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T2M 2019 - Program
(version:19-Mar-2019)

22nd March, 2019

A.1: Financial Markets and Economic Fluctuations (Room: IAB E10) 9:15-10:45
A.2: Business cycles (Room: No. 160) 09:15-10:45
A.3: Fiscal policy I (Room: No. 158) 09:15-10:45
A.4: Labor Market Policy (Room: No. 164) 09:15-10:45
A.5: Forecasting and News shocks (Room: IAB E09) 09:15-10:45
B.1: Special session: Expectations I (Room: No. 164) 11:15-13:15
B.2: Labor Market Dynamics (Room: No. 160) 11:15-13:15
B.3: Financial Markets and Liquidity (Room: IAB E10) 11:15-13:15
B.4: Heterogeneity: Facts and Methods (Room: No. 158) 11:15-13:15
B.5: Monetary policy I (Room: IAB E09) 11:15-13:15
C.1: Special session: IAB data and macro applications (Room: No. 164) 14:30-16:30
C.2: Heterogenous agents and Optimal Policy (Room: No. 160) 14:30-16:30
C.3: Expectations II (Room: No. 158) 14:30-16:30
C.4: Labor share and Job polarization (Room: IAB E09) 14:30-16:30
C.5: Nominal Wage Rigidities (Room: IAB E10) 14:30-16:30
Plenary.1: Plenary session (Room: No. 168) 17:00-18:00

23rd March, 2019

D.1: Special session: Exchange Rate Dynamics (Room: No. 164) 0915:-11:15
D.2: Special session: Vacancies and Recruitment (Room: No. 160) 09:15:-11:15
D.3: Fiscal policy II (Room: No. 158) 09:15:-11:15
D.4: Human capital, Health and Family (Room: IAB E09) 09:15:-11:15
D.5: Liquidity Trap (Room: IAB E10) 09:15:-11:15
Plenary.2: Plenary session (Room: No. 168) 11:45-12:45
Poster.1: Poster session (Room: Foyer) 12:45-14:30
E.1: Special session: Safe Assets and the Macroeconomy (Room: No. 164) 14:30-16:30
E.2: Labor Market and Business Cycles (Room: No. 160) 14:30-16:30
E.3: Monetary policy II (Room: IAB E10) 14:30-16:30
E.4: International economics (Room: No. 158) 14:30-16:30
E.5: Price setting and Taxes (Room: IAB E09) 14:30-16:30

Session A.1: Financial Markets and Economic Fluctuations (Room: IAB E10)
22nd March, 2019, 9:15-10:45. Chairperson: Paul Luk
The Financial Transmission of Housing Bubbles: Evidence from Spain, by Schmitz Tom (1) (1 - Bocconi University (Italy))
Speaker: Tom Schmitz. Discussant: Ander Perez-Orive
Which Financial Shocks Drive the Business Cycle?, by Perez-Orive Ander (1), Goldberg Jonathan (1), Andrea Ajello (1) (1 - Federal Reserve Board (United States))
Speaker: Ander Perez-Orive. Discussant: Paul Luk
Dynamics of Secured and Unsecured Debt Over the Business Cycle, by Luk Paul (1), Zheng Tianxiao (1 - Hong Kong Baptist University (Hong Kong SAR China))
Speaker: Paul Luk. Discussant: Tom Schmitz

Session A.2: Business cycles (Room: No. 160)
22nd March, 2019, 09:15-10:45. Chairperson: Helen Popper
Business Cycles in Space, by Holden Tom (1), Swarbrick Jonathan (2) (1 - School of Economics, University of Surrey (United Kingdom), 2 - Bank of Canada (Canada))
Speaker: Jonathan Swarbrick. Discussant: Alain Paquet
Schumpeterian Growth, Price Rigidities, and the Business Cycles, by Paquet Alain (1), Mahrough Adil (1) (1 - École des sciences de la gestion Université du Québec à Montréal (Canada))
Speaker: Alain Paquet. Discussant: Helen Popper
Business Cycle Divergence and Risk Sharing: Blue States and Red States, by Popper Helen (1), Parsley David (2) (1 - Santa Clara University (United States), 2 - Vanderbilt University (United States))
Speaker: Helen Popper. Discussant: Jonathan Swarbrick

