of
Estimation and Inference for Loss Aversion in Cross Sectional Regressions of Happiness and Consumption on Duesseldorf
Economic Growth Seemingly irrelevant focal points affect wage setting and wage and job satisfaction
Presented by: G. Charles-Cadogan, University of Leicester Presented by: Felix Peterhammer, University of Regensburg
EMPIRICAL ECONOMIC GEOGRAPHY GENDER BIASES IN POLITICS
HAUPTGEBÄUDE: HÖRSAAL VIIA HAUPTGEBÄUDE: HÖRSAAL XIB
Chair: Marcel Henkel, University Duisburg-Essen Chair: Gozde Corekcioglu, European University
Domestic transport costs, Canada, and the Panama Canal Gender Biases: Evidence from a Natural Experiment in French Local Elections
Presented by: Camilo Umana Dajud, CEPII Presented by: Paul Vertier, Sciences Po
The Economic Geography of Innovation Is Incumbency a Barrier to Women’s Entry in Politics?
Presented by: Nicole Loumeau, ETH Zürich Presented by: Quentin Lippmann, Paris School of Economics
The Returns to Big City Experience: Evidence From Danish Refugees Historic sex-ratio imbalances predict female participation in the political market
Presented by: Mads Hejlesen, Aarhus University Presented by: Iris Kesternich, University of Leuven
Fiscal equalization in the spatial economy Headscarves and Female Employment
Presented by: Marcel Henkel, University Duisburg-Essen Presented by: Gozde Corekcioglu, European University Institute
EVALUATING POLITICAL INSTITUTIONS GLOBAL FINANCIAL MARKETS
HAUPTGEBÄUDE: HÖRSAAL XIA PHILOSOPHIKUM: S65
Chair: Enrique Burbano Valencia, Universidad de San Buenaventura Cali Chair: Hugues Langlois, HEC Paris
Rankings matter even when they shouldn’t: bandwagon effects in two-round elections Quantitative easing and preferred habitat investors in the euro area bond market
Presented by: Vincent Pons, Harvard Business School Presented by: Martijn Boermans, De Nederlandsche Bank
Uncovering Vote Trading through Networks and Computation The Domestic Transmission of International Shocks: Evidence from US and Mexican Mutual Funds
Presented by: Ulrich Matter, University of St. Gallen Presented by: Miguel Karlo De Jesus, Colegio Universitario de Estudios Financieros
Backing the Incumbent in Diffcult Times: The Electoral Impact of Wildfires Global Market Inefficiencies
Presented by: Carlos Sanz, Bank of Spain Presented by: Sohnke Bartram, University of Warwick
Does Campaign Spending Affect Local Elections? Evidence from Colombia Is Liquidity risk priced in partially segmented markets?
Presented by: Enrique Burbano Valencia, Universidad de San Buenaventura Cali Presented by: Hugues Langlois, HEC Paris
EXCHANGE RATE PUZZLES AND BEHAVIOURAL EXPLANATIONS HOUSING AND THE MACROECONOMY
SEMINARGEBÄUDE: S12 HÖRSAALGEBÄUDE: HÖRSAAL D
Chair: Ralph Verhoeks, Erasmus University Rotterdam Chair: Tom Schmitz, Bocconi University
Exchange rate puzzles: evidence from rigidly fixed nominal exchange rate systems Housing Prices and Consumer Spending: The Bank Balance Sheet Channel
Presented by: Feng Zhu, Bank for International Settlements Presented by: Nuno Paixao, Bank of Canada
The Exchange Rate Disconnect: Incomplete Participation, Multiple Equilibria, and Shocks to Beliefs On the effectiveness of loan-to-value regulation in a multiconstraint framework
Presented by: Konstantin Platonov, UCLA Presented by: Anna Grodecka, Sveriges Riksbank
Behavioral Bubbles and Exchange Rate Markets Macroeconomic Effects of Mortgage Interest Deduction
Presented by: May Bunsupha, Harvard University Presented by: Cenkhan Sahin, European Central Bank
The Winner Takes it All: Measuring Attention and Predicting Exchange Rates with Google Trends The Financial Transmission of Housing Bubbles: Evidence from Spain
Presented by: Ralph Verhoeks, Erasmus University Rotterdam Presented by: Tom Schmitz, Bocconi University
28 29
EEA-ESEM | 27 - 31 August 2018 | Cologne Germany EEA-ESEM | 27 - 31 August 2018 | Cologne GermanyINFLATION LABOUR SUPPLY
HÖRSAALGEBÄUDE: HÖRSAAL G SEMINARGEBÄUDE: S13
Chair: Jonas Dovern, Heidelberg University Chair: Arnaldur Stefansson, Uppsala University
Shifting Inflation Expectations and Monetary Policy Labour Supply Responses to Financial Wealth Shocks: Evidence from in Italy
Presented by: Markus Kirchner, Central Bank of Chile Presented by: Renata Bottazzi, University of Bologna
What does the heterogeneity of the inflation expectations of Italian firms tell us? Cyclicality of Hours Worked by Married Women and Spousal Insurance
Presented by: Marco Bottone, Banca d’Italia Presented by: Kathrin Ellieroth, Indiana University Bloomington
Sources of Bias in Inflation Rates and Implications for Inflation Dynamics Peer Effects in Labor Supply
Presented by: Sarah Lein, University of Basel Presented by: Patrick Schneider, Goethe-University Frankfurt
Anchoring Inflation Expectations in Unconventional Times: Micro Evidence for the Euro Area The Icelandic Tax Holiday - What can be learned from a salient one year income shock?
