Recent Publications

Debortoli, D., R. Nunes and P. Yared,

"The Commitment Benefit of Consols in Government Debt Management"


Forthcoming in American Economic Review: Insights, 2021

Week 1 June 27 – July 1

 

Asset Bubbles and Economic Policy

Instructor: Jaume Ventura

Selected Topics:

• Review of empirical research on asset prices and interest rates

• A macroeconomic framework to study the effects of asset bubbles

• The welfare effects of different types of bubbles

• Application (1): international propagation of financial shocks and global imbalances

• Application (2): credit booms, credit busts, and the current crisis

Dates: June 27 – July 1

Time: Lectures: 09:00 – 11:00 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

Economic Growth and Development

Instructor: Xavier Sala-i-Martin 

Selected Topics:

• The world distribution of income

• Growth, poverty and inequality: the role of globalization

• Neoclassical growth theory: the power of diminishing returns

• The effectiveness of international aid in promoting economic development. Randomized field experiments

• The role of incentives

• Government, taxation, the Welfare State and growth

• Ideas and growth: R&D, patents. AIDS, malaria and generics

• Africa: successes, failures, diagnostics and priorities

Dates: June 27 – July 1

Time: Lectures: 11:30 – 13:30 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

An Introduction to the New Keynesian Framework with Applications to Monetary Policy

Instructor: Jordi Galí

Selected Topics:

• A simple framework for monetary policy analysis

• Optimal monetary policy

• Simple monetary policy rules

• Inflation dynamics

• Extensions and recent developments

Dates: June 27 – July 1

Time: Lectures: 14:30 – 16:30 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

The Political Economy of Money and Credit: Understanding the Policy Responses to Financial Crises

Instructor: Ramon Marimon

Selected Topics:

• Linking fiscal and monetary policy: the credibility problem

• Inside and outside money: competition, substitution and contagion

• Financing households, firm and governments: debt versus long-term contracts

• Linking money, public and private credit in a monetary union

• The political economy of the euro with special attention to the 2010-euro crisis.

Dates: June 27 – July 1

Time: Lectures: 17:00 – 19:00 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

New Material:

 

PART 1

The Euro PIGS – GIPSIes crisis.pdf

bmss2011RamonM1.pdf

IMF_GovBalData (BMSS2011RamonM).xls

 

PART 2

bmss2011RamonM2.pdf

Debt lessons.pdf

 

PART 3

bmss2011RamonM3.pdf

bmssRamonM4contagion.pdf

bmss2011Ramon4.pdf

 

Articles:

 

·          EuroPlus Package
·          A Decade of Debt

 

 

Week 2 July 4 – July 8

 

 

Financial Crises and the Economics of Macroeconomic Depressions

Instructor: Hans-Joachim Voth

Selected Topics:

• The origins of bubbles and lending booms: past, present and future

• Depressions and credit booms gone wrong: crédito linkages, multipliers and real effects

• Monetary policy and asset prices: how should central banks react to bubbles?

• Ruling out instability: what role for bank supervision and financial regulators?

Dates: July 4 – July 8

Time: 09:00 – 11:00 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

 

 

 

 

 

The Macroeconomic Effects of Globalization

Instructor: Gino Gancia

Selected Topics: 

• Anatomy of the new globalization boom and challenges to the conventional wisdom: ICT, offshoring, the rise of China and global imbalances 

• Offshoring, migration and the wealth of nations: a Ricardian approach

• Understanding international capital flows in the presence of financial frictions

• Which workers gain from globalization? Trade, offshoring and wage inequality

• Sustaining growth: innovation and imitation in the global economy

Dates: July 4 – July 8

Time: 11:30 – 13:30 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

Lecture1.pdf

Lecture2.pdf

Lecture3.pdf

Lecture4.pdf

Lecture5.pdf

 

Firms in International Trade

Instructor: Pol Antràs

Selected Topics: 

• Firms and exporting: evidence

• Firms and exporting: theory

• Aggregate implications of firm-based models of trade

• Firms and the international fragmentation of production
• Contractual frictions in the organization of production
• Implications for policy

Dates: July 4 – July 8

Time: 14:30 – 16:30 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

Lecture 1

Lecture 2

Lecture 3

Lecture 4

Lecture 5

 

Solution and Estimation of DSGE Models

Instructor: Fabio Canova

Selected Topics:

Solution methods

• Limited information estimation (GMM and impulse response matching)

Maximum likelihood estimation
Bayesian estimation
• Problems and solutions

Dates: July 4 – July 8

Time: Lectures: 17:00 – 19:00 h (10 hours)  

Computer demonstrations: 19:00 – 20:00 h (5 hours) 

Price: 850 Euros (Students: 550 Euros)

 

Reading List

 

Lecture Notes:

 

Day 1: 

 

Day 2:

 

Day 3:

 

Day 4:

 

Day 5:

 

Computer Demonstrations:

 

Day 1: solve_bssm_11.zip

Day 2: ggm_smm_bssm_11.zip

Day 3: ML_bssm_11.zip

Day 4: bayes_bssm_11.zip

Pol Antràs
 
Pol Antràs earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 2003. Currently he is a Research Fellow at the CEPR, a Research Associate at the NBER and a Professor of Economics at Harvard University. During 2007- 2009, he directed the NBER Working Group on International Trade and Organizations. A native of Barcelona, he earned his BA and his MSc. in Economics from Universitat Pompeu Fabra. In 2009, he received the Fundación Banco Herrero Prize, which is awarded annually to a Spanish social scientist under age 40. He is also a Member of the Editorial Board of the Quarterly Journal of Economics, the American Economic Review, the Journal of the European Economic Association, and the Journal of International Economics, among other journals. His research interests include international trade, applied contract theory and macroeconomics.
 
Selected publications: 
  • “Intermediated Trade”, (with A. Costinot), Quarterly Journal of Economics, forthcoming.
  • “Trade and Capital Flows: A Financial Frictions Perspective”, (with R. Caballero), Journal of Political Economy, August 2009.
  • “Offshoring in a Knowledge Economy”, (with L. Garicano and E. Rossi-Hansberg),Quarterly Journal of Economics, February 2006.
  • “Global Sourcing”, (with E. Helpman), Journal of Political Economy, June 2004.
  • “Firms, Contracts, and Trade Structure”, Quarterly Journal of Economics, November 2003.
 
 
Fabio Canova
 
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 and University of Bern. He has been a Research Professor with IGIER-Bocconi and Part-Time Professor at the London Business School. He is currently holding a Research Professorship with ICREA. He has taught courses at various summer schools, at numerous Central Banks, at the IMF and the European Community 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 and ESOBA, Program Director of the Budapest School for Central Banking Studies, 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:
  • “Multiple Filtering Devices for the Estimation of Cyclical DSGE Models”, (with F. Ferroni), Published in Quantitative Economics, March 2011.
  • “Do Expectations Matter? The Great Moderation Revisited”, (with L. Gambetti), Published in American Economic Journal, July 2010.
  • “Back to Square One: Identification Issues in DSGE Models”, (with L. Sala), Journal of Monetary Economics, April 2009.
  • “Estimating Multicountry VARs”, (with M. Ciccarelli), International Economic Review, May 2009.
  • “Similarities and Convergence in G7 Cycles”, (with M. Ciccarelli and E. Ortega), Journal of Monetary Economics, January 2007.
  •  Methods for Applied Macroeconomic Research, Princeton University Press, (Princeton, NJ), 2007.
 
 
Jordi Galí
 
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 on International Economics (CREI), a Professor at Universitat Pompeu Fabra and a Research Professor at the Barcelona GSE. He has held academic positions at New York University and Columbia University. He has been a Visiting Professor at MIT. He has served as a co-editor of the Journal of the European Economic Association, and is currently an associate editor of the American Economic Journal-Macroeconomics and the International Journal of Central Banking. He is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the Econometric Society. He has been consultant to the European Central Bank, the Federal Reserve, the Bank of Spain and other central banks. He was co-recipient of the 2005 Yrjo Jansson Award in Economics. His research interests include macroeconomics and monetary theory.
 
Selected publications: 
  • Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton University Press, (Princeton, NJ), 2008.
  • “Real Wage Rigidities and the New Keynesian Model”, (with O.J. Blanchard), Journal of Money, Credit and Banking, February 2007.
  • “Monetary Policy and Exchange Rate Volatility in a Small Open Economy”, (with T. Monacelli), Review of Economic Studies, July 2005.
  • “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, (with R. Clarida and M. Gertler), Quarterly Journal of Economics, January 2000.
  • “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, December 1999.
 
 
Gino Gancia
 
Gino Gancia earned his PhD in Economics at the Institute for International Economic Studies (Stockholm University) in 2003. Currently, he is Senior Researcher of the Center for Research on International Economics (CREI) and Affiliated Professor at the Barcelona GSE. 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. 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, October 2009.
  • “Openness, Government Size and the Terms of Trade”, (with P. Epifani), Review of Economic Studies, March 2009.
  • “The Skill Bias of World Trade”, (with P. Epifani), Economic Journal, June 2008.
  • “North-South Trade and Directed Technical Change”, (with A. Bonfiglioli), Journal of International Economics, March 2008.
  • “Increasing Returns, Imperfect Competition and Factor Prices”, Review of Economics and Statistics, November 2006.
 
 
Ramon Marimon
 
Ramon Marimon earned his PhD in Economics at Northwestern University 1984. Full professor at the Universitat Pompeu Fabra (since 1990) and at the European University Institute (since 2007), where he is Director of the Max Weber Postdoctoral Programme, was previously professor at the University of Minnesota and has been visiting professor at Stanford University and the Federal Reserve Bank of Minneapolis, among other places. Research Fellow of the NBER and of the CEPR, he has been co-editor of the Review of Economic Dynamics. He is also Fellow of the European Economic Association and of the Spanish Economic Association. His research interests include macroeconomics, monetary theory, labor theory, dynamic contract theory and learning theory.
 
Selected publications:

  • “Competition, Human Capital and Income Inequality with Limited Commitment”, (with V. Quadrini), Journal of Economic Theory, January 2011.
  • “Nominal Debt as a Burden on Monetary Policy”, (with J. Días-Giménez, G. Gionannetti and P. Teles), Review of Economic Dynamics, July 2008.
  • “Aggregate Consequences of Limited Contract Enforceability”, (with T. Cooley and V. Quadrini), Journal of Political Economy, August 2004.
  •  “Inside-Outside Money Competition”, (with J.P.Nicolini and P.Teles), Journal of Monetary Economics, November 2003.
  •  “Convergence of Monetary Inflation Models with Heterogeneous Learning Rules”, (with G. Evans and S. Honkapohja), Macroeconomic Dynamics, March 2001.
 
 
Xavier Sala-i-Martin
 
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. 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”, Quarterly Journal of Economics, May 2006.
  • “Determinants of Long-Term Growth: A Bayesian Average of Classical Estimates (Bace) Approach”, (with G. Doppelhoffer and R. Miller), American Economic Review, September 2004.
  • “The Economic Tragedy of the XXth Century: Growth in Africa”, (with E.V. Artadi), inAfrican Competitiveness Report of the World Economic Forum, September 2003.
  • Economic Growth, (with R. Barro), 2nd Edition MIT Press, (Cambridge, MA), 2003.
  • “Health Investment Complementarities under Competing Risks”, (with W. Dow and T. Philipson), American Economic Review, December 1999.
 
 
Jaume Ventura
 
Jaume Ventura earned his PhD in Economics at Harvard University in 1995. Currently he is a Senior Researcher at CREI. Previously, he has held academic positions at MIT and the University of Chicago. He is co-director of the International Macroeconomics Programme of the CEPR and has served as editor of the Economic Journal. He is also a Research Associate at the NBER, and 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: 
  • “Theoretical Notes on Bubbles and the Currrent Crisis”, (with A. Martin), IMF Economic Review, forthcoming.
  • “Globalization and Risk Sharing”, (with F. Broner), Review of Economic Studies,forthcoming.
  • “Sovereign Risk and Secondary Markets”, (with F. Broner and A. Martin), American Economic Review, September 2010.
  • “Comparative Advantage and the Cross-section of Business Cycles”, (with A. Kraay),Journal of the European Economic Association, December 2007.
  •  “Country Portfolios”, (with A. Kraay, N. Loayza and L. Servén), Journal of the European and Economic Association, June 2005.
  • “Current Accounts in the Long and Short Run”, (with A. Kraay), NBER Macroeconomics Annual 2002, July 2003.

 

 

Hans-Joachim Voth
 
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 a member of the editorial board of the Journal of Economic History. He has won the Gino Luzzatto Prize for the best thesis in European economic history, the Alexander Gershenkron 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, 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). He has 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:
  • “Betting on Hitler: The Value of Political Connections in Nazi Germany”, (with T. Ferguson),Quarterly Journal of Economics, May 2008.
  • “Interest Rate Restrictions in a Natural Experiment: Loan Allocation and the Change in the Usury Laws in 1714”, (with P. Temin), Economic Journal, May 2008.
  • “Credit Rationing and Crowding Out during the Industrial Revolution: Evidence from Hoare’s Bank, 1702-1862”, (with P. Temin), Explorations in Economic History, July 2005.
  • “Riding the South Sea Bubble”, (with P. Temin), American Economic Review, December 2004.
  • “With a Bang, Not a Whimper: Pricking Germany’s “Stockmarket Bubble” in 1927 and the Slide into Depression”, Journal of Economic History, July 2003.

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Barcelona receives thousands of visitors, especially in summer.
Please, make your reservations directly as soon as possible.

 

Residence Halls

Residence Hall for Researchers (comfort)
C/Hospital, 64
08001-Barcelona
Tel. (+34) 93 443 8610
Fax. (+34) 93 442 8202
investigadors@resa.es
https://www.resa.es/

 

Residència Universitària “La Ciutadella”
Pg. Pujades, 33-37
Tel. (+34) 902444447
resa@resa.es
https://www.resa.es

 

Residència Universitària Campus del Mar
Passeig Salvat Papasseit, 4
08003 Barcelona
Tel. (+34) 933 904 000
https://www.resa.es

 

Residencia Melondistrict

c/Sancho de Ávila 22

Tel. (+34) 932178812

https://www.melondistrict.com

 

Residencias Juevenes-El Campus
C/Mallorca, 191, Pral.
jmpresi@arrakis.es
https://www.arrakis.es/~jmpresi/index.htm

 

APIMEC Residencia Universitaria
C/Bruc, 136
residencia.apimec@caixaterrasa.com
https://www.habitatgejove.com/arrel_eg/index_i.html

 

BARCELONAUTA
C/Sardenya, 326-328 entol. 2
bcnauta@comb.es

Hotels

Hotel H10 Marina Barcelona (4*)
Address: Av Bogatell, 64-68
Phone: 933097917 / 933003310 (fax)
Web: https://www.h10.es
E-mail: h10.marina.barcelona@h10.es

 

Hotel Icaria Barcelona (4*)
Address: Av Icària, 195-197
Phone: 932218200 / 932212458 (fax)
Web: https://www.sbhotels.es
E-mail: hotel@icaria.barcelona

 

Hotel Silken Diagonal (4*)
Address: Av. Diagonal, 205
Phone: 934 895 300 / 934 895 309 (fax)
Web: https://www.hoteles-silken.com/hoteles/index2.php?idhotel=19
E-mail: hotel.diagonalbcn@hoteles-silken.com

 

Hotel Glòries (3*)
Address: Padilla, 173 (with Gran Via)
Phone: 932 650 808
Web: https://www.hotelglories.com/
E-mail: reservas@hotelglories.com

 

Hotel Park Hotel (3*)
Address: Av Marquès de l’Argentera, 11
Phone: 933196000 / 933194519 (fax)
E-mail: parkhotel@parkhotelbarcelona.com

 

Hotel Pere IV (3*)
Address: C Pallars, 128*130
Phone: 933 209 650 / 933 009 060 (fax)
Web: https://www.euro-mar.com
E-mail: hotelpereiv@euro-mar.com

 

Hotel Oasis II (2*)
Address: Pla Palau, 17
Telèfon: 933194396 / 933104874 (fax)

 

Hotel Lyon (1*)
Address: C General Castaños, 6
Phone: 933194360 / 933194431 (fax)
Web: https://www.gargallo-hotels.com
E-mail: lyon@gargallo-hotels.com

Useful Links

 

How to get to the city from the airport?

 

Please visit: Barcelona Tourism (then have a look at “planning your journey”)

 

There are several ways:

 

  • by bus: Aerobus. This bus takes you to and from the airport every 15 minutes and stops at Estació de Sants, Plaça Espanya, Plaça Catalunya i Passeig de Gràcia. A ticket costs € 3.90
  • by bus: 106. This bus takes you only to Plaça Espanya. A ticket costs €1.30
  • by train: RENFE. Trains depart every 30 minutes and stop at Barcelona Sants, Passeig de Gràcia and Estació de França
  • by taxi. A taxi ride can cost from € 30 to 35 depending on the day, time, etc.
  • by rental car

 

Information about transportation from the Airport to Barcelona

How to get to the UPF?

UPF location map (Ciutadella campus)
Visit Barcelona Transportation

How to get to CREI (Universitat Pompeu Fabra) from the nearest metro station?

      The nearest metro station is “Ciutadella-Vila Olímpica” and belongs to L4 line (yellow one). When you get the street (Ramon Trias Fargas) you just have to walk up and you will find the university on your left.

For further information you can visit:

 

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.

Galí, J., G. Giusti and C. N. Noussair,

"Monetary Policy and Asset Price Bubbles: A Laboratory Experiment"


Journal of Economic Dynamics and Control, 2021, 130, 1-15

Week 1 June 27 – July 1

 

Asset Bubbles and Economic Policy

Instructor: Jaume Ventura

Selected Topics:

• Review of empirical research on asset prices and interest rates

• A macroeconomic framework to study the effects of asset bubbles

• The welfare effects of different types of bubbles

• Application (1): international propagation of financial shocks and global imbalances

• Application (2): credit booms, credit busts, and the current crisis

Dates: June 27 – July 1

Time: Lectures: 09:00 – 11:00 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

Economic Growth and Development

Instructor: Xavier Sala-i-Martin 

Selected Topics:

• The world distribution of income

• Growth, poverty and inequality: the role of globalization

• Neoclassical growth theory: the power of diminishing returns

• The effectiveness of international aid in promoting economic development. Randomized field experiments

• The role of incentives

• Government, taxation, the Welfare State and growth

• Ideas and growth: R&D, patents. AIDS, malaria and generics

• Africa: successes, failures, diagnostics and priorities

Dates: June 27 – July 1

Time: Lectures: 11:30 – 13:30 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

An Introduction to the New Keynesian Framework with Applications to Monetary Policy

Instructor: Jordi Galí

Selected Topics:

• A simple framework for monetary policy analysis

• Optimal monetary policy

• Simple monetary policy rules

• Inflation dynamics

• Extensions and recent developments

Dates: June 27 – July 1

Time: Lectures: 14:30 – 16:30 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

The Political Economy of Money and Credit: Understanding the Policy Responses to Financial Crises

Instructor: Ramon Marimon

Selected Topics:

• Linking fiscal and monetary policy: the credibility problem

• Inside and outside money: competition, substitution and contagion

• Financing households, firm and governments: debt versus long-term contracts

• Linking money, public and private credit in a monetary union

• The political economy of the euro with special attention to the 2010-euro crisis.

Dates: June 27 – July 1

Time: Lectures: 17:00 – 19:00 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

New Material:

 

PART 1

The Euro PIGS – GIPSIes crisis.pdf

bmss2011RamonM1.pdf

IMF_GovBalData (BMSS2011RamonM).xls

 

PART 2

bmss2011RamonM2.pdf

Debt lessons.pdf

 

PART 3

bmss2011RamonM3.pdf

bmssRamonM4contagion.pdf

bmss2011Ramon4.pdf

 

Articles:

 

·          EuroPlus Package
·          A Decade of Debt

 

 

Week 2 July 4 – July 8

 

 

Financial Crises and the Economics of Macroeconomic Depressions

Instructor: Hans-Joachim Voth

Selected Topics:

• The origins of bubbles and lending booms: past, present and future

• Depressions and credit booms gone wrong: crédito linkages, multipliers and real effects

• Monetary policy and asset prices: how should central banks react to bubbles?

• Ruling out instability: what role for bank supervision and financial regulators?

Dates: July 4 – July 8

Time: 09:00 – 11:00 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

 

 

 

 

 

The Macroeconomic Effects of Globalization

Instructor: Gino Gancia

Selected Topics: 

• Anatomy of the new globalization boom and challenges to the conventional wisdom: ICT, offshoring, the rise of China and global imbalances 

• Offshoring, migration and the wealth of nations: a Ricardian approach

• Understanding international capital flows in the presence of financial frictions

• Which workers gain from globalization? Trade, offshoring and wage inequality

• Sustaining growth: innovation and imitation in the global economy

Dates: July 4 – July 8

Time: 11:30 – 13:30 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

Lecture1.pdf

Lecture2.pdf

Lecture3.pdf

Lecture4.pdf

Lecture5.pdf

 

Firms in International Trade

Instructor: Pol Antràs

Selected Topics: 

• Firms and exporting: evidence

• Firms and exporting: theory

• Aggregate implications of firm-based models of trade

• Firms and the international fragmentation of production
• Contractual frictions in the organization of production
• Implications for policy

Dates: July 4 – July 8

Time: 14:30 – 16:30 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

Lecture 1

Lecture 2

Lecture 3

Lecture 4

Lecture 5

 

Solution and Estimation of DSGE Models

Instructor: Fabio Canova

Selected Topics:

Solution methods

• Limited information estimation (GMM and impulse response matching)

Maximum likelihood estimation
Bayesian estimation
• Problems and solutions

Dates: July 4 – July 8

Time: Lectures: 17:00 – 19:00 h (10 hours)  

Computer demonstrations: 19:00 – 20:00 h (5 hours) 

Price: 850 Euros (Students: 550 Euros)

 

Reading List

 

Lecture Notes:

 

Day 1: 

 

Day 2:

 

Day 3:

 

Day 4:

 

Day 5:

 

Computer Demonstrations:

 

Day 1: solve_bssm_11.zip

Day 2: ggm_smm_bssm_11.zip

Day 3: ML_bssm_11.zip

Day 4: bayes_bssm_11.zip

Pol Antràs
 
Pol Antràs earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 2003. Currently he is a Research Fellow at the CEPR, a Research Associate at the NBER and a Professor of Economics at Harvard University. During 2007- 2009, he directed the NBER Working Group on International Trade and Organizations. A native of Barcelona, he earned his BA and his MSc. in Economics from Universitat Pompeu Fabra. In 2009, he received the Fundación Banco Herrero Prize, which is awarded annually to a Spanish social scientist under age 40. He is also a Member of the Editorial Board of the Quarterly Journal of Economics, the American Economic Review, the Journal of the European Economic Association, and the Journal of International Economics, among other journals. His research interests include international trade, applied contract theory and macroeconomics.
 
