"Falling Interest Rates and Credit Reallocation: Lessons from General Equilibrium"

Forthcoming in The Review of Economic Studies, 2024

Week 1 July 1 – July 5

 

Labor Markets and Monetary Policy

Instructor: Jordi Galí

Selected Topics:

• Introducing unemployment in New Keynesian models
• Unemployment and the design of monetary policy
• The return of the wage Phillips curve
• Sources of unemployment fluctuations
• The gains from wage flexibility

Dates:July 1– July 5

Time:  09:00 – 10:30 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List 

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

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:July 1 – July 5

Time: 11:00 – 12:30 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2&3

 

Lecture 5

 

International Trade and Macroeconomics

Instructor: Gino Gancia

Selected Topics:

• Technology, geography and trade: a quantitative analysis 
• Offshoring, global supply chains and the rise of China
• Trade, global imbalances and the Great Recession
• Trade and labor markets: wage inequality and unemployment in a global economy
• International markets and national governments

Dates:July 1–July 5

Time: 13:30 – 15:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List 

 

Lectures 1-2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

 

Manias, Panics and Crashes: Past, Present, Future

Instructor: Hans Joachim Voth

Selected Topics:

• Why are there so many asset price bubbles? What can central banks and regulators do to stop them?
• Anatomies of banking crises: where do they come from? How do they differ?
• Sovereign debt crises: can ‘investor panics’ be self-fulfilling? How can sovereign lending be made safe?
• Links between the real economy and the financial sector: lessons from the Great Depression

Dates:July 1 – July 5

Time: 15:30 – 17:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

 

Credit, Bubbles and Business Cycles

Instructor: Jaume Ventura

Selected Topics:

• Credit and business cycles: theory and evidence
• The role of asset prices: fire sales and bubbles
• A macroeconomic framework to study credit, bubbles and business cycles
• Application (1): International propagation of financial shocks and global imbalances
• Application (2): The 2007-08 financial crisis and the ongoing sovereign debt crisis

Dates:July 1 – July 5

Time: 17:30 – 19:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

 

Week 2 July 15 – 19

 

The Growth of Finance, Financial Innovation, and Systemic Risk

Instructor:Nicola Gennaioli

Selected Topics:

• The growth of the size and income of the financial sector: facts and theory
• Macroeconomic causes of the growth of finance, and its consequences for economic growth and financial fragility
• The rise of financial innovation and shadow banking: the crisis of 2007-2008
• The dangerous embrace between the financial sector and the government: the European sovereign debt crisis

Dates:July 15 –July 19

Time:08:30 – 10:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List 

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

The Macroeconomics of Financial Globalization

Instructor: Alberto Martín

Selected Topics:

• Financial globalization: the facts
• Macroeconomic effects of financial globalization: conventional view and evidence
• Rethinking the convention: a workhorse model of capital flows and financial frictions
• Policy implications: the case for capital controls
• Causes and consequences of global imbalances
• Capital flows, the financial crisis of 2007-08, and Europe’s banking woes.

Dates:July 15 –July 19

Time: 10:15 – 11:45 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

Sovereign Debt Crises: Theory and Evidence 

Instructor: Fernando Broner

Selected Topics:

• What are the costs of sovereign default? Reputation and sanctions
• Market structure and defaults: secondary markets and collateral damage
• Rollover crises: lender of last resort and moral hazard
• Solvency crises: debt overhang, buybacks and restructuring
• Lessons for Europe

Dates:July 15 – July 19

Time: 12:00 – 13:30 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Papers Lecture 1

 

Papers Lecture 2

 

Papers Lecture 3

 

Papers Lecture 4

 

Papers Lecture 5

 

Handout 1

 

Handout 2

 

Handout 3

 

Handout 4

 

Learning, Asset Prices and Macro Policy

Instructor: Albert Marcet

Selected Topics:

• Learning, expectations formation and convergence to rational expectations
• Monetary policy: stability of monetary policy under learning, explaining US experience on monetary policy, and implications for Taylor rule. Hyperinflations
• Fiscal policy, stability and fiscal sustainability under learning
• Stock price volatility
• From adaptive learning to internal rationality
• Empirical issues: model testing, expectations surveys

Dates:July 15 – July 19

Time: 14:15– 15:45 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List (First Version)

 

Recent Developments in Forecasting:

Estimation and Evaluation

Instructor: Barbara Rossi

Selected Topics:

• Recent developments in forecasting methodologies (e.g. forecasting with many predictors)
• New methods for evaluating models’ forecasts (including evaluating models’ absolute and relative predictive ability)
• Application 1: How well can we forecast inflation and output growth?
• Application 2: Do reduced-form models forecast better than DSGE models?

Dates:July 15 –July 19

Time: 16:00 – 17:30 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

Papers

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

Selected publications:

• “Gross Capital Flows: Dynamics and Crises”, (with A. Erce, S. Schmukler, and T. Didier), Journal of Monetary Economics, forthcoming.
• “Why do Emerging Economies Borrow Short Term?”, (with G. Lorenzoni and S. Schmukler), Journal of the European Economic Association, 11(S1), 67-100, 2013.
• “Globalization and Risk Sharing”, (with J. Ventura), The Review of Economic Studies, 78(1), 49-82, 2011.
• “Sovereign Risk and Secondary Markets”, (with J. Ventura and A. Martin),The American Economic Review, 100(4), 1523-1555, 2010.
• “Discrete Devaluations and Multiple Equilibria in a First Generation Model of Currency Crises,” Journal of Monetary Economics, 55(3), 592-605, 2008.
• “When in Peril Retrench: Testing the Portfolio Channel of Contagion”, (with G. Gelos and C. Reinhart), Journal of International Economics, 69(1), 203-230, 2006.

 

Jordi Galí earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 1989. Currently he is Director and Senior Researcher at the Center for Research in International Economics (CREI), Professor at Universitat Pompeu Fabra and 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 is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the Econometric Society. He has served as a co-editor of the Journal of the European Economic Association and co-director of the CEPR International Macroeconomics Programme. In 2012 he served as President of the European Economic Association. Among other awards, Galí received the National Research Prize from the Government of Catalonia in 2011, and was co-recipient of the 2005 Yrjö Jahnsson Award. His research interests include macroeconomics and monetary theory.

Selected Publications:

• Unemployment Fluctuations and Stabilization Policies: A New Keynesian Perspective, Cambridge (MA): The MIT Press, 2011.
• Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton (NJ): Princeton University Press, 2008.
• “Labor Markets and Monetary Policy: A New Keynesian Model with Unemployment”, (with O. Blanchard), The American Economic Journal: Macroeconomics, 2(2), 1-30, 2010.
• “Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?” The American Economic Review, 249-271, 1999.
• “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, (with R. Clarida and M. Gertler), The Quarterly Journal of Economics, 115(1), 147-180, 2000.
• “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, 37(4), 1661-1707, 1999.

 

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

Selected publications:

• “Competing Engines of Growth: Innovation and Standardization”, (with D. Acemoglu and F. Zilibotti), Journal of Economic Theory, 147, 570-601, 2012.
• “Trade, Markup Heterogeneity and Misallocations”, (with P. Epifani), Journal of International Economics, 83, 1-13, 2011.
• “Openness, Government Size and the Terms of Trade”, (with P. Epifani), The Review of Economic Studies, 76, 629-668, 2009.
• “The Skill Bias of World Trade”, (with P. Epifani), The Economic Journal, 118, 927-960, 2008.
• “North-South Trade and Directed Technical Change”, (with A. Bonfiglioli), Journal of International Economics, 76, 276-296, 2008.
• “Increasing Returns, Imperfect Competition and Factor Prices”, (with P. Epifani), The Review of Economics and Statistics, 88, 583-598, 2006.

 

Nicola Gennaioli earned his PhD in Economics at Harvard University in 2004. He is Full Professor of Finance at Bocconi University, on leave from a position of Senior Researcher at the Center for Research in International Economics (CREI) and Research Professor at the Barcelona GSE. He is also a Research Affiliate at CEPR. From 2004-2007 he was an Assistant Professor at IIES, Stockholm University.  In 2009-2010 he was a Postdoctoral Fellow at Harvard University.  In 2009 he was awarded aEuropean Research Council Starting Grant. His fields of expertise are psychology and economics, finance, political economy and economic development. He has published several articles in major international journals such as The Quarterly Journal of Economics, the Journal of Political Economy, The American Economic Review, The Journal of Finance, the Journal of Financial Economics, The Review of Financial Studies, the Journal of the European Economic Association andthe Journal of Economic Growth. He is associate editor of The Review of Economic Studies, The Economic Journal, the Journal of the European Economic Association, and the Journal of Development Economics.

Selected publications:

• “A Model of Shadow Banking”, (with A. Shleifer and R. Vishny), The Journal of Finance, forthcoming.
•  “Neglected Risks, Financial Innovation, and Financial Fragility”, (with A. Shleifer and R. Vishny), Journal of Financial Economics, forthcoming.
• “Human Capital and Regional Development”, (with R. La Porta, F. Lopes de Silanes and A. Shleifer), The Quarterly Journal of Economics, 128(1), 105-164, 2013.
• “Contractual Resolutions of Financial Distress”, (with S. Rossi), The Review of Financial Studies, 26(3), 602-634, 2013.
•  “Salience Theory of Choice Under Risk”, (with A. Shleifer and P. Bordalo), The Quarterly Journal of Economics, 127(3), 1243-1285, 2012.
•  “What Comes to Mind”, (with A. Shleifer), The Quarterly Journal of Economics, 125(4), 1399-1433, 2010.

 

Albert Marcet graduated in Economics at the Universitat Autònoma de Barcelona (1982) and earned his PhD in Economics at the University of Minnesota (1987). He is an ICREA Research Professor at the Institut d’Anàlisi Econòmica, Axa Research Chair on Macroeconomics at Barcelona GSE and Bank of Spain Professor . He has also been Professor at the London School of Economics (2009-2011), Universitat Pompeu Fabra (1990-2003) and Carnegie-Mellon University, Pittsburgh (1986-1992) and has been a Visitor at the ECB, London Business School, CEMFI (Madrid), the Federal Reserve Bank of Minneapolis and the Universitat Autònoma of Barcelona. His main areas of research are macroeconomics, fiscal policy, solution methods of dynamic models, financial economics and learning models.

Selected publications:

• “House Price Booms and the Current Account”, (with K. Adam and P. Kuang), in D. Acemoglu and M. Woodford (eds.), NBER Macroeconomics Annual 2011, Chicago (IL): University of Chicago Press, 26, 77-122, 2012. 
• “Internal Rationality, Imperfect Market Knowledge and Asset Prices”, (with K. Adam), Journal of Economic Theory, 146, 1224-1252, 2011.
• “Recurrent Hyperinflations and Learning”, (with J.P. Nicolini), The American Economic Review, 93(5), 1476-1498, 2003.
• “Convergence of Least Squares Learning Mechanisms in Self-Referential Linear Stochastic Models”, (with T.J. Sargent), Journal of Economic Theory, 48(2), 337-368, 1989.

 

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

Selected publications:

• “International Capital Flows and Credit Market Imperfections: A Tale of Two Frictions”, (with F.Taddei), Journal of International Economics, 89(2), 441-452, 2013.
• “Understanding Bubbly Episodes”, (with V. Carvalho and J. Ventura), TheAmerican Economic Review P&P, 102(3), 95-100, 2012.
•  “Economic Growth with Bubbles”, (with J. Ventura), The American Economic Review, 102(6), 3033-3058, 2012.
• “Theoretical Notes on Bubbles and the Current Crisis”, (with J. Ventura), IMF Economic Review, 59(1), 6-40, 2011.
• “Sovereign Risk and Secondary Markets”, (with F. Broner and J. Ventura),The American Economic Review, 100(4), 1523-1555, 2010.
• “A Model of Collateral, Investment, and Adverse Selection”, Journal of Economic Theory, 144(4), 1572-1588, 2009.

 

Barbara Rossi earned her PhD in Economics at Princeton University in 2001. Currently she is an ICREA Professor at UPF, an Affiliated Professor at Barcelona GSE, and a Research Associate at the Center for Research in International Economics (CREI). She has held an academic tenured position at Duke University and visiting positions at Berkeley University, UCSD and the Philadelphia Fed, among others. She is a Research Fellow at the CEPR and a member of the CEPR Business Cycle Committee. She is currently an associate editor for the Journal of Business and Economic Statistics,the Journal of Economic Dynamics and Control, and the Journal of Applied Econometrics. She has been awarded two National Science Foundation grants.
Selected Publications:

• “Advances in Forecasting under Model Instability”, in G. Elliott and A. Timmermann (eds.), Handbook of Forecasting, Volume 2, Amsterdam: Elsevier, forthcoming.
• “Forecasting in Macroeconomics”, (with R. Giacomini), in N. Hashimzade and M. Thornton (eds.), Handbook of Research Methods and Applications in Empirical Macroeconomics, Cheltenham (UK): Edward Elgar Publishing Ltd, forthcoming.
• “Can Exchange Rates Forecast Commodity Prices?”, (with Y. Chen and K. Rogoff), The Quarterly Journal of Economics, 125(3), 1145-1194, 2010.
• “Out-of-Sample Forecast Tests Robust to Choice of Window Size”, (with A. Inoue), Journal of Business and Economics Statistics, 30(3), 432-453, 2012.
• “Detecting and Predicting Forecast Breakdowns”, (with R. Giacomini), The Review of Economic Studies, 76(2), 669-705, 2009.
• “Forecast Comparisons in Unstable Environments”, (with R. Giacomini), Journal of Applied Econometrics, 25(4), 595-620, 2010.