Session A.3: Fiscal policy I (Room: No. 158)
22nd March, 2019, 09:15-10:45. Chairperson: Omar Rachedi
Fiscal Regimes and the (Non)stationarity of Debt, by Hollmayr Josef (1) (1 - Deutsche Bundesbank (Germany))
Speaker: Josef Hollmayr. Discussant: Joanna Tyrowicz
Efficiency versus insurance: The role for fiscal policy in social security privatization, by Tyrowicz Joanna (1) (1 - IAAEU (Germany))
Speaker: Joanna Tyrowicz. Discussant: Omar Rachedi
The Changing Structure of Government Consumption Spending, by Rachedi Omar (1) (1 - Banco de España (Spain))
Speaker: Omar Rachedi. Discussant: Josef Hollmayr

Session A.4: Labor Market Policy (Room: No. 164)
22nd March, 2019, 09:15-10:45. Chairperson: Franck Malherbet
What hides behind the German labor market miracle? Unemployment insurance reforms and labor market dynamics, by Jung Philip (1), Kuhn Moritz , Hartung Benjamin (1 - Technische Universität Dortmund (Germany))
Speaker: Philip Jung. Discussant: Andrea Camilli
Labor market institutions and homeownership, by Camilli Andrea (1) (1 - University of Bath (United Kingdom))
Speaker: Andrea Camilli. Discussant: Franck Malherbet
The Detrimental Effect of Job Protection on Employment: Evidence from France, by Malherbet Franck (1), Cahuc Pierre (1), Prat Julien (1) (1 - Centre de Recherche en Économie et Statistique (France))
Speaker: Franck Malherbet. Discussant: Philip Jung

Session A.5: Forecasting and News shocks (Room: IAB E09)
22nd March, 2019, 09:15-10:45. Chairperson: Anna Almosova
Forecast revisions as instruments for news shocks, by Cascaldi-Garcia Danilo (1) (1 - Federal Reserve Board (United States))
Speaker: Danilo Cascaldi-Garcia. Discussant: Spyridon Sichlimiris
Towards technology-news-driven business cycles, by Sichlimiris Spyridon (1), Di Casola Paola (2) (1 - Örebro University (Sweden), 2 - Sveriges Riksbank (Sweden))
Speaker: Spyridon Sichlimiris. Discussant: Anna Almosova
Forecasting Inflation with Recurrent Neural Networks, by Almosova Anna (1), Andresen Niek (2) (1 - Humboldt Universität zu Berlin (Germany), 2 - Technical University Berlin (Germany))
Speaker: Anna Almosova. Discussant: Danilo Cascaldi-Garcia

Session B.1: Special session: Expectations I (Room: No. 164)
22nd March, 2019, 11:15-13:15. Chairperson: Rudi Bachmann
Firm expectations and economic activity, by Enders Zeno (1) (1 - Heidelberg University (Germany))
Speaker: Zeno Enders. Discussant: Benjamin Born
Uncertainty, expectation dispersion, and the reaction to news, by Born Benjamin (1), Dovern Jonas , Enders Zeno (1 - Frankfurt School of Finance and Management (Germany))
Speaker: Benjamin Born. Discussant: Lena Dräger
Are Consumers' Spending Decisions in Line with an Euler Equation?, by Dräger Lena (1), Nghiem Giang (1 - Leibniz University Hannover (Germany))
Speaker: Lena Dräger. Discussant: Rudi Bachmann
Uncertainty and Change: Survey Evidence of Firms' Subjective Beliefs, by Bachmann Rudi (1), Carstensen Kai (2), Lautenbacher Stefan (3), Schneider Martin (4) (1 - University of Notre Dame (United States), 2 - Kiel University (Germany), 3 - ifo (Germany), 4 - Stanford University (United States))
Speaker: Rudi Bachmann. Discussant: Zeno Enders

Session B.2: Labor Market Dynamics (Room: No. 160)
22nd March, 2019, 11:15-13:15. Chairperson: Manolis Galenianos
Which Factors are behind Germany's Labour Market Upswing?, by Klinger Sabine (1), Hutter Christian (1), Weber Enzo (1) (2), Trenkler Carsten (3) (1 - Institute for employment research (Germany), 2 - University of Regensburg (Germany), 3 - University of Mannheim (Germany))
Speaker: Sabine Klinger. Discussant: Karl Walentin
Skill Loss, Job Mismatch and the Slow Recovery from the Great Recession, by Walentin Karl (1), Westermark Andreas (1 - Sveriges Riksbank (Sweden))
Speaker: Karl Walentin. Discussant: Giorgio Topa
Job Seekers' Perceptions and Employment Prospects: Heterogeneity, Duration Dependence and Bias, by Topa Giorgio (1), Mueller Andreas (2), Spinnewijn Johannes (3) (1 - Federal Reserve Bank of New York (United States), 2 - Columbia Business School (United States), 3 - London School of Economics (United Kingdom))
Speaker: Giorgio Topa. Discussant: Manolis Galenianos
On the Dynamics of Firm Employment, by Galenianos Manolis (1), Bagger Jesper (1), Trapeznikova Ija (1) (1 - Royal Holloway [University of London] (United Kingdom))
Speaker: Manolis Galenianos. Discussant: Sabine Klinger

