CREI – Centre de Recerca en Economia Internacional

Barcelona CREI Macroeconomics Summer School 2012

The fourteenth edition of the Barcelona Macroeconomics Summer School will be held from June 25 to July 6, 2012 on the Ciutadella campus of Universitat Pompeu Fabra.

June 25 to June 29
09:00-11:00	The Macroeconomics of Financial Globalization, Alberto Martín
11:15-13:15	Economic Growth and Development, Xavier Sala-i-Martin
14:15-16:15	Banks, Financial Innovation, and Systemic Risk, Nicola Gennaioli
16:30-18:30	Sovereign Debt Crises: Theory and Evidence, Fernando Broner
July 2 to July 6
08:30-10:30	Labor Markets and Monetary Policy, Jordi Galí
10:45-12:45	Credit, Bubbles and Business Cycles, Jaume Ventura
13:30-15:30	Sovereign Debt Crises: Past, Present and Future, Joachim Voth
15:45-17:45	Globalization, Technology and Inequality, Gino Gancia

18:00-20:00

Macroeconomic Effects of Fiscal Policy, Fabio Canova

Other Summer Schools at Universitat Pompeu Fabra:

Barcelona GSE Summer Schools: Labor Economics Summer School, Banking Summer School, Microeconometrics Summer School
Universitat Pompeu Fabra: Barcelona LeeX Experimental Economics Summer School in Macroeconomics. June 11-15, 2012

SUMMER SCHOOL VENUE:
Room 20.055 JAUME I BUILDING
Universitat Pompeu Fabra - CIUTADELLA CAMPUS
RAMON TRIAS FARGAS, 25 - 08005 BARCELONA

Location map

Course Description

Biographical sketches

Fernando Bronerearned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 2000. Currently, he is a Senior Researcher at the Center for Research in International Economics (CREI) and an Adjunct Professor at Universitat Pompeu Fabra. He is also the Director of the MSc. in International Trade, Finance and Development at the Barcelona Graduate School of Economics and an advisor at the Bank of Spain’s International Economics Division. He is also a Research Affiliate at the CEPR. He has been an Assistant Professor at the University of Maryland and a Visiting Scholar at the IMF and World Bank. He has served as an associate editor of the Journal of International Economics. He was awarded a European Research Council Starting Grant in 2010. His research interests include international finance and macroeconomics.

Selected publications:

§ “Why do Emerging Economies Borrow Short Term?”, (with G. Lorenzoni and S. Schmukler), Journal of the European Economic Association, forthcoming.

§ “Globalization and Risk Sharing”, (with J. Ventura), The Review of Economic Studies, 78, 49-82, 2011.

§ “Sovereign Risk and Secondary Markets”, (with J. Ventura and A. Martin), TheAmerican Economic Review, 100 (4), 1523-1555, 2010.

§ “Discrete Devaluations and Multiple Equilibria in a First Generation Model of Currency Crises”, Journal of Monetary Economics, 55 (3), 592-605, 2008.

§ “When in Peril Retrench: Testing the Portfolio Channel of Contagion”, (with G. Gelos and C. Reinhart), Journal of International Economics, 69 (1), 203-230, 2006.

§ “Determining Underlying Macroeconomic Fundamentals During Emerging Market Crises: Are Conditions as Bad as They Seem?”, (with M. Aguiar),Journal of Monetary Economics, 53 (4), 699-724, 2006.

Fabio Canova earned his PhD in Economics at the University of Minnesota in 1988. He held academic positions at Brown University, Rochester University, the European University Institute, the University of Catania, the University of Modena, Universitat Pompeu Fabra and University of Bern. He has been a Research Professor with IGIER-Bocconi and Part-Time Professor at the University of Southampton and the London Business School. He is currently holding a Research Professorship with ICREA. He has taught courses at various summer schools, at the Bank of Italy, the ECB, the Bank of England, UK Treasury and UK Foreign Office, Riksbank, Bundesbank, Swiss National Bank, Bank of Argentina, Bank of Brazil, Bank of Spain, Bank of Portugal, Reserve Bank of South Africa, Bank of Peru among other places and he has been a consultant at the Bank of England, the IMF, the ECB, the Bank of Spain and the Bank of Italy. He is a Research Fellow at the CEPR, a Research Associate at CREI, a Member of the CEPR Dating Committee, a Member of the Scientific Committee of the Euro Area Business Cycle Network (EABCN), a Member of the Advisory Board of Dynare, Program Director of the Budapest School for Central Banking Studies, Founder of the Applied Macroeconomic Network (AMeN) and co-editor of the Journal of the European Economic Association. His research interests include quantitative macroeconomics, monetary theory, fiscal policy, international business cycles and macroeconometrics.