Selected publications: 
  • “Intermediated Trade”, (with A. Costinot), Quarterly Journal of Economics, forthcoming.
  • “Trade and Capital Flows: A Financial Frictions Perspective”, (with R. Caballero), Journal of Political Economy, August 2009.
  • “Offshoring in a Knowledge Economy”, (with L. Garicano and E. Rossi-Hansberg),Quarterly Journal of Economics, February 2006.
  • “Global Sourcing”, (with E. Helpman), Journal of Political Economy, June 2004.
  • “Firms, Contracts, and Trade Structure”, Quarterly Journal of Economics, November 2003.
 
 
Fabio Canova
 
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 and University of Bern. He has been a Research Professor with IGIER-Bocconi and Part-Time Professor at the London Business School. He is currently holding a Research Professorship with ICREA. He has taught courses at various summer schools, at numerous Central Banks, at the IMF and the European Community 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 and ESOBA, Program Director of the Budapest School for Central Banking Studies, 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:
  • “Multiple Filtering Devices for the Estimation of Cyclical DSGE Models”, (with F. Ferroni), Published in Quantitative Economics, March 2011.
  • “Do Expectations Matter? The Great Moderation Revisited”, (with L. Gambetti), Published in American Economic Journal, July 2010.
  • “Back to Square One: Identification Issues in DSGE Models”, (with L. Sala), Journal of Monetary Economics, April 2009.
  • “Estimating Multicountry VARs”, (with M. Ciccarelli), International Economic Review, May 2009.
  • “Similarities and Convergence in G7 Cycles”, (with M. Ciccarelli and E. Ortega), Journal of Monetary Economics, January 2007.
  •  Methods for Applied Macroeconomic Research, Princeton University Press, (Princeton, NJ), 2007.
 
 
Jordi Galí
 
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 on International Economics (CREI), a Professor at Universitat Pompeu Fabra and a Research Professor at the Barcelona GSE. He has held academic positions at New York University and Columbia University. He has been a Visiting Professor at MIT. He has served as a co-editor of the Journal of the European Economic Association, and is currently an associate editor of the American Economic Journal-Macroeconomics and the International Journal of Central Banking. He is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the Econometric Society. He has been consultant to the European Central Bank, the Federal Reserve, the Bank of Spain and other central banks. He was co-recipient of the 2005 Yrjo Jansson Award in Economics. His research interests include macroeconomics and monetary theory.
 
Selected publications: 
  • Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton University Press, (Princeton, NJ), 2008.
  • “Real Wage Rigidities and the New Keynesian Model”, (with O.J. Blanchard), Journal of Money, Credit and Banking, February 2007.
  • “Monetary Policy and Exchange Rate Volatility in a Small Open Economy”, (with T. Monacelli), Review of Economic Studies, July 2005.
  • “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, (with R. Clarida and M. Gertler), Quarterly Journal of Economics, January 2000.
  • “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, December 1999.
 
 
Gino Gancia
 
Gino Gancia earned his PhD in Economics at the Institute for International Economic Studies (Stockholm University) in 2003. Currently, he is Senior Researcher of the Center for Research on International Economics (CREI) and Affiliated Professor at the Barcelona GSE. 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. 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, October 2009.
  • “Openness, Government Size and the Terms of Trade”, (with P. Epifani), Review of Economic Studies, March 2009.
  • “The Skill Bias of World Trade”, (with P. Epifani), Economic Journal, June 2008.
  • “North-South Trade and Directed Technical Change”, (with A. Bonfiglioli), Journal of International Economics, March 2008.
  • “Increasing Returns, Imperfect Competition and Factor Prices”, Review of Economics and Statistics, November 2006.
 
 
Ramon Marimon
 
Ramon Marimon earned his PhD in Economics at Northwestern University 1984. Full professor at the Universitat Pompeu Fabra (since 1990) and at the European University Institute (since 2007), where he is Director of the Max Weber Postdoctoral Programme, was previously professor at the University of Minnesota and has been visiting professor at Stanford University and the Federal Reserve Bank of Minneapolis, among other places. Research Fellow of the NBER and of the CEPR, he has been co-editor of the Review of Economic Dynamics. He is also Fellow of the European Economic Association and of the Spanish Economic Association. His research interests include macroeconomics, monetary theory, labor theory, dynamic contract theory and learning theory.
 
Selected publications:

  • “Competition, Human Capital and Income Inequality with Limited Commitment”, (with V. Quadrini), Journal of Economic Theory, January 2011.
  • “Nominal Debt as a Burden on Monetary Policy”, (with J. Días-Giménez, G. Gionannetti and P. Teles), Review of Economic Dynamics, July 2008.
  • “Aggregate Consequences of Limited Contract Enforceability”, (with T. Cooley and V. Quadrini), Journal of Political Economy, August 2004.
  •  “Inside-Outside Money Competition”, (with J.P.Nicolini and P.Teles), Journal of Monetary Economics, November 2003.
  •  “Convergence of Monetary Inflation Models with Heterogeneous Learning Rules”, (with G. Evans and S. Honkapohja), Macroeconomic Dynamics, March 2001.
 
 
Xavier Sala-i-Martin
 
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. 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”, Quarterly Journal of Economics, May 2006.
  • “Determinants of Long-Term Growth: A Bayesian Average of Classical Estimates (Bace) Approach”, (with G. Doppelhoffer and R. Miller), American Economic Review, September 2004.
  • “The Economic Tragedy of the XXth Century: Growth in Africa”, (with E.V. Artadi), inAfrican Competitiveness Report of the World Economic Forum, September 2003.
  • Economic Growth, (with R. Barro), 2nd Edition MIT Press, (Cambridge, MA), 2003.
  • “Health Investment Complementarities under Competing Risks”, (with W. Dow and T. Philipson), American Economic Review, December 1999.
 
 
Jaume Ventura
 
Jaume Ventura earned his PhD in Economics at Harvard University in 1995. Currently he is a Senior Researcher at CREI. Previously, he has held academic positions at MIT and the University of Chicago. He is co-director of the International Macroeconomics Programme of the CEPR and has served as editor of the Economic Journal. He is also a Research Associate at the NBER, and 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: 
  • “Theoretical Notes on Bubbles and the Currrent Crisis”, (with A. Martin), IMF Economic Review, forthcoming.
  • “Globalization and Risk Sharing”, (with F. Broner), Review of Economic Studies,forthcoming.
  • “Sovereign Risk and Secondary Markets”, (with F. Broner and A. Martin), American Economic Review, September 2010.
  • “Comparative Advantage and the Cross-section of Business Cycles”, (with A. Kraay),Journal of the European Economic Association, December 2007.
  •  “Country Portfolios”, (with A. Kraay, N. Loayza and L. Servén), Journal of the European and Economic Association, June 2005.
  • “Current Accounts in the Long and Short Run”, (with A. Kraay), NBER Macroeconomics Annual 2002, July 2003.

 

 

Hans-Joachim Voth
 
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 a member of the editorial board of the Journal of Economic History. He has won the Gino Luzzatto Prize for the best thesis in European economic history, the Alexander Gershenkron 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, 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). He has 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:
  • “Betting on Hitler: The Value of Political Connections in Nazi Germany”, (with T. Ferguson),Quarterly Journal of Economics, May 2008.
  • “Interest Rate Restrictions in a Natural Experiment: Loan Allocation and the Change in the Usury Laws in 1714”, (with P. Temin), Economic Journal, May 2008.
  • “Credit Rationing and Crowding Out during the Industrial Revolution: Evidence from Hoare’s Bank, 1702-1862”, (with P. Temin), Explorations in Economic History, July 2005.
  • “Riding the South Sea Bubble”, (with P. Temin), American Economic Review, December 2004.
  • “With a Bang, Not a Whimper: Pricking Germany’s “Stockmarket Bubble” in 1927 and the Slide into Depression”, Journal of Economic History, July 2003.

Download file

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Barcelona receives thousands of visitors, especially in summer.
Please, make your reservations directly as soon as possible.

 

Residence Halls

Residence Hall for Researchers (comfort)
C/Hospital, 64
08001-Barcelona
Tel. (+34) 93 443 8610
Fax. (+34) 93 442 8202
investigadors@resa.es
https://www.resa.es/

 

Residència Universitària “La Ciutadella”
Pg. Pujades, 33-37
Tel. (+34) 902444447
resa@resa.es
https://www.resa.es

 

Residència Universitària Campus del Mar
Passeig Salvat Papasseit, 4
08003 Barcelona
Tel. (+34) 933 904 000
https://www.resa.es

 

Residencia Melondistrict

c/Sancho de Ávila 22

Tel. (+34) 932178812

https://www.melondistrict.com

 

Residencias Juevenes-El Campus
C/Mallorca, 191, Pral.
jmpresi@arrakis.es
https://www.arrakis.es/~jmpresi/index.htm

 

APIMEC Residencia Universitaria
C/Bruc, 136
residencia.apimec@caixaterrasa.com
https://www.habitatgejove.com/arrel_eg/index_i.html

 

BARCELONAUTA
C/Sardenya, 326-328 entol. 2
bcnauta@comb.es

Hotels

Hotel H10 Marina Barcelona (4*)
Address: Av Bogatell, 64-68
Phone: 933097917 / 933003310 (fax)
Web: https://www.h10.es
E-mail: h10.marina.barcelona@h10.es

 

Hotel Icaria Barcelona (4*)
Address: Av Icària, 195-197
Phone: 932218200 / 932212458 (fax)
Web: https://www.sbhotels.es
E-mail: hotel@icaria.barcelona

 

Hotel Silken Diagonal (4*)
Address: Av. Diagonal, 205
Phone: 934 895 300 / 934 895 309 (fax)
Web: https://www.hoteles-silken.com/hoteles/index2.php?idhotel=19
E-mail: hotel.diagonalbcn@hoteles-silken.com

 

Hotel Glòries (3*)
Address: Padilla, 173 (with Gran Via)
Phone: 932 650 808
Web: https://www.hotelglories.com/
E-mail: reservas@hotelglories.com

 

Hotel Park Hotel (3*)
Address: Av Marquès de l’Argentera, 11
Phone: 933196000 / 933194519 (fax)
E-mail: parkhotel@parkhotelbarcelona.com

 

Hotel Pere IV (3*)
Address: C Pallars, 128*130
Phone: 933 209 650 / 933 009 060 (fax)
Web: https://www.euro-mar.com
E-mail: hotelpereiv@euro-mar.com

 

Hotel Oasis II (2*)
Address: Pla Palau, 17
Telèfon: 933194396 / 933104874 (fax)

 

Hotel Lyon (1*)
Address: C General Castaños, 6
Phone: 933194360 / 933194431 (fax)
Web: https://www.gargallo-hotels.com
E-mail: lyon@gargallo-hotels.com

Useful Links

 

How to get to the city from the airport?

 

Please visit: Barcelona Tourism (then have a look at “planning your journey”)

 

There are several ways:

 

  • by bus: Aerobus. This bus takes you to and from the airport every 15 minutes and stops at Estació de Sants, Plaça Espanya, Plaça Catalunya i Passeig de Gràcia. A ticket costs € 3.90
  • by bus: 106. This bus takes you only to Plaça Espanya. A ticket costs €1.30
  • by train: RENFE. Trains depart every 30 minutes and stop at Barcelona Sants, Passeig de Gràcia and Estació de França
  • by taxi. A taxi ride can cost from € 30 to 35 depending on the day, time, etc.
  • by rental car

 

Information about transportation from the Airport to Barcelona

How to get to the UPF?

UPF location map (Ciutadella campus)
Visit Barcelona Transportation

How to get to CREI (Universitat Pompeu Fabra) from the nearest metro station?

      The nearest metro station is “Ciutadella-Vila Olímpica” and belongs to L4 line (yellow one). When you get the street (Ramon Trias Fargas) you just have to walk up and you will find the university on your left.

For further information you can visit:

 

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.

Asriyan, V., D. Foarta and V. Vanasco,

"The Good, the Bad and the Complex: Product Design with Imperfect Information"


Forthcoming in American Economic Journal: Microeconomics, 2021

Week 1 June 27 – July 1

 

Asset Bubbles and Economic Policy

Instructor: Jaume Ventura

Selected Topics:

• Review of empirical research on asset prices and interest rates

• A macroeconomic framework to study the effects of asset bubbles

• The welfare effects of different types of bubbles

• Application (1): international propagation of financial shocks and global imbalances

• Application (2): credit booms, credit busts, and the current crisis

Dates: June 27 – July 1

Time: Lectures: 09:00 – 11:00 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

Economic Growth and Development

Instructor: Xavier Sala-i-Martin 

Selected Topics:

• The world distribution of income

• Growth, poverty and inequality: the role of globalization

• Neoclassical growth theory: the power of diminishing returns

• The effectiveness of international aid in promoting economic development. Randomized field experiments

• The role of incentives

• Government, taxation, the Welfare State and growth

• Ideas and growth: R&D, patents. AIDS, malaria and generics

• Africa: successes, failures, diagnostics and priorities

Dates: June 27 – July 1

Time: Lectures: 11:30 – 13:30 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

An Introduction to the New Keynesian Framework with Applications to Monetary Policy

Instructor: Jordi Galí

Selected Topics:

• A simple framework for monetary policy analysis

• Optimal monetary policy

• Simple monetary policy rules

• Inflation dynamics

• Extensions and recent developments

Dates: June 27 – July 1

Time: Lectures: 14:30 – 16:30 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

The Political Economy of Money and Credit: Understanding the Policy Responses to Financial Crises

Instructor: Ramon Marimon

Selected Topics:

• Linking fiscal and monetary policy: the credibility problem

• Inside and outside money: competition, substitution and contagion

• Financing households, firm and governments: debt versus long-term contracts

• Linking money, public and private credit in a monetary union

• The political economy of the euro with special attention to the 2010-euro crisis.

Dates: June 27 – July 1

Time: Lectures: 17:00 – 19:00 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

New Material:

 

PART 1

The Euro PIGS – GIPSIes crisis.pdf

bmss2011RamonM1.pdf

IMF_GovBalData (BMSS2011RamonM).xls

 

PART 2

bmss2011RamonM2.pdf

Debt lessons.pdf

 

PART 3

bmss2011RamonM3.pdf

bmssRamonM4contagion.pdf

bmss2011Ramon4.pdf

 

Articles:

 

·          EuroPlus Package
·          A Decade of Debt

 

 

Week 2 July 4 – July 8

 

 

Financial Crises and the Economics of Macroeconomic Depressions

Instructor: Hans-Joachim Voth

Selected Topics:

• The origins of bubbles and lending booms: past, present and future

• Depressions and credit booms gone wrong: crédito linkages, multipliers and real effects

• Monetary policy and asset prices: how should central banks react to bubbles?

• Ruling out instability: what role for bank supervision and financial regulators?

Dates: July 4 – July 8

Time: 09:00 – 11:00 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

 

 

 

 

 

The Macroeconomic Effects of Globalization

Instructor: Gino Gancia

Selected Topics: 

• Anatomy of the new globalization boom and challenges to the conventional wisdom: ICT, offshoring, the rise of China and global imbalances 

• Offshoring, migration and the wealth of nations: a Ricardian approach

• Understanding international capital flows in the presence of financial frictions

• Which workers gain from globalization? Trade, offshoring and wage inequality

• Sustaining growth: innovation and imitation in the global economy

Dates: July 4 – July 8

Time: 11:30 – 13:30 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

Lecture1.pdf

Lecture2.pdf

Lecture3.pdf

Lecture4.pdf

Lecture5.pdf

 

Firms in International Trade

Instructor: Pol Antràs

Selected Topics: 

• Firms and exporting: evidence

• Firms and exporting: theory

• Aggregate implications of firm-based models of trade

• Firms and the international fragmentation of production
• Contractual frictions in the organization of production
• Implications for policy

Dates: July 4 – July 8

Time: 14:30 – 16:30 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

Lecture 1

Lecture 2

Lecture 3

Lecture 4

Lecture 5

 

Solution and Estimation of DSGE Models

Instructor: Fabio Canova

Selected Topics:

Solution methods

• Limited information estimation (GMM and impulse response matching)

Maximum likelihood estimation
Bayesian estimation
• Problems and solutions

Dates: July 4 – July 8

Time: Lectures: 17:00 – 19:00 h (10 hours)  

Computer demonstrations: 19:00 – 20:00 h (5 hours) 

Price: 850 Euros (Students: 550 Euros)

 

Reading List

 

Lecture Notes:

 

Day 1: 

 

Day 2:

 

Day 3:

 

Day 4:

 

Day 5:

 

Computer Demonstrations:

 

Day 1: solve_bssm_11.zip

Day 2: ggm_smm_bssm_11.zip

Day 3: ML_bssm_11.zip

Day 4: bayes_bssm_11.zip

Pol Antràs
 
Pol Antràs earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 2003. Currently he is a Research Fellow at the CEPR, a Research Associate at the NBER and a Professor of Economics at Harvard University. During 2007- 2009, he directed the NBER Working Group on International Trade and Organizations. A native of Barcelona, he earned his BA and his MSc. in Economics from Universitat Pompeu Fabra. In 2009, he received the Fundación Banco Herrero Prize, which is awarded annually to a Spanish social scientist under age 40. He is also a Member of the Editorial Board of the Quarterly Journal of Economics, the American Economic Review, the Journal of the European Economic Association, and the Journal of International Economics, among other journals. His research interests include international trade, applied contract theory and macroeconomics.
 
Selected publications: 
  • “Intermediated Trade”, (with A. Costinot), Quarterly Journal of Economics, forthcoming.
  • “Trade and Capital Flows: A Financial Frictions Perspective”, (with R. Caballero), Journal of Political Economy, August 2009.
  • “Offshoring in a Knowledge Economy”, (with L. Garicano and E. Rossi-Hansberg),Quarterly Journal of Economics, February 2006.
  • “Global Sourcing”, (with E. Helpman), Journal of Political Economy, June 2004.
  • “Firms, Contracts, and Trade Structure”, Quarterly Journal of Economics, November 2003.
 
 
Fabio Canova
 
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 and University of Bern. He has been a Research Professor with IGIER-Bocconi and Part-Time Professor at the London Business School. He is currently holding a Research Professorship with ICREA. He has taught courses at various summer schools, at numerous Central Banks, at the IMF and the European Community 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 and ESOBA, Program Director of the Budapest School for Central Banking Studies, 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:
  • “Multiple Filtering Devices for the Estimation of Cyclical DSGE Models”, (with F. Ferroni), Published in Quantitative Economics, March 2011.
  • “Do Expectations Matter? The Great Moderation Revisited”, (with L. Gambetti), Published in American Economic Journal, July 2010.
  • “Back to Square One: Identification Issues in DSGE Models”, (with L. Sala), Journal of Monetary Economics, April 2009.
  • “Estimating Multicountry VARs”, (with M. Ciccarelli), International Economic Review, May 2009.
  • “Similarities and Convergence in G7 Cycles”, (with M. Ciccarelli and E. Ortega), Journal of Monetary Economics, January 2007.
  •  Methods for Applied Macroeconomic Research, Princeton University Press, (Princeton, NJ), 2007.
 
 
Jordi Galí
 
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 on International Economics (CREI), a Professor at Universitat Pompeu Fabra and a Research Professor at the Barcelona GSE. He has held academic positions at New York University and Columbia University. He has been a Visiting Professor at MIT. He has served as a co-editor of the Journal of the European Economic Association, and is currently an associate editor of the American Economic Journal-Macroeconomics and the International Journal of Central Banking. He is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the Econometric Society. He has been consultant to the European Central Bank, the Federal Reserve, the Bank of Spain and other central banks. He was co-recipient of the 2005 Yrjo Jansson Award in Economics. His research interests include macroeconomics and monetary theory.
 
Selected publications: 
  • Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton University Press, (Princeton, NJ), 2008.
  • “Real Wage Rigidities and the New Keynesian Model”, (with O.J. Blanchard), Journal of Money, Credit and Banking, February 2007.
  • “Monetary Policy and Exchange Rate Volatility in a Small Open Economy”, (with T. Monacelli), Review of Economic Studies, July 2005.
  • “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, (with R. Clarida and M. Gertler), Quarterly Journal of Economics, January 2000.
  • “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, December 1999.
 