 

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

Selected publications:

• “The World Distribution of Income: Falling Inequality and Convergence, Period”, The Quarterly Journal of Economics,121(2), 351-397, 2006.
• “Determinants of Long-Term Growth: A Bayesian Average of Classical Estimates (Bace) Approach”, (with G. Doppelhoffer and R. Miller), TheAmerican Economic Review, 94(4), 813-835, 2004.
• “The Economic Tragedy of the XXth Century: Growth in Africa”, (with E.V. Artadi), in African Competitiveness Report of the World Economic Forum, 2003.
• Economic Growth, (with R. Barro), 2nd Edition, Cambridge (MA): The MIT Press, 2003.
• “Health Investment Complementarities under Competing Risks”, (with W. Dow and T. Philipson), The American Economic Review, 89(5), 1358-71, 1999.

 

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

Selected publications:

• “Economic Growth with Bubbles”, (with A. Martin), The American Economic Review, 102(6), 3033-3058, 2012.
• “Bubbles and Capital Flows”, Journal of Economic Theory, 147(2), 738-758, 2012.
• “Theoretical Notes on Bubbles and the Current Crisis”, (with A. Martin), IMF Economic Review, 59(1), 6-40, 2011.
• “Globalization and Risk Sharing”, (with F. Broner), The Review of Economic Studies, 78, 49-82, 2011.
• “Sovereign Risk and Secondary Markets”, (with F. Broner and A. Martin), TheAmerican Economic Review, 100(4), 1523-2555, 2010.
• “Comparative Advantage and the Cross-section of Business Cycles”, (with A. Kraay), Journal of the European Economic Association, 5(6), 1300-1333, 2007.

 

Hans-Joachim Voth earned his PhD in Economics at Nuffield College, Oxford in 1996. He is currently an ICREA Research Professor at UPF and a Research Associate at the Center for Research in International Economics (CREI). He is a CEPR Research Fellow, and an associate editor of The Quarterly Journal of Economics. He has won international prizes for his dissertation and the Leverhulme Prize for outstanding researchers under the age of 35. His work has appeared in The Quarterly Journal of Economics, The American Economic Review, the Review of Economic Studies, the European Economic Review, The Economic Journal, The Journal of Economic History, Explorations in Economic History, and in books with OUP and PUP. He has held visiting appointments at Stanford, MIT, Princeton and Stern Business School (NYU). A former consultant at McKinsey & Co., he has also acted as an advisor to the German Finance Ministry’s Working Group on Financial Market Reform; to the CEO of the German Stock Exchange; and to the German Trade Unions Movement (DGB).

Selected publications:

• Lending to the Borrower from Hell: Debt and Default in the Age of Philip II, 1556-1598, (with M. Drelichman), Princenton (NJ): Princeton University Press, forthcoming.
• “How the West ‘Invented’ Fertility Restriction”, The American Economic Review, forthcoming.
• Prometheus Shackled: Goldsmith Banks and England’s Financial Revolution after 1700, (with P. Temin), Oxford/New York: Oxford University Press, 2013.
• “Persecution Perpetuated: The Medieval Origins of Anti-Semitic Violence in Nazi Germany”, (with N. Voigtländer), The Quarterly Journal of Economics, 127(3), 1339-1392, 2012.
• “Betting on Hitler: The Value of Political Connections in Nazi Germany”, (with T. Ferguson), The Quarterly Journal of Economics, 123(1), 101-137, 2008.
• “Riding the South Sea Bubble”, (with P. Temin), The American Economic Review, 94(5), 1654-1668, 2004.

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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

 

Residencia Universitaria Sarrià
Calle Esports, 1-7.
08017 Barcelona
Tel.  (+34) 93 206 55 40
Fax. (+34) 93 204 08 52
campus@residenciasarria.com
www.residenciasarria.com

 

 

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

• https://www.bcu.cat
• https://www.hotelsbarcelona.org/
• https://www.apartmentsapart.com/barcelona_hotels/index.htm
• https://www.barcelona-on-line.es/eng/index.asp
• https://www.barcelonahotels.es/
• https://www.hotel-barcelona.com/
• https://www.barcelona.com/reservas/
• https://www.hotelsearch.com
• https://www.apartmentbarcelona.com/
• https://www.flatsinbcn.com/
• https://www.destinationbcn.com/
• https://apartmentbcn.blogspot.com/

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 € 5.90
• by bus: 106. This bus takes you only to Plaça Espanya. A ticket costs €2.00
• 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:

 

• https://www.bcn.es (Barcelona)
• https://www.softguides.com/barcelona/index.html (Barcelona)
• https://www.red2000.com/spain/barcelon/index.html (Barcelona)
• https://www.aena.es (Spanish airports)

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.

"All Aboard: The Effects of Port Development"

Forthcoming in Journal of International Economics, 2024

Week 1 July 1 – July 5

 

Labor Markets and Monetary Policy

Instructor: Jordi Galí

Selected Topics:

• Introducing unemployment in New Keynesian models
• Unemployment and the design of monetary policy
• The return of the wage Phillips curve
• Sources of unemployment fluctuations
• The gains from wage flexibility

Dates:July 1– July 5

Time:  09:00 – 10:30 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List 

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

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:July 1 – July 5

Time: 11:00 – 12:30 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2&3

 

Lecture 5

 

International Trade and Macroeconomics

Instructor: Gino Gancia

Selected Topics:

• Technology, geography and trade: a quantitative analysis 
• Offshoring, global supply chains and the rise of China
• Trade, global imbalances and the Great Recession
• Trade and labor markets: wage inequality and unemployment in a global economy
• International markets and national governments

Dates:July 1–July 5

Time: 13:30 – 15:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List 

 

Lectures 1-2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

 

Manias, Panics and Crashes: Past, Present, Future

Instructor: Hans Joachim Voth

Selected Topics:

• Why are there so many asset price bubbles? What can central banks and regulators do to stop them?
• Anatomies of banking crises: where do they come from? How do they differ?
• Sovereign debt crises: can ‘investor panics’ be self-fulfilling? How can sovereign lending be made safe?
• Links between the real economy and the financial sector: lessons from the Great Depression

Dates:July 1 – July 5

Time: 15:30 – 17:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

 

Credit, Bubbles and Business Cycles

Instructor: Jaume Ventura

Selected Topics:

• Credit and business cycles: theory and evidence
• The role of asset prices: fire sales and bubbles
• A macroeconomic framework to study credit, bubbles and business cycles
• Application (1): International propagation of financial shocks and global imbalances
• Application (2): The 2007-08 financial crisis and the ongoing sovereign debt crisis

Dates:July 1 – July 5

Time: 17:30 – 19:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

 

Week 2 July 15 – 19

 

The Growth of Finance, Financial Innovation, and Systemic Risk

Instructor:Nicola Gennaioli

Selected Topics:

• The growth of the size and income of the financial sector: facts and theory
• Macroeconomic causes of the growth of finance, and its consequences for economic growth and financial fragility
• The rise of financial innovation and shadow banking: the crisis of 2007-2008
• The dangerous embrace between the financial sector and the government: the European sovereign debt crisis

Dates:July 15 –July 19

Time:08:30 – 10:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List 

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

The Macroeconomics of Financial Globalization

Instructor: Alberto Martín

Selected Topics:

• Financial globalization: the facts
• Macroeconomic effects of financial globalization: conventional view and evidence
• Rethinking the convention: a workhorse model of capital flows and financial frictions
• Policy implications: the case for capital controls
• Causes and consequences of global imbalances
• Capital flows, the financial crisis of 2007-08, and Europe’s banking woes.

Dates:July 15 –July 19

Time: 10:15 – 11:45 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

Sovereign Debt Crises: Theory and Evidence 

Instructor: Fernando Broner

Selected Topics:

• What are the costs of sovereign default? Reputation and sanctions
• Market structure and defaults: secondary markets and collateral damage
• Rollover crises: lender of last resort and moral hazard
• Solvency crises: debt overhang, buybacks and restructuring
• Lessons for Europe

Dates:July 15 – July 19

Time: 12:00 – 13:30 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Papers Lecture 1

 

Papers Lecture 2

 

Papers Lecture 3

 

Papers Lecture 4

 

Papers Lecture 5

 

Handout 1

 

Handout 2

 

Handout 3

 

Handout 4

 

Learning, Asset Prices and Macro Policy

Instructor: Albert Marcet

Selected Topics:

• Learning, expectations formation and convergence to rational expectations
• Monetary policy: stability of monetary policy under learning, explaining US experience on monetary policy, and implications for Taylor rule. Hyperinflations
• Fiscal policy, stability and fiscal sustainability under learning
• Stock price volatility
• From adaptive learning to internal rationality
• Empirical issues: model testing, expectations surveys

Dates:July 15 – July 19

Time: 14:15– 15:45 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List (First Version)

 

Recent Developments in Forecasting:

Estimation and Evaluation

Instructor: Barbara Rossi

Selected Topics:

• Recent developments in forecasting methodologies (e.g. forecasting with many predictors)
• New methods for evaluating models’ forecasts (including evaluating models’ absolute and relative predictive ability)
• Application 1: How well can we forecast inflation and output growth?
• Application 2: Do reduced-form models forecast better than DSGE models?

Dates:July 15 –July 19

Time: 16:00 – 17:30 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

Papers

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

Selected publications:

• “Gross Capital Flows: Dynamics and Crises”, (with A. Erce, S. Schmukler, and T. Didier), Journal of Monetary Economics, forthcoming.
• “Why do Emerging Economies Borrow Short Term?”, (with G. Lorenzoni and S. Schmukler), Journal of the European Economic Association, 11(S1), 67-100, 2013.
• “Globalization and Risk Sharing”, (with J. Ventura), The Review of Economic Studies, 78(1), 49-82, 2011.
• “Sovereign Risk and Secondary Markets”, (with J. Ventura and A. Martin),The American Economic Review, 100(4), 1523-1555, 2010.
• “Discrete Devaluations and Multiple Equilibria in a First Generation Model of Currency Crises,” Journal of Monetary Economics, 55(3), 592-605, 2008.
• “When in Peril Retrench: Testing the Portfolio Channel of Contagion”, (with G. Gelos and C. Reinhart), Journal of International Economics, 69(1), 203-230, 2006.

 

Jordi Galí earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 1989. Currently he is Director and Senior Researcher at the Center for Research in International Economics (CREI), Professor at Universitat Pompeu Fabra and 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 is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the Econometric Society. He has served as a co-editor of the Journal of the European Economic Association and co-director of the CEPR International Macroeconomics Programme. In 2012 he served as President of the European Economic Association. Among other awards, Galí received the National Research Prize from the Government of Catalonia in 2011, and was co-recipient of the 2005 Yrjö Jahnsson Award. His research interests include macroeconomics and monetary theory.

Selected Publications:

• Unemployment Fluctuations and Stabilization Policies: A New Keynesian Perspective, Cambridge (MA): The MIT Press, 2011.
• Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton (NJ): Princeton University Press, 2008.
• “Labor Markets and Monetary Policy: A New Keynesian Model with Unemployment”, (with O. Blanchard), The American Economic Journal: Macroeconomics, 2(2), 1-30, 2010.
• “Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?” The American Economic Review, 249-271, 1999.
• “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, (with R. Clarida and M. Gertler), The Quarterly Journal of Economics, 115(1), 147-180, 2000.
• “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, 37(4), 1661-1707, 1999.

 

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

Selected publications:

• “Competing Engines of Growth: Innovation and Standardization”, (with D. Acemoglu and F. Zilibotti), Journal of Economic Theory, 147, 570-601, 2012.
• “Trade, Markup Heterogeneity and Misallocations”, (with P. Epifani), Journal of International Economics, 83, 1-13, 2011.
• “Openness, Government Size and the Terms of Trade”, (with P. Epifani), The Review of Economic Studies, 76, 629-668, 2009.
• “The Skill Bias of World Trade”, (with P. Epifani), The Economic Journal, 118, 927-960, 2008.
• “North-South Trade and Directed Technical Change”, (with A. Bonfiglioli), Journal of International Economics, 76, 276-296, 2008.
• “Increasing Returns, Imperfect Competition and Factor Prices”, (with P. Epifani), The Review of Economics and Statistics, 88, 583-598, 2006.

 

Nicola Gennaioli earned his PhD in Economics at Harvard University in 2004. He is Full Professor of Finance at Bocconi University, on leave from a position of Senior Researcher at the Center for Research in International Economics (CREI) and Research Professor at the Barcelona GSE. He is also a Research Affiliate at CEPR. From 2004-2007 he was an Assistant Professor at IIES, Stockholm University.  In 2009-2010 he was a Postdoctoral Fellow at Harvard University.  In 2009 he was awarded aEuropean Research Council Starting Grant. His fields of expertise are psychology and economics, finance, political economy and economic development. He has published several articles in major international journals such as The Quarterly Journal of Economics, the Journal of Political Economy, The American Economic Review, The Journal of Finance, the Journal of Financial Economics, The Review of Financial Studies, the Journal of the European Economic Association andthe Journal of Economic Growth. He is associate editor of The Review of Economic Studies, The Economic Journal, the Journal of the European Economic Association, and the Journal of Development Economics.