Session B.3: Financial Markets and Liquidity (Room: IAB E10)
22nd March, 2019, 11:15-13:15. Chairperson: Eva Luetkebohmert
Crisis and contagion in financial networks: a dynamic approach, by Kempf Hubert (1) (1 - Ecole Normale Superieure de Cachan (France))
Speaker: Hubert Kempf. Discussant: Alejandro Van Der Ghote
Liquidity Management, Leverage, and Monetary Policy, by Van Der Ghote Alejandro (1) (1 - European Central Bank (Germany))
Speaker: Alejandro Van Der Ghote. Discussant: Michele Loberto
Safety traps, liquidity and information-sensitive assets, by Loberto Michele (1) (1 - Banca d'Italia (Italy))
Speaker: Michele Loberto. Discussant: Eva Luetkebohmert
Benefits and Risks of Shadow Money: Evidence from Chinese WMP Market, by Feng Xu (1), Luetkebohmert Eva (2), Xiao Yajun (3) (1 - Tianjin University (China), 2 - University of Freiburg (Germany), 3 - University College Dublin (Ireland))
Speaker: Eva Luetkebohmert. Discussant: Hubert Kempf

Session B.4: Heterogeneity: Facts and Methods (Room: No. 158)
22nd March, 2019, 11:15-13:15. Chairperson: Fabian Kindermann
Capital Income Risk and the Dynamics of the Wealth Distribution, by Khieu Hoang (1), Wälde Klaus (1) (2) (3) (1 - Johannes Gutenberg University Mainz (Germany), 2 - CESifo (Germany), 3 - IZA (Germany))
Speaker: Hoang Khieu. Discussant: Michael Reiter
Solving Heterogeneous Agent Models with Nonconvex Optimization Problems: Linearization and Beyond, by Reiter Michael (1) (1 - Institute for Advanced Studies - Vienna (Austria))
Speaker: Michael Reiter. Discussant: Minchul Yum
Is Household Heterogeneity Important for Business Cycles?, by Jang Youngsoo (1), Sunakawa Takeki (2), Yum Minchul (3) (1 - Shanghai University of Finance and Economics (China), 2 - Kobe University (Japan), 3 - University of Mannheim (Germany))
Speaker: Minchul Yum. Discussant: Fabian Kindermann
Rental Markets and Wealth Inequality in the Euro-Area, by Kindermann Fabian (1), Kohls Sebastian (2) (1 - Universität Regensburg (Germany), 2 - Northwestern University [Evanston] (United States))
Speaker: Fabian Kindermann. Discussant: Hoang Khieu

Session B.5: Monetary policy I (Room: IAB E09)
22nd March, 2019, 11:15-13:15. Chairperson: Hervé Le Bihan
Interest Rate Uncertainty as a Policy Tool, by Ozhan G. Kemal (1) (1 - University of St Andrews (United Kingdom))
Speaker: Kemal G. Ozhan. Discussant: Jean Barthelémy
Fiscal and Monetary Regimes: A Strategic Approach, by Barthelémy Jean (1), Plantin Guillaume (2) (1 - Banque de France (France), 2 - Département d\'économie, Sciences Po (France))
Speaker: Jean Barthelémy. Discussant: David Andolfatto
Assessing the Impact of Central Bank Digital Currency on Private Banks, by Andolfatto David (1) (1 - Federal Reserve Bank of St. Louis)
Speaker: David Andolfatto. Discussant: Hervé Le Bihan
The Optimal Inflation Target and the Natural Rate of Interest, by Andrade Philippe (1), Galí Jordi (2), Le Bihan Hervé (1), Matheron Julien (1) (1 - Banque de France (France), 2 - CREI, UPF, Barcelona GSE (Spain))
Speaker: Hervé Le Bihan. Discussant: Kemal G. Ozhan

