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Meetings for the month of November 2017

2017 (entire year)  |   2018 (entire year)

01/11/2017 Geneva Report Launch: Inflation and the Great Recession, London
Hosted By: ING Bank
Over the last decade, the developed world has been hit by the deepest recession since the Great Depression and a rollercoaster in commodity prices. And yet, core inflation has been both low and relatively stable. A rule of thumb that inflation is always near 2%, and perhaps more often than not just a bit beneath it, has been quite reliable. The young, or those with short memories, could be forgiven for looking condescendingly at their older friends who speak of inflation as a major economic problem. But, like Galileo Galilei told his contemporaries who thought the Earth was immovable, Eppur si muove “and yet it moves.” Since most societies regard stable inflation as a goal, it is tempting to describe this solid anchoring of inflation as a great achievement of monetary policy. But what if it was just luck? Will the great anchoring soon be followed by a great bout of inflation, or by a descent into deflation, just as the great moderation was followed by the great recession?

This report starts by contrasting what happened to inflation after the Great Recession with what standard theories might predict. The authors note that around 2010, pretty much all standard theories seemed to point towards volatile and potentially unanchored inflation. Yet, inflation was stable and anchored. Why? This report sifts through many sources of data and refines versions of standard theories to make sense of what happened and draws out implications for policy.

Analysing the policies that were adopted and how they interacted with shocks and circumstances lets the authors assess whether outcomes reflected good luck or wise decisions; it also leads them to speculate on what will be good policies for the future. No matter what one thinks of past inflation, it moves, and keeping it steady remains a job of central banks.


02/11/2017 CEPR Annual Macroeconomics and Growth Programme Meeting, Frankfurt am Main
Hosted By: Sustainable Architecture for Finance in Europe (SAFE)
Organizers: Francesco Caselli and Nicola Fuchs-Schündeln
The CEPR Annual meeting of the Macroeconomics and Growth programme will be hosted and co-organised by the Research Center SAFE at Goethe University Frankfurt on Thursday 2 and Friday 3 November, 2017. The organisers are Francesco Caselli (London School of Economics and CEPR) and Nicola Fuchs-Schündeln (Goethe University Frankfurt, CEPR and SAFE).

The keynote speaker is Matthias Doepke (Northwestern University and CEPR).

We now invite submissions from interested researchers on any topic within the area of Macroeconomics and Growth. The deadline for submission is 6pm (UK time), Sunday 27 August 2017. Only full-length papers will be considered.

The Macroeconomics and Growth (MG) Programme is one of the three successors to the old International Macroeconomics (IM) Programme.

Research in the MG programme covers long-run macroeconomic issues including:

• Economic growth;
• Inequality;
• Political economy;
• Structural change;
• Macroeconomic aspects of development.

The programme is directed by Francesco Caselli (London School of Economics and CEPR).

How to apply
The organisers can cover accommodation and travel according to the CEPR guidelines for all presenters and a limited number of general participants. The guidelines can be found here: http://cepr.org/sites/default/files/CEPR%20TRVL%20GUIDELINES%202017.pdf

The deadline for this conference has now passed.

All papers presented at the conference will be selected through this open submissions process. Please note that there will be time for only a small number of presentations, with the conference running from lunchtime on the 2nd to lunchtime on the 3rd.


09/11/2017 The Future of Financial Intermediation: Opportunities and Challenges Posed by Regulatory Reforms and New Technologies, Frankfurt
Hosted By: Deutsche BundesbankSupported By: Halle Institute of Economic Research
The finalization of the Basel III package fundamentally changes the regulatory environment of financial intermediaries. Other rules to foster the soundness and stability of the financial system, such as the resolution framework or the OTC derivatives market reform, are about to be implemented, while the digitization of financial services provision changes the infrastructure of financial markets as well as consumer behavior. New market entrants, e.g. fintechs, non-financial firms, or service providers increase the competitive pressure in the banking industry, challenging traditional bank business models.

