28-29 October : “The Financial Crisis: Lessons for International Macroeconomics”

The Paris School of Economics, the American Economic Journal: Macroeconomics, the Banque de France, ECARES and CEPR hosted a conference on “The Financial Crisis: Lessons for International Macroeconomics”.
The conference has been held in Paris on October 28-29, 2011.

• Download the complete programme

The conference organizers were Matthieu Bussière (Banque de France), Steven Davis (Chicago Booth), Jean Imbs (Paris School of Economics and CEPR), Robert Kollmann (ECARES and CEPR) and Romain Rancière (Paris School of Economics and CEPR).

Full programme and presented papers (available in pdf)

Friday 28 October

8:30-8:45 Registration

8h45-9h15 Opening address

• Jean-Pierre Landau, Deputy Governor, Banque de France

Topic 1: Fiscal Unions and Debt Crises - Session chair: Christian Pfister (Banque de France)

09:15-10:15

• “Fiscal Union Consensus Design under the Risk of Autarky” by Jaime Luque (Carlos III), Massimo Morelli (Columbia) and José Tavares (Nova and CEPR)
  Discussant: Alessandro Riboni (Université de Montréal)

10:30-11:30

• “Sovereign Defaults: The Price of Haircuts” by Juan J. Cruces (Di Tella) and Christoph Trebesch (Munich)
  Discussant: Jeromin Zettelmeyer (EBRD)

11:30-12:30

• “Sudden Stops and Sovereign Defaults” by Luis Catao (IMF), Ana Fostel (GWU) and Romain Ranciere (PSE and CEPR)
  Discussant: Ugo Panizza (UNCTAD)

12:30-14:30 Lunch break

Topic 2: The Global Economy during and after the Crisis - Session chair: Jean Imbs, PSE

14:30-15:30

• “Optimal Reserve Accumulation in a Financially Constrained Economy”, by Philippe Bacchetta (Lausanne and CEPR), Kenza Benhima (Lausanne), Gong Cheng (Banque de France and Sciences Po) and Yannick Kalantzis (Banque de France)
  Discussant: Régis Barnichon (CREI and Universitat Pompeu Fabra)

15:30-16:30

• “Estimating Trade Elasticities: Demand Composition and the Trade Collapse of 2008-09” by Matthieu Bussière (Banque de France), Giovanni Callegari (IMF), Fabio Ghironi (Boston College), Giulia Sestieri (Banque de France) and Norihiko Yamano (OECD)
  Discussant: Linda Tesar (Michigan, visiting PSE)

16:30-17:00 Coffee Break

17:00-18:00

• “International Crisis Transmission and Asymmetric Recoveries” by Ha Nguyen (World Bank)
  Discussant: Luca Dedola (ECB)

Saturday 29 October
Topic 3: Shock Propagation via Financial Linkages - Session chair: Steven Davis (Chicago Booth)

9:00-10:00

• “International Contagion through Leveraged Financial Institutions” by Eric van Wincoop (Virginia)
  Discussant: Nicolas Coeurdacier (Sciences Po and CEPR)

10:00-11:00

• “Financial Integration and International Business Cycle Co-movement: The Role of Balance Sheets” by Scott Davis (Dallas Fed)
  Discussant: Jean Imbs (PSE and CEPR)

11:00-11:30 Coffee Break

11:30-12:30

• “International Recessions” by Fabrizio Perri (Minnesota and CEPR) and Vincenzo Quadrini (USC and CEPR)
  Discussant: Xavier Ragot (Banque de France and PSE)

12:30-14:30 Lunch break

14:30-15:30

• “Portfolio Linkages, Financial Shocks and International Business Cycles: Evidence from Estimated Models” by Robert Kollmann (ECARES and CEPR) and Matthias Paustian (Bank of England)
  Discussant: Alan Sutherland (St. Andrews University and CEPR)

Topic 4: Policy after the Crisis - Session chair: John Leahy (NYU)

15:50-16:50

• (last minute cancellation) “Capital Controls: Myth and Reality A Portfolio Balance Approach” by Nicholas Magud (IMF), Carmen Reinhart (Maryland) and Ken Rogoff (Harvard)
  Discussant: Philippe Bacchetta (Lausanne and CEPR)

16:50-17:50

• “Sharing the Burden: International Policy Cooperation in a Liquidity Trap” by David Cook (HKUST) and Michael Devereux (UBC and CEPR)
  Discussant: Florin Bilbiie (PSE)

Organizers: Matthieu Bussière (Banque de France), Steve Davis (Chicago and AEJ-Macro), Jean Imbs (PSE and CEPR), Robert Kollmann (ECARES and CEPR), Romain Rancière (PSE and CEPR)

The conference organizers gratefully acknowledge the financial support of: Ile de France and the EU Commission (CEPR project ‘Politics, Economics and Global Governance: The European Dimensions’ funded by the EU Commission under its 7^th Framework Programme for Research, Contract Nr. 217559.)