Session C.1: Special session: IAB data and macro applications (Room: No. 164)
22nd March, 2019, 14:30-16:30. Chairperson: Britta Gehrke
Data and Data Access at the Research Data Center of the IAB, by Philipp vom Berge (1 - Institute for employment research (Germany))
Speaker: Philip vom Berge. Discussant:
Uncovering the Mechanism(s): Financial Constraints and Wages, by Balleer Almut (1), Gehrke Britta , Arabzadeh Hanzeh (1 - RWTH Aachen University and IIES Stockholm (Germany))
Speaker: Almut Balleer. Discussant: Cynthia Doniger
Falling Labor Share and Rising Inequality: the Role of Wage Contracts., by Doniger Cynthia (1) (1 - Federal Reserve Board of Governors (United States))
Speaker: Cynthia Doniger. Discussant: Bastian Schulz
Marriage and Divorce under Labor Market Uncertainty, by Schulz Bastian (1), Holzner Christian (1 - Aarhus University (Denmark))
Speaker: Bastian Schulz. Discussant: Almut Balleer

Session C.2: Heterogenous agents and Optimal Policy (Room: No. 160)
22nd March, 2019, 14:30-16:30. Chairperson: Antoine Lepetit
Managing Inequality over the Business Cycles: Optimal Policies with Heterogeneous Agents and Aggregate Shocks, by Ragot Xavier (1), Le Grand François (1 - avier ragot (France))
Speaker: Xavier Ragot. Discussant: Yikai Wang
The Optimum Quantity of Capital and Debt, by Wang Yikai (1), Holter Hans , Hagedorn Marcus , Acikgoz Omer (1 - University of Oslo (Norway))
Speaker: Yikai Wang. Discussant: Edouard Challe
Inspecting the mechanism: Optimal Monetary Policy in HANK economies, by Challe Edouard (1) (1 - CREST & Ecole Polytechnique (France))
Speaker: Edouard Challe. Discussant: Antoine Lepetit
The Optimal Inflation Rate with Discount Factor Heterogeneity, by Lepetit Antoine (1) (1 - Board of Governors of the Federal Reserve (United States))
Speaker: Antoine Lepetit. Discussant: Xavier Ragot

Session C.3: Expectations II (Room: No. 158)
22nd March, 2019, 14:30-16:30. Chairperson: Chi Hyun Kim
Regulating Consumer Credit with Over-Optimistic Borrowers, by Exler Florian (1), Livshits Igor (2), Macgee James (3), Tertilt Michele (4) (1 - University of Vienna (Austria), 2 - Federal Reserve Bank of Philadelphia (United States), 3 - University of Western Ontario (Canada), 4 - Universität Mannheim (Germany))
Speaker: Florian Exler. Discussant: Simas Kucinskas
Measuring Biases in Expectation Formation, by Kucinskas Simas (1), Peters Florian (1 - University of Amsterdam (Netherlands))
Speaker: Simas Kucinskas. Discussant: Johannes Wohlfart
Subjective Models of the Macroeconomy: Evidence From Experts and a Representative Sample, by Wohlfart Johannes (1), Peter Andre (2), Pizzinelli Carlo (3), Roth Chris (4) (1 - Goethe-University Frankfurt am Main (Germany), 2- University of Bonn, 3- IMF, 4 - briq Institute on behavior and inequality (Germany))
Speaker: Johannes Wohlfart. Discussant: Chi Hyun Kim
The term structure of redenomination risk, by Kim Chi Hyun (1), Kriwoluzky Alexander (1), Bayer Christian (1 - German Institute for Economic Research (Germany))
Speaker: Chi Hyun Kim. Discussant: Florian Exler

Session C.4: Labor share and Job polarization (Room: IAB E09)
22nd March, 2019, 14:30-16:30. Chairperson: Francesco Furlanetto
Offshoring and Job Polarisation between Firms, by Moser Christoph (1) (1 - Friedrich-Alexander Universität Erlangen-Nürnberg (Germany))
Speaker: Christoph Moser. Discussant:
Labor Market Sorting in Germany, by Ben Lochner (1), Bastian Schulz (2), (1 - Friedrich-Alexander-Universität Erlangen-Nürnberg and Institute for Employment Research (Germany) , 2 - Aarhus University (Denmark) )
Speaker: Lochner Ben. Discussant:
Firm ownership and the labour share, by Piton Sophie (1), Vatan Antoine (2) (1 - Bank of England (United Kingdom), 2 - CEPII (France))
Speaker: Sophie Piton. Discussant: Francesco Furlanetto
The decline of the labor share: new empirical evidence, by Furlanetto Francesco (1), Bergholt Drago , Maffei Faccioli Nicolo' (1 - Norges Bank and Banque de France (France))
Speaker: Francesco Furlanetto. Discussant: Sophie Piton

