Conference in honor of Francesco Giavazzi

19/09/2019, 11:24

On the occasion of Francesco Giavazzi's 70th birthday, Bocconi University will celebrate his career and his contributions to economics.

20 September 2019
Bocconi University

*PART ONE (9am - 5pm): BY INVITATION ONLY*
Room N06, Piazza Sraffa 13

9 am: Registration and welcome coffee

9:20-11am: Introduction
Gianmario Verona, Rector, Bocconi University
Session 1:
Chair: Fabiano Schivardi, LUISS and EIEF

Gifts of the Immigrants, Woes of the Natives: Lessons from the Age of Mass Migration
Marco Tabellini, Harvard Business School
Discussant: Andrea Lamorgese, Banca d'Italia

Measuring Productivity Growth in the Presence of Adjustment Costs, Markups and Variable Capacity Utilization
Antonella Trigari, IGIER-Bocconi University
Discussant: Alberto Vesperoni, King's College London

Structural Reforms and Monetary Policy in a Monetary Union
Fabio Ghironi, University of Washington
Discussant: Caterina Rho, Banco de México

Coffee Break

11:30am-1pm Session 2:
Chair: Marco Del Negro, Federal Reserve Bank of New York

Understanding the Size of the Government Spending Multiplier: it's in the Sign
Davide Debortoli, Universitat Pompeu Fabra
Discussant: Battista Severgnini, Copenhagen Business School

Labor Market Search, Informality and Schooling Investment
Luca Flabbi, University of North Carolina at Chapel Hill
Discussant: Marco Leonardi, Università degli Studi di Milano

Fiscal Policy, Inflation and Trade Linkages
Luisa Lambertini, Ecole Polytechnique Fédérale de Lausanne
Discussant: Giacomo Magistretti, Northwestern University

Lunch

2:30-4:15pm Session 3:
Chair: Fabrizio Perri, Federal Reserve Bank of Minneapolis

Aggregate Risk or Aggregate Uncertainty? Evidence from UK Households
Luigi Paciello, EIEF
Discussant: Stefano Gnocchi, Bank of Canada

Over-Reaction in Macroeconomic Expectations
Nicola Gennaioli, IGIER-Bocconi University
Discussant: David Lucca, Federal Reserve Bank of New York

Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and its Aftermath
Giovanni Favara, Federal Reserve Board
Discussant: Nicola Borri, LUISS

4:15-5pm Students' and Friends' Stories about Francesco

PART TWO (5:30-7:30pm)
Aula Magna, Via Roentgen 1

Panel Discussion - High Public Debts and Low Interest Rates

The last final financial crisis has left a legacy of low interest rates but also of higher public debts in several countries. Low interest rates create room to use expansionary fiscal policies to lift aggregate and demand and expand public investment, but high public debts and ageing populations push in the opposite direction. In this new environment, should fiscal rules in the Eurozone be reconsidered, and how? Is there a need for greater coordination between fiscal and monetary policy, and if so should the Maastricht rules preventing debt monetization be relaxed? For how long can Italy keep procrastinating debt stabilization without triggering a financial crisis?

Introduction
Gianmario Verona, Rector, Bocconi University

Panel Discussion
Chair: Richard Portes, London Business School and CEPR
Participants:
Alberto Alesina, Harvard University
Olivier Blanchard, Peterson Institute for International Economics
Stanley Fischer, BlackRock Investment Institute
Veronica Guerrieri, Booth School of Business, University of Chicago
Charles Wyplosz, Graduate Institute of International and Development Studies