Selected publications:

§ Methods for Applied Macroeconomic Research, Princeton University Press, (Princeton, NJ), 2007.

§ “The Dynamics of U.S. Inflation: Can Monetary Policy Explain the Changes?”, (with F. Ferroni), Journal of Econometrics, 167, 47-60, 2012.

§ “Fiscal Policy, Pricing Frictions and Monetary Policy Accommodation”, (with E. Pappa), Economic Policy, 68, 555-598, 2011.

§ “Business Cycle Measurement with Some Theory”, (with M. Paustian), Journal of Monetary Economics, 48, 345-361, 2011.

§ “Does Money Matter in Shaping Domestic Business Cycles. An International Investigation”, (with T. Menz), Journal of Money Credit and Banking, 43(4), 577-609, 2011.

§ “Multiple Filtering Devices for the Estimation of Cyclical DSGE Models”, (with F. Ferroni), Quantitative Economics, 2, 73-98, 2011.

Jordi Galí earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 1989. Currently he is Director and Senior Researcher of the Center for Research in International Economics (CREI), Professor at Universitat Pompeu Fabra and Research Professor at the Barcelona Graduate School of Economics. He has held academic positions at New York University and Columbia University. He has been a Visiting Professor at MIT. He is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the Econometric Society. He has served as a co-editor of the Journal of the European Economic Associationand co-director of the CEPR International Macroeconomics Programme. He is currently the President of the European Economic Association. He was co-recipient of the 2005 Yrjö Jahnsson Award. His research interests include macroeconomics and monetary theory.

Selected publications:

· Unemployment Fluctuations and Stabilization Policies, The MIT Press,(Cambridge, MA), 2011.

· Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton University Press, (Princeton, NJ), 2008.

· “Labor Market Frictions and Monetary Policy: A New Keynesian Model with Unemployment”, (with O. Blanchard), American Economic Journal: Macroeconomics, 2 (2), 1-30, 2010.

· “Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?”, The American Economic Review, 249-271, 1999.

· “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, (with R. Clarida and M. Gertler), The Quarterly Journal of Economics, 115(1), 147-180, 2000.

· “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, 37(4), 1661-1707, 1999.

Gino Gancia earned his PhD in Economics at the Institute for International Economic Studies (Stockholm University) in 2003. Currently, he is a Senior Researcher at the Center for Research in International Economics (CREI) and Affiliated Professor at the Barcelona Graduate School of Economics. He is also Research Fellow at the CEPR and Research Associate at IEW, University of Zurich. He is Member of the Editorial Board of the Review of Economic Studies and associate editor of the Journal of the European Economic Association and TheEconomic Journal. He has been a Visiting Scholar at MIT during 2001-2003 and has been awarded the 2009 Excellence Award in Global Economic Affairs (Kiel Institute for the World Economy) and the 2004 Young Economist Award (European Economic Association). His research interests include international trade theory, economic growth and macroeconomics.

Selected publications:

§ “Competing Engines of Growth: Innovation and Standardization”, (with D. Acemoglu and F. Zilibotti), Journal of Economic Theory, forthcoming.

§ “Technological Change and the Wealth of Nations”, (with F. Zilibotti), Annual Review of Economics, 1(1), 93-120, 2009.

§ “Openness, Government Size and the Terms of Trade,” (with P. Epifani), TheReview of Economic Studies, 76, 629-668, 2009.

§ “The Skill Bias of World Trade”, (with P. Epifani), The Economic Journal, 118, 927-960, 2008.