Session C.5: Nominal Wage Rigidities (Room: IAB E10)
22nd March, 2019, 14:30-16:30. Chairperson: Martin Wolf
Do Minimum Wages Make Wages More Rigid? Evidence From French Micro Data, by Gautier Erwan (1) (2), Roux Sébastien , Suarez Castillo Milena (1 - Banque de France (France), 2 - Laboratoire d'économie et de management de Nantes Atlantique (France))
Speaker: Erwan Gautier. Discussant: Yoon J. Jo
Downward nominal wage rigidity in the United States, by Jo Yoon J. (1) (1 - Columbia University [New York] (United States))
Speaker: Yoon J. Jo. Discussant: Anton Nakov
Monetary Policy Implications of State-Dependent Prices and Wages, by Nakov Anton (1) (2), Costain James (3), Petit Borja (4) (1 - European Central Bank (Germany), 2 - CEPR (United Kingdom), 3 - ECB (Germany), 4 - CEMFI (Spain))
Speaker: Anton Nakov. Discussant: Martin Wolf
Optimal Prudential Policy in Economies with Downward Wage Rigidity, by Wolf Martin (1) (1 - University of Vienna (Austria))
Speaker: Martin Wolf. Discussant: Erwan Gautier

Session Plenary.1: Plenary session (Room: No. 168)
22nd March, 2019, 17:00-18:00. Chairperson: Britta Gehrke
Macroeconomics and Household Reality, by Violante Gianluca (1) (1 - Princeton University (United States))
Speaker: Gianluca Violante.

Session D.1: Special session: Exchange Rate Dynamics (Room: No. 164)
23rd March, 2019, 0915:-11:15. Chairperson: Gernot Mueller
Reforms and the Real Exchange Rate: The Role of Pricing-to-Market, by Poilly Celine (1) (1 - Aix-Marseille University (France))
Speaker: Celine Poilly. Discussant: Olivier Cardi
Relative Productivity and Search Unemployment in an Open Economy, by Cardi Olivier (1) (1 - Lancaster University Management School (United Kingdom))
Speaker: Olivier Cardi. Discussant: Marcus Hagedorn
An Equilibrium Theory of Nominal Exchange Rates, Asset Flows and Country Portfolios, by Hagedorn Marcus (1) (1 - University of Oslo (Norway))
Speaker: Marcus Hagedorn. Discussant: Gernot Mueller
Government Spending, Downward Wage Rigidity, and Exchange Rate Dynamics, by Born Benjamin (1), D’Ascanio Francesco (2), Mueller Gernot (2), Johannes Pfeifer (3) (1 - Frankfurt School of Finance & Management (Germany), 2 - University of Tübingen (Germany), 3- University of Cologne (Germany))
Speaker: Gernot Mueller. Discussant: Celine Poilly

Session D.2: Special session: Vacancies and Recruitment (Room: No. 160)
23rd March, 2019, 09:15:-11:15. Chairperson: Carlos Carrillo-Tudela
Deconstructing Job Search Behavior, by Choi Sekyu (1) (1 - University of Bristol (United Kingdom))
Speaker: Sekyu Choi. Discussant: Jack Bradley
A Job Ladder Model with Stochastic Employment Opportunities, by Bradley Jack (1), Gottfries Axel (2) (1 - University of Nottingham, UK (United Kingdom), 2 - University of Edinburgh (United Kingdom))
Speaker: Jack Bradley. Discussant: Christian Holzner
Measuring Coordination Frictions, by Holzner Christian (1), Watanabe Makoto (2) (1 - University of Munich (Germany), 2 - VU Amsterdam (Netherlands))
Speaker: Christian Holzner. Discussant: Carlos Carrillo-Tudela
Understanding Vacancy Yields: Evidence from German Data, by Carrillo-Tudela Carlos (1), Kaas Leo (2), Gartner Hermann (3) (1 - University of Essex (United Kingdom), 2 - Goethe-University Frankfurt (Germany), 3 - IAB (Germany))
Speaker: Carlos Carrillo-Tudela. Discussant: Sekyu Choi