Selected publications:

• “A Model of Shadow Banking”, (with A. Shleifer and R. Vishny), The Journal of Finance, forthcoming.
•  “Neglected Risks, Financial Innovation, and Financial Fragility”, (with A. Shleifer and R. Vishny), Journal of Financial Economics, forthcoming.
• “Human Capital and Regional Development”, (with R. La Porta, F. Lopes de Silanes and A. Shleifer), The Quarterly Journal of Economics, 128(1), 105-164, 2013.
• “Contractual Resolutions of Financial Distress”, (with S. Rossi), The Review of Financial Studies, 26(3), 602-634, 2013.
•  “Salience Theory of Choice Under Risk”, (with A. Shleifer and P. Bordalo), The Quarterly Journal of Economics, 127(3), 1243-1285, 2012.
•  “What Comes to Mind”, (with A. Shleifer), The Quarterly Journal of Economics, 125(4), 1399-1433, 2010.

 

Albert Marcet graduated in Economics at the Universitat Autònoma de Barcelona (1982) and earned his PhD in Economics at the University of Minnesota (1987). He is an ICREA Research Professor at the Institut d’Anàlisi Econòmica, Axa Research Chair on Macroeconomics at Barcelona GSE and Bank of Spain Professor . He has also been Professor at the London School of Economics (2009-2011), Universitat Pompeu Fabra (1990-2003) and Carnegie-Mellon University, Pittsburgh (1986-1992) and has been a Visitor at the ECB, London Business School, CEMFI (Madrid), the Federal Reserve Bank of Minneapolis and the Universitat Autònoma of Barcelona. His main areas of research are macroeconomics, fiscal policy, solution methods of dynamic models, financial economics and learning models.

Selected publications:

• “House Price Booms and the Current Account”, (with K. Adam and P. Kuang), in D. Acemoglu and M. Woodford (eds.), NBER Macroeconomics Annual 2011, Chicago (IL): University of Chicago Press, 26, 77-122, 2012. 
• “Internal Rationality, Imperfect Market Knowledge and Asset Prices”, (with K. Adam), Journal of Economic Theory, 146, 1224-1252, 2011.
• “Recurrent Hyperinflations and Learning”, (with J.P. Nicolini), The American Economic Review, 93(5), 1476-1498, 2003.
• “Convergence of Least Squares Learning Mechanisms in Self-Referential Linear Stochastic Models”, (with T.J. Sargent), Journal of Economic Theory, 48(2), 337-368, 1989.

 

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

Selected publications:

• “International Capital Flows and Credit Market Imperfections: A Tale of Two Frictions”, (with F.Taddei), Journal of International Economics, 89(2), 441-452, 2013.
• “Understanding Bubbly Episodes”, (with V. Carvalho and J. Ventura), TheAmerican Economic Review P&P, 102(3), 95-100, 2012.
•  “Economic Growth with Bubbles”, (with J. Ventura), The American Economic Review, 102(6), 3033-3058, 2012.
• “Theoretical Notes on Bubbles and the Current Crisis”, (with J. Ventura), IMF Economic Review, 59(1), 6-40, 2011.
• “Sovereign Risk and Secondary Markets”, (with F. Broner and J. Ventura),The American Economic Review, 100(4), 1523-1555, 2010.
• “A Model of Collateral, Investment, and Adverse Selection”, Journal of Economic Theory, 144(4), 1572-1588, 2009.

 

Barbara Rossi earned her PhD in Economics at Princeton University in 2001. Currently she is an ICREA Professor at UPF, an Affiliated Professor at Barcelona GSE, and a Research Associate at the Center for Research in International Economics (CREI). She has held an academic tenured position at Duke University and visiting positions at Berkeley University, UCSD and the Philadelphia Fed, among others. She is a Research Fellow at the CEPR and a member of the CEPR Business Cycle Committee. She is currently an associate editor for the Journal of Business and Economic Statistics,the Journal of Economic Dynamics and Control, and the Journal of Applied Econometrics. She has been awarded two National Science Foundation grants.
Selected Publications:

• “Advances in Forecasting under Model Instability”, in G. Elliott and A. Timmermann (eds.), Handbook of Forecasting, Volume 2, Amsterdam: Elsevier, forthcoming.
• “Forecasting in Macroeconomics”, (with R. Giacomini), in N. Hashimzade and M. Thornton (eds.), Handbook of Research Methods and Applications in Empirical Macroeconomics, Cheltenham (UK): Edward Elgar Publishing Ltd, forthcoming.
• “Can Exchange Rates Forecast Commodity Prices?”, (with Y. Chen and K. Rogoff), The Quarterly Journal of Economics, 125(3), 1145-1194, 2010.
• “Out-of-Sample Forecast Tests Robust to Choice of Window Size”, (with A. Inoue), Journal of Business and Economics Statistics, 30(3), 432-453, 2012.
• “Detecting and Predicting Forecast Breakdowns”, (with R. Giacomini), The Review of Economic Studies, 76(2), 669-705, 2009.
• “Forecast Comparisons in Unstable Environments”, (with R. Giacomini), Journal of Applied Econometrics, 25(4), 595-620, 2010.

 

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

Selected publications:

• “The World Distribution of Income: Falling Inequality and Convergence, Period”, The Quarterly Journal of Economics,121(2), 351-397, 2006.
• “Determinants of Long-Term Growth: A Bayesian Average of Classical Estimates (Bace) Approach”, (with G. Doppelhoffer and R. Miller), TheAmerican Economic Review, 94(4), 813-835, 2004.
• “The Economic Tragedy of the XXth Century: Growth in Africa”, (with E.V. Artadi), in African Competitiveness Report of the World Economic Forum, 2003.
• Economic Growth, (with R. Barro), 2nd Edition, Cambridge (MA): The MIT Press, 2003.
• “Health Investment Complementarities under Competing Risks”, (with W. Dow and T. Philipson), The American Economic Review, 89(5), 1358-71, 1999.

 

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

Selected publications:

• “Economic Growth with Bubbles”, (with A. Martin), The American Economic Review, 102(6), 3033-3058, 2012.
• “Bubbles and Capital Flows”, Journal of Economic Theory, 147(2), 738-758, 2012.
• “Theoretical Notes on Bubbles and the Current Crisis”, (with A. Martin), IMF Economic Review, 59(1), 6-40, 2011.
• “Globalization and Risk Sharing”, (with F. Broner), The Review of Economic Studies, 78, 49-82, 2011.
• “Sovereign Risk and Secondary Markets”, (with F. Broner and A. Martin), TheAmerican Economic Review, 100(4), 1523-2555, 2010.
• “Comparative Advantage and the Cross-section of Business Cycles”, (with A. Kraay), Journal of the European Economic Association, 5(6), 1300-1333, 2007.

 

Hans-Joachim Voth earned his PhD in Economics at Nuffield College, Oxford in 1996. He is currently an ICREA Research Professor at UPF and a Research Associate at the Center for Research in International Economics (CREI). He is a CEPR Research Fellow, and an associate editor of The Quarterly Journal of Economics. He has won international prizes for his dissertation and the Leverhulme Prize for outstanding researchers under the age of 35. His work has appeared in The Quarterly Journal of Economics, The American Economic Review, the Review of Economic Studies, the European Economic Review, The Economic Journal, The Journal of Economic History, Explorations in Economic History, and in books with OUP and PUP. He has held visiting appointments at Stanford, MIT, Princeton and Stern Business School (NYU). A former consultant at McKinsey & Co., he has also acted as an advisor to the German Finance Ministry’s Working Group on Financial Market Reform; to the CEO of the German Stock Exchange; and to the German Trade Unions Movement (DGB).

Selected publications:

• Lending to the Borrower from Hell: Debt and Default in the Age of Philip II, 1556-1598, (with M. Drelichman), Princenton (NJ): Princeton University Press, forthcoming.
• “How the West ‘Invented’ Fertility Restriction”, The American Economic Review, forthcoming.
• Prometheus Shackled: Goldsmith Banks and England’s Financial Revolution after 1700, (with P. Temin), Oxford/New York: Oxford University Press, 2013.
• “Persecution Perpetuated: The Medieval Origins of Anti-Semitic Violence in Nazi Germany”, (with N. Voigtländer), The Quarterly Journal of Economics, 127(3), 1339-1392, 2012.
• “Betting on Hitler: The Value of Political Connections in Nazi Germany”, (with T. Ferguson), The Quarterly Journal of Economics, 123(1), 101-137, 2008.
• “Riding the South Sea Bubble”, (with P. Temin), The American Economic Review, 94(5), 1654-1668, 2004.

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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

 

Residencia Universitaria Sarrià
Calle Esports, 1-7.
08017 Barcelona
Tel.  (+34) 93 206 55 40
Fax. (+34) 93 204 08 52
campus@residenciasarria.com
www.residenciasarria.com

 

 

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

• https://www.bcu.cat
• https://www.hotelsbarcelona.org/
• https://www.apartmentsapart.com/barcelona_hotels/index.htm
• https://www.barcelona-on-line.es/eng/index.asp
• https://www.barcelonahotels.es/
• https://www.hotel-barcelona.com/
• https://www.barcelona.com/reservas/
• https://www.hotelsearch.com
• https://www.apartmentbarcelona.com/
• https://www.flatsinbcn.com/
• https://www.destinationbcn.com/
• https://apartmentbcn.blogspot.com/

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 € 5.90
• by bus: 106. This bus takes you only to Plaça Espanya. A ticket costs €2.00
• 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:

 

• https://www.bcn.es (Barcelona)
• https://www.softguides.com/barcelona/index.html (Barcelona)
• https://www.red2000.com/spain/barcelon/index.html (Barcelona)
• https://www.aena.es (Spanish airports)

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.

"Optimal Monetary Policy with r*< 0"

Journal of Monetary Economics, 2024, 142, article 103518

Week 1 July 1 – July 5

 

Labor Markets and Monetary Policy

Instructor: Jordi Galí

Selected Topics:

• Introducing unemployment in New Keynesian models
• Unemployment and the design of monetary policy
• The return of the wage Phillips curve
• Sources of unemployment fluctuations
• The gains from wage flexibility

Dates:July 1– July 5

Time:  09:00 – 10:30 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List 

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

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:July 1 – July 5

Time: 11:00 – 12:30 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2&3

 

Lecture 5

 

International Trade and Macroeconomics

Instructor: Gino Gancia

Selected Topics:

• Technology, geography and trade: a quantitative analysis 
• Offshoring, global supply chains and the rise of China
• Trade, global imbalances and the Great Recession
• Trade and labor markets: wage inequality and unemployment in a global economy
• International markets and national governments

Dates:July 1–July 5

Time: 13:30 – 15:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List 

 

Lectures 1-2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

 

Manias, Panics and Crashes: Past, Present, Future

Instructor: Hans Joachim Voth

Selected Topics:

• Why are there so many asset price bubbles? What can central banks and regulators do to stop them?
• Anatomies of banking crises: where do they come from? How do they differ?
• Sovereign debt crises: can ‘investor panics’ be self-fulfilling? How can sovereign lending be made safe?
• Links between the real economy and the financial sector: lessons from the Great Depression

Dates:July 1 – July 5

Time: 15:30 – 17:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

 

Credit, Bubbles and Business Cycles

Instructor: Jaume Ventura

Selected Topics:

• Credit and business cycles: theory and evidence
• The role of asset prices: fire sales and bubbles
• A macroeconomic framework to study credit, bubbles and business cycles
• Application (1): International propagation of financial shocks and global imbalances
• Application (2): The 2007-08 financial crisis and the ongoing sovereign debt crisis

Dates:July 1 – July 5

Time: 17:30 – 19:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

 

Week 2 July 15 – 19

 

The Growth of Finance, Financial Innovation, and Systemic Risk

Instructor:Nicola Gennaioli

Selected Topics:

• The growth of the size and income of the financial sector: facts and theory
• Macroeconomic causes of the growth of finance, and its consequences for economic growth and financial fragility
• The rise of financial innovation and shadow banking: the crisis of 2007-2008
• The dangerous embrace between the financial sector and the government: the European sovereign debt crisis

Dates:July 15 –July 19

Time:08:30 – 10:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List 

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

The Macroeconomics of Financial Globalization

Instructor: Alberto Martín

Selected Topics:

• Financial globalization: the facts
• Macroeconomic effects of financial globalization: conventional view and evidence
• Rethinking the convention: a workhorse model of capital flows and financial frictions
• Policy implications: the case for capital controls
• Causes and consequences of global imbalances
• Capital flows, the financial crisis of 2007-08, and Europe’s banking woes.

Dates:July 15 –July 19

Time: 10:15 – 11:45 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

Sovereign Debt Crises: Theory and Evidence 

Instructor: Fernando Broner

Selected Topics:

• What are the costs of sovereign default? Reputation and sanctions
• Market structure and defaults: secondary markets and collateral damage
• Rollover crises: lender of last resort and moral hazard
• Solvency crises: debt overhang, buybacks and restructuring
• Lessons for Europe

Dates:July 15 – July 19

Time: 12:00 – 13:30 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Papers Lecture 1

 

Papers Lecture 2

 

Papers Lecture 3

 

Papers Lecture 4

 

Papers Lecture 5

 

Handout 1

 

Handout 2

 

Handout 3

 

Handout 4

 

Learning, Asset Prices and Macro Policy

Instructor: Albert Marcet

Selected Topics:

• Learning, expectations formation and convergence to rational expectations
• Monetary policy: stability of monetary policy under learning, explaining US experience on monetary policy, and implications for Taylor rule. Hyperinflations
• Fiscal policy, stability and fiscal sustainability under learning
• Stock price volatility
• From adaptive learning to internal rationality
• Empirical issues: model testing, expectations surveys

Dates:July 15 – July 19

Time: 14:15– 15:45 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List (First Version)

 

Recent Developments in Forecasting:

Estimation and Evaluation

Instructor: Barbara Rossi

Selected Topics:

• Recent developments in forecasting methodologies (e.g. forecasting with many predictors)
• New methods for evaluating models’ forecasts (including evaluating models’ absolute and relative predictive ability)
• Application 1: How well can we forecast inflation and output growth?
• Application 2: Do reduced-form models forecast better than DSGE models?