 
Gino Gancia
 
Gino Gancia earned his PhD in Economics at the Institute for International Economic Studies (Stockholm University) in 2003. Currently, he is Senior Researcher of the Center for Research on International Economics (CREI) and Affiliated Professor at the Barcelona GSE. 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. 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, October 2009.
  • “Openness, Government Size and the Terms of Trade”, (with P. Epifani), Review of Economic Studies, March 2009.
  • “The Skill Bias of World Trade”, (with P. Epifani), Economic Journal, June 2008.
  • “North-South Trade and Directed Technical Change”, (with A. Bonfiglioli), Journal of International Economics, March 2008.
  • “Increasing Returns, Imperfect Competition and Factor Prices”, Review of Economics and Statistics, November 2006.
 
 
Ramon Marimon
 
Ramon Marimon earned his PhD in Economics at Northwestern University 1984. Full professor at the Universitat Pompeu Fabra (since 1990) and at the European University Institute (since 2007), where he is Director of the Max Weber Postdoctoral Programme, was previously professor at the University of Minnesota and has been visiting professor at Stanford University and the Federal Reserve Bank of Minneapolis, among other places. Research Fellow of the NBER and of the CEPR, he has been co-editor of the Review of Economic Dynamics. He is also Fellow of the European Economic Association and of the Spanish Economic Association. His research interests include macroeconomics, monetary theory, labor theory, dynamic contract theory and learning theory.
 
Selected publications:

  • “Competition, Human Capital and Income Inequality with Limited Commitment”, (with V. Quadrini), Journal of Economic Theory, January 2011.
  • “Nominal Debt as a Burden on Monetary Policy”, (with J. Días-Giménez, G. Gionannetti and P. Teles), Review of Economic Dynamics, July 2008.
  • “Aggregate Consequences of Limited Contract Enforceability”, (with T. Cooley and V. Quadrini), Journal of Political Economy, August 2004.
  •  “Inside-Outside Money Competition”, (with J.P.Nicolini and P.Teles), Journal of Monetary Economics, November 2003.
  •  “Convergence of Monetary Inflation Models with Heterogeneous Learning Rules”, (with G. Evans and S. Honkapohja), Macroeconomic Dynamics, March 2001.
 
 
Xavier Sala-i-Martin
 
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. 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”, Quarterly Journal of Economics, May 2006.
  • “Determinants of Long-Term Growth: A Bayesian Average of Classical Estimates (Bace) Approach”, (with G. Doppelhoffer and R. Miller), American Economic Review, September 2004.
  • “The Economic Tragedy of the XXth Century: Growth in Africa”, (with E.V. Artadi), inAfrican Competitiveness Report of the World Economic Forum, September 2003.
  • Economic Growth, (with R. Barro), 2nd Edition MIT Press, (Cambridge, MA), 2003.
  • “Health Investment Complementarities under Competing Risks”, (with W. Dow and T. Philipson), American Economic Review, December 1999.
 
 
Jaume Ventura
 
Jaume Ventura earned his PhD in Economics at Harvard University in 1995. Currently he is a Senior Researcher at CREI. Previously, he has held academic positions at MIT and the University of Chicago. He is co-director of the International Macroeconomics Programme of the CEPR and has served as editor of the Economic Journal. He is also a Research Associate at the NBER, and 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: 
  • “Theoretical Notes on Bubbles and the Currrent Crisis”, (with A. Martin), IMF Economic Review, forthcoming.
  • “Globalization and Risk Sharing”, (with F. Broner), Review of Economic Studies,forthcoming.
  • “Sovereign Risk and Secondary Markets”, (with F. Broner and A. Martin), American Economic Review, September 2010.
  • “Comparative Advantage and the Cross-section of Business Cycles”, (with A. Kraay),Journal of the European Economic Association, December 2007.
  •  “Country Portfolios”, (with A. Kraay, N. Loayza and L. Servén), Journal of the European and Economic Association, June 2005.
  • “Current Accounts in the Long and Short Run”, (with A. Kraay), NBER Macroeconomics Annual 2002, July 2003.

 

 

Hans-Joachim Voth
 
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 a member of the editorial board of the Journal of Economic History. He has won the Gino Luzzatto Prize for the best thesis in European economic history, the Alexander Gershenkron 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, 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). He has 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:
  • “Betting on Hitler: The Value of Political Connections in Nazi Germany”, (with T. Ferguson),Quarterly Journal of Economics, May 2008.
  • “Interest Rate Restrictions in a Natural Experiment: Loan Allocation and the Change in the Usury Laws in 1714”, (with P. Temin), Economic Journal, May 2008.
  • “Credit Rationing and Crowding Out during the Industrial Revolution: Evidence from Hoare’s Bank, 1702-1862”, (with P. Temin), Explorations in Economic History, July 2005.
  • “Riding the South Sea Bubble”, (with P. Temin), American Economic Review, December 2004.
  • “With a Bang, Not a Whimper: Pricking Germany’s “Stockmarket Bubble” in 1927 and the Slide into Depression”, Journal of Economic History, July 2003.

Download file

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Barcelona receives thousands of visitors, especially in summer.
Please, make your reservations directly as soon as possible.

 

Residence Halls

Residence Hall for Researchers (comfort)
C/Hospital, 64
08001-Barcelona
Tel. (+34) 93 443 8610
Fax. (+34) 93 442 8202
investigadors@resa.es
https://www.resa.es/

 

Residència Universitària “La Ciutadella”
Pg. Pujades, 33-37
Tel. (+34) 902444447
resa@resa.es
https://www.resa.es

 

Residència Universitària Campus del Mar
Passeig Salvat Papasseit, 4
08003 Barcelona
Tel. (+34) 933 904 000
https://www.resa.es

 

Residencia Melondistrict

c/Sancho de Ávila 22

Tel. (+34) 932178812

https://www.melondistrict.com

 

Residencias Juevenes-El Campus
C/Mallorca, 191, Pral.
jmpresi@arrakis.es
https://www.arrakis.es/~jmpresi/index.htm

 

APIMEC Residencia Universitaria
C/Bruc, 136
residencia.apimec@caixaterrasa.com
https://www.habitatgejove.com/arrel_eg/index_i.html

 

BARCELONAUTA
C/Sardenya, 326-328 entol. 2
bcnauta@comb.es

Hotels

Hotel H10 Marina Barcelona (4*)
Address: Av Bogatell, 64-68
Phone: 933097917 / 933003310 (fax)
Web: https://www.h10.es
E-mail: h10.marina.barcelona@h10.es

 

Hotel Icaria Barcelona (4*)
Address: Av Icària, 195-197
Phone: 932218200 / 932212458 (fax)
Web: https://www.sbhotels.es
E-mail: hotel@icaria.barcelona

 

Hotel Silken Diagonal (4*)
Address: Av. Diagonal, 205
Phone: 934 895 300 / 934 895 309 (fax)
Web: https://www.hoteles-silken.com/hoteles/index2.php?idhotel=19
E-mail: hotel.diagonalbcn@hoteles-silken.com

 

Hotel Glòries (3*)
Address: Padilla, 173 (with Gran Via)
Phone: 932 650 808
Web: https://www.hotelglories.com/
E-mail: reservas@hotelglories.com

 

Hotel Park Hotel (3*)
Address: Av Marquès de l’Argentera, 11
Phone: 933196000 / 933194519 (fax)
E-mail: parkhotel@parkhotelbarcelona.com

 

Hotel Pere IV (3*)
Address: C Pallars, 128*130
Phone: 933 209 650 / 933 009 060 (fax)
Web: https://www.euro-mar.com
E-mail: hotelpereiv@euro-mar.com

 

Hotel Oasis II (2*)
Address: Pla Palau, 17
Telèfon: 933194396 / 933104874 (fax)

 

Hotel Lyon (1*)
Address: C General Castaños, 6
Phone: 933194360 / 933194431 (fax)
Web: https://www.gargallo-hotels.com
E-mail: lyon@gargallo-hotels.com

Useful Links

 

How to get to the city from the airport?

 

Please visit: Barcelona Tourism (then have a look at “planning your journey”)

 

There are several ways:

 

  • by bus: Aerobus. This bus takes you to and from the airport every 15 minutes and stops at Estació de Sants, Plaça Espanya, Plaça Catalunya i Passeig de Gràcia. A ticket costs € 3.90
  • by bus: 106. This bus takes you only to Plaça Espanya. A ticket costs €1.30
  • by train: RENFE. Trains depart every 30 minutes and stop at Barcelona Sants, Passeig de Gràcia and Estació de França
  • by taxi. A taxi ride can cost from € 30 to 35 depending on the day, time, etc.
  • by rental car

 

Information about transportation from the Airport to Barcelona

How to get to the UPF?

UPF location map (Ciutadella campus)
Visit Barcelona Transportation

How to get to CREI (Universitat Pompeu Fabra) from the nearest metro station?

      The nearest metro station is “Ciutadella-Vila Olímpica” and belongs to L4 line (yellow one). When you get the street (Ramon Trias Fargas) you just have to walk up and you will find the university on your left.

For further information you can visit:

 

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.

Fornaro, L.,

"A Theory of Monetary Union and Financial Integration"


Forthcoming in The Review of Economic Studies, 2021

Week 1 June 27 – July 1

 

Asset Bubbles and Economic Policy

Instructor: Jaume Ventura

Selected Topics:

• Review of empirical research on asset prices and interest rates

• A macroeconomic framework to study the effects of asset bubbles

• The welfare effects of different types of bubbles

• Application (1): international propagation of financial shocks and global imbalances

• Application (2): credit booms, credit busts, and the current crisis

Dates: June 27 – July 1

Time: Lectures: 09:00 – 11:00 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

Economic Growth and Development

Instructor: Xavier Sala-i-Martin 

Selected Topics:

• The world distribution of income

• Growth, poverty and inequality: the role of globalization

• Neoclassical growth theory: the power of diminishing returns

• The effectiveness of international aid in promoting economic development. Randomized field experiments

• The role of incentives

• Government, taxation, the Welfare State and growth

• Ideas and growth: R&D, patents. AIDS, malaria and generics

• Africa: successes, failures, diagnostics and priorities

Dates: June 27 – July 1

Time: Lectures: 11:30 – 13:30 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

An Introduction to the New Keynesian Framework with Applications to Monetary Policy

Instructor: Jordi Galí

Selected Topics:

• A simple framework for monetary policy analysis

• Optimal monetary policy

• Simple monetary policy rules

• Inflation dynamics

• Extensions and recent developments

Dates: June 27 – July 1

Time: Lectures: 14:30 – 16:30 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

The Political Economy of Money and Credit: Understanding the Policy Responses to Financial Crises

Instructor: Ramon Marimon

Selected Topics:

• Linking fiscal and monetary policy: the credibility problem

• Inside and outside money: competition, substitution and contagion

• Financing households, firm and governments: debt versus long-term contracts

• Linking money, public and private credit in a monetary union

• The political economy of the euro with special attention to the 2010-euro crisis.

Dates: June 27 – July 1

Time: Lectures: 17:00 – 19:00 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

New Material:

 

PART 1

The Euro PIGS – GIPSIes crisis.pdf

bmss2011RamonM1.pdf

IMF_GovBalData (BMSS2011RamonM).xls

 

PART 2

bmss2011RamonM2.pdf

Debt lessons.pdf

 

PART 3

bmss2011RamonM3.pdf

bmssRamonM4contagion.pdf

bmss2011Ramon4.pdf

 

Articles:

 

·          EuroPlus Package
·          A Decade of Debt

 

 

Week 2 July 4 – July 8

 

 

Financial Crises and the Economics of Macroeconomic Depressions

Instructor: Hans-Joachim Voth

Selected Topics:

• The origins of bubbles and lending booms: past, present and future

• Depressions and credit booms gone wrong: crédito linkages, multipliers and real effects

• Monetary policy and asset prices: how should central banks react to bubbles?

• Ruling out instability: what role for bank supervision and financial regulators?

Dates: July 4 – July 8

Time: 09:00 – 11:00 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

 

 

 

 

 

The Macroeconomic Effects of Globalization

Instructor: Gino Gancia

Selected Topics: 

• Anatomy of the new globalization boom and challenges to the conventional wisdom: ICT, offshoring, the rise of China and global imbalances 

• Offshoring, migration and the wealth of nations: a Ricardian approach

• Understanding international capital flows in the presence of financial frictions

• Which workers gain from globalization? Trade, offshoring and wage inequality

• Sustaining growth: innovation and imitation in the global economy

Dates: July 4 – July 8

Time: 11:30 – 13:30 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

Lecture1.pdf

Lecture2.pdf

Lecture3.pdf

Lecture4.pdf

Lecture5.pdf

 

Firms in International Trade

Instructor: Pol Antràs

Selected Topics: 

• Firms and exporting: evidence

• Firms and exporting: theory

• Aggregate implications of firm-based models of trade

• Firms and the international fragmentation of production
• Contractual frictions in the organization of production
• Implications for policy

Dates: July 4 – July 8

Time: 14:30 – 16:30 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

Lecture 1

Lecture 2

Lecture 3

Lecture 4

Lecture 5

 

Solution and Estimation of DSGE Models

Instructor: Fabio Canova

Selected Topics:

Solution methods

• Limited information estimation (GMM and impulse response matching)

Maximum likelihood estimation
Bayesian estimation
• Problems and solutions

Dates: July 4 – July 8

Time: Lectures: 17:00 – 19:00 h (10 hours)  

Computer demonstrations: 19:00 – 20:00 h (5 hours) 

Price: 850 Euros (Students: 550 Euros)

 

Reading List

 

Lecture Notes:

 

Day 1: 

 

Day 2:

 

Day 3:

 

Day 4:

 

Day 5:

 

Computer Demonstrations:

 

Day 1: solve_bssm_11.zip

Day 2: ggm_smm_bssm_11.zip

Day 3: ML_bssm_11.zip

Day 4: bayes_bssm_11.zip

Pol Antràs
 
Pol Antràs earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 2003. Currently he is a Research Fellow at the CEPR, a Research Associate at the NBER and a Professor of Economics at Harvard University. During 2007- 2009, he directed the NBER Working Group on International Trade and Organizations. A native of Barcelona, he earned his BA and his MSc. in Economics from Universitat Pompeu Fabra. In 2009, he received the Fundación Banco Herrero Prize, which is awarded annually to a Spanish social scientist under age 40. He is also a Member of the Editorial Board of the Quarterly Journal of Economics, the American Economic Review, the Journal of the European Economic Association, and the Journal of International Economics, among other journals. His research interests include international trade, applied contract theory and macroeconomics.
 
Selected publications: 
  • “Intermediated Trade”, (with A. Costinot), Quarterly Journal of Economics, forthcoming.
  • “Trade and Capital Flows: A Financial Frictions Perspective”, (with R. Caballero), Journal of Political Economy, August 2009.
  • “Offshoring in a Knowledge Economy”, (with L. Garicano and E. Rossi-Hansberg),Quarterly Journal of Economics, February 2006.
  • “Global Sourcing”, (with E. Helpman), Journal of Political Economy, June 2004.
  • “Firms, Contracts, and Trade Structure”, Quarterly Journal of Economics, November 2003.
 
 
Fabio Canova
 
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 and University of Bern. He has been a Research Professor with IGIER-Bocconi and Part-Time Professor at the London Business School. He is currently holding a Research Professorship with ICREA. He has taught courses at various summer schools, at numerous Central Banks, at the IMF and the European Community 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 and ESOBA, Program Director of the Budapest School for Central Banking Studies, 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:
  • “Multiple Filtering Devices for the Estimation of Cyclical DSGE Models”, (with F. Ferroni), Published in Quantitative Economics, March 2011.
  • “Do Expectations Matter? The Great Moderation Revisited”, (with L. Gambetti), Published in American Economic Journal, July 2010.
  • “Back to Square One: Identification Issues in DSGE Models”, (with L. Sala), Journal of Monetary Economics, April 2009.
  • “Estimating Multicountry VARs”, (with M. Ciccarelli), International Economic Review, May 2009.
  • “Similarities and Convergence in G7 Cycles”, (with M. Ciccarelli and E. Ortega), Journal of Monetary Economics, January 2007.
  •  Methods for Applied Macroeconomic Research, Princeton University Press, (Princeton, NJ), 2007.
 
 
Jordi Galí
 
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 on International Economics (CREI), a Professor at Universitat Pompeu Fabra and a Research Professor at the Barcelona GSE. He has held academic positions at New York University and Columbia University. He has been a Visiting Professor at MIT. He has served as a co-editor of the Journal of the European Economic Association, and is currently an associate editor of the American Economic Journal-Macroeconomics and the International Journal of Central Banking. He is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the Econometric Society. He has been consultant to the European Central Bank, the Federal Reserve, the Bank of Spain and other central banks. He was co-recipient of the 2005 Yrjo Jansson Award in Economics. His research interests include macroeconomics and monetary theory.
 
Selected publications: 
  • Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton University Press, (Princeton, NJ), 2008.
  • “Real Wage Rigidities and the New Keynesian Model”, (with O.J. Blanchard), Journal of Money, Credit and Banking, February 2007.
  • “Monetary Policy and Exchange Rate Volatility in a Small Open Economy”, (with T. Monacelli), Review of Economic Studies, July 2005.
  • “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, (with R. Clarida and M. Gertler), Quarterly Journal of Economics, January 2000.
  • “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, December 1999.
 
 
Gino Gancia
 
Gino Gancia earned his PhD in Economics at the Institute for International Economic Studies (Stockholm University) in 2003. Currently, he is Senior Researcher of the Center for Research on International Economics (CREI) and Affiliated Professor at the Barcelona GSE. 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. 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, October 2009.
  • “Openness, Government Size and the Terms of Trade”, (with P. Epifani), Review of Economic Studies, March 2009.
  • “The Skill Bias of World Trade”, (with P. Epifani), Economic Journal, June 2008.
  • “North-South Trade and Directed Technical Change”, (with A. Bonfiglioli), Journal of International Economics, March 2008.
  • “Increasing Returns, Imperfect Competition and Factor Prices”, Review of Economics and Statistics, November 2006.
 
 
Ramon Marimon
 
Ramon Marimon earned his PhD in Economics at Northwestern University 1984. Full professor at the Universitat Pompeu Fabra (since 1990) and at the European University Institute (since 2007), where he is Director of the Max Weber Postdoctoral Programme, was previously professor at the University of Minnesota and has been visiting professor at Stanford University and the Federal Reserve Bank of Minneapolis, among other places. Research Fellow of the NBER and of the CEPR, he has been co-editor of the Review of Economic Dynamics. He is also Fellow of the European Economic Association and of the Spanish Economic Association. His research interests include macroeconomics, monetary theory, labor theory, dynamic contract theory and learning theory.
 
Selected publications:

  • “Competition, Human Capital and Income Inequality with Limited Commitment”, (with V. Quadrini), Journal of Economic Theory, January 2011.
  • “Nominal Debt as a Burden on Monetary Policy”, (with J. Días-Giménez, G. Gionannetti and P. Teles), Review of Economic Dynamics, July 2008.
  • “Aggregate Consequences of Limited Contract Enforceability”, (with T. Cooley and V. Quadrini), Journal of Political Economy, August 2004.
  •  “Inside-Outside Money Competition”, (with J.P.Nicolini and P.Teles), Journal of Monetary Economics, November 2003.
  •  “Convergence of Monetary Inflation Models with Heterogeneous Learning Rules”, (with G. Evans and S. Honkapohja), Macroeconomic Dynamics, March 2001.
 
 
Xavier Sala-i-Martin
 
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. 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”, Quarterly Journal of Economics, May 2006.
  • “Determinants of Long-Term Growth: A Bayesian Average of Classical Estimates (Bace) Approach”, (with G. Doppelhoffer and R. Miller), American Economic Review, September 2004.
  • “The Economic Tragedy of the XXth Century: Growth in Africa”, (with E.V. Artadi), inAfrican Competitiveness Report of the World Economic Forum, September 2003.
  • Economic Growth, (with R. Barro), 2nd Edition MIT Press, (Cambridge, MA), 2003.
  • “Health Investment Complementarities under Competing Risks”, (with W. Dow and T. Philipson), American Economic Review, December 1999.
 
 
Jaume Ventura
 
Jaume Ventura earned his PhD in Economics at Harvard University in 1995. Currently he is a Senior Researcher at CREI. Previously, he has held academic positions at MIT and the University of Chicago. He is co-director of the International Macroeconomics Programme of the CEPR and has served as editor of the Economic Journal. He is also a Research Associate at the NBER, and 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: 
  • “Theoretical Notes on Bubbles and the Currrent Crisis”, (with A. Martin), IMF Economic Review, forthcoming.
  • “Globalization and Risk Sharing”, (with F. Broner), Review of Economic Studies,forthcoming.
  • “Sovereign Risk and Secondary Markets”, (with F. Broner and A. Martin), American Economic Review, September 2010.
  • “Comparative Advantage and the Cross-section of Business Cycles”, (with A. Kraay),Journal of the European Economic Association, December 2007.
  •  “Country Portfolios”, (with A. Kraay, N. Loayza and L. Servén), Journal of the European and Economic Association, June 2005.
  • “Current Accounts in the Long and Short Run”, (with A. Kraay), NBER Macroeconomics Annual 2002, July 2003.

 

 

Hans-Joachim Voth
 
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 a member of the editorial board of the Journal of Economic History. He has won the Gino Luzzatto Prize for the best thesis in European economic history, the Alexander Gershenkron 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, 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). He has 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:
  • “Betting on Hitler: The Value of Political Connections in Nazi Germany”, (with T. Ferguson),Quarterly Journal of Economics, May 2008.
  • “Interest Rate Restrictions in a Natural Experiment: Loan Allocation and the Change in the Usury Laws in 1714”, (with P. Temin), Economic Journal, May 2008.
  • “Credit Rationing and Crowding Out during the Industrial Revolution: Evidence from Hoare’s Bank, 1702-1862”, (with P. Temin), Explorations in Economic History, July 2005.
  • “Riding the South Sea Bubble”, (with P. Temin), American Economic Review, December 2004.
  • “With a Bang, Not a Whimper: Pricking Germany’s “Stockmarket Bubble” in 1927 and the Slide into Depression”, Journal of Economic History, July 2003.

