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The research in Work Package 3 of the ADEMU project focuses on spillover effects between member states that are caused by shocks to fiscal and financial variables and on the role of international imbalances in macroeconomic and financial variables due to asymmetric patterns of economic interdependence within the euro area and between the EU states.  The main subject of the workshop is the extent to which these effects and imbalances have contributed to recent macroeconomic instability and the potential role of macroprudential regulation.

Friday, April 29

Chaired by: Rene Levinsky | CERGE-EI

9.30–10.00 Welcome Coffee and Registration

10.00–12.00 Friday Morning Session 

Alejandro Vicondoa | EUI
The Real Effects of Liquidity Shocks in Sovereign Debt Markets: Evidence from Italy
Joachim Jungherr | Institut d'Anàlisi Econòmica (CSIC) and Barcelona GSE
Bank Opacity and Financial Crises

12.00–13.30 Lunch

13.30–15.30 Friday Afternoon Session 

Hugo Rodriguez Mendizabal | Institut d'Anàlisi Econòmica (CSIC) and Barcelona GSE
Bank Size, Risk Diversification and Money Markets
Wei Cui | UCL
Search-Based Endogenous Asset Liquidity and the Macroeconomy

15.30-16.00 Coffee Break

16.00–17.30 Friday Seminar

Anton R. Braun | Federal Reserve Bank of Atlanta
Why Prices Don't Respond Sooner to a Prospective Sovereign Debt Crisis

Saturday, April 30

Chaired by Radim Bohacek | CERGE-EI

9.30–10.00 Coffee 

10.00–12.00 Saturday Morning Session

Dmitry Kuvshinov | University of Bonn
Deleveraging, Deflation and Depreciation in the Euro Area
Oscar Arce | Bank of Spain
Policy Spillovers and Synergies in a Monetary Union

12.00–13.15 Lunch

13.15–13.30 Data Presentation

Ivo Bakota and Vladimir Novak | CERGE-EI
ADEMU WP3 Data on Macroeconomic Imbalances 

13.30–15.30 Saturday Afternoon Session

Peter Hansen | EUI
Volatility During the Financial Crisis Through the Lens of High Frequency Data: A Realized GARCH Approach
Alessandro Barattieri | Collegio Carlo Alberto and ESG UQAM
Asymmetric Trade Liberalizations and Current Account Dynamics 

15.30-16.00 Coffee Break

16.00–17.30 Saturday Seminar
Juan Pablo Nicolini | Federal Reserve Bank of Minneapolis
Sovereign Default: The Role of Expectations

17.30–18.00 Panel Discussion

Chaired by Ramon Marimon | EUI

Those wishing to attend should register with This email address is being protected from spambots. You need JavaScript enabled to view it..

ADEMU website:www.ademu-project.eu

Program in pdf