§ “North-South Trade and Directed Technical Change”, (with A. Bonfiglioli),Journal of International Economics, 76, 276-296, 2008.

§ “Increasing Returns, Imperfect Competition and Factor Prices”, The Review of Economics and Statistics, 88, 583-598, 2006.

Nicola Gennaioli earned his PhD in Economics at Harvard University in 2004. He is Senior Researcher of the Center for Research in International Economics (CREI), Adjunct Professor at Universitat Pompeu Fabra and Research Professor at the Barcelona Graduate School of Economics. He is also a Research Affiliate at CEPR. From 2004-2007 he was Assistant Professor at IIES, Stockholm University. In 2009-2010 he was a Postdoctoral Fellow at Harvard University. In 2009 he obtained an ERC starting grant. His fields of expertise are psychology and economics, finance, political economy and economic development. He has published several articles in major international journals such as The Quarterly Journal of Economics, the Journal of Political Economy, The American Economic Review, the Journal of Financial Economics, The Review of Financial Studies, theJournal of the European Economic Association and the Journal of Economic Growth. He is associate editor of The Review of Economic Studies, The Economic Journal, the Journal of the European Economic Association, and the Journal of Development Economics.

Selected publications:

§ “Salience Theory of Choice Under Risk”,(with A. Shleifer and P. Bordalo), TheQuarterly Journal of Economics, forthcoming in 2012.

§ “Neglected Risks, Financial Innovation, and Financial Fragility”, (with A. Shleifer and R. Vishny), Journal of Financial Economics, forthcoming in 2012.

§ “What Comes to Mind”, (with A. Shleifer), The Quarterly Journal of Economics, 125(4), 1399-1433, 2010.

§ “Judicial Discretion in Corporate Bankruptcy”, (with S. Rossi), The Review of Financial Studies, 23(11), 4078-4114, 2010.

§ “Economics and Politics of Alternative Institutional Reforms”, (with F. Caselli),The Quarterly Journal of Economics, 123 (3), 1197-1250, August 2008

§ “The Evolution of Common Law”, (with A. Shleifer), Journal of Political Economy, 115, 43-68, 2007.

Alberto Martin earned his PhD in Economics at Columbia University in 2005. Currently, he is a Senior Researcher at the Center for Research in International Economics (CREI), an Adjunct Professor at Universitat Pompeu Fabra and an Affiliated Professor at the Barcelona Graduate School of Economics. He is also Research Affiliate at the CEPR. He has been a visiting scholar at the International Monetary Fund, a consultant for the United Nations Development Programme, and an economist in Argentina’s Ministry of Economics. He has received the Lamfalussy Research Fellowship (European Central Bank) and the Fulbright Fellowship. His work has appeared in The American Economic Review, the Journal of Economic Theory and the Journal of International Economics, among others. His research interests include macroeconomics, finance and international economics.

Selected publications:

§ “Understanding Bubbly Episodes”, (with V. Carvalho and J. Ventura), TheAmerican Economic Review P&P, forthcoming.

§ “International Capital Flows and Credit Market Imperfections: A Tale of Two Frictions”, (with F.Taddei), Journal of International Economics, forthcoming.

§ “Economic Growth with Bubbles”, (with J. Ventura), The American Economic Review, forthcoming.

§ “Theoretical Notes on Bubbles and the Current Crisis”, (with J. Ventura), IMF Economic Review, 59 (1), 6-40, 2011.

§ “Sovereign Risk and Secondary Markets”, (with F. Broner and J. Ventura), TheAmerican Economic Review, 100(4), 1523-1555, 2010.

§ “A Model of Collateral, Investment, and Adverse Selection”, Journal of Economic Theory, 144(4), 1572-1588, 2009.

Xavier Sala-i-Martin earned his PhD in Economics at Harvard University in 1990. Currently he is Professor in the Department of Economics at Columbia University, and a Visiting Professor at UPF. He has been an Associate Professor at the Department of Economics at Yale University and Visiting Professor at Harvard University. He has also taught at Universitat Pompeu Fabra, Harvard University, New York University, Yale University and the International Monetary Fund, among other places. He is senior economic adviser to the World Economic Forum (WEF), author of the Global Competitiveness Report of the WEF, Research Associate at the NBER and has been consultant for the World Bank and the International Monetary Fund. In 2006 he was the President of FC Barcelona. His research interests include economic growth, macroeconomics, public finance and social security, health and population economics, and monetary economics.