Session D.3: Fiscal policy II (Room: No. 158)
23rd March, 2019, 09:15:-11:15. Chairperson: Hafedh Bouakez
The Government Spending Multiplier at the Zero Lower Bound: International Evidence from Historical Data, by Winkler Roland (1), Klein Mathias (2) (1 - University of Antwerp (Belgium), 2 - DIW Berlin (Germany))
Speaker: Roland Winkler. Discussant: Jeanne Commault
How Does Consumption Respond to a Transitory Income Shock? Reconciling Natural Experiments and Semi-Structural Estimations, by Commault Jeanne (1) (1 - Département d\'économie, Sciences Po (France))
Speaker: Jeanne Commault. Discussant: Miguel Faria-E-Castro
The Nonlinear Effects of Fiscal Policy, by Faria-E-Castro Miguel (1), Brinca Pedro (2), Holter Hans (3), Homem Ferreira Miguel (2) (1 - Federal Reserve Bank of St. Louis (United States), 2 - Nova School of Business and Economics (Portugal), 3 - University of Oslo (Norway))
Speaker: Miguel Faria-E-Castro. Discussant: Hafedh Bouakez
Sectoral Heterogeneity, Production Networks, and the Effects of Government Spending, by Bouakez Hafedh (1), Rachedi Omar (2), Santoro Emiliano (3) (1 - HEC Montréal (Canada), 2 - Banco de España (Spain), 3 - University of Copenhagen (Denmark))
Speaker: Hafedh Bouakez. Discussant: Roland Winkler

Session D.4: Human capital, Health and Family (Room: IAB E09)
23rd March, 2019, 09:15:-11:15. Chairperson: Thepthida Sopraseuth
Couples' Time-Use and Aggregate Outcomes: Evidence from a Structural Model, by Papp Tamas (1), Merz Monika (2), Balleer Almut (3) (1 - Institute for Advanced Studies (Austria), 2 - University of Vienna (Austria), 3 - Rheinisch-Westfälische Technische Hochschule Aachen (Germany))
Speaker: Tamas Papp. Discussant: Anne Hannusch
Taxing Families: The Impact of Child-related Transfers on Maternal Labor Supply, by Hannusch Anne (1) (1 - Universität Mannheim (Germany))
Speaker: Anne Hannusch. Discussant: Coskun Sena
Young, Educated, Unemployed, by Sena Coskun (1) (1 - University of Mannheim (Germany))
Speaker: Coskun Sena. Discussant: Thepthida Sopraseuth
Paying the Price: Accounting for Health Status and Expenditures across Country, by Sopraseuth Thepthida (1), Langot François (2) (3), Fonseca Raquel (4), Michaud Pierre-Carl (5) (1 - Université de Cergy Pontoise (France), 2 - Centre pour la recherche économique et ses applications (France), 3 - Université du Mans (France), 4 - UQAM (Canada), 5 - HEC Montréal (Canada))
Speaker: Thepthida Sopraseuth. Discussant: Tamas Papp

Session D.5: Liquidity Trap (Room: IAB E10)
23rd March, 2019, 09:15:-11:15. Chairperson: Alex Cukierman
Optimal Monetary Policy, Determinacy and Policy Puzzles at the Effective Lower Bound, by Roulleau-Pasdeloup Jordan (1) (1 - National University of Singapore (Singapore))
Speaker: Jordan Roulleau-Pasdeloup. Discussant: Lukas Vogel
Endogenous forward guidance, by Chafwehe Boris , Oikonomou Rigas , Priftis Romanos , Vogel Lukas (1) (1 - DG ECFIN, European Commission (Belgium))
Speaker: Lukas Vogel. Discussant: Sebastian Schmidt
Simple Analytics of Expectations-Driven Liquidity Traps, by Schmidt Sebastian (1), Nakata Taisuke (1 - European Central Bank (Germany))
Speaker: Sebastian Schmidt. Discussant: Alex Cukierman
Implications of the permanent-transitory confusion for New-Keynesian modeling, inflation forecasts and the post-crisis era, by Cukierman Alex (1) (1 - Tel Aviv University (Israel))
Speaker: Alex Cukierman. Discussant: Jordan Roulleau-Pasdeloup

Session Plenary.2: Plenary session (Room: No. 168)
23rd March, 2019, 11:45-12:45. Chairperson: Brigitte Hochmuth
Hours Worked Across and Within Countries, by Fuchs-Schündeln Nicola (1) (1 - Goethe-Universität Frankfurt am Main (Germany))
Speaker: Nicola Fuchs-Schündeln.

