Third ECB Annual Research Conference

Welcoming remarks

Luc Laeven, European Central Bank

Session I

Chair: Luc Laeven, European Central Bank

The cyclical sensitivity in estimates of potential output*

by Olivier Coibion, University of Texas, Austin, Yuriy Gorodnichenko, University of California, Berkeley, and Mauricio Ulate, University of California, Berkeley

Discussant: Michele Lenza, European Central Bank

Accounting for macro-finance trends: Market power, intangibles, and risk premia*

by Emmanuel Farhi, Harvard University, and François Gourio, Federal Reserve Bank of Chicago

Discussant: Jaume Ventura, CREI, Universitat Pompeu Fabra

The origins of firm heterogeneity: A production network approach

by Andrew Bernard, Dartmouth College, Emmanuel Dhyne, Nationale Bank van België/Banque Nationale de Belgique, Glenn Magerman, Université Libre de Bruxelles, Kalina Manova, University College London, and Andreas Moxnes, University of Oslo

Discussant: Julian di Giovanni, ICREA, Universitat Pompeu Fabra

Session II

Chair: Massimo Rostagno, European Central Bank

Mortgage market design: Lessons from the Great Recession*

by Tomasz Piskorski, Columbia University, and Amit Seru, Stanford University

Discussant: Mariassunta Giannetti, Stockholm School of Economics

The economics of the Fed put

by Anna Cieślak, Duke University, and Annette Vissing-Jørgensen, University of California, Berkeley

Discussant: Emanuel Mönch, Deutsche Bundesbank

Session III

Chair: Benoît Cœuré, member of the Executive Board, European Central Bank

Jean Monnet Lecture: The real-world economics of globalisation

Dani Rodrik, Harvard University

Adjourn

Conference dinner - by invitation only

Session IV

Chair: João Sousa, European Central Bank

How EU markets became more competitive than US markets: A study of institutional drift*

by Germán Gutiérrez, New York University, and Thomas Philippon, New York University

Discussant: Şebnem Kalemli-Özcan, University of Maryland

Saving the Heartland: Place-based policies in 21st century America*

by Benjamin Austin, Harvard University, Edward Glaeser, Harvard University, and Lawrence Summers, Harvard University

Discussant: Diego Puga, CEMFI

Session V

Chair: Frank Smets, European Central Bank

Deconstructing monetary policy surprises: The role of information shocks

by Peter Karadi, European Central Bank, and Marek Jarociński, European Central Bank

Discussant: Refet Gürkaynak, Bilkent University

A macroeconomic model with financial panics

by Mark Gertler, New York University, Nobuhiro Kiyotaki, Princeton University, and Andrea Prestipino, Federal Reserve Board of Governors

Discussant: Veronica Guerrieri, University of Chicago

End of conference