Dates:July 15 –July 19

Time: 16:00 – 17:30 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

Papers

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

Selected publications:

• “Gross Capital Flows: Dynamics and Crises”, (with A. Erce, S. Schmukler, and T. Didier), Journal of Monetary Economics, forthcoming.
• “Why do Emerging Economies Borrow Short Term?”, (with G. Lorenzoni and S. Schmukler), Journal of the European Economic Association, 11(S1), 67-100, 2013.
• “Globalization and Risk Sharing”, (with J. Ventura), The Review of Economic Studies, 78(1), 49-82, 2011.
• “Sovereign Risk and Secondary Markets”, (with J. Ventura and A. Martin),The American Economic Review, 100(4), 1523-1555, 2010.
• “Discrete Devaluations and Multiple Equilibria in a First Generation Model of Currency Crises,” Journal of Monetary Economics, 55(3), 592-605, 2008.
• “When in Peril Retrench: Testing the Portfolio Channel of Contagion”, (with G. Gelos and C. Reinhart), Journal of International Economics, 69(1), 203-230, 2006.

 

Jordi Galí earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 1989. Currently he is Director and Senior Researcher at the Center for Research in International Economics (CREI), Professor at Universitat Pompeu Fabra and 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 is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the Econometric Society. He has served as a co-editor of the Journal of the European Economic Association and co-director of the CEPR International Macroeconomics Programme. In 2012 he served as President of the European Economic Association. Among other awards, Galí received the National Research Prize from the Government of Catalonia in 2011, and was co-recipient of the 2005 Yrjö Jahnsson Award. His research interests include macroeconomics and monetary theory.

Selected Publications:

• Unemployment Fluctuations and Stabilization Policies: A New Keynesian Perspective, Cambridge (MA): The MIT Press, 2011.
• Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton (NJ): Princeton University Press, 2008.
• “Labor Markets and Monetary Policy: A New Keynesian Model with Unemployment”, (with O. Blanchard), The American Economic Journal: Macroeconomics, 2(2), 1-30, 2010.
• “Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?” The American Economic Review, 249-271, 1999.
• “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, (with R. Clarida and M. Gertler), The Quarterly Journal of Economics, 115(1), 147-180, 2000.
• “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, 37(4), 1661-1707, 1999.

 

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

Selected publications:

• “Competing Engines of Growth: Innovation and Standardization”, (with D. Acemoglu and F. Zilibotti), Journal of Economic Theory, 147, 570-601, 2012.
• “Trade, Markup Heterogeneity and Misallocations”, (with P. Epifani), Journal of International Economics, 83, 1-13, 2011.
• “Openness, Government Size and the Terms of Trade”, (with P. Epifani), The Review of Economic Studies, 76, 629-668, 2009.
• “The Skill Bias of World Trade”, (with P. Epifani), The Economic Journal, 118, 927-960, 2008.
• “North-South Trade and Directed Technical Change”, (with A. Bonfiglioli), Journal of International Economics, 76, 276-296, 2008.
• “Increasing Returns, Imperfect Competition and Factor Prices”, (with P. Epifani), The Review of Economics and Statistics, 88, 583-598, 2006.

 

Nicola Gennaioli earned his PhD in Economics at Harvard University in 2004. He is Full Professor of Finance at Bocconi University, on leave from a position of Senior Researcher at the Center for Research in International Economics (CREI) and Research Professor at the Barcelona GSE. He is also a Research Affiliate at CEPR. From 2004-2007 he was an Assistant Professor at IIES, Stockholm University.  In 2009-2010 he was a Postdoctoral Fellow at Harvard University.  In 2009 he was awarded aEuropean Research Council Starting Grant. His fields of expertise are psychology and economics, finance, political economy and economic development. He has published several articles in major international journals such as The Quarterly Journal of Economics, the Journal of Political Economy, The American Economic Review, The Journal of Finance, the Journal of Financial Economics, The Review of Financial Studies, the Journal of the European Economic Association andthe Journal of Economic Growth. He is associate editor of The Review of Economic Studies, The Economic Journal, the Journal of the European Economic Association, and the Journal of Development Economics.

Selected publications:

• “A Model of Shadow Banking”, (with A. Shleifer and R. Vishny), The Journal of Finance, forthcoming.
•  “Neglected Risks, Financial Innovation, and Financial Fragility”, (with A. Shleifer and R. Vishny), Journal of Financial Economics, forthcoming.
• “Human Capital and Regional Development”, (with R. La Porta, F. Lopes de Silanes and A. Shleifer), The Quarterly Journal of Economics, 128(1), 105-164, 2013.
• “Contractual Resolutions of Financial Distress”, (with S. Rossi), The Review of Financial Studies, 26(3), 602-634, 2013.
•  “Salience Theory of Choice Under Risk”, (with A. Shleifer and P. Bordalo), The Quarterly Journal of Economics, 127(3), 1243-1285, 2012.
•  “What Comes to Mind”, (with A. Shleifer), The Quarterly Journal of Economics, 125(4), 1399-1433, 2010.

 

Albert Marcet graduated in Economics at the Universitat Autònoma de Barcelona (1982) and earned his PhD in Economics at the University of Minnesota (1987). He is an ICREA Research Professor at the Institut d’Anàlisi Econòmica, Axa Research Chair on Macroeconomics at Barcelona GSE and Bank of Spain Professor . He has also been Professor at the London School of Economics (2009-2011), Universitat Pompeu Fabra (1990-2003) and Carnegie-Mellon University, Pittsburgh (1986-1992) and has been a Visitor at the ECB, London Business School, CEMFI (Madrid), the Federal Reserve Bank of Minneapolis and the Universitat Autònoma of Barcelona. His main areas of research are macroeconomics, fiscal policy, solution methods of dynamic models, financial economics and learning models.

Selected publications:

• “House Price Booms and the Current Account”, (with K. Adam and P. Kuang), in D. Acemoglu and M. Woodford (eds.), NBER Macroeconomics Annual 2011, Chicago (IL): University of Chicago Press, 26, 77-122, 2012. 
• “Internal Rationality, Imperfect Market Knowledge and Asset Prices”, (with K. Adam), Journal of Economic Theory, 146, 1224-1252, 2011.
• “Recurrent Hyperinflations and Learning”, (with J.P. Nicolini), The American Economic Review, 93(5), 1476-1498, 2003.
• “Convergence of Least Squares Learning Mechanisms in Self-Referential Linear Stochastic Models”, (with T.J. Sargent), Journal of Economic Theory, 48(2), 337-368, 1989.

 

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

Selected publications:

• “International Capital Flows and Credit Market Imperfections: A Tale of Two Frictions”, (with F.Taddei), Journal of International Economics, 89(2), 441-452, 2013.
• “Understanding Bubbly Episodes”, (with V. Carvalho and J. Ventura), TheAmerican Economic Review P&P, 102(3), 95-100, 2012.
•  “Economic Growth with Bubbles”, (with J. Ventura), The American Economic Review, 102(6), 3033-3058, 2012.
• “Theoretical Notes on Bubbles and the Current Crisis”, (with J. Ventura), IMF Economic Review, 59(1), 6-40, 2011.
• “Sovereign Risk and Secondary Markets”, (with F. Broner and J. Ventura),The American Economic Review, 100(4), 1523-1555, 2010.
• “A Model of Collateral, Investment, and Adverse Selection”, Journal of Economic Theory, 144(4), 1572-1588, 2009.

 

Barbara Rossi earned her PhD in Economics at Princeton University in 2001. Currently she is an ICREA Professor at UPF, an Affiliated Professor at Barcelona GSE, and a Research Associate at the Center for Research in International Economics (CREI). She has held an academic tenured position at Duke University and visiting positions at Berkeley University, UCSD and the Philadelphia Fed, among others. She is a Research Fellow at the CEPR and a member of the CEPR Business Cycle Committee. She is currently an associate editor for the Journal of Business and Economic Statistics,the Journal of Economic Dynamics and Control, and the Journal of Applied Econometrics. She has been awarded two National Science Foundation grants.
Selected Publications:

• “Advances in Forecasting under Model Instability”, in G. Elliott and A. Timmermann (eds.), Handbook of Forecasting, Volume 2, Amsterdam: Elsevier, forthcoming.
• “Forecasting in Macroeconomics”, (with R. Giacomini), in N. Hashimzade and M. Thornton (eds.), Handbook of Research Methods and Applications in Empirical Macroeconomics, Cheltenham (UK): Edward Elgar Publishing Ltd, forthcoming.
• “Can Exchange Rates Forecast Commodity Prices?”, (with Y. Chen and K. Rogoff), The Quarterly Journal of Economics, 125(3), 1145-1194, 2010.
• “Out-of-Sample Forecast Tests Robust to Choice of Window Size”, (with A. Inoue), Journal of Business and Economics Statistics, 30(3), 432-453, 2012.
• “Detecting and Predicting Forecast Breakdowns”, (with R. Giacomini), The Review of Economic Studies, 76(2), 669-705, 2009.
• “Forecast Comparisons in Unstable Environments”, (with R. Giacomini), Journal of Applied Econometrics, 25(4), 595-620, 2010.

 

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

Selected publications:

• “The World Distribution of Income: Falling Inequality and Convergence, Period”, The Quarterly Journal of Economics,121(2), 351-397, 2006.
• “Determinants of Long-Term Growth: A Bayesian Average of Classical Estimates (Bace) Approach”, (with G. Doppelhoffer and R. Miller), TheAmerican Economic Review, 94(4), 813-835, 2004.
• “The Economic Tragedy of the XXth Century: Growth in Africa”, (with E.V. Artadi), in African Competitiveness Report of the World Economic Forum, 2003.
• Economic Growth, (with R. Barro), 2nd Edition, Cambridge (MA): The MIT Press, 2003.
• “Health Investment Complementarities under Competing Risks”, (with W. Dow and T. Philipson), The American Economic Review, 89(5), 1358-71, 1999.

 

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

Selected publications:

• “Economic Growth with Bubbles”, (with A. Martin), The American Economic Review, 102(6), 3033-3058, 2012.
• “Bubbles and Capital Flows”, Journal of Economic Theory, 147(2), 738-758, 2012.
• “Theoretical Notes on Bubbles and the Current Crisis”, (with A. Martin), IMF Economic Review, 59(1), 6-40, 2011.
• “Globalization and Risk Sharing”, (with F. Broner), The Review of Economic Studies, 78, 49-82, 2011.
• “Sovereign Risk and Secondary Markets”, (with F. Broner and A. Martin), TheAmerican Economic Review, 100(4), 1523-2555, 2010.
• “Comparative Advantage and the Cross-section of Business Cycles”, (with A. Kraay), Journal of the European Economic Association, 5(6), 1300-1333, 2007.

 

Hans-Joachim Voth earned his PhD in Economics at Nuffield College, Oxford in 1996. He is currently an ICREA Research Professor at UPF and a Research Associate at the Center for Research in International Economics (CREI). He is a CEPR Research Fellow, and an associate editor of The Quarterly Journal of Economics. He has won international prizes for his dissertation and the Leverhulme Prize for outstanding researchers under the age of 35. His work has appeared in The Quarterly Journal of Economics, The American Economic Review, the Review of Economic Studies, the European Economic Review, The Economic Journal, The Journal of Economic History, Explorations in Economic History, and in books with OUP and PUP. He has held visiting appointments at Stanford, MIT, Princeton and Stern Business School (NYU). A former consultant at McKinsey & Co., he has also acted as an advisor to the German Finance Ministry’s Working Group on Financial Market Reform; to the CEO of the German Stock Exchange; and to the German Trade Unions Movement (DGB).

Selected publications:

• Lending to the Borrower from Hell: Debt and Default in the Age of Philip II, 1556-1598, (with M. Drelichman), Princenton (NJ): Princeton University Press, forthcoming.
• “How the West ‘Invented’ Fertility Restriction”, The American Economic Review, forthcoming.
• Prometheus Shackled: Goldsmith Banks and England’s Financial Revolution after 1700, (with P. Temin), Oxford/New York: Oxford University Press, 2013.
• “Persecution Perpetuated: The Medieval Origins of Anti-Semitic Violence in Nazi Germany”, (with N. Voigtländer), The Quarterly Journal of Economics, 127(3), 1339-1392, 2012.
• “Betting on Hitler: The Value of Political Connections in Nazi Germany”, (with T. Ferguson), The Quarterly Journal of Economics, 123(1), 101-137, 2008.
• “Riding the South Sea Bubble”, (with P. Temin), The American Economic Review, 94(5), 1654-1668, 2004.