Selected publications:

§ “The World Distribution of Income: Falling Inequality and Convergence, Period”, The Quarterly Journal of Economics,121(2), 351-397, 2006.

§ “Determinants of Long-Term Growth: A Bayesian Average of Classical Estimates (Bace) Approach”, (with G. Doppelhoffer and R. Miller), TheAmerican Economic Review, 94(4), 813-835, 2004.

§ “The Economic Tragedy of the XXth Century: Growth in Africa”, (with E.V. Artadi), in African Competitiveness Report of the World Economic Forum, September 2003.

§ Economic Growth, (with R. Barro), 2nd Edition The MIT Press, (Cambridge, MA), 2003.

§ “Health Investment Complementarities under Competing Risks”, (with W. Dow and T. Philipson), The American Economic Review, 89(5), 1358-71, 1999.

Jaume Venturaearned his PhD in Economics at Harvard University in 1995. Currently he is a Senior Researcher at CREI and a Professor at Universitat Pompeu Fabra. Previously, he has held academic positions at the MIT and the University of Chicago. He has served as a co-director of the International Macroeconomics Programme of the CEPR and also as an editor of The Economic Journal. He is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the European Economic Association. He has served as a consultant to the IMF, the World Bank and the Inter-American Development Bank. His research interests include international economics and macroeconomics.

Selected publications:

§ “Economic Growth with Bubbles”, (with A. Martin), The American Economic Review, forthcoming.

§ “Bubbles and Capital Flows”, Journal of Economic Theory, forthcoming.

§ “Theoretical Notes on Bubbles and the Current Crisis”, (with A. Martin), IMF Economic Review, 59(1), 6-40, 2011.

§ “Globalization and Risk Sharing”, (with F. Broner), The Review of Economic Studies, 78, 49-82, 2011.

§ “Sovereign Risk and Secondary Markets”, (with F. Broner and A. Martin), TheAmerican Economic Review, 100(4), 1523-2555, 2010.

§ “Comparative Advantage and the Cross-section of Business Cycles”, (with A. Kraay), Journal of the European Economic Association, 5(6), 1300-1333, 2007.

§ “The Dot-Com Bubble, the Bush Deficits, and the US Current Account”, (with A. Kraay), in G7 Current Account Imbalances: Sustainability and Adjustment, R. Clarida (ed.), University of Chicago Press, 2007.

Hans-Joachim Voth earned his PhD in Economics at Oxford University in 1996. Currently he is ICREA Research Professor of Economics and Economic History at UPF. He is a CEPR Research Fellow, and an associate editor of The Quarterly Journal of Economics. He has won the Gino Luzzatto Prize for the best thesis in European economic history, the Alexander Gerschenkron Prize for best thesis on non-US topics, and a Leverhulme Prize for outstanding researchers under the age of 35. His work has appeared in The Quarterly Journal of Economics, The American Economic Review, the European Economic Review, The Journal of Economic History, Explorations in Economic History, and in a book with Oxford University Press. He has held visiting appointments at Stanford, MIT, Princeton and Stern Business School (NYU). A former consultant at McKinsey & Co., he has also acted as an advisor to the German Finance Ministry’s Working Group on Financial Market Reform; to the CEO of the German Stock Exhange; and to the German Trade Unions Movement (DGB). His research interests are in financial and economic history and macroeconomics.

Selected publications:

§ “Debt, Default and Empire: State Capacity and Economic Development in England and Spain in the Early Modern Period”, The Economic History Review, forthcoming.

§ “Persecution Perpetuated: The Medieval Origins of Anti-Semitic Violence in Nazi Germany”, (with N. Voigtländer), The Quarterly Journal of Eocnomics, forthcoming.

§ “Lending to the Borrower from Hell: Debt and Default in the Age of Philip II, 1556-1598”, (with M. Drelichman), The Economic Journal, 121, 1205-1227, 2011.