This conference seeks to attract high-quality theoretical and empirical contributions on the implications of these changes for both the banking industry and the real economy. Our aim is to facilitate a better understanding of the mechanisms at granular (micro) level in terms of how regulatory reforms and new technologies affect banks’ business models, their lending and trading behavior as well as the structure of the market for financial services. Possible topics include, but are not limited to

• the evolution of bank business models and risk-taking preferences in response to regulatory changes (e.g. Basel III, the resolution framework, or the OTC derivatives market reform)
• (unintended) side-effects of new regulation inside and outside the financial industry including the scope for regulatory arbitrage
• the challenges presented by the emergence of alternative forms of intermediation (e.g. crowdfunding/lending) on banks’ business and their relationship with clients
• the impact of regulation on competition among banks and other financial institutions
• the market entrance and exit of traditional financial institutions and fintechs


10/11/2017 First FRAME Research Workshop, London
Innovation is recognized to be a major driver of sustained economic welfare and competitiveness. Innovation policies therefore ultimately aim to stimulate growth while maintaining high levels of employment. However, experience in the aftermath of the recent financial crisis has shown deficits in reaching the macroeconomic goals also in the European Union. Moreover, despite substantial efforts to implement targeted policies aiming to promote innovativity in the EU, the heterogeneity in the innovation capabilities across the individual member states is still large. That raises the concern that current innovation policies were not as effective in promoting innovation as foreseen. Yet, based on current evaluations it remains unclear how innovation policies could be improved. A major issue is that only few macroeconomic models allowing for the explicit incorporation innovation policies exist. Furthermore, those macroeconomic models incorporating innovation are very simplistic compared to complexity of how innovation effects the economy. The potentials to evaluate a wide range of innovation-related policies systematically therefore remains limited.

The Horizon 2020 project FRAME sets out to develop more realistic and more detailed macroeconomic DSGE-models specifically tailored to analysis of the macroeconomic effects of innovation policies on growth and employment. FRAME incorporates in particular the following improvements and extensions. First, it differentiates innovation activities into technology generation and technology diffusion, where the latter has been largely absent from previous modelling approaches. Second, it extends current models to a multi-country setting, which is particularly relevant for the European Union. Third, it allows for the inclusion of multiple sectors.

FRAME started in April 2017 and will present the final outcomes in March 2019. A first research workshop will be held on November 10th 2017, to which also a selected group of external experts, policy-practitioners and researchers dealing with similar topics will be invited to share their thoughts and insights. The aim of the workshop is twofold. First, the work performed within FRAME shall be brought to the external stakeholders' and researchers' attention as early as possible. Second, gathering insights from both the research community and stakeholders/potential users shall ensure not only a high scientific value of the project outcomes but also high value-in-use for practical policy-evaluation.


27/11/2017 The Greek Crisis, Structural Reforms, and Eurozone Convergence, Frankfurt
Monday, November 27, 2017
12:15-14:00
Goethe University Frankfurt
Campus Westend
Casino, Room 1.811

Please register for this event here: beyond-austerity.eventbrite.de

Greece has been the country hardest hit by the Eurozone crisis. What were the weaknesses that made it so vulnerable to the crisis, and to what extent have they been addressed during the adjustment programs? What should be the policy priorities for Greece to put itself on a path of sustainable growth? How can these changes take place? And what is the role of Greece's debt?

This event seeks to address the above questions, and to draw broader implications for structural reforms and risk-sharing in the Eurozone. The event is based on a new book "Beyond Austerity: Reforming the Greek Economy", published by MIT Press.

SPEAKERS:
Dimitri Vayanos, Professor of Finance, LSE, and Fellow, CEPR
Nikolaos Vettas, Professor of Economics, Athens University of Economics and Business, General Director, IOBE, and Fellow, CEPR

DISCUSSANTS:
Vítor Constâncio, Vice-President, European Central Bank
Lars Feld, German Council of Economic Experts, and Director, Walter Eucken Institute

CHAIR:
Michalis Haliassos, Professor and Chair of Macroeconomics and Finance, Goethe University Frankfurt and Fellow, CEPR

Please register for this event: beyond-austerity.eventbrite.de