Past 2022 Events
Finding the Gap: Output Gap Measurement in the Euro Area
Monday 14 November 2022 | Hosted by Pierre Werner Chair of the European University Institute, Florence, Italy
The CEPR-EABCN Euro Area Business Cycle Dating Committee is organising a conference on ‘Finding the Gap: Output Gap Measurement in the Euro Area’, that will take place on Monday 14 November at the European University Institute in Florence, Italy.
Organisers (Euro Area Business Cycle Dating Committee):
- Giancarlo Corsetti, European University Institute and CEPR
- John Fernald, INSEAD and CEPR
- Refet Gürkaynak, Bilkent University and CEPR, Committee Vice-Chair
- Evi Pappa, Universidad Carlos III de Madrid and CEPR, Conference Programme Chair
- Antonella Trigari, Bocconi University and CEPR
- Philippe Weil, Université libre de Bruxelles and CEPR, Committee Chair
Webinar: 30 years since the ERM crisis
19-20 October 2022 | Online
September 16th 2022 was the 30th anniversary of the Exchange Rate Mechanism (ERM) crisis. To mark this occasion, CEPR, the Pierre Werner Chair Programme at the European University Institute and the Center for Analytical Finance at the UC Santa Cruz is organizing two webinars to reflect on the potential lessons from the early crisis, for policy reforms in the euro area and in the EU today.
This is an opportunity to revisit the conditions and circumstances that generated currency crisis and instability in the early 1990s relative to today’s circumstances; to compare the nature of the currency crises to more recent crises and turmoil in the European monetary area, highlighting differences and similarities; and to assess the efficacy of the policy responses and the fragility/efficacy of cross-border cooperation in the face of large shocks.
The webinar offers a narrative of the ERM crisis as a watershed in the process of monetary and economic integration in Europe. While the ERM crisis did not derail the plan for monetary unification altogether, it did undermine the architecture of the Maastricht plan for a smooth transition to the common currency, as the end-point of a process of progressive solidification of fixed exchange rate parities. In this respect, the crisis indeed highlighted the “destabilizing role of fixed rules with escape clauses”. Most crucially, it led to risk polarization across national boundaries and regions.
Organisers: Giancarlo Corsetti, Galina Hale and Beatrice Weder di Mauro
Institutional innovation and Central Bank Independence 2.0
Lecture by Kenneth Rogoff, Harvard University. Organized with the Department of Economics.
Date: 23 June 2022 – 11:00-12:15. Format: online
In this lecture, Kenneth Rogoff (Harvard University) presented the paper ‘Institutional Innovation and Central Bank Independence 2.0.’ Since the financial crisis, there has been considerable debate, both in academics and in the policy world, over how the role of the central bank should modified in a world of low interest rates and low inflation, including not only alternative monetary instruments , but the extent to which fiscal policy should take the lead in short-term macroeconomic stabilisation policy, the role of central bank independence, and the widening of targets to incorporate environment and social policy objectives. The rise of the left in some countries has also increased political pressures on central banks to take more risk with inflation in order to reduce inequality. Finally, the rise of crypto-currencies and the exploration of central bank digital currencies also has fundamental implications for central bank independence.
BSE Summer Forum Workshop on A Dynamic Economic and Monetary Union
This edition is sponsored by the Pierre Werner Chair of the European University Institute (EUI), the European Stability Mechanism (ESM), and the Central Bank of Ireland.
Date: 15-16 June 2022 – 11:00-12:15. Format: in person
The workshop covers new theoretical and applied research on financial, fiscal and monetary policies (and institutions) that can strengthen the euro area, as well as other economies, as to make them more resilient to financial, economic and social crises.
- Private Information and Sovereign Default (Adrien Wicht)
- The term structure of interest rates in a heterogeneous monetary union (James Costain, Galo Nuño, Carlos Thomas)
- Passive Monetary Policy and Active Fiscal Policy in a Monetary Union (Bartosz Maćkowiak, Sebastian Schmidt)
- A Monetary/Fiscal Theory of Sudden Inflations (Marco Bassetto, David S. Miller)
- Monetary Policy during Unbalanced Global Recoveries (Luca Fornaro, Federica Romei)
- Competitiveness, ‘Superstar’ Firms and Capital Flows (Lidia Smitkova)
- Fear of Hiking? Monetary Policy and Sovereign Risk (Martin Wolf, Leopold Zessner-Spitzenberg)
Conference in Honour of Ramon Marimon
The University of Mannheim, EPOS, together with the RSC Pierre Werner Chair and the EUI Department of Economics will give a Conference in honour of Ramon Marimon.
Date: 3-4 June 2022. Format: in person
This conference is organised to celebrate Ramon Marimon, who ended in December 2021 his tenure as Pierre Werner Chair Holder, started in 2016. The conference is organised by Klaus Adam (University of Mannheim, CEPR and EABCN), Joao Brogueira (Nova School of Business and Economics) and Giancarlo Corsetti (EUI, RSCAS Pierre Werner Chair & Department of Economics).
Debtcon5 – 5th Interdisciplinary Sovereign Debt Research and Management Conference
Jointly organised by the European University Institute, the Institute of International Economic Law at Georgetown University, the Geneva Graduate Institute and the Sovereign Debt Forum
Date: 25-26 May. Format: in person
The objective of DebtCon5 is to discuss state-of-the-art interdisciplinary research on sovereign debt and related policy issues, and to foster interaction among academics, senior policymakers and supervisors, industry representatives, and other practitioners.
In this unique international and interdisciplinary conference will be presented selected paper submissions from economists, finance and legal scholars, historians, political scientists, political economists, sociologists and anthropologists working in theoretical and empirical areas related to sovereign debt as well as from practitioners.
Serial Entrepreneurship in China
Lecture organised with the Department of Economics
Date: 12 May 2022, 11:00 – 12:15 (CET). Format: in person
In this lecture, Kjetil Storesletten, University of Oslo, presents his paper “Serial Entrepreneurship in China.” Drawing on data on the universe of all firms in China, we document key facts about serial entrepreneurship in China since the early 1990s and develop a theory of entrepreneurship driven by endowments, ability, and capital market frictions. We also examine determinants of the sectoral choice for serial entrepreneurs’ second firms. Quantitatively, serial entrepreneurs are more productive, raise more capital, and operate larger firms than non-serial entrepreneurs. Moreover, less productive serial entrepreneurs are more likely to switch sectors when establishing new firms, with the choice of sector influenced by risk diversification, upstream and downstream linkages, and sectoral complementarities.
Fiscal and Monetary Stabilization in Europe: How to Make the Mix Effective
Panel at the conference ‘The State of the Union 2022’ with Hélène Rey (London Business School), Lilia Cavallari (Parliamentary Budget Office) and Jean Pisani-Ferry (European University Institute, Robert Schuman Centre)
Date: 6 May 2022, 10:00 – 11:00 (CET). Format: in person
The socio-economic fallout of the pandemic and the Russian invasion of Ukraine create formidable challenges for policy stabilization in Europe. The question is how to ensure that the common monetary policy and national fiscal policies remain effective and credible, and align in contributing to economic and financial stability at both euro-area and country levels. Current proposals range from soft coordination to the state-contingent suspension of the rules followed in normal circumstances. The issue has taken on a renewed urgency as governments have accumulated substantial new debt since 2020 and inflation is on the rise driven by energy and commodities prices. In the euro area, a resilient policy regime is needed to avoid the repeat of the euro-area sovereign risk crisis and prevent polarisation of socio-economic conditions across member states, forcing austerity when and where fiscal policy is still needed.