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Barcelona receives thousands of visitors, especially in summer.
Please, make your reservations directly as soon as possible.

 

Residence Halls

Residence Hall for Researchers (comfort)
C/Hospital, 64
08001-Barcelona
Tel. (+34) 93 443 8610
Fax. (+34) 93 442 8202
investigadors@resa.es
https://www.resa.es/

 

Residència Universitària “La Ciutadella”
Pg. Pujades, 33-37
Tel. (+34) 902444447
resa@resa.es
https://www.resa.es

 

Residència Universitària Campus del Mar
Passeig Salvat Papasseit, 4
08003 Barcelona
Tel. (+34) 933 904 000
https://www.resa.es

 

Residencia Melondistrict

c/Sancho de Ávila 22

Tel. (+34) 932178812

https://www.melondistrict.com

 

Residencias Juevenes-El Campus
C/Mallorca, 191, Pral.
jmpresi@arrakis.es
https://www.arrakis.es/~jmpresi/index.htm

 

APIMEC Residencia Universitaria
C/Bruc, 136
residencia.apimec@caixaterrasa.com
https://www.habitatgejove.com/arrel_eg/index_i.html

 

BARCELONAUTA
C/Sardenya, 326-328 entol. 2
bcnauta@comb.es

Hotels

Hotel H10 Marina Barcelona (4*)
Address: Av Bogatell, 64-68
Phone: 933097917 / 933003310 (fax)
Web: https://www.h10.es
E-mail: h10.marina.barcelona@h10.es

 

Hotel Icaria Barcelona (4*)
Address: Av Icària, 195-197
Phone: 932218200 / 932212458 (fax)
Web: https://www.sbhotels.es
E-mail: hotel@icaria.barcelona

 

Hotel Silken Diagonal (4*)
Address: Av. Diagonal, 205
Phone: 934 895 300 / 934 895 309 (fax)
Web: https://www.hoteles-silken.com/hoteles/index2.php?idhotel=19
E-mail: hotel.diagonalbcn@hoteles-silken.com

 

Hotel Glòries (3*)
Address: Padilla, 173 (with Gran Via)
Phone: 932 650 808
Web: https://www.hotelglories.com/
E-mail: reservas@hotelglories.com

 

Hotel Park Hotel (3*)
Address: Av Marquès de l’Argentera, 11
Phone: 933196000 / 933194519 (fax)
E-mail: parkhotel@parkhotelbarcelona.com

 

Hotel Pere IV (3*)
Address: C Pallars, 128*130
Phone: 933 209 650 / 933 009 060 (fax)
Web: https://www.euro-mar.com
E-mail: hotelpereiv@euro-mar.com

 

Hotel Oasis II (2*)
Address: Pla Palau, 17
Telèfon: 933194396 / 933104874 (fax)

 

Hotel Lyon (1*)
Address: C General Castaños, 6
Phone: 933194360 / 933194431 (fax)
Web: https://www.gargallo-hotels.com
E-mail: lyon@gargallo-hotels.com

Useful Links

 

How to get to the city from the airport?

 

Please visit: Barcelona Tourism (then have a look at “planning your journey”)

 

There are several ways:

 

  • by bus: Aerobus. This bus takes you to and from the airport every 15 minutes and stops at Estació de Sants, Plaça Espanya, Plaça Catalunya i Passeig de Gràcia. A ticket costs € 3.90
  • by bus: 106. This bus takes you only to Plaça Espanya. A ticket costs €1.30
  • by train: RENFE. Trains depart every 30 minutes and stop at Barcelona Sants, Passeig de Gràcia and Estació de França
  • by taxi. A taxi ride can cost from € 30 to 35 depending on the day, time, etc.
  • by rental car

 

Information about transportation from the Airport to Barcelona

How to get to the UPF?

UPF location map (Ciutadella campus)
Visit Barcelona Transportation

How to get to CREI (Universitat Pompeu Fabra) from the nearest metro station?

      The nearest metro station is “Ciutadella-Vila Olímpica” and belongs to L4 line (yellow one). When you get the street (Ramon Trias Fargas) you just have to walk up and you will find the university on your left.

For further information you can visit:

 

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.

Debortoli, D., R. Nunes and P. Yared,

"Optimal Fiscal Policy without Commitment: Revisiting Lucas-Stokey"


Journal of Political Economy, 2021, 129(5), 1640-1665

Week 1 June 27 – July 1

 

Asset Bubbles and Economic Policy

Instructor: Jaume Ventura

Selected Topics:

• Review of empirical research on asset prices and interest rates

• A macroeconomic framework to study the effects of asset bubbles

• The welfare effects of different types of bubbles

• Application (1): international propagation of financial shocks and global imbalances

• Application (2): credit booms, credit busts, and the current crisis

Dates: June 27 – July 1

Time: Lectures: 09:00 – 11:00 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

Economic Growth and Development

Instructor: Xavier Sala-i-Martin 

Selected Topics:

• The world distribution of income

• Growth, poverty and inequality: the role of globalization

• Neoclassical growth theory: the power of diminishing returns

• The effectiveness of international aid in promoting economic development. Randomized field experiments

• The role of incentives

• Government, taxation, the Welfare State and growth

• Ideas and growth: R&D, patents. AIDS, malaria and generics

• Africa: successes, failures, diagnostics and priorities

Dates: June 27 – July 1

Time: Lectures: 11:30 – 13:30 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

An Introduction to the New Keynesian Framework with Applications to Monetary Policy

Instructor: Jordi Galí

Selected Topics:

• A simple framework for monetary policy analysis

• Optimal monetary policy

• Simple monetary policy rules

• Inflation dynamics

• Extensions and recent developments

Dates: June 27 – July 1

Time: Lectures: 14:30 – 16:30 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

The Political Economy of Money and Credit: Understanding the Policy Responses to Financial Crises

Instructor: Ramon Marimon

Selected Topics:

• Linking fiscal and monetary policy: the credibility problem

• Inside and outside money: competition, substitution and contagion

• Financing households, firm and governments: debt versus long-term contracts

• Linking money, public and private credit in a monetary union

• The political economy of the euro with special attention to the 2010-euro crisis.

Dates: June 27 – July 1

Time: Lectures: 17:00 – 19:00 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

New Material:

 

PART 1

The Euro PIGS – GIPSIes crisis.pdf

bmss2011RamonM1.pdf

IMF_GovBalData (BMSS2011RamonM).xls

 

PART 2

bmss2011RamonM2.pdf

Debt lessons.pdf

 

PART 3

bmss2011RamonM3.pdf

bmssRamonM4contagion.pdf

bmss2011Ramon4.pdf

 

Articles:

 

·          EuroPlus Package
·          A Decade of Debt

 

 

Week 2 July 4 – July 8

 

 

Financial Crises and the Economics of Macroeconomic Depressions

Instructor: Hans-Joachim Voth

Selected Topics:

• The origins of bubbles and lending booms: past, present and future

• Depressions and credit booms gone wrong: crédito linkages, multipliers and real effects

• Monetary policy and asset prices: how should central banks react to bubbles?

• Ruling out instability: what role for bank supervision and financial regulators?

Dates: July 4 – July 8

Time: 09:00 – 11:00 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

 

 

 

 

 

The Macroeconomic Effects of Globalization

Instructor: Gino Gancia

Selected Topics: 

• Anatomy of the new globalization boom and challenges to the conventional wisdom: ICT, offshoring, the rise of China and global imbalances 

• Offshoring, migration and the wealth of nations: a Ricardian approach

• Understanding international capital flows in the presence of financial frictions

• Which workers gain from globalization? Trade, offshoring and wage inequality

• Sustaining growth: innovation and imitation in the global economy

Dates: July 4 – July 8

Time: 11:30 – 13:30 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

Lecture1.pdf

Lecture2.pdf

Lecture3.pdf

Lecture4.pdf

Lecture5.pdf

 

Firms in International Trade

Instructor: Pol Antràs

Selected Topics: 

• Firms and exporting: evidence

• Firms and exporting: theory

• Aggregate implications of firm-based models of trade

• Firms and the international fragmentation of production
• Contractual frictions in the organization of production
• Implications for policy

Dates: July 4 – July 8

Time: 14:30 – 16:30 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

Lecture 1

Lecture 2

Lecture 3

Lecture 4

Lecture 5

 

Solution and Estimation of DSGE Models

Instructor: Fabio Canova

Selected Topics:

Solution methods

• Limited information estimation (GMM and impulse response matching)

Maximum likelihood estimation
Bayesian estimation
• Problems and solutions

Dates: July 4 – July 8

Time: Lectures: 17:00 – 19:00 h (10 hours)  

Computer demonstrations: 19:00 – 20:00 h (5 hours) 

Price: 850 Euros (Students: 550 Euros)

 

Reading List

 

Lecture Notes:

 

Day 1: 

 

Day 2:

 

Day 3:

 

Day 4:

 

Day 5:

 

Computer Demonstrations:

 

Day 1: solve_bssm_11.zip

Day 2: ggm_smm_bssm_11.zip

Day 3: ML_bssm_11.zip

Day 4: bayes_bssm_11.zip

Pol Antràs
 
Pol Antràs earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 2003. Currently he is a Research Fellow at the CEPR, a Research Associate at the NBER and a Professor of Economics at Harvard University. During 2007- 2009, he directed the NBER Working Group on International Trade and Organizations. A native of Barcelona, he earned his BA and his MSc. in Economics from Universitat Pompeu Fabra. In 2009, he received the Fundación Banco Herrero Prize, which is awarded annually to a Spanish social scientist under age 40. He is also a Member of the Editorial Board of the Quarterly Journal of Economics, the American Economic Review, the Journal of the European Economic Association, and the Journal of International Economics, among other journals. His research interests include international trade, applied contract theory and macroeconomics.
 
Selected publications: 
  • “Intermediated Trade”, (with A. Costinot), Quarterly Journal of Economics, forthcoming.
  • “Trade and Capital Flows: A Financial Frictions Perspective”, (with R. Caballero), Journal of Political Economy, August 2009.
  • “Offshoring in a Knowledge Economy”, (with L. Garicano and E. Rossi-Hansberg),Quarterly Journal of Economics, February 2006.
  • “Global Sourcing”, (with E. Helpman), Journal of Political Economy, June 2004.
  • “Firms, Contracts, and Trade Structure”, Quarterly Journal of Economics, November 2003.
 
 
Fabio Canova
 
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 and University of Bern. He has been a Research Professor with IGIER-Bocconi and Part-Time Professor at the London Business School. He is currently holding a Research Professorship with ICREA. He has taught courses at various summer schools, at numerous Central Banks, at the IMF and the European Community 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 and ESOBA, Program Director of the Budapest School for Central Banking Studies, 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:
  • “Multiple Filtering Devices for the Estimation of Cyclical DSGE Models”, (with F. Ferroni), Published in Quantitative Economics, March 2011.
  • “Do Expectations Matter? The Great Moderation Revisited”, (with L. Gambetti), Published in American Economic Journal, July 2010.
  • “Back to Square One: Identification Issues in DSGE Models”, (with L. Sala), Journal of Monetary Economics, April 2009.
  • “Estimating Multicountry VARs”, (with M. Ciccarelli), International Economic Review, May 2009.
  • “Similarities and Convergence in G7 Cycles”, (with M. Ciccarelli and E. Ortega), Journal of Monetary Economics, January 2007.
  •  Methods for Applied Macroeconomic Research, Princeton University Press, (Princeton, NJ), 2007.
 
 
Jordi Galí
 
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 on International Economics (CREI), a Professor at Universitat Pompeu Fabra and a Research Professor at the Barcelona GSE. He has held academic positions at New York University and Columbia University. He has been a Visiting Professor at MIT. He has served as a co-editor of the Journal of the European Economic Association, and is currently an associate editor of the American Economic Journal-Macroeconomics and the International Journal of Central Banking. He is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the Econometric Society. He has been consultant to the European Central Bank, the Federal Reserve, the Bank of Spain and other central banks. He was co-recipient of the 2005 Yrjo Jansson Award in Economics. His research interests include macroeconomics and monetary theory.
 
Selected publications: 
  • Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton University Press, (Princeton, NJ), 2008.
  • “Real Wage Rigidities and the New Keynesian Model”, (with O.J. Blanchard), Journal of Money, Credit and Banking, February 2007.
  • “Monetary Policy and Exchange Rate Volatility in a Small Open Economy”, (with T. Monacelli), Review of Economic Studies, July 2005.
  • “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, (with R. Clarida and M. Gertler), Quarterly Journal of Economics, January 2000.
  • “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, December 1999.
 
 
Gino Gancia
 
Gino Gancia earned his PhD in Economics at the Institute for International Economic Studies (Stockholm University) in 2003. Currently, he is Senior Researcher of the Center for Research on International Economics (CREI) and Affiliated Professor at the Barcelona GSE. 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. 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, October 2009.
  • “Openness, Government Size and the Terms of Trade”, (with P. Epifani), Review of Economic Studies, March 2009.
  • “The Skill Bias of World Trade”, (with P. Epifani), Economic Journal, June 2008.
  • “North-South Trade and Directed Technical Change”, (with A. Bonfiglioli), Journal of International Economics, March 2008.
  • “Increasing Returns, Imperfect Competition and Factor Prices”, Review of Economics and Statistics, November 2006.
 
 
Ramon Marimon
 
Ramon Marimon earned his PhD in Economics at Northwestern University 1984. Full professor at the Universitat Pompeu Fabra (since 1990) and at the European University Institute (since 2007), where he is Director of the Max Weber Postdoctoral Programme, was previously professor at the University of Minnesota and has been visiting professor at Stanford University and the Federal Reserve Bank of Minneapolis, among other places. Research Fellow of the NBER and of the CEPR, he has been co-editor of the Review of Economic Dynamics. He is also Fellow of the European Economic Association and of the Spanish Economic Association. His research interests include macroeconomics, monetary theory, labor theory, dynamic contract theory and learning theory.
 
Selected publications:

  • “Competition, Human Capital and Income Inequality with Limited Commitment”, (with V. Quadrini), Journal of Economic Theory, January 2011.
  • “Nominal Debt as a Burden on Monetary Policy”, (with J. Días-Giménez, G. Gionannetti and P. Teles), Review of Economic Dynamics, July 2008.
  • “Aggregate Consequences of Limited Contract Enforceability”, (with T. Cooley and V. Quadrini), Journal of Political Economy, August 2004.
  •  “Inside-Outside Money Competition”, (with J.P.Nicolini and P.Teles), Journal of Monetary Economics, November 2003.
  •  “Convergence of Monetary Inflation Models with Heterogeneous Learning Rules”, (with G. Evans and S. Honkapohja), Macroeconomic Dynamics, March 2001.
 
 
Xavier Sala-i-Martin
 
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. 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”, Quarterly Journal of Economics, May 2006.
  • “Determinants of Long-Term Growth: A Bayesian Average of Classical Estimates (Bace) Approach”, (with G. Doppelhoffer and R. Miller), American Economic Review, September 2004.
  • “The Economic Tragedy of the XXth Century: Growth in Africa”, (with E.V. Artadi), inAfrican Competitiveness Report of the World Economic Forum, September 2003.
  • Economic Growth, (with R. Barro), 2nd Edition MIT Press, (Cambridge, MA), 2003.
  • “Health Investment Complementarities under Competing Risks”, (with W. Dow and T. Philipson), American Economic Review, December 1999.
 
 
Jaume Ventura
 
Jaume Ventura earned his PhD in Economics at Harvard University in 1995. Currently he is a Senior Researcher at CREI. Previously, he has held academic positions at MIT and the University of Chicago. He is co-director of the International Macroeconomics Programme of the CEPR and has served as editor of the Economic Journal. He is also a Research Associate at the NBER, and 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: 
  • “Theoretical Notes on Bubbles and the Currrent Crisis”, (with A. Martin), IMF Economic Review, forthcoming.
  • “Globalization and Risk Sharing”, (with F. Broner), Review of Economic Studies,forthcoming.
  • “Sovereign Risk and Secondary Markets”, (with F. Broner and A. Martin), American Economic Review, September 2010.
  • “Comparative Advantage and the Cross-section of Business Cycles”, (with A. Kraay),Journal of the European Economic Association, December 2007.
  •  “Country Portfolios”, (with A. Kraay, N. Loayza and L. Servén), Journal of the European and Economic Association, June 2005.
  • “Current Accounts in the Long and Short Run”, (with A. Kraay), NBER Macroeconomics Annual 2002, July 2003.

 

 

Hans-Joachim Voth
 
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 a member of the editorial board of the Journal of Economic History. He has won the Gino Luzzatto Prize for the best thesis in European economic history, the Alexander Gershenkron 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, 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). He has 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:
  • “Betting on Hitler: The Value of Political Connections in Nazi Germany”, (with T. Ferguson),Quarterly Journal of Economics, May 2008.
  • “Interest Rate Restrictions in a Natural Experiment: Loan Allocation and the Change in the Usury Laws in 1714”, (with P. Temin), Economic Journal, May 2008.
  • “Credit Rationing and Crowding Out during the Industrial Revolution: Evidence from Hoare’s Bank, 1702-1862”, (with P. Temin), Explorations in Economic History, July 2005.
  • “Riding the South Sea Bubble”, (with P. Temin), American Economic Review, December 2004.
  • “With a Bang, Not a Whimper: Pricking Germany’s “Stockmarket Bubble” in 1927 and the Slide into Depression”, Journal of Economic History, July 2003.

Download file

Download file

Barcelona receives thousands of visitors, especially in summer.
Please, make your reservations directly as soon as possible.

 

Residence Halls

Residence Hall for Researchers (comfort)
C/Hospital, 64
08001-Barcelona
Tel. (+34) 93 443 8610
Fax. (+34) 93 442 8202
investigadors@resa.es
https://www.resa.es/

 

Residència Universitària “La Ciutadella”
Pg. Pujades, 33-37
Tel. (+34) 902444447
resa@resa.es
https://www.resa.es

 

Residència Universitària Campus del Mar
Passeig Salvat Papasseit, 4
08003 Barcelona
Tel. (+34) 933 904 000
https://www.resa.es

 

Residencia Melondistrict

c/Sancho de Ávila 22

Tel. (+34) 932178812

https://www.melondistrict.com

 

Residencias Juevenes-El Campus
C/Mallorca, 191, Pral.
jmpresi@arrakis.es
https://www.arrakis.es/~jmpresi/index.htm

 

APIMEC Residencia Universitaria
C/Bruc, 136
residencia.apimec@caixaterrasa.com
https://www.habitatgejove.com/arrel_eg/index_i.html

 

BARCELONAUTA
C/Sardenya, 326-328 entol. 2
bcnauta@comb.es

Hotels

Hotel H10 Marina Barcelona (4*)
Address: Av Bogatell, 64-68
Phone: 933097917 / 933003310 (fax)
Web: https://www.h10.es
E-mail: h10.marina.barcelona@h10.es

 

Hotel Icaria Barcelona (4*)
Address: Av Icària, 195-197
Phone: 932218200 / 932212458 (fax)
Web: https://www.sbhotels.es
E-mail: hotel@icaria.barcelona

 

Hotel Silken Diagonal (4*)
Address: Av. Diagonal, 205
Phone: 934 895 300 / 934 895 309 (fax)
Web: https://www.hoteles-silken.com/hoteles/index2.php?idhotel=19
E-mail: hotel.diagonalbcn@hoteles-silken.com

 

Hotel Glòries (3*)
Address: Padilla, 173 (with Gran Via)
Phone: 932 650 808
Web: https://www.hotelglories.com/
E-mail: reservas@hotelglories.com

 

Hotel Park Hotel (3*)
Address: Av Marquès de l’Argentera, 11
Phone: 933196000 / 933194519 (fax)
E-mail: parkhotel@parkhotelbarcelona.com

 

Hotel Pere IV (3*)
Address: C Pallars, 128*130
Phone: 933 209 650 / 933 009 060 (fax)
Web: https://www.euro-mar.com
E-mail: hotelpereiv@euro-mar.com

 

Hotel Oasis II (2*)
Address: Pla Palau, 17
Telèfon: 933194396 / 933104874 (fax)

 

Hotel Lyon (1*)
Address: C General Castaños, 6
Phone: 933194360 / 933194431 (fax)
Web: https://www.gargallo-hotels.com
E-mail: lyon@gargallo-hotels.com

Useful Links

 

How to get to the city from the airport?

 

Please visit: Barcelona Tourism (then have a look at “planning your journey”)

 

There are several ways:

 

  • by bus: Aerobus. This bus takes you to and from the airport every 15 minutes and stops at Estació de Sants, Plaça Espanya, Plaça Catalunya i Passeig de Gràcia. A ticket costs € 3.90
  • by bus: 106. This bus takes you only to Plaça Espanya. A ticket costs €1.30
  • by train: RENFE. Trains depart every 30 minutes and stop at Barcelona Sants, Passeig de Gràcia and Estació de França
  • by taxi. A taxi ride can cost from € 30 to 35 depending on the day, time, etc.
  • by rental car

 

Information about transportation from the Airport to Barcelona

How to get to the UPF?

UPF location map (Ciutadella campus)
Visit Barcelona Transportation

How to get to CREI (Universitat Pompeu Fabra) from the nearest metro station?

      The nearest metro station is “Ciutadella-Vila Olímpica” and belongs to L4 line (yellow one). When you get the street (Ramon Trias Fargas) you just have to walk up and you will find the university on your left.

For further information you can visit:

 

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.