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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

 

Residencia Universitaria Sarrià
Calle Esports, 1-7.
08017 Barcelona
Tel.  (+34) 93 206 55 40
Fax. (+34) 93 204 08 52
campus@residenciasarria.com
www.residenciasarria.com

 

 

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

• https://www.bcu.cat
• https://www.hotelsbarcelona.org/
• https://www.apartmentsapart.com/barcelona_hotels/index.htm
• https://www.barcelona-on-line.es/eng/index.asp
• https://www.barcelonahotels.es/
• https://www.hotel-barcelona.com/
• https://www.barcelona.com/reservas/
• https://www.hotelsearch.com
• https://www.apartmentbarcelona.com/
• https://www.flatsinbcn.com/
• https://www.destinationbcn.com/
• https://apartmentbcn.blogspot.com/

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 € 5.90
• by bus: 106. This bus takes you only to Plaça Espanya. A ticket costs €2.00
• 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:

 

• https://www.bcn.es (Barcelona)
• https://www.softguides.com/barcelona/index.html (Barcelona)
• https://www.red2000.com/spain/barcelon/index.html (Barcelona)
• https://www.aena.es (Spanish airports)

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.

"Q-Monetary Transmission"

Journal of Political Economy, 2024, 132 (3), 971-1012

Week 1 July 1 – July 5

 

Labor Markets and Monetary Policy

Instructor: Jordi Galí

Selected Topics:

• Introducing unemployment in New Keynesian models
• Unemployment and the design of monetary policy
• The return of the wage Phillips curve
• Sources of unemployment fluctuations
• The gains from wage flexibility

Dates:July 1– July 5

Time:  09:00 – 10:30 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List 

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

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:July 1 – July 5

Time: 11:00 – 12:30 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2&3

 

Lecture 5

 

International Trade and Macroeconomics

Instructor: Gino Gancia

Selected Topics:

• Technology, geography and trade: a quantitative analysis 
• Offshoring, global supply chains and the rise of China
• Trade, global imbalances and the Great Recession
• Trade and labor markets: wage inequality and unemployment in a global economy
• International markets and national governments

Dates:July 1–July 5

Time: 13:30 – 15:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List 

 

Lectures 1-2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

 

Manias, Panics and Crashes: Past, Present, Future

Instructor: Hans Joachim Voth

Selected Topics:

• Why are there so many asset price bubbles? What can central banks and regulators do to stop them?
• Anatomies of banking crises: where do they come from? How do they differ?
• Sovereign debt crises: can ‘investor panics’ be self-fulfilling? How can sovereign lending be made safe?
• Links between the real economy and the financial sector: lessons from the Great Depression

Dates:July 1 – July 5

Time: 15:30 – 17:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

 

Credit, Bubbles and Business Cycles

Instructor: Jaume Ventura

Selected Topics:

• Credit and business cycles: theory and evidence
• The role of asset prices: fire sales and bubbles
• A macroeconomic framework to study credit, bubbles and business cycles
• Application (1): International propagation of financial shocks and global imbalances
• Application (2): The 2007-08 financial crisis and the ongoing sovereign debt crisis

Dates:July 1 – July 5

Time: 17:30 – 19:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

 

Week 2 July 15 – 19

 

The Growth of Finance, Financial Innovation, and Systemic Risk

Instructor:Nicola Gennaioli

Selected Topics:

• The growth of the size and income of the financial sector: facts and theory
• Macroeconomic causes of the growth of finance, and its consequences for economic growth and financial fragility
• The rise of financial innovation and shadow banking: the crisis of 2007-2008
• The dangerous embrace between the financial sector and the government: the European sovereign debt crisis

Dates:July 15 –July 19

Time:08:30 – 10:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List 

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

The Macroeconomics of Financial Globalization

Instructor: Alberto Martín

Selected Topics:

• Financial globalization: the facts
• Macroeconomic effects of financial globalization: conventional view and evidence
• Rethinking the convention: a workhorse model of capital flows and financial frictions
• Policy implications: the case for capital controls
• Causes and consequences of global imbalances
• Capital flows, the financial crisis of 2007-08, and Europe’s banking woes.

Dates:July 15 –July 19

Time: 10:15 – 11:45 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

Sovereign Debt Crises: Theory and Evidence 

Instructor: Fernando Broner

Selected Topics:

• What are the costs of sovereign default? Reputation and sanctions
• Market structure and defaults: secondary markets and collateral damage
• Rollover crises: lender of last resort and moral hazard
• Solvency crises: debt overhang, buybacks and restructuring
• Lessons for Europe

Dates:July 15 – July 19

Time: 12:00 – 13:30 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Papers Lecture 1

 

Papers Lecture 2

 

Papers Lecture 3

 

Papers Lecture 4

 

Papers Lecture 5

 

Handout 1

 

Handout 2

 

Handout 3

 

Handout 4

 

Learning, Asset Prices and Macro Policy

Instructor: Albert Marcet

Selected Topics:

• Learning, expectations formation and convergence to rational expectations
• Monetary policy: stability of monetary policy under learning, explaining US experience on monetary policy, and implications for Taylor rule. Hyperinflations
• Fiscal policy, stability and fiscal sustainability under learning
• Stock price volatility
• From adaptive learning to internal rationality
• Empirical issues: model testing, expectations surveys

Dates:July 15 – July 19

Time: 14:15– 15:45 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List (First Version)

 

Recent Developments in Forecasting:

Estimation and Evaluation

Instructor: Barbara Rossi

Selected Topics:

• Recent developments in forecasting methodologies (e.g. forecasting with many predictors)
• New methods for evaluating models’ forecasts (including evaluating models’ absolute and relative predictive ability)
• Application 1: How well can we forecast inflation and output growth?
• Application 2: Do reduced-form models forecast better than DSGE models?

Dates:July 15 –July 19

Time: 16:00 – 17:30 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

Papers

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

Selected publications:

• “Gross Capital Flows: Dynamics and Crises”, (with A. Erce, S. Schmukler, and T. Didier), Journal of Monetary Economics, forthcoming.
• “Why do Emerging Economies Borrow Short Term?”, (with G. Lorenzoni and S. Schmukler), Journal of the European Economic Association, 11(S1), 67-100, 2013.
• “Globalization and Risk Sharing”, (with J. Ventura), The Review of Economic Studies, 78(1), 49-82, 2011.
• “Sovereign Risk and Secondary Markets”, (with J. Ventura and A. Martin),The American Economic Review, 100(4), 1523-1555, 2010.
• “Discrete Devaluations and Multiple Equilibria in a First Generation Model of Currency Crises,” Journal of Monetary Economics, 55(3), 592-605, 2008.
• “When in Peril Retrench: Testing the Portfolio Channel of Contagion”, (with G. Gelos and C. Reinhart), Journal of International Economics, 69(1), 203-230, 2006.

 

Jordi Galí earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 1989. Currently he is Director and Senior Researcher at the Center for Research in International Economics (CREI), Professor at Universitat Pompeu Fabra and 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 is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the Econometric Society. He has served as a co-editor of the Journal of the European Economic Association and co-director of the CEPR International Macroeconomics Programme. In 2012 he served as President of the European Economic Association. Among other awards, Galí received the National Research Prize from the Government of Catalonia in 2011, and was co-recipient of the 2005 Yrjö Jahnsson Award. His research interests include macroeconomics and monetary theory.

Selected Publications:

• Unemployment Fluctuations and Stabilization Policies: A New Keynesian Perspective, Cambridge (MA): The MIT Press, 2011.
• Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton (NJ): Princeton University Press, 2008.
• “Labor Markets and Monetary Policy: A New Keynesian Model with Unemployment”, (with O. Blanchard), The American Economic Journal: Macroeconomics, 2(2), 1-30, 2010.
• “Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?” The American Economic Review, 249-271, 1999.
• “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, (with R. Clarida and M. Gertler), The Quarterly Journal of Economics, 115(1), 147-180, 2000.
• “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, 37(4), 1661-1707, 1999.

 

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

Selected publications:

• “Competing Engines of Growth: Innovation and Standardization”, (with D. Acemoglu and F. Zilibotti), Journal of Economic Theory, 147, 570-601, 2012.
• “Trade, Markup Heterogeneity and Misallocations”, (with P. Epifani), Journal of International Economics, 83, 1-13, 2011.
• “Openness, Government Size and the Terms of Trade”, (with P. Epifani), The Review of Economic Studies, 76, 629-668, 2009.
• “The Skill Bias of World Trade”, (with P. Epifani), The Economic Journal, 118, 927-960, 2008.
• “North-South Trade and Directed Technical Change”, (with A. Bonfiglioli), Journal of International Economics, 76, 276-296, 2008.
• “Increasing Returns, Imperfect Competition and Factor Prices”, (with P. Epifani), The Review of Economics and Statistics, 88, 583-598, 2006.

 

Nicola Gennaioli earned his PhD in Economics at Harvard University in 2004. He is Full Professor of Finance at Bocconi University, on leave from a position of Senior Researcher at the Center for Research in International Economics (CREI) and Research Professor at the Barcelona GSE. He is also a Research Affiliate at CEPR. From 2004-2007 he was an Assistant Professor at IIES, Stockholm University.  In 2009-2010 he was a Postdoctoral Fellow at Harvard University.  In 2009 he was awarded aEuropean Research Council Starting Grant. His fields of expertise are psychology and economics, finance, political economy and economic development. He has published several articles in major international journals such as The Quarterly Journal of Economics, the Journal of Political Economy, The American Economic Review, The Journal of Finance, the Journal of Financial Economics, The Review of Financial Studies, the Journal of the European Economic Association andthe Journal of Economic Growth. He is associate editor of The Review of Economic Studies, The Economic Journal, the Journal of the European Economic Association, and the Journal of Development Economics.

Selected publications:

• “A Model of Shadow Banking”, (with A. Shleifer and R. Vishny), The Journal of Finance, forthcoming.
•  “Neglected Risks, Financial Innovation, and Financial Fragility”, (with A. Shleifer and R. Vishny), Journal of Financial Economics, forthcoming.
• “Human Capital and Regional Development”, (with R. La Porta, F. Lopes de Silanes and A. Shleifer), The Quarterly Journal of Economics, 128(1), 105-164, 2013.
• “Contractual Resolutions of Financial Distress”, (with S. Rossi), The Review of Financial Studies, 26(3), 602-634, 2013.
•  “Salience Theory of Choice Under Risk”, (with A. Shleifer and P. Bordalo), The Quarterly Journal of Economics, 127(3), 1243-1285, 2012.
•  “What Comes to Mind”, (with A. Shleifer), The Quarterly Journal of Economics, 125(4), 1399-1433, 2010.

 

Albert Marcet graduated in Economics at the Universitat Autònoma de Barcelona (1982) and earned his PhD in Economics at the University of Minnesota (1987). He is an ICREA Research Professor at the Institut d’Anàlisi Econòmica, Axa Research Chair on Macroeconomics at Barcelona GSE and Bank of Spain Professor . He has also been Professor at the London School of Economics (2009-2011), Universitat Pompeu Fabra (1990-2003) and Carnegie-Mellon University, Pittsburgh (1986-1992) and has been a Visitor at the ECB, London Business School, CEMFI (Madrid), the Federal Reserve Bank of Minneapolis and the Universitat Autònoma of Barcelona. His main areas of research are macroeconomics, fiscal policy, solution methods of dynamic models, financial economics and learning models.

Selected publications:

• “House Price Booms and the Current Account”, (with K. Adam and P. Kuang), in D. Acemoglu and M. Woodford (eds.), NBER Macroeconomics Annual 2011, Chicago (IL): University of Chicago Press, 26, 77-122, 2012. 
• “Internal Rationality, Imperfect Market Knowledge and Asset Prices”, (with K. Adam), Journal of Economic Theory, 146, 1224-1252, 2011.
• “Recurrent Hyperinflations and Learning”, (with J.P. Nicolini), The American Economic Review, 93(5), 1476-1498, 2003.
• “Convergence of Least Squares Learning Mechanisms in Self-Referential Linear Stochastic Models”, (with T.J. Sargent), Journal of Economic Theory, 48(2), 337-368, 1989.

 

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

Selected publications:

• “International Capital Flows and Credit Market Imperfections: A Tale of Two Frictions”, (with F.Taddei), Journal of International Economics, 89(2), 441-452, 2013.
• “Understanding Bubbly Episodes”, (with V. Carvalho and J. Ventura), TheAmerican Economic Review P&P, 102(3), 95-100, 2012.
•  “Economic Growth with Bubbles”, (with J. Ventura), The American Economic Review, 102(6), 3033-3058, 2012.
• “Theoretical Notes on Bubbles and the Current Crisis”, (with J. Ventura), IMF Economic Review, 59(1), 6-40, 2011.
• “Sovereign Risk and Secondary Markets”, (with F. Broner and J. Ventura),The American Economic Review, 100(4), 1523-1555, 2010.
• “A Model of Collateral, Investment, and Adverse Selection”, Journal of Economic Theory, 144(4), 1572-1588, 2009.

