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(September 16-17) PSE Macro Days 2021

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PSE - Paris School of Economics is pleased to invite you on September 16-17 to the 2021 edition of the Annual Conference of the “International Macroeconomics”, Banque de France - PSE and “Macroeconomic Risk”, SCOR - PSE Chairs.

PSE Macro Days 2021

Date: September 16-17, 2021
Venue: PSE - Paris School of Economics*
48 boulevard Jourdan, 75014 Paris
Room: R2-21 (Floor 2)

The conference will be held at PSE - Paris School of Economics and will also be broadcast online on Webex and on YouTube on both days.

  • Registration: To attend the conference (in person or online), please register via this link.

* In order to attend the events organised at PSE, and until further notice, we please ask you to bring your Pass sanitaire (paper or digital), which may be requested on site.


Thursday September 16th

Session I: Annual Conference of the “International Macroeconomics” Chair, Banque de France - PSE

10:00 Registration and coffee

10:15-10:30 Welcome address by Jean-Olivier Hairault, Director of PSE - Paris School of Economics

10:30-11:30 Aggregate-Demand Amplification of Supply Disruptions: The Entry-Exit Multiplier
Florin Bilbiie* (University of Lausanne), Marc Melitz (Harvard University)
Discussant: Basile Grassi (Bocconi)

11:30-12:30 The Transmission of Keynesian Supply Shocks
Ambrogio Cesa-Bianchi* (Bank of England), Andrea Ferrero (University of Oxford)
Discussant: Anna Rogentini Picco (Sveriges Riksbank)

12:30-14:00 Lunch break

14:00-15:00 COVID-19 and SME Failures
Pierre-Olivier Gourinchas (UC Berkeley), Sebnem Kalemli-Ozcan* (University of Maryland), Veronika Penciakova (FRB Atlanta), Nick Sander (Bank of Canada)
Discussant: Juan Carluccio (Banque de France)

15:00-16:00 Corporate Debt Maturity Matters for Monetary Policy
Joachim Jungherr* (University of Bonn), Matthias Meier (University of Mannheim), Timo Reinelt (University of Mannheim), Immo Schott (University of Montreal)
Discussant: Aurélien Eyquem (Université Lumière Lyon 2)

16:00-16:30 Coffee break

16:30-17:30 Keynote Lecture (Online)
Ongoing thoughts about fiscal policy
Olivier Blanchard* (Peterson Institute)
Introduction: Olivier de Bandt (Banque de France)

17:30-18:30 Policy panel
Agnès Bénassy-Quéré (PSE, French Treasury), Olivier Garnier (Banque de France), Sebnem Kalemli-Ozcan (University of Maryland), Ricardo Reis (LSE)

Friday September 17th

Session II: Annual Conference of the “Macroeconomic Risk” Chair, SCOR - PSE

09:00 Welcome coffee

09.15-09:30 Welcome address by Philippe Trainar, Directeur de la Fondation SCOR pour la Science

09:30-10:30 A Model of Post-2008 Monetary Policy
Behzad Diba (Georgetown University), Olivier Loisel* (CREST, ENSAE)
Discussant: Julien Matheron (Banque de France)

10:30-11:30 A Model of Credit, Money, Interest, and Prices
Saki Bigio* (UCLA and NBER), Yuliy Sannikov (Stanford Business School and NBER)
Discussant: Eric Mengus (HEC Paris)

11:30-12:45 Coffee break

12:45-13:45 Falling Interest Rates and Credit Misallocation: Lessons from General Equilibrium
Vladimir Asriyan (CREi, UPF and Barcelona GSE), Luc Laeven (ECB), Alberto Martin* (CREi, UPF and Barcelona GSE), Alejandro Van der Ghote (ECB), Victoria Vanasco (CREi, UPF and Barcelona GSE)
Discussant: Carolina Villegas Sanchez (ESADE)

13:45-14:00 Lunch break

14:00-15:00 The Effect of Macroeconomic Uncertainty on Household Spending
Olivier Coibion* (University of Texas at Austin), Dimitris Georgarakos (ECB), Yuriy Gorodnichenko (UC Berkeley), Geoff Kenny (ECB), Michal Weber (University of Chicago)
Discussant: Luigi Paciello (EIEF)

15:00-16:00 Zero Lower Bound on Inflation Expectations
Yuriy Gorodnichenko (UC Berkeley), Dmitriy Sergeyev* (Bocconi University)
Discussant: Philippe Andrade (Boston FED)


Olivier de Bandt (Banque de France, “International Macroeconomics” Chair, Banque de France - PSE)
Tobias Broer (“International Macroeconomics” Chair, Banque de France - PSE)
Francesco Pappadà (“International Macroeconomics” Chair, Banque de France - PSE)
Axelle Ferriere (“Macroeconomic Risk” Chair, SCOR - PSE)
Gilles Saint-Paul (“Macroeconomic Risk” Chair, SCOR - PSE)

Watch the replay of the conference:

Thursday September 16th (1/2)

Friday September 17th (2/2)