Debortoli, D.,

"Comment on “Redesigning EU Fiscal Rules: From Rules to Standards” by O. Blanchard, A. Leandro and J. Zettelmeyer"


Forthcoming in Economic Policy, 2021

Week 1 June 27 – July 1

 

Asset Bubbles and Economic Policy

Instructor: Jaume Ventura

Selected Topics:

• Review of empirical research on asset prices and interest rates

• A macroeconomic framework to study the effects of asset bubbles

• The welfare effects of different types of bubbles

• Application (1): international propagation of financial shocks and global imbalances

• Application (2): credit booms, credit busts, and the current crisis

Dates: June 27 – July 1

Time: Lectures: 09:00 – 11:00 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

Economic Growth and Development

Instructor: Xavier Sala-i-Martin 

Selected Topics:

• The world distribution of income

• Growth, poverty and inequality: the role of globalization

• Neoclassical growth theory: the power of diminishing returns

• The effectiveness of international aid in promoting economic development. Randomized field experiments

• The role of incentives

• Government, taxation, the Welfare State and growth

• Ideas and growth: R&D, patents. AIDS, malaria and generics

• Africa: successes, failures, diagnostics and priorities

Dates: June 27 – July 1

Time: Lectures: 11:30 – 13:30 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

An Introduction to the New Keynesian Framework with Applications to Monetary Policy

Instructor: Jordi Galí

Selected Topics:

• A simple framework for monetary policy analysis

• Optimal monetary policy

• Simple monetary policy rules

• Inflation dynamics

• Extensions and recent developments

Dates: June 27 – July 1

Time: Lectures: 14:30 – 16:30 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

The Political Economy of Money and Credit: Understanding the Policy Responses to Financial Crises

Instructor: Ramon Marimon

Selected Topics:

• Linking fiscal and monetary policy: the credibility problem

• Inside and outside money: competition, substitution and contagion

• Financing households, firm and governments: debt versus long-term contracts

• Linking money, public and private credit in a monetary union

• The political economy of the euro with special attention to the 2010-euro crisis.

Dates: June 27 – July 1

Time: Lectures: 17:00 – 19:00 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

New Material:

 

PART 1

The Euro PIGS – GIPSIes crisis.pdf

bmss2011RamonM1.pdf

IMF_GovBalData (BMSS2011RamonM).xls

 

PART 2

bmss2011RamonM2.pdf

Debt lessons.pdf

 

PART 3

bmss2011RamonM3.pdf

bmssRamonM4contagion.pdf

bmss2011Ramon4.pdf

 

Articles:

 

·          EuroPlus Package
·          A Decade of Debt

 

 

Week 2 July 4 – July 8

 

 

Financial Crises and the Economics of Macroeconomic Depressions

Instructor: Hans-Joachim Voth

Selected Topics:

• The origins of bubbles and lending booms: past, present and future

• Depressions and credit booms gone wrong: crédito linkages, multipliers and real effects

• Monetary policy and asset prices: how should central banks react to bubbles?

• Ruling out instability: what role for bank supervision and financial regulators?

Dates: July 4 – July 8

Time: 09:00 – 11:00 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

 

 

 

 

 

The Macroeconomic Effects of Globalization

Instructor: Gino Gancia

Selected Topics: 

• Anatomy of the new globalization boom and challenges to the conventional wisdom: ICT, offshoring, the rise of China and global imbalances 

• Offshoring, migration and the wealth of nations: a Ricardian approach

• Understanding international capital flows in the presence of financial frictions

• Which workers gain from globalization? Trade, offshoring and wage inequality

• Sustaining growth: innovation and imitation in the global economy

Dates: July 4 – July 8

Time: 11:30 – 13:30 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

Lecture1.pdf

Lecture2.pdf

Lecture3.pdf

Lecture4.pdf

Lecture5.pdf

 

Firms in International Trade

Instructor: Pol Antràs

Selected Topics: 

• Firms and exporting: evidence

• Firms and exporting: theory

• Aggregate implications of firm-based models of trade

• Firms and the international fragmentation of production
• Contractual frictions in the organization of production
• Implications for policy

Dates: July 4 – July 8

Time: 14:30 – 16:30 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

Lecture 1

Lecture 2

Lecture 3

Lecture 4

Lecture 5

 

Solution and Estimation of DSGE Models

Instructor: Fabio Canova

Selected Topics:

Solution methods

• Limited information estimation (GMM and impulse response matching)

Maximum likelihood estimation
Bayesian estimation
• Problems and solutions

Dates: July 4 – July 8

Time: Lectures: 17:00 – 19:00 h (10 hours)  

Computer demonstrations: 19:00 – 20:00 h (5 hours) 

Price: 850 Euros (Students: 550 Euros)

 

Reading List

 

Lecture Notes:

 

Day 1: 

 

Day 2:

 

Day 3:

 

Day 4:

 

Day 5:

 

Computer Demonstrations:

 

Day 1: solve_bssm_11.zip

Day 2: ggm_smm_bssm_11.zip

Day 3: ML_bssm_11.zip

Day 4: bayes_bssm_11.zip

Pol Antràs
 
Pol Antràs earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 2003. Currently he is a Research Fellow at the CEPR, a Research Associate at the NBER and a Professor of Economics at Harvard University. During 2007- 2009, he directed the NBER Working Group on International Trade and Organizations. A native of Barcelona, he earned his BA and his MSc. in Economics from Universitat Pompeu Fabra. In 2009, he received the Fundación Banco Herrero Prize, which is awarded annually to a Spanish social scientist under age 40. He is also a Member of the Editorial Board of the Quarterly Journal of Economics, the American Economic Review, the Journal of the European Economic Association, and the Journal of International Economics, among other journals. His research interests include international trade, applied contract theory and macroeconomics.
 
Selected publications: 
  • “Intermediated Trade”, (with A. Costinot), Quarterly Journal of Economics, forthcoming.
  • “Trade and Capital Flows: A Financial Frictions Perspective”, (with R. Caballero), Journal of Political Economy, August 2009.
  • “Offshoring in a Knowledge Economy”, (with L. Garicano and E. Rossi-Hansberg),Quarterly Journal of Economics, February 2006.
  • “Global Sourcing”, (with E. Helpman), Journal of Political Economy, June 2004.
  • “Firms, Contracts, and Trade Structure”, Quarterly Journal of Economics, November 2003.
 
 
Fabio Canova
 
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 and University of Bern. He has been a Research Professor with IGIER-Bocconi and Part-Time Professor at the London Business School. He is currently holding a Research Professorship with ICREA. He has taught courses at various summer schools, at numerous Central Banks, at the IMF and the European Community 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 and ESOBA, Program Director of the Budapest School for Central Banking Studies, 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:
  • “Multiple Filtering Devices for the Estimation of Cyclical DSGE Models”, (with F. Ferroni), Published in Quantitative Economics, March 2011.
  • “Do Expectations Matter? The Great Moderation Revisited”, (with L. Gambetti), Published in American Economic Journal, July 2010.
  • “Back to Square One: Identification Issues in DSGE Models”, (with L. Sala), Journal of Monetary Economics, April 2009.
  • “Estimating Multicountry VARs”, (with M. Ciccarelli), International Economic Review, May 2009.
  • “Similarities and Convergence in G7 Cycles”, (with M. Ciccarelli and E. Ortega), Journal of Monetary Economics, January 2007.
  •  Methods for Applied Macroeconomic Research, Princeton University Press, (Princeton, NJ), 2007.
 
 
Jordi Galí
 
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 on International Economics (CREI), a Professor at Universitat Pompeu Fabra and a Research Professor at the Barcelona GSE. He has held academic positions at New York University and Columbia University. He has been a Visiting Professor at MIT. He has served as a co-editor of the Journal of the European Economic Association, and is currently an associate editor of the American Economic Journal-Macroeconomics and the International Journal of Central Banking. He is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the Econometric Society. He has been consultant to the European Central Bank, the Federal Reserve, the Bank of Spain and other central banks. He was co-recipient of the 2005 Yrjo Jansson Award in Economics. His research interests include macroeconomics and monetary theory.
 
Selected publications: 
  • Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton University Press, (Princeton, NJ), 2008.
  • “Real Wage Rigidities and the New Keynesian Model”, (with O.J. Blanchard), Journal of Money, Credit and Banking, February 2007.
  • “Monetary Policy and Exchange Rate Volatility in a Small Open Economy”, (with T. Monacelli), Review of Economic Studies, July 2005.
  • “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, (with R. Clarida and M. Gertler), Quarterly Journal of Economics, January 2000.
  • “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, December 1999.
 
 
Gino Gancia
 
Gino Gancia earned his PhD in Economics at the Institute for International Economic Studies (Stockholm University) in 2003. Currently, he is Senior Researcher of the Center for Research on International Economics (CREI) and Affiliated Professor at the Barcelona GSE. 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. 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, October 2009.
  • “Openness, Government Size and the Terms of Trade”, (with P. Epifani), Review of Economic Studies, March 2009.
  • “The Skill Bias of World Trade”, (with P. Epifani), Economic Journal, June 2008.
  • “North-South Trade and Directed Technical Change”, (with A. Bonfiglioli), Journal of International Economics, March 2008.
  • “Increasing Returns, Imperfect Competition and Factor Prices”, Review of Economics and Statistics, November 2006.
 
 
Ramon Marimon
 
Ramon Marimon earned his PhD in Economics at Northwestern University 1984. Full professor at the Universitat Pompeu Fabra (since 1990) and at the European University Institute (since 2007), where he is Director of the Max Weber Postdoctoral Programme, was previously professor at the University of Minnesota and has been visiting professor at Stanford University and the Federal Reserve Bank of Minneapolis, among other places. Research Fellow of the NBER and of the CEPR, he has been co-editor of the Review of Economic Dynamics. He is also Fellow of the European Economic Association and of the Spanish Economic Association. His research interests include macroeconomics, monetary theory, labor theory, dynamic contract theory and learning theory.
 
Selected publications:

  • “Competition, Human Capital and Income Inequality with Limited Commitment”, (with V. Quadrini), Journal of Economic Theory, January 2011.
  • “Nominal Debt as a Burden on Monetary Policy”, (with J. Días-Giménez, G. Gionannetti and P. Teles), Review of Economic Dynamics, July 2008.
  • “Aggregate Consequences of Limited Contract Enforceability”, (with T. Cooley and V. Quadrini), Journal of Political Economy, August 2004.
  •  “Inside-Outside Money Competition”, (with J.P.Nicolini and P.Teles), Journal of Monetary Economics, November 2003.
  •  “Convergence of Monetary Inflation Models with Heterogeneous Learning Rules”, (with G. Evans and S. Honkapohja), Macroeconomic Dynamics, March 2001.
 
 
Xavier Sala-i-Martin
 
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. 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”, Quarterly Journal of Economics, May 2006.
  • “Determinants of Long-Term Growth: A Bayesian Average of Classical Estimates (Bace) Approach”, (with G. Doppelhoffer and R. Miller), American Economic Review, September 2004.
  • “The Economic Tragedy of the XXth Century: Growth in Africa”, (with E.V. Artadi), inAfrican Competitiveness Report of the World Economic Forum, September 2003.
  • Economic Growth, (with R. Barro), 2nd Edition MIT Press, (Cambridge, MA), 2003.
  • “Health Investment Complementarities under Competing Risks”, (with W. Dow and T. Philipson), American Economic Review, December 1999.
 
 
Jaume Ventura
 
Jaume Ventura earned his PhD in Economics at Harvard University in 1995. Currently he is a Senior Researcher at CREI. Previously, he has held academic positions at MIT and the University of Chicago. He is co-director of the International Macroeconomics Programme of the CEPR and has served as editor of the Economic Journal. He is also a Research Associate at the NBER, and 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: 
  • “Theoretical Notes on Bubbles and the Currrent Crisis”, (with A. Martin), IMF Economic Review, forthcoming.
  • “Globalization and Risk Sharing”, (with F. Broner), Review of Economic Studies,forthcoming.
  • “Sovereign Risk and Secondary Markets”, (with F. Broner and A. Martin), American Economic Review, September 2010.
  • “Comparative Advantage and the Cross-section of Business Cycles”, (with A. Kraay),Journal of the European Economic Association, December 2007.
  •  “Country Portfolios”, (with A. Kraay, N. Loayza and L. Servén), Journal of the European and Economic Association, June 2005.
  • “Current Accounts in the Long and Short Run”, (with A. Kraay), NBER Macroeconomics Annual 2002, July 2003.

 

 

Hans-Joachim Voth
 
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 a member of the editorial board of the Journal of Economic History. He has won the Gino Luzzatto Prize for the best thesis in European economic history, the Alexander Gershenkron 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, 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). He has 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:
  • “Betting on Hitler: The Value of Political Connections in Nazi Germany”, (with T. Ferguson),Quarterly Journal of Economics, May 2008.
  • “Interest Rate Restrictions in a Natural Experiment: Loan Allocation and the Change in the Usury Laws in 1714”, (with P. Temin), Economic Journal, May 2008.
  • “Credit Rationing and Crowding Out during the Industrial Revolution: Evidence from Hoare’s Bank, 1702-1862”, (with P. Temin), Explorations in Economic History, July 2005.
  • “Riding the South Sea Bubble”, (with P. Temin), American Economic Review, December 2004.
  • “With a Bang, Not a Whimper: Pricking Germany’s “Stockmarket Bubble” in 1927 and the Slide into Depression”, Journal of Economic History, July 2003.

Download file

Download file

Barcelona receives thousands of visitors, especially in summer.
Please, make your reservations directly as soon as possible.

 

Residence Halls

Residence Hall for Researchers (comfort)
C/Hospital, 64
08001-Barcelona
Tel. (+34) 93 443 8610
Fax. (+34) 93 442 8202
investigadors@resa.es
https://www.resa.es/

 

Residència Universitària “La Ciutadella”
Pg. Pujades, 33-37
Tel. (+34) 902444447
resa@resa.es
https://www.resa.es

 

Residència Universitària Campus del Mar
Passeig Salvat Papasseit, 4
08003 Barcelona
Tel. (+34) 933 904 000
https://www.resa.es

 

Residencia Melondistrict

c/Sancho de Ávila 22

Tel. (+34) 932178812

https://www.melondistrict.com

 

Residencias Juevenes-El Campus
C/Mallorca, 191, Pral.
jmpresi@arrakis.es
https://www.arrakis.es/~jmpresi/index.htm

 

APIMEC Residencia Universitaria
C/Bruc, 136
residencia.apimec@caixaterrasa.com
https://www.habitatgejove.com/arrel_eg/index_i.html

 

BARCELONAUTA
C/Sardenya, 326-328 entol. 2
bcnauta@comb.es

Hotels

Hotel H10 Marina Barcelona (4*)
Address: Av Bogatell, 64-68
Phone: 933097917 / 933003310 (fax)
Web: https://www.h10.es
E-mail: h10.marina.barcelona@h10.es

 

Hotel Icaria Barcelona (4*)
Address: Av Icària, 195-197
Phone: 932218200 / 932212458 (fax)
Web: https://www.sbhotels.es
E-mail: hotel@icaria.barcelona

 

Hotel Silken Diagonal (4*)
Address: Av. Diagonal, 205
Phone: 934 895 300 / 934 895 309 (fax)
Web: https://www.hoteles-silken.com/hoteles/index2.php?idhotel=19
E-mail: hotel.diagonalbcn@hoteles-silken.com

 

Hotel Glòries (3*)
Address: Padilla, 173 (with Gran Via)
Phone: 932 650 808
Web: https://www.hotelglories.com/
E-mail: reservas@hotelglories.com

 

Hotel Park Hotel (3*)
Address: Av Marquès de l’Argentera, 11
Phone: 933196000 / 933194519 (fax)
E-mail: parkhotel@parkhotelbarcelona.com

 

Hotel Pere IV (3*)
Address: C Pallars, 128*130
Phone: 933 209 650 / 933 009 060 (fax)
Web: https://www.euro-mar.com
E-mail: hotelpereiv@euro-mar.com

 

Hotel Oasis II (2*)
Address: Pla Palau, 17
Telèfon: 933194396 / 933104874 (fax)

 

Hotel Lyon (1*)
Address: C General Castaños, 6
Phone: 933194360 / 933194431 (fax)
Web: https://www.gargallo-hotels.com
E-mail: lyon@gargallo-hotels.com

Useful Links

 

How to get to the city from the airport?

 

Please visit: Barcelona Tourism (then have a look at “planning your journey”)

 

There are several ways:

 

  • by bus: Aerobus. This bus takes you to and from the airport every 15 minutes and stops at Estació de Sants, Plaça Espanya, Plaça Catalunya i Passeig de Gràcia. A ticket costs € 3.90
  • by bus: 106. This bus takes you only to Plaça Espanya. A ticket costs €1.30
  • by train: RENFE. Trains depart every 30 minutes and stop at Barcelona Sants, Passeig de Gràcia and Estació de França
  • by taxi. A taxi ride can cost from € 30 to 35 depending on the day, time, etc.
  • by rental car

 

Information about transportation from the Airport to Barcelona

How to get to the UPF?

UPF location map (Ciutadella campus)
Visit Barcelona Transportation

How to get to CREI (Universitat Pompeu Fabra) from the nearest metro station?

      The nearest metro station is “Ciutadella-Vila Olímpica” and belongs to L4 line (yellow one). When you get the street (Ramon Trias Fargas) you just have to walk up and you will find the university on your left.

For further information you can visit:

 

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.

Martin, A., F. Broner, D. Clancy and A. Erce,

"Fiscal Multipliers and Foreign Holdings of Public Debt"


Forthcoming in The Review of Economic Studies, 2021

Week 1 June 27 – July 1

 

Asset Bubbles and Economic Policy

Instructor: Jaume Ventura

Selected Topics:

• Review of empirical research on asset prices and interest rates

• A macroeconomic framework to study the effects of asset bubbles

• The welfare effects of different types of bubbles

• Application (1): international propagation of financial shocks and global imbalances

• Application (2): credit booms, credit busts, and the current crisis

Dates: June 27 – July 1

Time: Lectures: 09:00 – 11:00 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

Economic Growth and Development

Instructor: Xavier Sala-i-Martin 

Selected Topics:

• The world distribution of income

• Growth, poverty and inequality: the role of globalization

• Neoclassical growth theory: the power of diminishing returns

• The effectiveness of international aid in promoting economic development. Randomized field experiments

• The role of incentives

• Government, taxation, the Welfare State and growth

• Ideas and growth: R&D, patents. AIDS, malaria and generics

• Africa: successes, failures, diagnostics and priorities

Dates: June 27 – July 1

Time: Lectures: 11:30 – 13:30 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

An Introduction to the New Keynesian Framework with Applications to Monetary Policy

Instructor: Jordi Galí

Selected Topics:

• A simple framework for monetary policy analysis

• Optimal monetary policy

• Simple monetary policy rules

• Inflation dynamics

• Extensions and recent developments

Dates: June 27 – July 1

Time: Lectures: 14:30 – 16:30 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

The Political Economy of Money and Credit: Understanding the Policy Responses to Financial Crises

Instructor: Ramon Marimon

Selected Topics:

• Linking fiscal and monetary policy: the credibility problem

• Inside and outside money: competition, substitution and contagion

• Financing households, firm and governments: debt versus long-term contracts

• Linking money, public and private credit in a monetary union

• The political economy of the euro with special attention to the 2010-euro crisis.

Dates: June 27 – July 1

Time: Lectures: 17:00 – 19:00 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

New Material:

 

PART 1

The Euro PIGS – GIPSIes crisis.pdf

bmss2011RamonM1.pdf

IMF_GovBalData (BMSS2011RamonM).xls

 

PART 2

bmss2011RamonM2.pdf

Debt lessons.pdf

 

PART 3

bmss2011RamonM3.pdf

bmssRamonM4contagion.pdf

bmss2011Ramon4.pdf

 

Articles:

 

·          EuroPlus Package
·          A Decade of Debt

 

 

Week 2 July 4 – July 8

 

 

Financial Crises and the Economics of Macroeconomic Depressions

Instructor: Hans-Joachim Voth

Selected Topics:

• The origins of bubbles and lending booms: past, present and future

• Depressions and credit booms gone wrong: crédito linkages, multipliers and real effects

• Monetary policy and asset prices: how should central banks react to bubbles?

• Ruling out instability: what role for bank supervision and financial regulators?

Dates: July 4 – July 8

Time: 09:00 – 11:00 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

 

 

 

 

 

The Macroeconomic Effects of Globalization

Instructor: Gino Gancia

Selected Topics: 

• Anatomy of the new globalization boom and challenges to the conventional wisdom: ICT, offshoring, the rise of China and global imbalances 

• Offshoring, migration and the wealth of nations: a Ricardian approach

• Understanding international capital flows in the presence of financial frictions

• Which workers gain from globalization? Trade, offshoring and wage inequality

• Sustaining growth: innovation and imitation in the global economy

Dates: July 4 – July 8

Time: 11:30 – 13:30 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

Lecture1.pdf

Lecture2.pdf

Lecture3.pdf

Lecture4.pdf

Lecture5.pdf

 

Firms in International Trade

Instructor: Pol Antràs

Selected Topics: 

• Firms and exporting: evidence

• Firms and exporting: theory

• Aggregate implications of firm-based models of trade

• Firms and the international fragmentation of production
• Contractual frictions in the organization of production
• Implications for policy

Dates: July 4 – July 8

Time: 14:30 – 16:30 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

Lecture 1

Lecture 2

Lecture 3

Lecture 4

Lecture 5

 

Solution and Estimation of DSGE Models

Instructor: Fabio Canova

Selected Topics:

Solution methods

• Limited information estimation (GMM and impulse response matching)

Maximum likelihood estimation
Bayesian estimation
• Problems and solutions

Dates: July 4 – July 8

Time: Lectures: 17:00 – 19:00 h (10 hours)  

Computer demonstrations: 19:00 – 20:00 h (5 hours) 

Price: 850 Euros (Students: 550 Euros)

 

Reading List

 

Lecture Notes:

 

Day 1: 

 

Day 2:

 

Day 3:

 

Day 4:

 

Day 5:

 

Computer Demonstrations:

 

Day 1: solve_bssm_11.zip

Day 2: ggm_smm_bssm_11.zip

Day 3: ML_bssm_11.zip

Day 4: bayes_bssm_11.zip

Pol Antràs
 
Pol Antràs earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 2003. Currently he is a Research Fellow at the CEPR, a Research Associate at the NBER and a Professor of Economics at Harvard University. During 2007- 2009, he directed the NBER Working Group on International Trade and Organizations. A native of Barcelona, he earned his BA and his MSc. in Economics from Universitat Pompeu Fabra. In 2009, he received the Fundación Banco Herrero Prize, which is awarded annually to a Spanish social scientist under age 40. He is also a Member of the Editorial Board of the Quarterly Journal of Economics, the American Economic Review, the Journal of the European Economic Association, and the Journal of International Economics, among other journals. His research interests include international trade, applied contract theory and macroeconomics.
 