Session Poster.1: Poster session (Room: Foyer)
23rd March, 2019, 12:45-14:30. Chairperson: Britta Gehrke
Wealth in the utility, nonseparability and the New Keynesian model, by Aurissergues Elliot (1) (1 - Aix-Marseille School of Economics (France))
Speaker: Elliot Aurissergues.
The demographics of structural change, by Brembilla Laurent (1) (1 - Groupe dÁnalyse des Itinéraires et des Niveaux Salariaux (France))
Speaker: Laurent Brembilla.
Fiscal Policy Uncertainty and Investment, by Belianska Anna (1), Eyquem Aurélien (2), Poilly Céline (3) (1 - Aix-Marseille University (France), 2 - University of Lyon II and GATE (France), 3 - Aix-Marseille University (France))
Speaker: Anna Belianska.
Anticipated House Purchases and Household Consumption, by Isaac Gross (1) (1 - Monash University [Melbourne] (Australia))
Speaker: Gross Isaac.
Why do large firms pay higher wages? Novel stylized facts from linked firm-establishment-worker data, by Bias Daniel (1), Lin Chen (2), Lochner Ben (3), Schmid Thomas (2) (1 - TU Munich (Germany), 2 - University of Hong Kong (Hong Kong SAR China), 3 - Institute for Employment Research (IAB), University of Erlangen-Nuremberg (Germany))
Speaker: Daniel Bias.
Foreign Direct Investment and Uncertainty: Evidence from French Multinationals Firms, by Gigout Magiorani Timothee (1) (2), Tripier Fabien (3), Cezar Rafael (4) (1 - CEPII (France), 2 - Collège de France (France), 3 - Université Paris-Saclay (France), 4 - Centre de recherche de la Banque de France (France))
Speaker: Timothee Gigout Magiorani.
International Financial Integration and Output Co-Movement, by Berenberg-Gossler Paul (1) (1 - Hertie School of Governance [Berlin] (Germany))
Speaker: Paul Berenberg-Gossler.
Optimal Monetary Policy with Downward Nominal Wage Rigidity, by Evans Christopher (1) (1 - Universitat Pompeu Fabra [Barcelona] (Spain))
Speaker: Christopher Evans.
The Misallocation Channel of Monetary Policy, by Meier Matthias (1), Reinelt Timo (2) (1 - Universität Mannheim (Germany), 2 - Universität Mannheim (Germany))
Speaker: Timo Reinelt.
Business cycle accounting for the German fiscal stimulus program, by Fehrle Daniel (1), Huber Johannes (1 - Faculty of Business and Economics - University of Augsburg (Germany))
Speaker: Danie Fehrle.
Optimal Monetary Policy under Rigid Wages and Decreasing Returns, by Kohlbrecher Britta (1) (1 - Friedrich-Alexander-Universität Erlangen-Nürnberg (Germany))
Speaker: Britta Kohlbrecher.

Session E.1: Special session: Safe Assets and the Macroeconomy (Room: No. 164)
23rd March, 2019, 14:30-16:30. Chairperson: Kenza Benhima
When Ramsey Searches for Liquidity, by Cui Wei (1) (1 - University College, London (United Kingdom))
Speaker: Wei Cui. Discussant: Federica Romei
The paradox of global thrift, by Romei Federica (1) (2), Fornaro Luca (1 - Federica Romei (Sweden), 2 - Stockholm School of Economics (Sweden))
Speaker: Federica Romei. Discussant: Guillaume Vuillemey
The private production of safe assets, by Vuillemey Guillaume (1), Pérignon Christophe , Kacperczyk Marcin (1 - Ecole des Hautes Etudes Commerciales (France))
Speaker: Guillaume Vuillemey. Discussant: Kenza Benhima
Money and Capital in a Persistent Liquidity Trap, by Benhima Kenza (1) (1 - University of Lausanne (HEC - Lausanne) (Switzerland))
Speaker: Kenza Benhima. Discussant: Wei Cui