 

Barbara Rossi earned her PhD in Economics at Princeton University in 2001. Currently she is an ICREA Professor at UPF, an Affiliated Professor at Barcelona GSE, and a Research Associate at the Center for Research in International Economics (CREI). She has held an academic tenured position at Duke University and visiting positions at Berkeley University, UCSD and the Philadelphia Fed, among others. She is a Research Fellow at the CEPR and a member of the CEPR Business Cycle Committee. She is currently an associate editor for the Journal of Business and Economic Statistics,the Journal of Economic Dynamics and Control, and the Journal of Applied Econometrics. She has been awarded two National Science Foundation grants.
Selected Publications:

• “Advances in Forecasting under Model Instability”, in G. Elliott and A. Timmermann (eds.), Handbook of Forecasting, Volume 2, Amsterdam: Elsevier, forthcoming.
• “Forecasting in Macroeconomics”, (with R. Giacomini), in N. Hashimzade and M. Thornton (eds.), Handbook of Research Methods and Applications in Empirical Macroeconomics, Cheltenham (UK): Edward Elgar Publishing Ltd, forthcoming.
• “Can Exchange Rates Forecast Commodity Prices?”, (with Y. Chen and K. Rogoff), The Quarterly Journal of Economics, 125(3), 1145-1194, 2010.
• “Out-of-Sample Forecast Tests Robust to Choice of Window Size”, (with A. Inoue), Journal of Business and Economics Statistics, 30(3), 432-453, 2012.
• “Detecting and Predicting Forecast Breakdowns”, (with R. Giacomini), The Review of Economic Studies, 76(2), 669-705, 2009.
• “Forecast Comparisons in Unstable Environments”, (with R. Giacomini), Journal of Applied Econometrics, 25(4), 595-620, 2010.

 

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

Selected publications:

• “The World Distribution of Income: Falling Inequality and Convergence, Period”, The Quarterly Journal of Economics,121(2), 351-397, 2006.
• “Determinants of Long-Term Growth: A Bayesian Average of Classical Estimates (Bace) Approach”, (with G. Doppelhoffer and R. Miller), TheAmerican Economic Review, 94(4), 813-835, 2004.
• “The Economic Tragedy of the XXth Century: Growth in Africa”, (with E.V. Artadi), in African Competitiveness Report of the World Economic Forum, 2003.
• Economic Growth, (with R. Barro), 2nd Edition, Cambridge (MA): The MIT Press, 2003.
• “Health Investment Complementarities under Competing Risks”, (with W. Dow and T. Philipson), The American Economic Review, 89(5), 1358-71, 1999.

 

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

Selected publications:

• “Economic Growth with Bubbles”, (with A. Martin), The American Economic Review, 102(6), 3033-3058, 2012.
• “Bubbles and Capital Flows”, Journal of Economic Theory, 147(2), 738-758, 2012.
• “Theoretical Notes on Bubbles and the Current Crisis”, (with A. Martin), IMF Economic Review, 59(1), 6-40, 2011.
• “Globalization and Risk Sharing”, (with F. Broner), The Review of Economic Studies, 78, 49-82, 2011.
• “Sovereign Risk and Secondary Markets”, (with F. Broner and A. Martin), TheAmerican Economic Review, 100(4), 1523-2555, 2010.
• “Comparative Advantage and the Cross-section of Business Cycles”, (with A. Kraay), Journal of the European Economic Association, 5(6), 1300-1333, 2007.

 

Hans-Joachim Voth earned his PhD in Economics at Nuffield College, Oxford in 1996. He is currently an ICREA Research Professor at UPF and a Research Associate at the Center for Research in International Economics (CREI). He is a CEPR Research Fellow, and an associate editor of The Quarterly Journal of Economics. He has won international prizes for his dissertation and the Leverhulme Prize for outstanding researchers under the age of 35. His work has appeared in The Quarterly Journal of Economics, The American Economic Review, the Review of Economic Studies, the European Economic Review, The Economic Journal, The Journal of Economic History, Explorations in Economic History, and in books with OUP and PUP. He has held visiting appointments at Stanford, MIT, Princeton and Stern Business School (NYU). A former consultant at McKinsey & Co., he has also acted as an advisor to the German Finance Ministry’s Working Group on Financial Market Reform; to the CEO of the German Stock Exchange; and to the German Trade Unions Movement (DGB).

Selected publications:

• Lending to the Borrower from Hell: Debt and Default in the Age of Philip II, 1556-1598, (with M. Drelichman), Princenton (NJ): Princeton University Press, forthcoming.
• “How the West ‘Invented’ Fertility Restriction”, The American Economic Review, forthcoming.
• Prometheus Shackled: Goldsmith Banks and England’s Financial Revolution after 1700, (with P. Temin), Oxford/New York: Oxford University Press, 2013.
• “Persecution Perpetuated: The Medieval Origins of Anti-Semitic Violence in Nazi Germany”, (with N. Voigtländer), The Quarterly Journal of Economics, 127(3), 1339-1392, 2012.
• “Betting on Hitler: The Value of Political Connections in Nazi Germany”, (with T. Ferguson), The Quarterly Journal of Economics, 123(1), 101-137, 2008.
• “Riding the South Sea Bubble”, (with P. Temin), The American Economic Review, 94(5), 1654-1668, 2004.

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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

 

Residencia Universitaria Sarrià
Calle Esports, 1-7.
08017 Barcelona
Tel.  (+34) 93 206 55 40
Fax. (+34) 93 204 08 52
campus@residenciasarria.com
www.residenciasarria.com

 

 

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

• https://www.bcu.cat
• https://www.hotelsbarcelona.org/
• https://www.apartmentsapart.com/barcelona_hotels/index.htm
• https://www.barcelona-on-line.es/eng/index.asp
• https://www.barcelonahotels.es/
• https://www.hotel-barcelona.com/
• https://www.barcelona.com/reservas/
• https://www.hotelsearch.com
• https://www.apartmentbarcelona.com/
• https://www.flatsinbcn.com/
• https://www.destinationbcn.com/
• https://apartmentbcn.blogspot.com/

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 € 5.90
• by bus: 106. This bus takes you only to Plaça Espanya. A ticket costs €2.00
• 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:

 

• https://www.bcn.es (Barcelona)
• https://www.softguides.com/barcelona/index.html (Barcelona)
• https://www.red2000.com/spain/barcelon/index.html (Barcelona)
• https://www.aena.es (Spanish airports)

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.

"A Worker’s Backpack as Alternative to the Spanish PAYG Pension System"

Journal of the European Economic Association, 2023, 21 (5), 1944-1993

Week 1 July 1 – July 5

 

Labor Markets and Monetary Policy

Instructor: Jordi Galí

Selected Topics:

• Introducing unemployment in New Keynesian models
• Unemployment and the design of monetary policy
• The return of the wage Phillips curve
• Sources of unemployment fluctuations
• The gains from wage flexibility

Dates:July 1– July 5

Time:  09:00 – 10:30 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List 

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

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:July 1 – July 5

Time: 11:00 – 12:30 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2&3

 

Lecture 5

 

International Trade and Macroeconomics

Instructor: Gino Gancia

Selected Topics:

• Technology, geography and trade: a quantitative analysis 
• Offshoring, global supply chains and the rise of China
• Trade, global imbalances and the Great Recession
• Trade and labor markets: wage inequality and unemployment in a global economy
• International markets and national governments

Dates:July 1–July 5

Time: 13:30 – 15:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List 

 

Lectures 1-2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

 

Manias, Panics and Crashes: Past, Present, Future

Instructor: Hans Joachim Voth

Selected Topics:

• Why are there so many asset price bubbles? What can central banks and regulators do to stop them?
• Anatomies of banking crises: where do they come from? How do they differ?
• Sovereign debt crises: can ‘investor panics’ be self-fulfilling? How can sovereign lending be made safe?
• Links between the real economy and the financial sector: lessons from the Great Depression

Dates:July 1 – July 5

Time: 15:30 – 17:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

 

Credit, Bubbles and Business Cycles

Instructor: Jaume Ventura

Selected Topics:

• Credit and business cycles: theory and evidence
• The role of asset prices: fire sales and bubbles
• A macroeconomic framework to study credit, bubbles and business cycles
• Application (1): International propagation of financial shocks and global imbalances
• Application (2): The 2007-08 financial crisis and the ongoing sovereign debt crisis

Dates:July 1 – July 5

Time: 17:30 – 19:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

 

Week 2 July 15 – 19

 

The Growth of Finance, Financial Innovation, and Systemic Risk

Instructor:Nicola Gennaioli

Selected Topics:

• The growth of the size and income of the financial sector: facts and theory
• Macroeconomic causes of the growth of finance, and its consequences for economic growth and financial fragility
• The rise of financial innovation and shadow banking: the crisis of 2007-2008
• The dangerous embrace between the financial sector and the government: the European sovereign debt crisis

Dates:July 15 –July 19

Time:08:30 – 10:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List 

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

The Macroeconomics of Financial Globalization

Instructor: Alberto Martín

Selected Topics:

• Financial globalization: the facts
• Macroeconomic effects of financial globalization: conventional view and evidence
• Rethinking the convention: a workhorse model of capital flows and financial frictions
• Policy implications: the case for capital controls
• Causes and consequences of global imbalances
• Capital flows, the financial crisis of 2007-08, and Europe’s banking woes.

Dates:July 15 –July 19

Time: 10:15 – 11:45 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

Sovereign Debt Crises: Theory and Evidence 

Instructor: Fernando Broner

Selected Topics:

• What are the costs of sovereign default? Reputation and sanctions
• Market structure and defaults: secondary markets and collateral damage
• Rollover crises: lender of last resort and moral hazard
• Solvency crises: debt overhang, buybacks and restructuring
• Lessons for Europe

Dates:July 15 – July 19

Time: 12:00 – 13:30 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Papers Lecture 1

 

Papers Lecture 2

 

Papers Lecture 3

 

Papers Lecture 4

 

Papers Lecture 5

 

Handout 1

 

Handout 2

 

Handout 3

 

Handout 4

 

Learning, Asset Prices and Macro Policy

Instructor: Albert Marcet

Selected Topics:

• Learning, expectations formation and convergence to rational expectations
• Monetary policy: stability of monetary policy under learning, explaining US experience on monetary policy, and implications for Taylor rule. Hyperinflations
• Fiscal policy, stability and fiscal sustainability under learning
• Stock price volatility
• From adaptive learning to internal rationality
• Empirical issues: model testing, expectations surveys

Dates:July 15 – July 19

Time: 14:15– 15:45 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List (First Version)

 

Recent Developments in Forecasting:

Estimation and Evaluation

Instructor: Barbara Rossi

Selected Topics:

• Recent developments in forecasting methodologies (e.g. forecasting with many predictors)
• New methods for evaluating models’ forecasts (including evaluating models’ absolute and relative predictive ability)
• Application 1: How well can we forecast inflation and output growth?
• Application 2: Do reduced-form models forecast better than DSGE models?

Dates:July 15 –July 19

Time: 16:00 – 17:30 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

Papers

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

Selected publications:

• “Gross Capital Flows: Dynamics and Crises”, (with A. Erce, S. Schmukler, and T. Didier), Journal of Monetary Economics, forthcoming.
• “Why do Emerging Economies Borrow Short Term?”, (with G. Lorenzoni and S. Schmukler), Journal of the European Economic Association, 11(S1), 67-100, 2013.
• “Globalization and Risk Sharing”, (with J. Ventura), The Review of Economic Studies, 78(1), 49-82, 2011.
• “Sovereign Risk and Secondary Markets”, (with J. Ventura and A. Martin),The American Economic Review, 100(4), 1523-1555, 2010.
• “Discrete Devaluations and Multiple Equilibria in a First Generation Model of Currency Crises,” Journal of Monetary Economics, 55(3), 592-605, 2008.
• “When in Peril Retrench: Testing the Portfolio Channel of Contagion”, (with G. Gelos and C. Reinhart), Journal of International Economics, 69(1), 203-230, 2006.

 

Jordi Galí earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 1989. Currently he is Director and Senior Researcher at the Center for Research in International Economics (CREI), Professor at Universitat Pompeu Fabra and 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 is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the Econometric Society. He has served as a co-editor of the Journal of the European Economic Association and co-director of the CEPR International Macroeconomics Programme. In 2012 he served as President of the European Economic Association. Among other awards, Galí received the National Research Prize from the Government of Catalonia in 2011, and was co-recipient of the 2005 Yrjö Jahnsson Award. His research interests include macroeconomics and monetary theory.

Selected Publications:

• Unemployment Fluctuations and Stabilization Policies: A New Keynesian Perspective, Cambridge (MA): The MIT Press, 2011.
• Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton (NJ): Princeton University Press, 2008.
• “Labor Markets and Monetary Policy: A New Keynesian Model with Unemployment”, (with O. Blanchard), The American Economic Journal: Macroeconomics, 2(2), 1-30, 2010.
• “Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?” The American Economic Review, 249-271, 1999.
• “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, (with R. Clarida and M. Gertler), The Quarterly Journal of Economics, 115(1), 147-180, 2000.
• “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, 37(4), 1661-1707, 1999.

 

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

Selected publications:

• “Competing Engines of Growth: Innovation and Standardization”, (with D. Acemoglu and F. Zilibotti), Journal of Economic Theory, 147, 570-601, 2012.
• “Trade, Markup Heterogeneity and Misallocations”, (with P. Epifani), Journal of International Economics, 83, 1-13, 2011.
• “Openness, Government Size and the Terms of Trade”, (with P. Epifani), The Review of Economic Studies, 76, 629-668, 2009.
• “The Skill Bias of World Trade”, (with P. Epifani), The Economic Journal, 118, 927-960, 2008.
• “North-South Trade and Directed Technical Change”, (with A. Bonfiglioli), Journal of International Economics, 76, 276-296, 2008.
• “Increasing Returns, Imperfect Competition and Factor Prices”, (with P. Epifani), The Review of Economics and Statistics, 88, 583-598, 2006.