Selected publications: 
  • “Intermediated Trade”, (with A. Costinot), Quarterly Journal of Economics, forthcoming.
  • “Trade and Capital Flows: A Financial Frictions Perspective”, (with R. Caballero), Journal of Political Economy, August 2009.
  • “Offshoring in a Knowledge Economy”, (with L. Garicano and E. Rossi-Hansberg),Quarterly Journal of Economics, February 2006.
  • “Global Sourcing”, (with E. Helpman), Journal of Political Economy, June 2004.
  • “Firms, Contracts, and Trade Structure”, Quarterly Journal of Economics, November 2003.
 
 
Fabio Canova
 
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 and University of Bern. He has been a Research Professor with IGIER-Bocconi and Part-Time Professor at the London Business School. He is currently holding a Research Professorship with ICREA. He has taught courses at various summer schools, at numerous Central Banks, at the IMF and the European Community 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 and ESOBA, Program Director of the Budapest School for Central Banking Studies, 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:
  • “Multiple Filtering Devices for the Estimation of Cyclical DSGE Models”, (with F. Ferroni), Published in Quantitative Economics, March 2011.
  • “Do Expectations Matter? The Great Moderation Revisited”, (with L. Gambetti), Published in American Economic Journal, July 2010.
  • “Back to Square One: Identification Issues in DSGE Models”, (with L. Sala), Journal of Monetary Economics, April 2009.
  • “Estimating Multicountry VARs”, (with M. Ciccarelli), International Economic Review, May 2009.
  • “Similarities and Convergence in G7 Cycles”, (with M. Ciccarelli and E. Ortega), Journal of Monetary Economics, January 2007.
  •  Methods for Applied Macroeconomic Research, Princeton University Press, (Princeton, NJ), 2007.
 
 
Jordi Galí
 
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 on International Economics (CREI), a Professor at Universitat Pompeu Fabra and a Research Professor at the Barcelona GSE. He has held academic positions at New York University and Columbia University. He has been a Visiting Professor at MIT. He has served as a co-editor of the Journal of the European Economic Association, and is currently an associate editor of the American Economic Journal-Macroeconomics and the International Journal of Central Banking. He is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the Econometric Society. He has been consultant to the European Central Bank, the Federal Reserve, the Bank of Spain and other central banks. He was co-recipient of the 2005 Yrjo Jansson Award in Economics. His research interests include macroeconomics and monetary theory.
 
Selected publications: 
  • Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton University Press, (Princeton, NJ), 2008.
  • “Real Wage Rigidities and the New Keynesian Model”, (with O.J. Blanchard), Journal of Money, Credit and Banking, February 2007.
  • “Monetary Policy and Exchange Rate Volatility in a Small Open Economy”, (with T. Monacelli), Review of Economic Studies, July 2005.
  • “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, (with R. Clarida and M. Gertler), Quarterly Journal of Economics, January 2000.
  • “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, December 1999.
 
 
Gino Gancia
 
Gino Gancia earned his PhD in Economics at the Institute for International Economic Studies (Stockholm University) in 2003. Currently, he is Senior Researcher of the Center for Research on International Economics (CREI) and Affiliated Professor at the Barcelona GSE. 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. 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, October 2009.
  • “Openness, Government Size and the Terms of Trade”, (with P. Epifani), Review of Economic Studies, March 2009.
  • “The Skill Bias of World Trade”, (with P. Epifani), Economic Journal, June 2008.
  • “North-South Trade and Directed Technical Change”, (with A. Bonfiglioli), Journal of International Economics, March 2008.
  • “Increasing Returns, Imperfect Competition and Factor Prices”, Review of Economics and Statistics, November 2006.
 
 
Ramon Marimon
 
Ramon Marimon earned his PhD in Economics at Northwestern University 1984. Full professor at the Universitat Pompeu Fabra (since 1990) and at the European University Institute (since 2007), where he is Director of the Max Weber Postdoctoral Programme, was previously professor at the University of Minnesota and has been visiting professor at Stanford University and the Federal Reserve Bank of Minneapolis, among other places. Research Fellow of the NBER and of the CEPR, he has been co-editor of the Review of Economic Dynamics. He is also Fellow of the European Economic Association and of the Spanish Economic Association. His research interests include macroeconomics, monetary theory, labor theory, dynamic contract theory and learning theory.
 
Selected publications:

  • “Competition, Human Capital and Income Inequality with Limited Commitment”, (with V. Quadrini), Journal of Economic Theory, January 2011.
  • “Nominal Debt as a Burden on Monetary Policy”, (with J. Días-Giménez, G. Gionannetti and P. Teles), Review of Economic Dynamics, July 2008.
  • “Aggregate Consequences of Limited Contract Enforceability”, (with T. Cooley and V. Quadrini), Journal of Political Economy, August 2004.
  •  “Inside-Outside Money Competition”, (with J.P.Nicolini and P.Teles), Journal of Monetary Economics, November 2003.
  •  “Convergence of Monetary Inflation Models with Heterogeneous Learning Rules”, (with G. Evans and S. Honkapohja), Macroeconomic Dynamics, March 2001.
 
 
Xavier Sala-i-Martin
 
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. 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”, Quarterly Journal of Economics, May 2006.
  • “Determinants of Long-Term Growth: A Bayesian Average of Classical Estimates (Bace) Approach”, (with G. Doppelhoffer and R. Miller), American Economic Review, September 2004.
  • “The Economic Tragedy of the XXth Century: Growth in Africa”, (with E.V. Artadi), inAfrican Competitiveness Report of the World Economic Forum, September 2003.
  • Economic Growth, (with R. Barro), 2nd Edition MIT Press, (Cambridge, MA), 2003.
  • “Health Investment Complementarities under Competing Risks”, (with W. Dow and T. Philipson), American Economic Review, December 1999.
 
 
Jaume Ventura
 
Jaume Ventura earned his PhD in Economics at Harvard University in 1995. Currently he is a Senior Researcher at CREI. Previously, he has held academic positions at MIT and the University of Chicago. He is co-director of the International Macroeconomics Programme of the CEPR and has served as editor of the Economic Journal. He is also a Research Associate at the NBER, and 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: 
  • “Theoretical Notes on Bubbles and the Currrent Crisis”, (with A. Martin), IMF Economic Review, forthcoming.
  • “Globalization and Risk Sharing”, (with F. Broner), Review of Economic Studies,forthcoming.
  • “Sovereign Risk and Secondary Markets”, (with F. Broner and A. Martin), American Economic Review, September 2010.
  • “Comparative Advantage and the Cross-section of Business Cycles”, (with A. Kraay),Journal of the European Economic Association, December 2007.
  •  “Country Portfolios”, (with A. Kraay, N. Loayza and L. Servén), Journal of the European and Economic Association, June 2005.
  • “Current Accounts in the Long and Short Run”, (with A. Kraay), NBER Macroeconomics Annual 2002, July 2003.

 

 

Hans-Joachim Voth
 
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 a member of the editorial board of the Journal of Economic History. He has won the Gino Luzzatto Prize for the best thesis in European economic history, the Alexander Gershenkron 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, 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). He has 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:
  • “Betting on Hitler: The Value of Political Connections in Nazi Germany”, (with T. Ferguson),Quarterly Journal of Economics, May 2008.
  • “Interest Rate Restrictions in a Natural Experiment: Loan Allocation and the Change in the Usury Laws in 1714”, (with P. Temin), Economic Journal, May 2008.
  • “Credit Rationing and Crowding Out during the Industrial Revolution: Evidence from Hoare’s Bank, 1702-1862”, (with P. Temin), Explorations in Economic History, July 2005.
  • “Riding the South Sea Bubble”, (with P. Temin), American Economic Review, December 2004.
  • “With a Bang, Not a Whimper: Pricking Germany’s “Stockmarket Bubble” in 1927 and the Slide into Depression”, Journal of Economic History, July 2003.

Download file

Download file

Barcelona receives thousands of visitors, especially in summer.
Please, make your reservations directly as soon as possible.

 

Residence Halls

Residence Hall for Researchers (comfort)
C/Hospital, 64
08001-Barcelona
Tel. (+34) 93 443 8610
Fax. (+34) 93 442 8202
investigadors@resa.es
https://www.resa.es/

 

Residència Universitària “La Ciutadella”
Pg. Pujades, 33-37
Tel. (+34) 902444447
resa@resa.es
https://www.resa.es

 

Residència Universitària Campus del Mar
Passeig Salvat Papasseit, 4
08003 Barcelona
Tel. (+34) 933 904 000
https://www.resa.es

 

Residencia Melondistrict

c/Sancho de Ávila 22

Tel. (+34) 932178812

https://www.melondistrict.com

 

Residencias Juevenes-El Campus
C/Mallorca, 191, Pral.
jmpresi@arrakis.es
https://www.arrakis.es/~jmpresi/index.htm

 

APIMEC Residencia Universitaria
C/Bruc, 136
residencia.apimec@caixaterrasa.com
https://www.habitatgejove.com/arrel_eg/index_i.html

 

BARCELONAUTA
C/Sardenya, 326-328 entol. 2
bcnauta@comb.es

Hotels

Hotel H10 Marina Barcelona (4*)
Address: Av Bogatell, 64-68
Phone: 933097917 / 933003310 (fax)
Web: https://www.h10.es
E-mail: h10.marina.barcelona@h10.es

 

Hotel Icaria Barcelona (4*)
Address: Av Icària, 195-197
Phone: 932218200 / 932212458 (fax)
Web: https://www.sbhotels.es
E-mail: hotel@icaria.barcelona

 

Hotel Silken Diagonal (4*)
Address: Av. Diagonal, 205
Phone: 934 895 300 / 934 895 309 (fax)
Web: https://www.hoteles-silken.com/hoteles/index2.php?idhotel=19
E-mail: hotel.diagonalbcn@hoteles-silken.com

 

Hotel Glòries (3*)
Address: Padilla, 173 (with Gran Via)
Phone: 932 650 808
Web: https://www.hotelglories.com/
E-mail: reservas@hotelglories.com

 

Hotel Park Hotel (3*)
Address: Av Marquès de l’Argentera, 11
Phone: 933196000 / 933194519 (fax)
E-mail: parkhotel@parkhotelbarcelona.com

 

Hotel Pere IV (3*)
Address: C Pallars, 128*130
Phone: 933 209 650 / 933 009 060 (fax)
Web: https://www.euro-mar.com
E-mail: hotelpereiv@euro-mar.com

 

Hotel Oasis II (2*)
Address: Pla Palau, 17
Telèfon: 933194396 / 933104874 (fax)

 

Hotel Lyon (1*)
Address: C General Castaños, 6
Phone: 933194360 / 933194431 (fax)
Web: https://www.gargallo-hotels.com
E-mail: lyon@gargallo-hotels.com

Useful Links

 

How to get to the city from the airport?

 

Please visit: Barcelona Tourism (then have a look at “planning your journey”)

 

There are several ways:

 

  • by bus: Aerobus. This bus takes you to and from the airport every 15 minutes and stops at Estació de Sants, Plaça Espanya, Plaça Catalunya i Passeig de Gràcia. A ticket costs € 3.90
  • by bus: 106. This bus takes you only to Plaça Espanya. A ticket costs €1.30
  • by train: RENFE. Trains depart every 30 minutes and stop at Barcelona Sants, Passeig de Gràcia and Estació de França
  • by taxi. A taxi ride can cost from € 30 to 35 depending on the day, time, etc.
  • by rental car

 

Information about transportation from the Airport to Barcelona

How to get to the UPF?

UPF location map (Ciutadella campus)
Visit Barcelona Transportation

How to get to CREI (Universitat Pompeu Fabra) from the nearest metro station?

      The nearest metro station is “Ciutadella-Vila Olímpica” and belongs to L4 line (yellow one). When you get the street (Ramon Trias Fargas) you just have to walk up and you will find the university on your left.

For further information you can visit:

 

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.

R. Barnichon, D. Debortoli and C. Matthes,

"Understanding the Size of the Government Spending Multiplier: It’s in the Sign"


Forthcoming in The Review of Economic Studies, 2021

Week 1 June 27 – July 1

 

Asset Bubbles and Economic Policy

Instructor: Jaume Ventura

Selected Topics:

• Review of empirical research on asset prices and interest rates

• A macroeconomic framework to study the effects of asset bubbles

• The welfare effects of different types of bubbles

• Application (1): international propagation of financial shocks and global imbalances

• Application (2): credit booms, credit busts, and the current crisis

Dates: June 27 – July 1

Time: Lectures: 09:00 – 11:00 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

Economic Growth and Development

Instructor: Xavier Sala-i-Martin 

Selected Topics:

• The world distribution of income

• Growth, poverty and inequality: the role of globalization

• Neoclassical growth theory: the power of diminishing returns

• The effectiveness of international aid in promoting economic development. Randomized field experiments

• The role of incentives

• Government, taxation, the Welfare State and growth

• Ideas and growth: R&D, patents. AIDS, malaria and generics

• Africa: successes, failures, diagnostics and priorities

Dates: June 27 – July 1

Time: Lectures: 11:30 – 13:30 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

An Introduction to the New Keynesian Framework with Applications to Monetary Policy

Instructor: Jordi Galí

Selected Topics:

• A simple framework for monetary policy analysis

• Optimal monetary policy

• Simple monetary policy rules

• Inflation dynamics

• Extensions and recent developments

Dates: June 27 – July 1

Time: Lectures: 14:30 – 16:30 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

The Political Economy of Money and Credit: Understanding the Policy Responses to Financial Crises

Instructor: Ramon Marimon

Selected Topics:

• Linking fiscal and monetary policy: the credibility problem

• Inside and outside money: competition, substitution and contagion

• Financing households, firm and governments: debt versus long-term contracts

• Linking money, public and private credit in a monetary union

• The political economy of the euro with special attention to the 2010-euro crisis.

Dates: June 27 – July 1

Time: Lectures: 17:00 – 19:00 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

New Material:

 

PART 1

The Euro PIGS – GIPSIes crisis.pdf

bmss2011RamonM1.pdf

IMF_GovBalData (BMSS2011RamonM).xls

 

PART 2

bmss2011RamonM2.pdf

Debt lessons.pdf

 

PART 3

bmss2011RamonM3.pdf

bmssRamonM4contagion.pdf

bmss2011Ramon4.pdf

 

Articles:

 

·          EuroPlus Package
·          A Decade of Debt

 

 

Week 2 July 4 – July 8

 

 

Financial Crises and the Economics of Macroeconomic Depressions

Instructor: Hans-Joachim Voth

Selected Topics:

• The origins of bubbles and lending booms: past, present and future

• Depressions and credit booms gone wrong: crédito linkages, multipliers and real effects

• Monetary policy and asset prices: how should central banks react to bubbles?

• Ruling out instability: what role for bank supervision and financial regulators?

Dates: July 4 – July 8

Time: 09:00 – 11:00 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

 

 

 

 

 

The Macroeconomic Effects of Globalization

Instructor: Gino Gancia

Selected Topics: 

• Anatomy of the new globalization boom and challenges to the conventional wisdom: ICT, offshoring, the rise of China and global imbalances 

• Offshoring, migration and the wealth of nations: a Ricardian approach

• Understanding international capital flows in the presence of financial frictions

• Which workers gain from globalization? Trade, offshoring and wage inequality

• Sustaining growth: innovation and imitation in the global economy

Dates: July 4 – July 8

Time: 11:30 – 13:30 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

Lecture1.pdf

Lecture2.pdf

Lecture3.pdf

Lecture4.pdf

Lecture5.pdf

 

Firms in International Trade

Instructor: Pol Antràs

Selected Topics: 

• Firms and exporting: evidence

• Firms and exporting: theory

• Aggregate implications of firm-based models of trade

• Firms and the international fragmentation of production
• Contractual frictions in the organization of production
• Implications for policy

Dates: July 4 – July 8

Time: 14:30 – 16:30 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

Lecture 1

Lecture 2

Lecture 3

Lecture 4

Lecture 5

 

Solution and Estimation of DSGE Models

Instructor: Fabio Canova

Selected Topics:

Solution methods

• Limited information estimation (GMM and impulse response matching)

Maximum likelihood estimation
Bayesian estimation
• Problems and solutions

Dates: July 4 – July 8

Time: Lectures: 17:00 – 19:00 h (10 hours)  

Computer demonstrations: 19:00 – 20:00 h (5 hours) 

Price: 850 Euros (Students: 550 Euros)

 

Reading List

 

Lecture Notes:

 

Day 1: 

 

Day 2:

 

Day 3:

 

Day 4:

 

Day 5:

 

Computer Demonstrations:

 

Day 1: solve_bssm_11.zip

Day 2: ggm_smm_bssm_11.zip

Day 3: ML_bssm_11.zip

Day 4: bayes_bssm_11.zip

Pol Antràs
 
Pol Antràs earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 2003. Currently he is a Research Fellow at the CEPR, a Research Associate at the NBER and a Professor of Economics at Harvard University. During 2007- 2009, he directed the NBER Working Group on International Trade and Organizations. A native of Barcelona, he earned his BA and his MSc. in Economics from Universitat Pompeu Fabra. In 2009, he received the Fundación Banco Herrero Prize, which is awarded annually to a Spanish social scientist under age 40. He is also a Member of the Editorial Board of the Quarterly Journal of Economics, the American Economic Review, the Journal of the European Economic Association, and the Journal of International Economics, among other journals. His research interests include international trade, applied contract theory and macroeconomics.
 
Selected publications: 
  • “Intermediated Trade”, (with A. Costinot), Quarterly Journal of Economics, forthcoming.
  • “Trade and Capital Flows: A Financial Frictions Perspective”, (with R. Caballero), Journal of Political Economy, August 2009.
  • “Offshoring in a Knowledge Economy”, (with L. Garicano and E. Rossi-Hansberg),Quarterly Journal of Economics, February 2006.
  • “Global Sourcing”, (with E. Helpman), Journal of Political Economy, June 2004.
  • “Firms, Contracts, and Trade Structure”, Quarterly Journal of Economics, November 2003.
 
 
Fabio Canova
 
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 and University of Bern. He has been a Research Professor with IGIER-Bocconi and Part-Time Professor at the London Business School. He is currently holding a Research Professorship with ICREA. He has taught courses at various summer schools, at numerous Central Banks, at the IMF and the European Community 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 and ESOBA, Program Director of the Budapest School for Central Banking Studies, 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:
  • “Multiple Filtering Devices for the Estimation of Cyclical DSGE Models”, (with F. Ferroni), Published in Quantitative Economics, March 2011.
  • “Do Expectations Matter? The Great Moderation Revisited”, (with L. Gambetti), Published in American Economic Journal, July 2010.
  • “Back to Square One: Identification Issues in DSGE Models”, (with L. Sala), Journal of Monetary Economics, April 2009.
  • “Estimating Multicountry VARs”, (with M. Ciccarelli), International Economic Review, May 2009.
  • “Similarities and Convergence in G7 Cycles”, (with M. Ciccarelli and E. Ortega), Journal of Monetary Economics, January 2007.
  •  Methods for Applied Macroeconomic Research, Princeton University Press, (Princeton, NJ), 2007.
 
 
Jordi Galí
 
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 on International Economics (CREI), a Professor at Universitat Pompeu Fabra and a Research Professor at the Barcelona GSE. He has held academic positions at New York University and Columbia University. He has been a Visiting Professor at MIT. He has served as a co-editor of the Journal of the European Economic Association, and is currently an associate editor of the American Economic Journal-Macroeconomics and the International Journal of Central Banking. He is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the Econometric Society. He has been consultant to the European Central Bank, the Federal Reserve, the Bank of Spain and other central banks. He was co-recipient of the 2005 Yrjo Jansson Award in Economics. His research interests include macroeconomics and monetary theory.
 
Selected publications: 
  • Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton University Press, (Princeton, NJ), 2008.
  • “Real Wage Rigidities and the New Keynesian Model”, (with O.J. Blanchard), Journal of Money, Credit and Banking, February 2007.
  • “Monetary Policy and Exchange Rate Volatility in a Small Open Economy”, (with T. Monacelli), Review of Economic Studies, July 2005.
  • “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, (with R. Clarida and M. Gertler), Quarterly Journal of Economics, January 2000.
  • “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, December 1999.
 