Session E.2: Labor Market and Business Cycles (Room: No. 160)
23rd March, 2019, 14:30-16:30. Chairperson: Pedro Gomes
Labor Productivity and Inflation Dynamics: the Euro Area versus the US, by Wolters Maik (1), Lewis Vivien (2), Villa Stefania (3) (1 - University of Jena (Germany), 2 - Deutsche Bundesbank (Germany), 3 - Bank of Italy (Italy))
Speaker: Maik Wolters. Discussant: Andreas Westermark
Endogenous Separations, Wage Rigidities and Unemployment Volatility, by Westermark Andreas (1), Carlsson Mikael (1 - Sveriges Riksbank (Sweden))
Speaker: Andreas Westermark. Discussant: Ana Figueiredo
Mismatch Cycles, by Figueiredo Ana (1), Ulbricht Robert (2), Baley Isaac (3) (1 - Erasmus School of Economics (Netherlands), 2 - Toulouse School of Economics (France), 3 - Universitat Pompeu Fabra (Spain))
Speaker: Ana Figueiredo. Discussant: Pedro Gomes
Labour market flows: accounting for the public sector, by Fontaine Idriss (1), Galvez-Iniesta Ismael (2), Gomes Pedro (3), Vila-Martin, Diego (4) (1 - Théorie économique, modélisation et applications (France), 2 - Universidad Carlos III de Madrid (Spain), 3 - Birkbeck, University of London (United Kingdom), 4 - University of Amsterdam (Netherlands))
Speaker: Pedro Gomes. Discussant: Maik Wolters

Session E.3: Monetary policy II (Room: IAB E10)
23rd March, 2019, 14:30-16:30. Chairperson: Tim Hagenhoff
Same, but different? Testing monetary policy shock measures, by Ettmeier Stephanie (1), Kriwoluzky Alexander (1) (1 - German Institute for Economic Research (Germany))
Speaker: Stephani Ettmeier. Discussant: Goncalo Pina
Golden Fetters and the Causal Effects of Countercyclical Monetary Policy, by Pina Goncalo (1), Mitchener Kris (2) (1 - ESCP Europe, 2 - Santa Clara University (United States))
Speaker: Goncalo Pina. Discussant: Giovanni Nicolo'
Monetary Policy, Expectations and Business Cycles in the U.S. Post-War Period, by Nicolo' Giovanni (1) (1 - Federal Reserve Board (United States))
Speaker: Giovanni Nicolo'. Discussant: Tim Hagenhoff
An aggregate welfare optimizing interest rate rule under heterogeneous expectations, by Hagenhoff Tim (1) (1 - Otto-Friedrich-Universität Bamberg (Germany))
Speaker: Tim Hagenhoff. Discussant: Stephani Ettmeier

Session E.4: International economics (Room: No. 158)
23rd March, 2019, 14:30-16:30. Chairperson: Sergio De Ferra
Inequality, Redistribution and Optimal Trade Policy: A Public Finance Approach, by Hosseini Roozbeh (1) (1 - University of Georgia (United States))
Speaker: Roozbeh Hosseini. Discussant: Marlène Isoré
International Propagation of Financial Shocks in a Search and Matching Environment, by Isoré Marlène (1) (2) (1 - Université Paris-Saclay (France), 2 - Bank of Finland (Finland))
Speaker: Marlène Isoré. Discussant: Shifu Jiang
Optimal Cooperative and Non-Cooperative Unconventional Monetary Policy Under Commitment, by Jiang Shifu (1) (1 - University of Surrey (United Kingdom))
Speaker: Shifu Jiang. Discussant: Sergio De Ferra
Sovereign Default in a Monetary Union, by De Ferra Sergio (1), Romei Federica (1 - Stockholm University (Sweden))
Speaker: Sergio De Ferra. Discussant: Roozbeh Hosseini

Session E.5: Price setting and Taxes (Room: IAB E09)
23rd March, 2019, 14:30-16:30. Chairperson: Alessandro Di Nola
Firm Dynamics and Pricing under Customer Capital Accumulation, by Roldan Pau (1), Gilbukh Sonia (1 - Bank of Spain (Spain))
Speaker: Pau Roldan. Discussant: Javier Turen
Rational Inattention-driven dispersion with volatility shocks, by Turen Javier (1) (1 - Pontificia Universidad Catolica de Chile (Chile))
Speaker: Javier Turen. Discussant: Pau Roldan
Who Benefits From Using Property Taxes To Finance A Labor Tax Wedge Reduction?, by Staehler Nikolai (1) (1 - Deutsche Bundesbank (Germany))
Speaker: Nikolai Staehler. Discussant: Alessandro Di Nola
The Aggregate Consequences of Tax Evasion, by Di Nola Alessandro (1), Kocharkov Georgi , Scholl Almuth , Tkhir Anna-Mariia (1 - University of Konstanz (Germany))
Speaker: Alessandro Di Nola. Discussant: Nikolai Staehler
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