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CSEF - Center for Studies in Economics and Finance

23 June 2015 – 26 June 2015
11th CSEF-IGIER Symposium on Economics and Institutions, 23-26 June 2015

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Monday, 22 June 2015

Venue: Mario Cacace Multimedia Center - Via Giuseppe Orlandi 100, Anacapri

8.30 - 8.45: Registration

Welcome address

8.45 – 9.00 Andrea Maffezzoni (Unicredit, Head of Planning, Strategy and Capital Management and board member of the Unicredit & Universities Foundation)
Marco Pagano (University of Naples Federico II, CSEF and EIEF)

Morning Session 1: Banking Regulation

Chair: Tommaso Oliviero (CSEF)

9.00 – 9.50 Jean-Edouard Colliard (HEC Paris)
Optimal Supervisory Architecture and Financial Integration in a Banking Union
Discussant : Alireza Tahbaz-Salehi (Columbia University)

9.50 – 10.40 Marco Di Maggio (Columbia University)
Deregulation, Competition and the Race to the Bottom (joint with A. Kermani)
Discussant : Andrea Polo (Pompeu Fabra University)

10.40 – 11.00 Coffee break

Morning Session 2: Real Effects of Financing Constraints

Chair : Marco Pagano (University of Naples Federico II, CSEF and EIEF)

11.00 – 11.50 Alexander Popov (European Central Bank)
Financing constraints, employment, and labor compensation: Evidence from the subprime mortgage crisis (joint with J. Rocholl)
Discussant: Martin Schmalz (University of Michigan)

11.50 – 12.40 José M. Liberti (DePaul University)
When Do Laws and Institutions Affect Recovery Rates on Collateral? (joint with H. Degryse, V. Ioannidou and J. Sturgess)
Discussant: Emilia Bonaccorsi di Patti (Bank of Italy)

12.40 – 13.40 Lunch

Afternoon Session 1: Financial Stability 1

Chair : Saverio Simonelli (University of Naples Federico II and CSEF)

13.40 – 14.30 Björn Imbierowicz (Goethe University Frankfurt)
Does Lack of Financial Stability Impair the Transmission of Monetary Policy? (joint with V. Acharya, S. Steffen and D. Teichmann)
Discussant: Alberto Zazzaro (Polytechnic University of Marche)

14.30 – 15.20 Frederic Boissay (European Central Bank)
Inside and Outside Collateral: Implications for Financial Market Instability (joint with R. Cooper)
Discussant: Elena Carletti (Bocconi University)

15.20 – 15.40 Coffee break

Afternoon Session 2: Financial Stability 2

Chair :Anna Maria Menichini (University of Salerno and CSEF)

15.40 – 16.30 John Chi-Fong Kuong (INSEAD)
Self-fulfilling Fire Sales: Fragility of Collateralised Short-term Debt Markets
Discussant: Amir Kermani (University of California, Berkeley)

16.30 – 17.20 Boris Vallée (Harvard Business School)
Call Me Maybe? The Effects of Exercising Contingent Capital
Discussant: Andrew Ellul (Indiana University)

Tuesday, 23 June 2015

Venue: International Center for Scientific Culture "Villa Orlandi", Anacapri

Morning Session: Macroeconomics

9.00 – 9.45 Matthew Shapiro (University of Michigan)
How Individuals Smooth Spending:Evidence from the 2013 Government Shutdown Using Account Data (joint with M. Gelman, S. Kariv, D. Silverman, S. Tadelis

09.45 – 10.30 Dimitris Christelis (University of Naples Federico II and CSEF)
Uncertainty about Future Consumption and Precautionary Saving (joint with T. Jappelli, D. Georgarakos, and M. van Rooij)

10.30 – 11.00 Coffee break

11.00 – 11.45 Isabella Loretti Dobrescu (University of New South Wales)
Retirement Savings: A Tale of Decisions and Defaults (joint with X. Fan, H. Bateman, B.R. Newell, A. Ortmann, and S. Thorp)

11.45 – 12.30 Amir Kermani (University of California, Berkeley)
The Importance of Unemployment Insurance as an Automatic Stabilizer (joint with M. Di Maggio)

12.30 – 14.00 Lunch

Afternoon session: Behavioural Economics

14.00 – 14.45 Matthew Rabin (Harvard University)
Errors in Social Inference: Models and Implications

14.45 – 15.30 Antonio Rosato (University of Technology Sydney)
Loss Aversion in Sequential Auctions: Endogenous Interdependence, Informational Externalities and the “Afternoon Effect”

15.30 – 16.00 Coffee Break

16.00 – 16.45 Tristan Gagnon-Bartsch (Harvard University)
"Naive Social Learning, Mislearning, and Unlearning" (joint with M. Rabin)