 
Gino Gancia
 
Gino Gancia earned his PhD in Economics at the Institute for International Economic Studies (Stockholm University) in 2003. Currently, he is Senior Researcher of the Center for Research on International Economics (CREI) and Affiliated Professor at the Barcelona GSE. 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. 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, October 2009.
  • “Openness, Government Size and the Terms of Trade”, (with P. Epifani), Review of Economic Studies, March 2009.
  • “The Skill Bias of World Trade”, (with P. Epifani), Economic Journal, June 2008.
  • “North-South Trade and Directed Technical Change”, (with A. Bonfiglioli), Journal of International Economics, March 2008.
  • “Increasing Returns, Imperfect Competition and Factor Prices”, Review of Economics and Statistics, November 2006.
 
 
Ramon Marimon
 
Ramon Marimon earned his PhD in Economics at Northwestern University 1984. Full professor at the Universitat Pompeu Fabra (since 1990) and at the European University Institute (since 2007), where he is Director of the Max Weber Postdoctoral Programme, was previously professor at the University of Minnesota and has been visiting professor at Stanford University and the Federal Reserve Bank of Minneapolis, among other places. Research Fellow of the NBER and of the CEPR, he has been co-editor of the Review of Economic Dynamics. He is also Fellow of the European Economic Association and of the Spanish Economic Association. His research interests include macroeconomics, monetary theory, labor theory, dynamic contract theory and learning theory.
 
Selected publications:

  • “Competition, Human Capital and Income Inequality with Limited Commitment”, (with V. Quadrini), Journal of Economic Theory, January 2011.
  • “Nominal Debt as a Burden on Monetary Policy”, (with J. Días-Giménez, G. Gionannetti and P. Teles), Review of Economic Dynamics, July 2008.
  • “Aggregate Consequences of Limited Contract Enforceability”, (with T. Cooley and V. Quadrini), Journal of Political Economy, August 2004.
  •  “Inside-Outside Money Competition”, (with J.P.Nicolini and P.Teles), Journal of Monetary Economics, November 2003.
  •  “Convergence of Monetary Inflation Models with Heterogeneous Learning Rules”, (with G. Evans and S. Honkapohja), Macroeconomic Dynamics, March 2001.
 
 
Xavier Sala-i-Martin
 
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. 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”, Quarterly Journal of Economics, May 2006.
  • “Determinants of Long-Term Growth: A Bayesian Average of Classical Estimates (Bace) Approach”, (with G. Doppelhoffer and R. Miller), American Economic Review, September 2004.
  • “The Economic Tragedy of the XXth Century: Growth in Africa”, (with E.V. Artadi), inAfrican Competitiveness Report of the World Economic Forum, September 2003.
  • Economic Growth, (with R. Barro), 2nd Edition MIT Press, (Cambridge, MA), 2003.
  • “Health Investment Complementarities under Competing Risks”, (with W. Dow and T. Philipson), American Economic Review, December 1999.
 
 
Jaume Ventura
 
Jaume Ventura earned his PhD in Economics at Harvard University in 1995. Currently he is a Senior Researcher at CREI. Previously, he has held academic positions at MIT and the University of Chicago. He is co-director of the International Macroeconomics Programme of the CEPR and has served as editor of the Economic Journal. He is also a Research Associate at the NBER, and 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: 
  • “Theoretical Notes on Bubbles and the Currrent Crisis”, (with A. Martin), IMF Economic Review, forthcoming.
  • “Globalization and Risk Sharing”, (with F. Broner), Review of Economic Studies,forthcoming.
  • “Sovereign Risk and Secondary Markets”, (with F. Broner and A. Martin), American Economic Review, September 2010.
  • “Comparative Advantage and the Cross-section of Business Cycles”, (with A. Kraay),Journal of the European Economic Association, December 2007.
  •  “Country Portfolios”, (with A. Kraay, N. Loayza and L. Servén), Journal of the European and Economic Association, June 2005.
  • “Current Accounts in the Long and Short Run”, (with A. Kraay), NBER Macroeconomics Annual 2002, July 2003.

 

 

Hans-Joachim Voth
 
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 a member of the editorial board of the Journal of Economic History. He has won the Gino Luzzatto Prize for the best thesis in European economic history, the Alexander Gershenkron 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, 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). He has 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:
  • “Betting on Hitler: The Value of Political Connections in Nazi Germany”, (with T. Ferguson),Quarterly Journal of Economics, May 2008.
  • “Interest Rate Restrictions in a Natural Experiment: Loan Allocation and the Change in the Usury Laws in 1714”, (with P. Temin), Economic Journal, May 2008.
  • “Credit Rationing and Crowding Out during the Industrial Revolution: Evidence from Hoare’s Bank, 1702-1862”, (with P. Temin), Explorations in Economic History, July 2005.
  • “Riding the South Sea Bubble”, (with P. Temin), American Economic Review, December 2004.
  • “With a Bang, Not a Whimper: Pricking Germany’s “Stockmarket Bubble” in 1927 and the Slide into Depression”, Journal of Economic History, July 2003.

Download file

Download file

Barcelona receives thousands of visitors, especially in summer.
Please, make your reservations directly as soon as possible.

 

Residence Halls

Residence Hall for Researchers (comfort)
C/Hospital, 64
08001-Barcelona
Tel. (+34) 93 443 8610
Fax. (+34) 93 442 8202
investigadors@resa.es
https://www.resa.es/

 

Residència Universitària “La Ciutadella”
Pg. Pujades, 33-37
Tel. (+34) 902444447
resa@resa.es
https://www.resa.es

 

Residència Universitària Campus del Mar
Passeig Salvat Papasseit, 4
08003 Barcelona
Tel. (+34) 933 904 000
https://www.resa.es

 

Residencia Melondistrict

c/Sancho de Ávila 22

Tel. (+34) 932178812

https://www.melondistrict.com

 

Residencias Juevenes-El Campus
C/Mallorca, 191, Pral.
jmpresi@arrakis.es
https://www.arrakis.es/~jmpresi/index.htm

 

APIMEC Residencia Universitaria
C/Bruc, 136
residencia.apimec@caixaterrasa.com
https://www.habitatgejove.com/arrel_eg/index_i.html

 

BARCELONAUTA
C/Sardenya, 326-328 entol. 2
bcnauta@comb.es

Hotels

Hotel H10 Marina Barcelona (4*)
Address: Av Bogatell, 64-68
Phone: 933097917 / 933003310 (fax)
Web: https://www.h10.es
E-mail: h10.marina.barcelona@h10.es

 

Hotel Icaria Barcelona (4*)
Address: Av Icària, 195-197
Phone: 932218200 / 932212458 (fax)
Web: https://www.sbhotels.es
E-mail: hotel@icaria.barcelona

 

Hotel Silken Diagonal (4*)
Address: Av. Diagonal, 205
Phone: 934 895 300 / 934 895 309 (fax)
Web: https://www.hoteles-silken.com/hoteles/index2.php?idhotel=19
E-mail: hotel.diagonalbcn@hoteles-silken.com

 

Hotel Glòries (3*)
Address: Padilla, 173 (with Gran Via)
Phone: 932 650 808
Web: https://www.hotelglories.com/
E-mail: reservas@hotelglories.com

 

Hotel Park Hotel (3*)
Address: Av Marquès de l’Argentera, 11
Phone: 933196000 / 933194519 (fax)
E-mail: parkhotel@parkhotelbarcelona.com

 

Hotel Pere IV (3*)
Address: C Pallars, 128*130
Phone: 933 209 650 / 933 009 060 (fax)
Web: https://www.euro-mar.com
E-mail: hotelpereiv@euro-mar.com

 

Hotel Oasis II (2*)
Address: Pla Palau, 17
Telèfon: 933194396 / 933104874 (fax)

 

Hotel Lyon (1*)
Address: C General Castaños, 6
Phone: 933194360 / 933194431 (fax)
Web: https://www.gargallo-hotels.com
E-mail: lyon@gargallo-hotels.com

Useful Links

 

How to get to the city from the airport?

 

Please visit: Barcelona Tourism (then have a look at “planning your journey”)

 

There are several ways:

 

  • by bus: Aerobus. This bus takes you to and from the airport every 15 minutes and stops at Estació de Sants, Plaça Espanya, Plaça Catalunya i Passeig de Gràcia. A ticket costs € 3.90
  • by bus: 106. This bus takes you only to Plaça Espanya. A ticket costs €1.30
  • by train: RENFE. Trains depart every 30 minutes and stop at Barcelona Sants, Passeig de Gràcia and Estació de França
  • by taxi. A taxi ride can cost from € 30 to 35 depending on the day, time, etc.
  • by rental car

 

Information about transportation from the Airport to Barcelona

How to get to the UPF?

UPF location map (Ciutadella campus)
Visit Barcelona Transportation

How to get to CREI (Universitat Pompeu Fabra) from the nearest metro station?

      The nearest metro station is “Ciutadella-Vila Olímpica” and belongs to L4 line (yellow one). When you get the street (Ramon Trias Fargas) you just have to walk up and you will find the university on your left.

For further information you can visit:

 

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.

Galí, J., P. Andrade, H. Le Bihan and J. Matheron,

"Should the ECB Adjust its Strategy in the Face of a Lower r*?"


Forthcoming in Journal of Economic Dynamics and Control, 2021

Week 1 June 27 – July 1

 

Asset Bubbles and Economic Policy

Instructor: Jaume Ventura

Selected Topics:

• Review of empirical research on asset prices and interest rates

• A macroeconomic framework to study the effects of asset bubbles

• The welfare effects of different types of bubbles

• Application (1): international propagation of financial shocks and global imbalances

• Application (2): credit booms, credit busts, and the current crisis

Dates: June 27 – July 1

Time: Lectures: 09:00 – 11:00 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

Economic Growth and Development

Instructor: Xavier Sala-i-Martin 

Selected Topics:

• The world distribution of income

• Growth, poverty and inequality: the role of globalization

• Neoclassical growth theory: the power of diminishing returns

• The effectiveness of international aid in promoting economic development. Randomized field experiments

• The role of incentives

• Government, taxation, the Welfare State and growth

• Ideas and growth: R&D, patents. AIDS, malaria and generics

• Africa: successes, failures, diagnostics and priorities

Dates: June 27 – July 1

Time: Lectures: 11:30 – 13:30 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

An Introduction to the New Keynesian Framework with Applications to Monetary Policy

Instructor: Jordi Galí

Selected Topics:

• A simple framework for monetary policy analysis

• Optimal monetary policy

• Simple monetary policy rules

• Inflation dynamics

• Extensions and recent developments

Dates: June 27 – July 1

Time: Lectures: 14:30 – 16:30 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

The Political Economy of Money and Credit: Understanding the Policy Responses to Financial Crises

Instructor: Ramon Marimon

Selected Topics:

• Linking fiscal and monetary policy: the credibility problem

• Inside and outside money: competition, substitution and contagion

• Financing households, firm and governments: debt versus long-term contracts

• Linking money, public and private credit in a monetary union

• The political economy of the euro with special attention to the 2010-euro crisis.

Dates: June 27 – July 1

Time: Lectures: 17:00 – 19:00 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

New Material:

 

PART 1

The Euro PIGS – GIPSIes crisis.pdf

bmss2011RamonM1.pdf

IMF_GovBalData (BMSS2011RamonM).xls

 

PART 2

bmss2011RamonM2.pdf

Debt lessons.pdf

 

PART 3

bmss2011RamonM3.pdf

bmssRamonM4contagion.pdf

bmss2011Ramon4.pdf

 

Articles:

 

·          EuroPlus Package
·          A Decade of Debt

 

 

Week 2 July 4 – July 8

 

 

Financial Crises and the Economics of Macroeconomic Depressions

Instructor: Hans-Joachim Voth

Selected Topics:

• The origins of bubbles and lending booms: past, present and future

• Depressions and credit booms gone wrong: crédito linkages, multipliers and real effects

• Monetary policy and asset prices: how should central banks react to bubbles?

• Ruling out instability: what role for bank supervision and financial regulators?

Dates: July 4 – July 8

Time: 09:00 – 11:00 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

 

 

 

 

 

The Macroeconomic Effects of Globalization

Instructor: Gino Gancia

Selected Topics: 

• Anatomy of the new globalization boom and challenges to the conventional wisdom: ICT, offshoring, the rise of China and global imbalances 

• Offshoring, migration and the wealth of nations: a Ricardian approach

• Understanding international capital flows in the presence of financial frictions

• Which workers gain from globalization? Trade, offshoring and wage inequality

• Sustaining growth: innovation and imitation in the global economy

Dates: July 4 – July 8

Time: 11:30 – 13:30 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

Lecture1.pdf

Lecture2.pdf

Lecture3.pdf

Lecture4.pdf

Lecture5.pdf

 

Firms in International Trade

Instructor: Pol Antràs

Selected Topics: 

• Firms and exporting: evidence

• Firms and exporting: theory

• Aggregate implications of firm-based models of trade

• Firms and the international fragmentation of production
• Contractual frictions in the organization of production
• Implications for policy

Dates: July 4 – July 8

Time: 14:30 – 16:30 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

Lecture 1

Lecture 2

Lecture 3

Lecture 4

Lecture 5

 

Solution and Estimation of DSGE Models

Instructor: Fabio Canova

Selected Topics:

Solution methods

• Limited information estimation (GMM and impulse response matching)

Maximum likelihood estimation
Bayesian estimation
• Problems and solutions

Dates: July 4 – July 8

Time: Lectures: 17:00 – 19:00 h (10 hours)  

Computer demonstrations: 19:00 – 20:00 h (5 hours) 

Price: 850 Euros (Students: 550 Euros)

 

Reading List

 

Lecture Notes:

 

Day 1: 

 

Day 2:

 

Day 3:

 

Day 4:

 

Day 5:

 

Computer Demonstrations:

 

Day 1: solve_bssm_11.zip

Day 2: ggm_smm_bssm_11.zip

Day 3: ML_bssm_11.zip

Day 4: bayes_bssm_11.zip

Pol Antràs
 
Pol Antràs earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 2003. Currently he is a Research Fellow at the CEPR, a Research Associate at the NBER and a Professor of Economics at Harvard University. During 2007- 2009, he directed the NBER Working Group on International Trade and Organizations. A native of Barcelona, he earned his BA and his MSc. in Economics from Universitat Pompeu Fabra. In 2009, he received the Fundación Banco Herrero Prize, which is awarded annually to a Spanish social scientist under age 40. He is also a Member of the Editorial Board of the Quarterly Journal of Economics, the American Economic Review, the Journal of the European Economic Association, and the Journal of International Economics, among other journals. His research interests include international trade, applied contract theory and macroeconomics.
 
Selected publications: 
  • “Intermediated Trade”, (with A. Costinot), Quarterly Journal of Economics, forthcoming.
  • “Trade and Capital Flows: A Financial Frictions Perspective”, (with R. Caballero), Journal of Political Economy, August 2009.
  • “Offshoring in a Knowledge Economy”, (with L. Garicano and E. Rossi-Hansberg),Quarterly Journal of Economics, February 2006.
  • “Global Sourcing”, (with E. Helpman), Journal of Political Economy, June 2004.
  • “Firms, Contracts, and Trade Structure”, Quarterly Journal of Economics, November 2003.
 
 
Fabio Canova
 
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 and University of Bern. He has been a Research Professor with IGIER-Bocconi and Part-Time Professor at the London Business School. He is currently holding a Research Professorship with ICREA. He has taught courses at various summer schools, at numerous Central Banks, at the IMF and the European Community 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 and ESOBA, Program Director of the Budapest School for Central Banking Studies, 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:
  • “Multiple Filtering Devices for the Estimation of Cyclical DSGE Models”, (with F. Ferroni), Published in Quantitative Economics, March 2011.
  • “Do Expectations Matter? The Great Moderation Revisited”, (with L. Gambetti), Published in American Economic Journal, July 2010.
  • “Back to Square One: Identification Issues in DSGE Models”, (with L. Sala), Journal of Monetary Economics, April 2009.
  • “Estimating Multicountry VARs”, (with M. Ciccarelli), International Economic Review, May 2009.
  • “Similarities and Convergence in G7 Cycles”, (with M. Ciccarelli and E. Ortega), Journal of Monetary Economics, January 2007.
  •  Methods for Applied Macroeconomic Research, Princeton University Press, (Princeton, NJ), 2007.
 
 
Jordi Galí
 
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 on International Economics (CREI), a Professor at Universitat Pompeu Fabra and a Research Professor at the Barcelona GSE. He has held academic positions at New York University and Columbia University. He has been a Visiting Professor at MIT. He has served as a co-editor of the Journal of the European Economic Association, and is currently an associate editor of the American Economic Journal-Macroeconomics and the International Journal of Central Banking. He is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the Econometric Society. He has been consultant to the European Central Bank, the Federal Reserve, the Bank of Spain and other central banks. He was co-recipient of the 2005 Yrjo Jansson Award in Economics. His research interests include macroeconomics and monetary theory.
 
Selected publications: 
  • Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton University Press, (Princeton, NJ), 2008.
  • “Real Wage Rigidities and the New Keynesian Model”, (with O.J. Blanchard), Journal of Money, Credit and Banking, February 2007.
  • “Monetary Policy and Exchange Rate Volatility in a Small Open Economy”, (with T. Monacelli), Review of Economic Studies, July 2005.
  • “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, (with R. Clarida and M. Gertler), Quarterly Journal of Economics, January 2000.
  • “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, December 1999.
 
 
Gino Gancia
 
Gino Gancia earned his PhD in Economics at the Institute for International Economic Studies (Stockholm University) in 2003. Currently, he is Senior Researcher of the Center for Research on International Economics (CREI) and Affiliated Professor at the Barcelona GSE. 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. 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, October 2009.
  • “Openness, Government Size and the Terms of Trade”, (with P. Epifani), Review of Economic Studies, March 2009.
  • “The Skill Bias of World Trade”, (with P. Epifani), Economic Journal, June 2008.
  • “North-South Trade and Directed Technical Change”, (with A. Bonfiglioli), Journal of International Economics, March 2008.
  • “Increasing Returns, Imperfect Competition and Factor Prices”, Review of Economics and Statistics, November 2006.
 
 
Ramon Marimon
 
Ramon Marimon earned his PhD in Economics at Northwestern University 1984. Full professor at the Universitat Pompeu Fabra (since 1990) and at the European University Institute (since 2007), where he is Director of the Max Weber Postdoctoral Programme, was previously professor at the University of Minnesota and has been visiting professor at Stanford University and the Federal Reserve Bank of Minneapolis, among other places. Research Fellow of the NBER and of the CEPR, he has been co-editor of the Review of Economic Dynamics. He is also Fellow of the European Economic Association and of the Spanish Economic Association. His research interests include macroeconomics, monetary theory, labor theory, dynamic contract theory and learning theory.
 
Selected publications:

  • “Competition, Human Capital and Income Inequality with Limited Commitment”, (with V. Quadrini), Journal of Economic Theory, January 2011.
  • “Nominal Debt as a Burden on Monetary Policy”, (with J. Días-Giménez, G. Gionannetti and P. Teles), Review of Economic Dynamics, July 2008.
  • “Aggregate Consequences of Limited Contract Enforceability”, (with T. Cooley and V. Quadrini), Journal of Political Economy, August 2004.
  •  “Inside-Outside Money Competition”, (with J.P.Nicolini and P.Teles), Journal of Monetary Economics, November 2003.
  •  “Convergence of Monetary Inflation Models with Heterogeneous Learning Rules”, (with G. Evans and S. Honkapohja), Macroeconomic Dynamics, March 2001.
 
 
Xavier Sala-i-Martin
 
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. 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”, Quarterly Journal of Economics, May 2006.
  • “Determinants of Long-Term Growth: A Bayesian Average of Classical Estimates (Bace) Approach”, (with G. Doppelhoffer and R. Miller), American Economic Review, September 2004.
  • “The Economic Tragedy of the XXth Century: Growth in Africa”, (with E.V. Artadi), inAfrican Competitiveness Report of the World Economic Forum, September 2003.
  • Economic Growth, (with R. Barro), 2nd Edition MIT Press, (Cambridge, MA), 2003.
  • “Health Investment Complementarities under Competing Risks”, (with W. Dow and T. Philipson), American Economic Review, December 1999.
 
 
Jaume Ventura
 
Jaume Ventura earned his PhD in Economics at Harvard University in 1995. Currently he is a Senior Researcher at CREI. Previously, he has held academic positions at MIT and the University of Chicago. He is co-director of the International Macroeconomics Programme of the CEPR and has served as editor of the Economic Journal. He is also a Research Associate at the NBER, and 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: 
  • “Theoretical Notes on Bubbles and the Currrent Crisis”, (with A. Martin), IMF Economic Review, forthcoming.
  • “Globalization and Risk Sharing”, (with F. Broner), Review of Economic Studies,forthcoming.
  • “Sovereign Risk and Secondary Markets”, (with F. Broner and A. Martin), American Economic Review, September 2010.
  • “Comparative Advantage and the Cross-section of Business Cycles”, (with A. Kraay),Journal of the European Economic Association, December 2007.
  •  “Country Portfolios”, (with A. Kraay, N. Loayza and L. Servén), Journal of the European and Economic Association, June 2005.
  • “Current Accounts in the Long and Short Run”, (with A. Kraay), NBER Macroeconomics Annual 2002, July 2003.

 

 

Hans-Joachim Voth
 
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 a member of the editorial board of the Journal of Economic History. He has won the Gino Luzzatto Prize for the best thesis in European economic history, the Alexander Gershenkron 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, 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). He has 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:
  • “Betting on Hitler: The Value of Political Connections in Nazi Germany”, (with T. Ferguson),Quarterly Journal of Economics, May 2008.
  • “Interest Rate Restrictions in a Natural Experiment: Loan Allocation and the Change in the Usury Laws in 1714”, (with P. Temin), Economic Journal, May 2008.
  • “Credit Rationing and Crowding Out during the Industrial Revolution: Evidence from Hoare’s Bank, 1702-1862”, (with P. Temin), Explorations in Economic History, July 2005.
  • “Riding the South Sea Bubble”, (with P. Temin), American Economic Review, December 2004.
  • “With a Bang, Not a Whimper: Pricking Germany’s “Stockmarket Bubble” in 1927 and the Slide into Depression”, Journal of Economic History, July 2003.