Presented by: Jonas Dovern, Heidelberg University Presented by: Arnaldur Stefansson, Uppsala University
INFORMATION LONG RUN GROWTH
PHILOSOPHIKUM: S56 SEMINARGEBÄUDE: S24
Chair: Steffen Ahrens, Technische Universität Berlin Chair: Bruno Pellegrino, UCLA
For They Know Not What They Do. Selection through Incentives when Information is Costly. European Immigrants and the United States’ Rise to the Technological Frontier in the 19th Century
Presented by: Sandro Ambuehl, University of Toronto Presented by: Michael Peters, Yale University
Limited Cognitive Ability and Selective Information Processing Development In Times of Polarization
Presented by: Tsz Kin Leung, Toulouse School of Economics Presented by: Terry Yip, McMaster University
Recommendations in Credence Goods Markets with Horizontal Product Differentiation Is Inequality Increasing in r - g? Piketty’s Principle of Capitalist Economics and the Dynamics of Inequality in
Presented by: Katharina Momsen, University of Innsbruck Britain 1210-2013
It’s the Moral Hazard: moral hazard has an effect on the behavior of investors but not on their beliefs Presented by: Jakob Madsen, Monash University
Presented by: Steffen Ahrens, Technische Universität Berlin Diagnosing the Italian Disease
Presented by: Bruno Pellegrino, UCLA
INTEGRATION OF IMMIGRANTS AND ETHNIC DISCRIMINATION
HAUPTGEBÄUDE: HÖRSAAL VIIB MACROPRUDENCIAL POLICY AND PORTFOLIO BALANCING
Chair: Susana Iranzo, Universitat Rovira Virgili SEMINARGEBÄUDE: S14
Ride with Me - Ethnic Discrimination, Social Markets and the Sharing Economy Chair: Katharina Bergant, Trinity College Dublin
Presented by: Menusch Khadjavi, Christian-Albrechts-University Kiel The Euro Area’s Common Pool Problem Revisited: Has the Single Supervisory Mechanism Ameliorated
The Impact of Exposure to Xenophobic Violence on the Integration of Immigrants – Insights from Germany Forbearance and Evergreening?
Presented by: Max Steinhardt, Helmut Schmidt University Presented by: Frank Westermann, University of Osnabrueck
Not Just a Work Permit: The Effect of Gaining EU Citizenship on the Consumption Behavior of Illegal and Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?
Legal Immigrants Presented by: Christian Friedrich, Bank of Canada
Presented by: Effrosyni Adamopoulou, Bank of Italy Prudential Capital Controls and Risk Misallocation: Bank Lending Channel
Immigrants and Entrepreneurship: a Road for Talent or Just the Only Road? Presented by: Lorena Keller, Northwestern University
Presented by: Susana Iranzo, Universitat Rovira Virgili International Capital Flows at the Security Level - Evidence from the ECB’s Asset Purchase Program
Presented by: Katharina Bergant, Trinity College Dublin
LABOUR ECONOMICS: DEMOGRAPHY AND GENDER I
SEMINARGEBÄUDE: S15 MONETARY POLICY AND BANKS
Chair: Michael Burda, Humboldt University Berlin PHILOSOPHIKUM: S92
Gender Discrimination in Recruitment Committees Chair: Miguel Boucinha, European Central Bank
Presented by: Pierre Deschamps, Sciences-Po Lender of Last Resort versus Buyer of Last Resort - Evidence from the European Sovereign Debt Crisis
Wage growth among young college graduates in Europe: is there a gender gap? Presented by: Diane Pierret, HEC Lausanne
Presented by: Rocío Sánchez-Mangas, Universidad Autónoma de Madrid Monetary Policy and Bank Lending Terms: Evidence from a Survey of US Loans
Taking Back Control? Trade-offs between Wages and Schedule Autonomy Presented by: Gustavo A. Suarez, Federal Reserve
Presented by: Isabel Stockton, University of Bristol Unconventional Monetary Policy, Bank Lending and Security Holdings: The Yield-Induced Portfolio
Racial/Ethnic Differences in Non-Work at Work Rebalancing Channel
Presented by: Michael Burda, Humboldt University Berlin Presented by: Karol Paludkiewicz, Deutsche Bundesbank
Monetary Policy and Bank Profitability in a Low Interest Rate Environment
Presented by: Miguel Boucinha, European Central Bank
30 31
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