§ “Free Flows, Limited Diversification: Openness and the Fall and Rise of Stock Market Correlations, 1890-2001”, (with D. Quinn), in L. Reichlin & K. West (eds.) NBER Book Series, NBER International Seminar on Macroeconomics (ISOM), 20, Chicago: University of Chicago Press, 2010.

§ “Debt Sustainability in Historical Perspective”, (with M. Drelichman), Journal of the European Economic Association, 6(2-3), 657-67, 2008.

§ “Riding the South Sea Bubble”, (with P. Temin), The American Economic Review, 94(5), 1654-1668, 2004.

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Information on Accommodation Facilities

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Safety Advice

Excerpts from the U.S. State Department Advice on Safety in Barcelona

In Barcelona, the largest number of incidents reported also occurred in major tourist areas–on Las Ramblas, Barcelona’s El Prat Airport, Sants train station, Metro stations, in the Sagrada Familia Area, in the Gothic Quarter, in Park Güell, in Plaza Real, and along Barcelona’s beaches. There have been a number of thefts reported at the Port Olimpic Area and nearby beaches.

Travelers should remain alert to their personal security and exercise caution. We suggest that travelers carry limited cash, only one credit card, and a copy of their passport; leaving extra cash, extra credit cards, passports and personal documents in a safe location. When carrying documents, credit cards, or cash, we recommend that you secure them in a hard-to-reach place and not carry all valuables together in a purse or backpack.

In the unfortunate event that you lose your passport, or are the victim of a passport theft, the Embassy or Consulate will only be able to issue a replacement during regular business hours, unless it is a life or death emergency.

Thieves often work in teams of two or more people. In many cases, one person distracts a victim while the accomplices perform the robbery. For example, someone might wave a map in your face and ask for directions, ”inadvertently” spill something on you, or help you clean-up bird droppings thrown on you by a third unseen accomplice. While your attention is diverted, an accomplice makes off with your valuables. Thieves may drop coins or keys at your feet to distract you and try to take your belongings while you are trying to help. Attacks are sometimes initiated from behind, with the victim being grabbed around the neck and choked by one assailant while others rifle through or grab the belongings. A group of assailants may surround the victim in a crowded popular tourist area or on public transportation, and only after the group has departed does the person discover he/she has been robbed. Purse snatchers may grab purses or wallets and run away, or immediately pass the stolen item to an accomplice. A passenger on a passing motorcycle sometimes robs pedestrians. There have been reports of thieves posing as plainclothes police officers, beckoning to pedestrians from cars and sometimes confronting them on the street asking for documents, or to inspect their cash for counterfeit bills, which they ultimately confiscate as “evidence.” The U.S. Embassy in Madrid has received reports of cars on limited access motorways being pulled over by supposed unmarked police cars. The Spanish police do not operate in this fashion. We encourage U.S. citizens to ask for a uniformed law enforcement officer if approached.

Theft from vehicles is also common. “Good Samaritan” scams are unfortunately common, where a passing car or helpful stranger will attempt to divert the driver’s attention by indicating there is a flat tire or mechanical problem. When the driver stops to check the vehicle, the “Good Samaritan” will appear to help the driver and passengers while the accomplice steals from the unlocked car. Drivers should be cautious about accepting help from anyone other than a uniformed Spanish police officer or Civil Guard. Items high in value like luggage, cameras, laptop computers, or briefcases are often stolen from cars. We recommend that travelers not leave valuables in parked cars, and keep doors locked, windows rolled up, and valuables out of sight when driving.

While the incidence of sexual assault is statistically very low, attacks do occur. We recommend that U.S. citizens remain aware of their surroundings at all times, and travel with a companion if possible, especially at night. Spanish authorities warn of the availability of so-called “date-rape” drugs and other drugs, including GBH and liquid ecstasy. U.S. citizens should not lower their personal security awareness because they are on vacation.

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Barcelona CREI Macroeconomics Summer School 2012

Course Description

Biographical sketches

Download Full Brochure

Information on Accommodation Facilities

Residence Halls

Hotels

Useful Information for Participants

Safety Advice

How to apply

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