Download file

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Barcelona receives thousands of visitors, especially in summer.
Please, make your reservations directly as soon as possible.

 

Residence Halls

Residence Hall for Researchers (comfort)
C/Hospital, 64
08001-Barcelona
Tel. (+34) 93 443 8610
Fax. (+34) 93 442 8202
investigadors@resa.es
https://www.resa.es/

 

Residència Universitària “La Ciutadella”
Pg. Pujades, 33-37
Tel. (+34) 902444447
resa@resa.es
https://www.resa.es

 

Residència Universitària Campus del Mar
Passeig Salvat Papasseit, 4
08003 Barcelona
Tel. (+34) 933 904 000
https://www.resa.es

 

Residencia Melondistrict

c/Sancho de Ávila 22

Tel. (+34) 932178812

https://www.melondistrict.com

 

Residencias Juevenes-El Campus
C/Mallorca, 191, Pral.
jmpresi@arrakis.es
https://www.arrakis.es/~jmpresi/index.htm

 

APIMEC Residencia Universitaria
C/Bruc, 136
residencia.apimec@caixaterrasa.com
https://www.habitatgejove.com/arrel_eg/index_i.html

 

BARCELONAUTA
C/Sardenya, 326-328 entol. 2
bcnauta@comb.es

Hotels

Hotel H10 Marina Barcelona (4*)
Address: Av Bogatell, 64-68
Phone: 933097917 / 933003310 (fax)
Web: https://www.h10.es
E-mail: h10.marina.barcelona@h10.es

 

Hotel Icaria Barcelona (4*)
Address: Av Icària, 195-197
Phone: 932218200 / 932212458 (fax)
Web: https://www.sbhotels.es
E-mail: hotel@icaria.barcelona

 

Hotel Silken Diagonal (4*)
Address: Av. Diagonal, 205
Phone: 934 895 300 / 934 895 309 (fax)
Web: https://www.hoteles-silken.com/hoteles/index2.php?idhotel=19
E-mail: hotel.diagonalbcn@hoteles-silken.com

 

Hotel Glòries (3*)
Address: Padilla, 173 (with Gran Via)
Phone: 932 650 808
Web: https://www.hotelglories.com/
E-mail: reservas@hotelglories.com

 

Hotel Park Hotel (3*)
Address: Av Marquès de l’Argentera, 11
Phone: 933196000 / 933194519 (fax)
E-mail: parkhotel@parkhotelbarcelona.com

 

Hotel Pere IV (3*)
Address: C Pallars, 128*130
Phone: 933 209 650 / 933 009 060 (fax)
Web: https://www.euro-mar.com
E-mail: hotelpereiv@euro-mar.com

 

Hotel Oasis II (2*)
Address: Pla Palau, 17
Telèfon: 933194396 / 933104874 (fax)

 

Hotel Lyon (1*)
Address: C General Castaños, 6
Phone: 933194360 / 933194431 (fax)
Web: https://www.gargallo-hotels.com
E-mail: lyon@gargallo-hotels.com

Useful Links

 

How to get to the city from the airport?

 

Please visit: Barcelona Tourism (then have a look at “planning your journey”)

 

There are several ways:

 

  • by bus: Aerobus. This bus takes you to and from the airport every 15 minutes and stops at Estació de Sants, Plaça Espanya, Plaça Catalunya i Passeig de Gràcia. A ticket costs € 3.90
  • by bus: 106. This bus takes you only to Plaça Espanya. A ticket costs €1.30
  • by train: RENFE. Trains depart every 30 minutes and stop at Barcelona Sants, Passeig de Gràcia and Estació de França
  • by taxi. A taxi ride can cost from € 30 to 35 depending on the day, time, etc.
  • by rental car

 

Information about transportation from the Airport to Barcelona

How to get to the UPF?

UPF location map (Ciutadella campus)
Visit Barcelona Transportation

How to get to CREI (Universitat Pompeu Fabra) from the nearest metro station?

      The nearest metro station is “Ciutadella-Vila Olímpica” and belongs to L4 line (yellow one). When you get the street (Ramon Trias Fargas) you just have to walk up and you will find the university on your left.

For further information you can visit:

 

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.

Nagy, D.,

"Quantitative Economic Geography meets History: Questions, Answers and Challenges"


Forthcoming in Regional Science and Urban Economics, 2021

Week 1 June 27 – July 1

 

Asset Bubbles and Economic Policy

Instructor: Jaume Ventura

Selected Topics:

• Review of empirical research on asset prices and interest rates

• A macroeconomic framework to study the effects of asset bubbles

• The welfare effects of different types of bubbles

• Application (1): international propagation of financial shocks and global imbalances

• Application (2): credit booms, credit busts, and the current crisis

Dates: June 27 – July 1

Time: Lectures: 09:00 – 11:00 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

Economic Growth and Development

Instructor: Xavier Sala-i-Martin 

Selected Topics:

• The world distribution of income

• Growth, poverty and inequality: the role of globalization

• Neoclassical growth theory: the power of diminishing returns

• The effectiveness of international aid in promoting economic development. Randomized field experiments

• The role of incentives

• Government, taxation, the Welfare State and growth

• Ideas and growth: R&D, patents. AIDS, malaria and generics

• Africa: successes, failures, diagnostics and priorities

Dates: June 27 – July 1

Time: Lectures: 11:30 – 13:30 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

An Introduction to the New Keynesian Framework with Applications to Monetary Policy

Instructor: Jordi Galí

Selected Topics:

• A simple framework for monetary policy analysis

• Optimal monetary policy

• Simple monetary policy rules

• Inflation dynamics

• Extensions and recent developments

Dates: June 27 – July 1

Time: Lectures: 14:30 – 16:30 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

The Political Economy of Money and Credit: Understanding the Policy Responses to Financial Crises

Instructor: Ramon Marimon

Selected Topics:

• Linking fiscal and monetary policy: the credibility problem

• Inside and outside money: competition, substitution and contagion

• Financing households, firm and governments: debt versus long-term contracts

• Linking money, public and private credit in a monetary union

• The political economy of the euro with special attention to the 2010-euro crisis.

Dates: June 27 – July 1

Time: Lectures: 17:00 – 19:00 h (10 hours) 

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

New Material:

 

PART 1

The Euro PIGS – GIPSIes crisis.pdf

bmss2011RamonM1.pdf

IMF_GovBalData (BMSS2011RamonM).xls

 

PART 2

bmss2011RamonM2.pdf

Debt lessons.pdf

 

PART 3

bmss2011RamonM3.pdf

bmssRamonM4contagion.pdf

bmss2011Ramon4.pdf

 

Articles:

 

·          EuroPlus Package
·          A Decade of Debt

 

 

Week 2 July 4 – July 8

 

 

Financial Crises and the Economics of Macroeconomic Depressions

Instructor: Hans-Joachim Voth

Selected Topics:

• The origins of bubbles and lending booms: past, present and future

• Depressions and credit booms gone wrong: crédito linkages, multipliers and real effects

• Monetary policy and asset prices: how should central banks react to bubbles?

• Ruling out instability: what role for bank supervision and financial regulators?

Dates: July 4 – July 8

Time: 09:00 – 11:00 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

 

 

 

 

 

The Macroeconomic Effects of Globalization

Instructor: Gino Gancia

Selected Topics: 

• Anatomy of the new globalization boom and challenges to the conventional wisdom: ICT, offshoring, the rise of China and global imbalances 

• Offshoring, migration and the wealth of nations: a Ricardian approach

• Understanding international capital flows in the presence of financial frictions

• Which workers gain from globalization? Trade, offshoring and wage inequality

• Sustaining growth: innovation and imitation in the global economy

Dates: July 4 – July 8

Time: 11:30 – 13:30 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

Lecture1.pdf

Lecture2.pdf

Lecture3.pdf

Lecture4.pdf

Lecture5.pdf

 

Firms in International Trade

Instructor: Pol Antràs

Selected Topics: 

• Firms and exporting: evidence

• Firms and exporting: theory

• Aggregate implications of firm-based models of trade

• Firms and the international fragmentation of production
• Contractual frictions in the organization of production
• Implications for policy

Dates: July 4 – July 8

Time: 14:30 – 16:30 h (10 hours)

Price: 600 Euros (Students: 400 Euros)

 

Syllabus

 

Lecture 1

Lecture 2

Lecture 3

Lecture 4

Lecture 5

 

Solution and Estimation of DSGE Models

Instructor: Fabio Canova

Selected Topics:

Solution methods

• Limited information estimation (GMM and impulse response matching)

Maximum likelihood estimation
Bayesian estimation
• Problems and solutions

Dates: July 4 – July 8

Time: Lectures: 17:00 – 19:00 h (10 hours)  

Computer demonstrations: 19:00 – 20:00 h (5 hours) 

Price: 850 Euros (Students: 550 Euros)

 

Reading List

 

Lecture Notes:

 

Day 1: 

 

Day 2:

 

Day 3:

 

Day 4:

 

Day 5:

 

Computer Demonstrations:

 

Day 1: solve_bssm_11.zip

Day 2: ggm_smm_bssm_11.zip

Day 3: ML_bssm_11.zip

Day 4: bayes_bssm_11.zip

Pol Antràs
 
Pol Antràs earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 2003. Currently he is a Research Fellow at the CEPR, a Research Associate at the NBER and a Professor of Economics at Harvard University. During 2007- 2009, he directed the NBER Working Group on International Trade and Organizations. A native of Barcelona, he earned his BA and his MSc. in Economics from Universitat Pompeu Fabra. In 2009, he received the Fundación Banco Herrero Prize, which is awarded annually to a Spanish social scientist under age 40. He is also a Member of the Editorial Board of the Quarterly Journal of Economics, the American Economic Review, the Journal of the European Economic Association, and the Journal of International Economics, among other journals. His research interests include international trade, applied contract theory and macroeconomics.
 
Selected publications: 
  • “Intermediated Trade”, (with A. Costinot), Quarterly Journal of Economics, forthcoming.
  • “Trade and Capital Flows: A Financial Frictions Perspective”, (with R. Caballero), Journal of Political Economy, August 2009.
  • “Offshoring in a Knowledge Economy”, (with L. Garicano and E. Rossi-Hansberg),Quarterly Journal of Economics, February 2006.
  • “Global Sourcing”, (with E. Helpman), Journal of Political Economy, June 2004.
  • “Firms, Contracts, and Trade Structure”, Quarterly Journal of Economics, November 2003.
 
 
Fabio Canova
 
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 and University of Bern. He has been a Research Professor with IGIER-Bocconi and Part-Time Professor at the London Business School. He is currently holding a Research Professorship with ICREA. He has taught courses at various summer schools, at numerous Central Banks, at the IMF and the European Community 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 and ESOBA, Program Director of the Budapest School for Central Banking Studies, 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:
  • “Multiple Filtering Devices for the Estimation of Cyclical DSGE Models”, (with F. Ferroni), Published in Quantitative Economics, March 2011.
  • “Do Expectations Matter? The Great Moderation Revisited”, (with L. Gambetti), Published in American Economic Journal, July 2010.
  • “Back to Square One: Identification Issues in DSGE Models”, (with L. Sala), Journal of Monetary Economics, April 2009.
  • “Estimating Multicountry VARs”, (with M. Ciccarelli), International Economic Review, May 2009.
  • “Similarities and Convergence in G7 Cycles”, (with M. Ciccarelli and E. Ortega), Journal of Monetary Economics, January 2007.
  •  Methods for Applied Macroeconomic Research, Princeton University Press, (Princeton, NJ), 2007.
 
 
Jordi Galí
 
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 on International Economics (CREI), a Professor at Universitat Pompeu Fabra and a Research Professor at the Barcelona GSE. He has held academic positions at New York University and Columbia University. He has been a Visiting Professor at MIT. He has served as a co-editor of the Journal of the European Economic Association, and is currently an associate editor of the American Economic Journal-Macroeconomics and the International Journal of Central Banking. He is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the Econometric Society. He has been consultant to the European Central Bank, the Federal Reserve, the Bank of Spain and other central banks. He was co-recipient of the 2005 Yrjo Jansson Award in Economics. His research interests include macroeconomics and monetary theory.
 
Selected publications: 
  • Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton University Press, (Princeton, NJ), 2008.
  • “Real Wage Rigidities and the New Keynesian Model”, (with O.J. Blanchard), Journal of Money, Credit and Banking, February 2007.
  • “Monetary Policy and Exchange Rate Volatility in a Small Open Economy”, (with T. Monacelli), Review of Economic Studies, July 2005.
  • “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, (with R. Clarida and M. Gertler), Quarterly Journal of Economics, January 2000.
  • “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, December 1999.
 
 
Gino Gancia
 
Gino Gancia earned his PhD in Economics at the Institute for International Economic Studies (Stockholm University) in 2003. Currently, he is Senior Researcher of the Center for Research on International Economics (CREI) and Affiliated Professor at the Barcelona GSE. 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. 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, October 2009.
  • “Openness, Government Size and the Terms of Trade”, (with P. Epifani), Review of Economic Studies, March 2009.
  • “The Skill Bias of World Trade”, (with P. Epifani), Economic Journal, June 2008.
  • “North-South Trade and Directed Technical Change”, (with A. Bonfiglioli), Journal of International Economics, March 2008.
  • “Increasing Returns, Imperfect Competition and Factor Prices”, Review of Economics and Statistics, November 2006.
 
 
Ramon Marimon
 
Ramon Marimon earned his PhD in Economics at Northwestern University 1984. Full professor at the Universitat Pompeu Fabra (since 1990) and at the European University Institute (since 2007), where he is Director of the Max Weber Postdoctoral Programme, was previously professor at the University of Minnesota and has been visiting professor at Stanford University and the Federal Reserve Bank of Minneapolis, among other places. Research Fellow of the NBER and of the CEPR, he has been co-editor of the Review of Economic Dynamics. He is also Fellow of the European Economic Association and of the Spanish Economic Association. His research interests include macroeconomics, monetary theory, labor theory, dynamic contract theory and learning theory.
 
Selected publications:

  • “Competition, Human Capital and Income Inequality with Limited Commitment”, (with V. Quadrini), Journal of Economic Theory, January 2011.
  • “Nominal Debt as a Burden on Monetary Policy”, (with J. Días-Giménez, G. Gionannetti and P. Teles), Review of Economic Dynamics, July 2008.
  • “Aggregate Consequences of Limited Contract Enforceability”, (with T. Cooley and V. Quadrini), Journal of Political Economy, August 2004.
  •  “Inside-Outside Money Competition”, (with J.P.Nicolini and P.Teles), Journal of Monetary Economics, November 2003.
  •  “Convergence of Monetary Inflation Models with Heterogeneous Learning Rules”, (with G. Evans and S. Honkapohja), Macroeconomic Dynamics, March 2001.
 
 
Xavier Sala-i-Martin
 
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. 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”, Quarterly Journal of Economics, May 2006.
  • “Determinants of Long-Term Growth: A Bayesian Average of Classical Estimates (Bace) Approach”, (with G. Doppelhoffer and R. Miller), American Economic Review, September 2004.
  • “The Economic Tragedy of the XXth Century: Growth in Africa”, (with E.V. Artadi), inAfrican Competitiveness Report of the World Economic Forum, September 2003.
  • Economic Growth, (with R. Barro), 2nd Edition MIT Press, (Cambridge, MA), 2003.
  • “Health Investment Complementarities under Competing Risks”, (with W. Dow and T. Philipson), American Economic Review, December 1999.
 
 
Jaume Ventura
 
Jaume Ventura earned his PhD in Economics at Harvard University in 1995. Currently he is a Senior Researcher at CREI. Previously, he has held academic positions at MIT and the University of Chicago. He is co-director of the International Macroeconomics Programme of the CEPR and has served as editor of the Economic Journal. He is also a Research Associate at the NBER, and 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: 
  • “Theoretical Notes on Bubbles and the Currrent Crisis”, (with A. Martin), IMF Economic Review, forthcoming.
  • “Globalization and Risk Sharing”, (with F. Broner), Review of Economic Studies,forthcoming.
  • “Sovereign Risk and Secondary Markets”, (with F. Broner and A. Martin), American Economic Review, September 2010.
  • “Comparative Advantage and the Cross-section of Business Cycles”, (with A. Kraay),Journal of the European Economic Association, December 2007.
  •  “Country Portfolios”, (with A. Kraay, N. Loayza and L. Servén), Journal of the European and Economic Association, June 2005.
  • “Current Accounts in the Long and Short Run”, (with A. Kraay), NBER Macroeconomics Annual 2002, July 2003.

 

 

Hans-Joachim Voth
 
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 a member of the editorial board of the Journal of Economic History. He has won the Gino Luzzatto Prize for the best thesis in European economic history, the Alexander Gershenkron 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, 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). He has 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:
  • “Betting on Hitler: The Value of Political Connections in Nazi Germany”, (with T. Ferguson),Quarterly Journal of Economics, May 2008.
  • “Interest Rate Restrictions in a Natural Experiment: Loan Allocation and the Change in the Usury Laws in 1714”, (with P. Temin), Economic Journal, May 2008.
  • “Credit Rationing and Crowding Out during the Industrial Revolution: Evidence from Hoare’s Bank, 1702-1862”, (with P. Temin), Explorations in Economic History, July 2005.
  • “Riding the South Sea Bubble”, (with P. Temin), American Economic Review, December 2004.
  • “With a Bang, Not a Whimper: Pricking Germany’s “Stockmarket Bubble” in 1927 and the Slide into Depression”, Journal of Economic History, July 2003.

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Barcelona receives thousands of visitors, especially in summer.
Please, make your reservations directly as soon as possible.

 

Residence Halls

Residence Hall for Researchers (comfort)
C/Hospital, 64
08001-Barcelona
Tel. (+34) 93 443 8610
Fax. (+34) 93 442 8202
investigadors@resa.es
https://www.resa.es/

 

Residència Universitària “La Ciutadella”
Pg. Pujades, 33-37
Tel. (+34) 902444447
resa@resa.es
https://www.resa.es

 

Residència Universitària Campus del Mar
Passeig Salvat Papasseit, 4
08003 Barcelona
Tel. (+34) 933 904 000
https://www.resa.es

 

Residencia Melondistrict

c/Sancho de Ávila 22

Tel. (+34) 932178812

https://www.melondistrict.com

 

Residencias Juevenes-El Campus
C/Mallorca, 191, Pral.
jmpresi@arrakis.es
https://www.arrakis.es/~jmpresi/index.htm

 

APIMEC Residencia Universitaria
C/Bruc, 136
residencia.apimec@caixaterrasa.com
https://www.habitatgejove.com/arrel_eg/index_i.html

 

BARCELONAUTA
C/Sardenya, 326-328 entol. 2
bcnauta@comb.es

Hotels

Hotel H10 Marina Barcelona (4*)
Address: Av Bogatell, 64-68
Phone: 933097917 / 933003310 (fax)
Web: https://www.h10.es
E-mail: h10.marina.barcelona@h10.es

 

Hotel Icaria Barcelona (4*)
Address: Av Icària, 195-197
Phone: 932218200 / 932212458 (fax)
Web: https://www.sbhotels.es
E-mail: hotel@icaria.barcelona

 

Hotel Silken Diagonal (4*)
Address: Av. Diagonal, 205
Phone: 934 895 300 / 934 895 309 (fax)
Web: https://www.hoteles-silken.com/hoteles/index2.php?idhotel=19
E-mail: hotel.diagonalbcn@hoteles-silken.com

 

Hotel Glòries (3*)
Address: Padilla, 173 (with Gran Via)
Phone: 932 650 808
Web: https://www.hotelglories.com/
E-mail: reservas@hotelglories.com

 

Hotel Park Hotel (3*)
Address: Av Marquès de l’Argentera, 11
Phone: 933196000 / 933194519 (fax)
E-mail: parkhotel@parkhotelbarcelona.com

 

Hotel Pere IV (3*)
Address: C Pallars, 128*130
Phone: 933 209 650 / 933 009 060 (fax)
Web: https://www.euro-mar.com
E-mail: hotelpereiv@euro-mar.com

 

Hotel Oasis II (2*)
Address: Pla Palau, 17
Telèfon: 933194396 / 933104874 (fax)

 

Hotel Lyon (1*)
Address: C General Castaños, 6
Phone: 933194360 / 933194431 (fax)
Web: https://www.gargallo-hotels.com
E-mail: lyon@gargallo-hotels.com

Useful Links

 

How to get to the city from the airport?

 

Please visit: Barcelona Tourism (then have a look at “planning your journey”)

 

There are several ways:

 

  • by bus: Aerobus. This bus takes you to and from the airport every 15 minutes and stops at Estació de Sants, Plaça Espanya, Plaça Catalunya i Passeig de Gràcia. A ticket costs € 3.90
  • by bus: 106. This bus takes you only to Plaça Espanya. A ticket costs €1.30
  • by train: RENFE. Trains depart every 30 minutes and stop at Barcelona Sants, Passeig de Gràcia and Estació de França
  • by taxi. A taxi ride can cost from € 30 to 35 depending on the day, time, etc.
  • by rental car

 

Information about transportation from the Airport to Barcelona

How to get to the UPF?

UPF location map (Ciutadella campus)
Visit Barcelona Transportation

How to get to CREI (Universitat Pompeu Fabra) from the nearest metro station?

      The nearest metro station is “Ciutadella-Vila Olímpica” and belongs to L4 line (yellow one). When you get the street (Ramon Trias Fargas) you just have to walk up and you will find the university on your left.

For further information you can visit:

 

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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