 

Nicola Gennaioli earned his PhD in Economics at Harvard University in 2004. He is Full Professor of Finance at Bocconi University, on leave from a position of Senior Researcher at the Center for Research in International Economics (CREI) and Research Professor at the Barcelona GSE. He is also a Research Affiliate at CEPR. From 2004-2007 he was an Assistant Professor at IIES, Stockholm University.  In 2009-2010 he was a Postdoctoral Fellow at Harvard University.  In 2009 he was awarded aEuropean Research Council Starting Grant. His fields of expertise are psychology and economics, finance, political economy and economic development. He has published several articles in major international journals such as The Quarterly Journal of Economics, the Journal of Political Economy, The American Economic Review, The Journal of Finance, the Journal of Financial Economics, The Review of Financial Studies, the Journal of the European Economic Association andthe Journal of Economic Growth. He is associate editor of The Review of Economic Studies, The Economic Journal, the Journal of the European Economic Association, and the Journal of Development Economics.

Selected publications:

• “A Model of Shadow Banking”, (with A. Shleifer and R. Vishny), The Journal of Finance, forthcoming.
•  “Neglected Risks, Financial Innovation, and Financial Fragility”, (with A. Shleifer and R. Vishny), Journal of Financial Economics, forthcoming.
• “Human Capital and Regional Development”, (with R. La Porta, F. Lopes de Silanes and A. Shleifer), The Quarterly Journal of Economics, 128(1), 105-164, 2013.
• “Contractual Resolutions of Financial Distress”, (with S. Rossi), The Review of Financial Studies, 26(3), 602-634, 2013.
•  “Salience Theory of Choice Under Risk”, (with A. Shleifer and P. Bordalo), The Quarterly Journal of Economics, 127(3), 1243-1285, 2012.
•  “What Comes to Mind”, (with A. Shleifer), The Quarterly Journal of Economics, 125(4), 1399-1433, 2010.

 

Albert Marcet graduated in Economics at the Universitat Autònoma de Barcelona (1982) and earned his PhD in Economics at the University of Minnesota (1987). He is an ICREA Research Professor at the Institut d’Anàlisi Econòmica, Axa Research Chair on Macroeconomics at Barcelona GSE and Bank of Spain Professor . He has also been Professor at the London School of Economics (2009-2011), Universitat Pompeu Fabra (1990-2003) and Carnegie-Mellon University, Pittsburgh (1986-1992) and has been a Visitor at the ECB, London Business School, CEMFI (Madrid), the Federal Reserve Bank of Minneapolis and the Universitat Autònoma of Barcelona. His main areas of research are macroeconomics, fiscal policy, solution methods of dynamic models, financial economics and learning models.

Selected publications:

• “House Price Booms and the Current Account”, (with K. Adam and P. Kuang), in D. Acemoglu and M. Woodford (eds.), NBER Macroeconomics Annual 2011, Chicago (IL): University of Chicago Press, 26, 77-122, 2012. 
• “Internal Rationality, Imperfect Market Knowledge and Asset Prices”, (with K. Adam), Journal of Economic Theory, 146, 1224-1252, 2011.
• “Recurrent Hyperinflations and Learning”, (with J.P. Nicolini), The American Economic Review, 93(5), 1476-1498, 2003.
• “Convergence of Least Squares Learning Mechanisms in Self-Referential Linear Stochastic Models”, (with T.J. Sargent), Journal of Economic Theory, 48(2), 337-368, 1989.

 

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

Selected publications:

• “International Capital Flows and Credit Market Imperfections: A Tale of Two Frictions”, (with F.Taddei), Journal of International Economics, 89(2), 441-452, 2013.
• “Understanding Bubbly Episodes”, (with V. Carvalho and J. Ventura), TheAmerican Economic Review P&P, 102(3), 95-100, 2012.
•  “Economic Growth with Bubbles”, (with J. Ventura), The American Economic Review, 102(6), 3033-3058, 2012.
• “Theoretical Notes on Bubbles and the Current Crisis”, (with J. Ventura), IMF Economic Review, 59(1), 6-40, 2011.
• “Sovereign Risk and Secondary Markets”, (with F. Broner and J. Ventura),The American Economic Review, 100(4), 1523-1555, 2010.
• “A Model of Collateral, Investment, and Adverse Selection”, Journal of Economic Theory, 144(4), 1572-1588, 2009.

 

Barbara Rossi earned her PhD in Economics at Princeton University in 2001. Currently she is an ICREA Professor at UPF, an Affiliated Professor at Barcelona GSE, and a Research Associate at the Center for Research in International Economics (CREI). She has held an academic tenured position at Duke University and visiting positions at Berkeley University, UCSD and the Philadelphia Fed, among others. She is a Research Fellow at the CEPR and a member of the CEPR Business Cycle Committee. She is currently an associate editor for the Journal of Business and Economic Statistics,the Journal of Economic Dynamics and Control, and the Journal of Applied Econometrics. She has been awarded two National Science Foundation grants.
Selected Publications:

• “Advances in Forecasting under Model Instability”, in G. Elliott and A. Timmermann (eds.), Handbook of Forecasting, Volume 2, Amsterdam: Elsevier, forthcoming.
• “Forecasting in Macroeconomics”, (with R. Giacomini), in N. Hashimzade and M. Thornton (eds.), Handbook of Research Methods and Applications in Empirical Macroeconomics, Cheltenham (UK): Edward Elgar Publishing Ltd, forthcoming.
• “Can Exchange Rates Forecast Commodity Prices?”, (with Y. Chen and K. Rogoff), The Quarterly Journal of Economics, 125(3), 1145-1194, 2010.
• “Out-of-Sample Forecast Tests Robust to Choice of Window Size”, (with A. Inoue), Journal of Business and Economics Statistics, 30(3), 432-453, 2012.
• “Detecting and Predicting Forecast Breakdowns”, (with R. Giacomini), The Review of Economic Studies, 76(2), 669-705, 2009.
• “Forecast Comparisons in Unstable Environments”, (with R. Giacomini), Journal of Applied Econometrics, 25(4), 595-620, 2010.

 

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

Selected publications:

• “The World Distribution of Income: Falling Inequality and Convergence, Period”, The Quarterly Journal of Economics,121(2), 351-397, 2006.
• “Determinants of Long-Term Growth: A Bayesian Average of Classical Estimates (Bace) Approach”, (with G. Doppelhoffer and R. Miller), TheAmerican Economic Review, 94(4), 813-835, 2004.
• “The Economic Tragedy of the XXth Century: Growth in Africa”, (with E.V. Artadi), in African Competitiveness Report of the World Economic Forum, 2003.
• Economic Growth, (with R. Barro), 2nd Edition, Cambridge (MA): The MIT Press, 2003.
• “Health Investment Complementarities under Competing Risks”, (with W. Dow and T. Philipson), The American Economic Review, 89(5), 1358-71, 1999.

 

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

Selected publications:

• “Economic Growth with Bubbles”, (with A. Martin), The American Economic Review, 102(6), 3033-3058, 2012.
• “Bubbles and Capital Flows”, Journal of Economic Theory, 147(2), 738-758, 2012.
• “Theoretical Notes on Bubbles and the Current Crisis”, (with A. Martin), IMF Economic Review, 59(1), 6-40, 2011.
• “Globalization and Risk Sharing”, (with F. Broner), The Review of Economic Studies, 78, 49-82, 2011.
• “Sovereign Risk and Secondary Markets”, (with F. Broner and A. Martin), TheAmerican Economic Review, 100(4), 1523-2555, 2010.
• “Comparative Advantage and the Cross-section of Business Cycles”, (with A. Kraay), Journal of the European Economic Association, 5(6), 1300-1333, 2007.

 

Hans-Joachim Voth earned his PhD in Economics at Nuffield College, Oxford in 1996. He is currently an ICREA Research Professor at UPF and a Research Associate at the Center for Research in International Economics (CREI). He is a CEPR Research Fellow, and an associate editor of The Quarterly Journal of Economics. He has won international prizes for his dissertation and the Leverhulme Prize for outstanding researchers under the age of 35. His work has appeared in The Quarterly Journal of Economics, The American Economic Review, the Review of Economic Studies, the European Economic Review, The Economic Journal, The Journal of Economic History, Explorations in Economic History, and in books with OUP and PUP. He has held visiting appointments at Stanford, MIT, Princeton and Stern Business School (NYU). A former consultant at McKinsey & Co., he has also acted as an advisor to the German Finance Ministry’s Working Group on Financial Market Reform; to the CEO of the German Stock Exchange; and to the German Trade Unions Movement (DGB).

Selected publications:

• Lending to the Borrower from Hell: Debt and Default in the Age of Philip II, 1556-1598, (with M. Drelichman), Princenton (NJ): Princeton University Press, forthcoming.
• “How the West ‘Invented’ Fertility Restriction”, The American Economic Review, forthcoming.
• Prometheus Shackled: Goldsmith Banks and England’s Financial Revolution after 1700, (with P. Temin), Oxford/New York: Oxford University Press, 2013.
• “Persecution Perpetuated: The Medieval Origins of Anti-Semitic Violence in Nazi Germany”, (with N. Voigtländer), The Quarterly Journal of Economics, 127(3), 1339-1392, 2012.
• “Betting on Hitler: The Value of Political Connections in Nazi Germany”, (with T. Ferguson), The Quarterly Journal of Economics, 123(1), 101-137, 2008.
• “Riding the South Sea Bubble”, (with P. Temin), The American Economic Review, 94(5), 1654-1668, 2004.

Download here

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

 

Residencia Universitaria Sarrià
Calle Esports, 1-7.
08017 Barcelona
Tel.  (+34) 93 206 55 40
Fax. (+34) 93 204 08 52
campus@residenciasarria.com
www.residenciasarria.com

 

 

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

• https://www.bcu.cat
• https://www.hotelsbarcelona.org/
• https://www.apartmentsapart.com/barcelona_hotels/index.htm
• https://www.barcelona-on-line.es/eng/index.asp
• https://www.barcelonahotels.es/
• https://www.hotel-barcelona.com/
• https://www.barcelona.com/reservas/
• https://www.hotelsearch.com
• https://www.apartmentbarcelona.com/
• https://www.flatsinbcn.com/
• https://www.destinationbcn.com/
• https://apartmentbcn.blogspot.com/

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 € 5.90
• by bus: 106. This bus takes you only to Plaça Espanya. A ticket costs €2.00
• 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:

 

• https://www.bcn.es (Barcelona)
• https://www.softguides.com/barcelona/index.html (Barcelona)
• https://www.red2000.com/spain/barcelon/index.html (Barcelona)
• https://www.aena.es (Spanish airports)

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.

"On a Lender of Last Resort with a Central Bank and a Stability Fund"

Review of Economic Dynamics, 2023, 50, 106-130

Week 1 July 1 – July 5

 

Labor Markets and Monetary Policy

Instructor: Jordi Galí

Selected Topics:

• Introducing unemployment in New Keynesian models
• Unemployment and the design of monetary policy
• The return of the wage Phillips curve
• Sources of unemployment fluctuations
• The gains from wage flexibility

Dates:July 1– July 5

Time:  09:00 – 10:30 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List 

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

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:July 1 – July 5

Time: 11:00 – 12:30 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2&3

 

Lecture 5

 

International Trade and Macroeconomics

Instructor: Gino Gancia

Selected Topics:

• Technology, geography and trade: a quantitative analysis 
• Offshoring, global supply chains and the rise of China
• Trade, global imbalances and the Great Recession
• Trade and labor markets: wage inequality and unemployment in a global economy
• International markets and national governments

Dates:July 1–July 5

Time: 13:30 – 15:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List 

 

Lectures 1-2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

 

Manias, Panics and Crashes: Past, Present, Future

Instructor: Hans Joachim Voth

Selected Topics:

• Why are there so many asset price bubbles? What can central banks and regulators do to stop them?
• Anatomies of banking crises: where do they come from? How do they differ?
• Sovereign debt crises: can ‘investor panics’ be self-fulfilling? How can sovereign lending be made safe?
• Links between the real economy and the financial sector: lessons from the Great Depression

Dates:July 1 – July 5

Time: 15:30 – 17:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

 

Credit, Bubbles and Business Cycles

Instructor: Jaume Ventura

Selected Topics:

• Credit and business cycles: theory and evidence
• The role of asset prices: fire sales and bubbles
• A macroeconomic framework to study credit, bubbles and business cycles
• Application (1): International propagation of financial shocks and global imbalances
• Application (2): The 2007-08 financial crisis and the ongoing sovereign debt crisis

Dates:July 1 – July 5

Time: 17:30 – 19:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

 

Week 2 July 15 – 19

 

The Growth of Finance, Financial Innovation, and Systemic Risk

Instructor:Nicola Gennaioli

Selected Topics:

• The growth of the size and income of the financial sector: facts and theory
• Macroeconomic causes of the growth of finance, and its consequences for economic growth and financial fragility
• The rise of financial innovation and shadow banking: the crisis of 2007-2008
• The dangerous embrace between the financial sector and the government: the European sovereign debt crisis

Dates:July 15 –July 19

Time:08:30 – 10:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List 

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

The Macroeconomics of Financial Globalization

Instructor: Alberto Martín

Selected Topics:

• Financial globalization: the facts
• Macroeconomic effects of financial globalization: conventional view and evidence
• Rethinking the convention: a workhorse model of capital flows and financial frictions
• Policy implications: the case for capital controls
• Causes and consequences of global imbalances
• Capital flows, the financial crisis of 2007-08, and Europe’s banking woes.