16.45 – 17.30 Filip Matejka (CERGE-EI)
Electoral competition with rationally inattentive voters (joint with G. Tabellini)

Wednesday 24 June 2015

Morning Session: Micro Theory

8.45 – 9.30 Paul Milgrom (Stanford University)
Adverse Selection and Auction Design for Internet Display Advertising

09.30 – 10.15 Nenad Kos (Bocconi University and IGIER)
Selling to the mean (joint with M. Messner)

10.15 – 10.45 Coffee break

10.45 – 11.30 Pierpaolo Battigalli (Bocconi University and IGIER)
A Note on comparative ambiguity aversion and justifiability (joint with S. Cerreia-Vioglio, F. Maccheroni and M. Marinacci)

11.30 – 12.15 Sarah Auster (Bocconi University and IGIER)
Competing Mechanisms in Lemon Markets (joint with P. Gottardi)

12.15 – 13.00 Juan-Jose Ganuza (Universitat Pompeu Fabra)
Information Disclosure in Optimal Auctions (joint with J. Penalva)

13.00 – 14.00 Lunch

Afternoon session: Finance

14.00 – 14.45 Markus Brunnermeier (Princeton University)
The I Theory of Money (joint with Y. Sannikov)

14.45 – 15.30 Andrea Polo (Universitat Pompeu Fabra and Barcelona GSE)
Double Bank Runs and Liquidity Risk Management (joint with F. Ippolito, J. Peydró, and E. Sette)

15.30 – 16.00 Coffee Break

16.00 – 16.45 Marco Pagano (University of Naples Federico II, CSEF and EIEF)
Bank Sovereign Exposures, Risk and Lending in the Euro Debt Crisis (joint with C. Altavilla and S. Simonelli)

16.45 – 17.30 Giuseppe Corbisiero (University of Mannheim)
Banks’ Home Bias and Credit Traps in a Monetary Union

20.00 Social Dinner

Thursday 25 June 2015

Morning Session: Applied Economics

08.45 – 9.30 Esteban Rossi-Hansberg (Princeton University)
Productivity and Organization in Portuguese Firms (joint with L. Caliendo, G. Mion and L. Opromolla)

09.30 – 10.15 Hans‐Joachim Voth (University of Zurich)
Leverage and Beliefs: Personal Experience and Risk Taking in Margin Lending (joint with P. Koudijs)

10.15 – 10.45 Coffee break

10.45 – 11.30 Jerome Adda (Bocconi University)
The Dynamics of Return Migration, Human Capital Accumulation, and Wage Assimilation (joint with C. Dustmann and J.-S. Görlach)

11.30 – 12.15 Alberto Abadie (Harvard University)
Endogenous Stratification in Randomized Experiments (joint with M. M. Chingos, and M. R. West)

12.15 – 13.00 Ethan Ilzetzki (London School of Economics)
Does Vote Counting Count? Labor Productivity through the Lens of an Electoral Task (joint with S. Simonelli)

13.00 – 14.00 Lunch

Afternoon session: Finance

14.00– 14.45 Efraim Benmelech (Northwestern University)
The Real Cost of Liquidity During the Financial Crisis: Evidence from Automobiles (joint with R. Meisenzahl and R. Ramcharan)

14.45 – 15.30 Andrew Ellul (Indiana University, CEPR, CSEF and ECGI)
Labor Unemployment Risk and CEO Incentive Compensation (joint with C. Wang and K. Zhang)

15.30 – 16.00 Coffee Break

16.00 – 16.45 Alberto Motta (University of New South Wales)
Financing Smallholder Agriculture: An Experiment with Agent-Intermediated Microloans in India (joint with P. Maitra, S. Mitra, D. Mookherjee and S.Visaria)

16.45 – 17.30 Emiliano Huet-Vaughn (Middlebury College)
Do Social Comparisons Motivate Workers? A Field Experiment on Relative Earnings and Labor Supply

Friday 26 June 2015

Morning Session: Applied Economics

9.00 – 9.45 Giovanni Pica (University of Milan and CSEF)
Correlating Social Mobility and Economic Outcomes (joint with M. Güell, M. Pellizzari and J. V. Rodríguez Mora)

09.45 – 10.30 Giovanni Mastrobuoni (University of Essex)
Rehabilitating Rehabilitation: Prison Conditions and Recidivism (joint with D. Terlizzese)

10.30 – 11.00 Coffee break

11.00 – 11.45 Marco Maria Sorge (University of Göttingen and CSEF)
Indeterminacy, Misspecification and Forecastability: Good Luck in Bad Policy?
(joint with L. Fanelli)

11.45 – 12.30 Fulvio Ortu (Bocconi University and IGIER)
A Persistence-based Wold-type Decomposition for Stationary Time Series (joint with F. Severino, A. Tamoni, and C.Tebaldi)

12.30 – 14.00 Lunch