Dates:July 15 –July 19

Time: 10:15 – 11:45 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

Sovereign Debt Crises: Theory and Evidence 

Instructor: Fernando Broner

Selected Topics:

• What are the costs of sovereign default? Reputation and sanctions
• Market structure and defaults: secondary markets and collateral damage
• Rollover crises: lender of last resort and moral hazard
• Solvency crises: debt overhang, buybacks and restructuring
• Lessons for Europe

Dates:July 15 – July 19

Time: 12:00 – 13:30 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Papers Lecture 1

 

Papers Lecture 2

 

Papers Lecture 3

 

Papers Lecture 4

 

Papers Lecture 5

 

Handout 1

 

Handout 2

 

Handout 3

 

Handout 4

 

Learning, Asset Prices and Macro Policy

Instructor: Albert Marcet

Selected Topics:

• Learning, expectations formation and convergence to rational expectations
• Monetary policy: stability of monetary policy under learning, explaining US experience on monetary policy, and implications for Taylor rule. Hyperinflations
• Fiscal policy, stability and fiscal sustainability under learning
• Stock price volatility
• From adaptive learning to internal rationality
• Empirical issues: model testing, expectations surveys

Dates:July 15 – July 19

Time: 14:15– 15:45 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List (First Version)

 

Recent Developments in Forecasting:

Estimation and Evaluation

Instructor: Barbara Rossi

Selected Topics:

• Recent developments in forecasting methodologies (e.g. forecasting with many predictors)
• New methods for evaluating models’ forecasts (including evaluating models’ absolute and relative predictive ability)
• Application 1: How well can we forecast inflation and output growth?
• Application 2: Do reduced-form models forecast better than DSGE models?

Dates:July 15 –July 19

Time: 16:00 – 17:30 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

Papers

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

Selected publications:

• “Gross Capital Flows: Dynamics and Crises”, (with A. Erce, S. Schmukler, and T. Didier), Journal of Monetary Economics, forthcoming.
• “Why do Emerging Economies Borrow Short Term?”, (with G. Lorenzoni and S. Schmukler), Journal of the European Economic Association, 11(S1), 67-100, 2013.
• “Globalization and Risk Sharing”, (with J. Ventura), The Review of Economic Studies, 78(1), 49-82, 2011.
• “Sovereign Risk and Secondary Markets”, (with J. Ventura and A. Martin),The American Economic Review, 100(4), 1523-1555, 2010.
• “Discrete Devaluations and Multiple Equilibria in a First Generation Model of Currency Crises,” Journal of Monetary Economics, 55(3), 592-605, 2008.
• “When in Peril Retrench: Testing the Portfolio Channel of Contagion”, (with G. Gelos and C. Reinhart), Journal of International Economics, 69(1), 203-230, 2006.

 

Jordi Galí earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 1989. Currently he is Director and Senior Researcher at the Center for Research in International Economics (CREI), Professor at Universitat Pompeu Fabra and 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 is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the Econometric Society. He has served as a co-editor of the Journal of the European Economic Association and co-director of the CEPR International Macroeconomics Programme. In 2012 he served as President of the European Economic Association. Among other awards, Galí received the National Research Prize from the Government of Catalonia in 2011, and was co-recipient of the 2005 Yrjö Jahnsson Award. His research interests include macroeconomics and monetary theory.

Selected Publications:

• Unemployment Fluctuations and Stabilization Policies: A New Keynesian Perspective, Cambridge (MA): The MIT Press, 2011.
• Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton (NJ): Princeton University Press, 2008.
• “Labor Markets and Monetary Policy: A New Keynesian Model with Unemployment”, (with O. Blanchard), The American Economic Journal: Macroeconomics, 2(2), 1-30, 2010.
• “Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?” The American Economic Review, 249-271, 1999.
• “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, (with R. Clarida and M. Gertler), The Quarterly Journal of Economics, 115(1), 147-180, 2000.
• “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, 37(4), 1661-1707, 1999.

 

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

Selected publications:

• “Competing Engines of Growth: Innovation and Standardization”, (with D. Acemoglu and F. Zilibotti), Journal of Economic Theory, 147, 570-601, 2012.
• “Trade, Markup Heterogeneity and Misallocations”, (with P. Epifani), Journal of International Economics, 83, 1-13, 2011.
• “Openness, Government Size and the Terms of Trade”, (with P. Epifani), The Review of Economic Studies, 76, 629-668, 2009.
• “The Skill Bias of World Trade”, (with P. Epifani), The Economic Journal, 118, 927-960, 2008.
• “North-South Trade and Directed Technical Change”, (with A. Bonfiglioli), Journal of International Economics, 76, 276-296, 2008.
• “Increasing Returns, Imperfect Competition and Factor Prices”, (with P. Epifani), The Review of Economics and Statistics, 88, 583-598, 2006.

 

Nicola Gennaioli earned his PhD in Economics at Harvard University in 2004. He is Full Professor of Finance at Bocconi University, on leave from a position of Senior Researcher at the Center for Research in International Economics (CREI) and Research Professor at the Barcelona GSE. He is also a Research Affiliate at CEPR. From 2004-2007 he was an Assistant Professor at IIES, Stockholm University.  In 2009-2010 he was a Postdoctoral Fellow at Harvard University.  In 2009 he was awarded aEuropean Research Council Starting Grant. His fields of expertise are psychology and economics, finance, political economy and economic development. He has published several articles in major international journals such as The Quarterly Journal of Economics, the Journal of Political Economy, The American Economic Review, The Journal of Finance, the Journal of Financial Economics, The Review of Financial Studies, the Journal of the European Economic Association andthe Journal of Economic Growth. He is associate editor of The Review of Economic Studies, The Economic Journal, the Journal of the European Economic Association, and the Journal of Development Economics.

Selected publications:

• “A Model of Shadow Banking”, (with A. Shleifer and R. Vishny), The Journal of Finance, forthcoming.
•  “Neglected Risks, Financial Innovation, and Financial Fragility”, (with A. Shleifer and R. Vishny), Journal of Financial Economics, forthcoming.
• “Human Capital and Regional Development”, (with R. La Porta, F. Lopes de Silanes and A. Shleifer), The Quarterly Journal of Economics, 128(1), 105-164, 2013.
• “Contractual Resolutions of Financial Distress”, (with S. Rossi), The Review of Financial Studies, 26(3), 602-634, 2013.
•  “Salience Theory of Choice Under Risk”, (with A. Shleifer and P. Bordalo), The Quarterly Journal of Economics, 127(3), 1243-1285, 2012.
•  “What Comes to Mind”, (with A. Shleifer), The Quarterly Journal of Economics, 125(4), 1399-1433, 2010.

 

Albert Marcet graduated in Economics at the Universitat Autònoma de Barcelona (1982) and earned his PhD in Economics at the University of Minnesota (1987). He is an ICREA Research Professor at the Institut d’Anàlisi Econòmica, Axa Research Chair on Macroeconomics at Barcelona GSE and Bank of Spain Professor . He has also been Professor at the London School of Economics (2009-2011), Universitat Pompeu Fabra (1990-2003) and Carnegie-Mellon University, Pittsburgh (1986-1992) and has been a Visitor at the ECB, London Business School, CEMFI (Madrid), the Federal Reserve Bank of Minneapolis and the Universitat Autònoma of Barcelona. His main areas of research are macroeconomics, fiscal policy, solution methods of dynamic models, financial economics and learning models.

Selected publications:

• “House Price Booms and the Current Account”, (with K. Adam and P. Kuang), in D. Acemoglu and M. Woodford (eds.), NBER Macroeconomics Annual 2011, Chicago (IL): University of Chicago Press, 26, 77-122, 2012. 
• “Internal Rationality, Imperfect Market Knowledge and Asset Prices”, (with K. Adam), Journal of Economic Theory, 146, 1224-1252, 2011.
• “Recurrent Hyperinflations and Learning”, (with J.P. Nicolini), The American Economic Review, 93(5), 1476-1498, 2003.
• “Convergence of Least Squares Learning Mechanisms in Self-Referential Linear Stochastic Models”, (with T.J. Sargent), Journal of Economic Theory, 48(2), 337-368, 1989.

 

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

Selected publications:

• “International Capital Flows and Credit Market Imperfections: A Tale of Two Frictions”, (with F.Taddei), Journal of International Economics, 89(2), 441-452, 2013.
• “Understanding Bubbly Episodes”, (with V. Carvalho and J. Ventura), TheAmerican Economic Review P&P, 102(3), 95-100, 2012.
•  “Economic Growth with Bubbles”, (with J. Ventura), The American Economic Review, 102(6), 3033-3058, 2012.
• “Theoretical Notes on Bubbles and the Current Crisis”, (with J. Ventura), IMF Economic Review, 59(1), 6-40, 2011.
• “Sovereign Risk and Secondary Markets”, (with F. Broner and J. Ventura),The American Economic Review, 100(4), 1523-1555, 2010.
• “A Model of Collateral, Investment, and Adverse Selection”, Journal of Economic Theory, 144(4), 1572-1588, 2009.

 

Barbara Rossi earned her PhD in Economics at Princeton University in 2001. Currently she is an ICREA Professor at UPF, an Affiliated Professor at Barcelona GSE, and a Research Associate at the Center for Research in International Economics (CREI). She has held an academic tenured position at Duke University and visiting positions at Berkeley University, UCSD and the Philadelphia Fed, among others. She is a Research Fellow at the CEPR and a member of the CEPR Business Cycle Committee. She is currently an associate editor for the Journal of Business and Economic Statistics,the Journal of Economic Dynamics and Control, and the Journal of Applied Econometrics. She has been awarded two National Science Foundation grants.
Selected Publications:

• “Advances in Forecasting under Model Instability”, in G. Elliott and A. Timmermann (eds.), Handbook of Forecasting, Volume 2, Amsterdam: Elsevier, forthcoming.
• “Forecasting in Macroeconomics”, (with R. Giacomini), in N. Hashimzade and M. Thornton (eds.), Handbook of Research Methods and Applications in Empirical Macroeconomics, Cheltenham (UK): Edward Elgar Publishing Ltd, forthcoming.
• “Can Exchange Rates Forecast Commodity Prices?”, (with Y. Chen and K. Rogoff), The Quarterly Journal of Economics, 125(3), 1145-1194, 2010.
• “Out-of-Sample Forecast Tests Robust to Choice of Window Size”, (with A. Inoue), Journal of Business and Economics Statistics, 30(3), 432-453, 2012.
• “Detecting and Predicting Forecast Breakdowns”, (with R. Giacomini), The Review of Economic Studies, 76(2), 669-705, 2009.
• “Forecast Comparisons in Unstable Environments”, (with R. Giacomini), Journal of Applied Econometrics, 25(4), 595-620, 2010.

 

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

Selected publications:

• “The World Distribution of Income: Falling Inequality and Convergence, Period”, The Quarterly Journal of Economics,121(2), 351-397, 2006.
• “Determinants of Long-Term Growth: A Bayesian Average of Classical Estimates (Bace) Approach”, (with G. Doppelhoffer and R. Miller), TheAmerican Economic Review, 94(4), 813-835, 2004.
• “The Economic Tragedy of the XXth Century: Growth in Africa”, (with E.V. Artadi), in African Competitiveness Report of the World Economic Forum, 2003.
• Economic Growth, (with R. Barro), 2nd Edition, Cambridge (MA): The MIT Press, 2003.
• “Health Investment Complementarities under Competing Risks”, (with W. Dow and T. Philipson), The American Economic Review, 89(5), 1358-71, 1999.

 

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

Selected publications:

• “Economic Growth with Bubbles”, (with A. Martin), The American Economic Review, 102(6), 3033-3058, 2012.
• “Bubbles and Capital Flows”, Journal of Economic Theory, 147(2), 738-758, 2012.
• “Theoretical Notes on Bubbles and the Current Crisis”, (with A. Martin), IMF Economic Review, 59(1), 6-40, 2011.
• “Globalization and Risk Sharing”, (with F. Broner), The Review of Economic Studies, 78, 49-82, 2011.
• “Sovereign Risk and Secondary Markets”, (with F. Broner and A. Martin), TheAmerican Economic Review, 100(4), 1523-2555, 2010.
• “Comparative Advantage and the Cross-section of Business Cycles”, (with A. Kraay), Journal of the European Economic Association, 5(6), 1300-1333, 2007.

 

Hans-Joachim Voth earned his PhD in Economics at Nuffield College, Oxford in 1996. He is currently an ICREA Research Professor at UPF and a Research Associate at the Center for Research in International Economics (CREI). He is a CEPR Research Fellow, and an associate editor of The Quarterly Journal of Economics. He has won international prizes for his dissertation and the Leverhulme Prize for outstanding researchers under the age of 35. His work has appeared in The Quarterly Journal of Economics, The American Economic Review, the Review of Economic Studies, the European Economic Review, The Economic Journal, The Journal of Economic History, Explorations in Economic History, and in books with OUP and PUP. He has held visiting appointments at Stanford, MIT, Princeton and Stern Business School (NYU). A former consultant at McKinsey & Co., he has also acted as an advisor to the German Finance Ministry’s Working Group on Financial Market Reform; to the CEO of the German Stock Exchange; and to the German Trade Unions Movement (DGB).

Selected publications:

• Lending to the Borrower from Hell: Debt and Default in the Age of Philip II, 1556-1598, (with M. Drelichman), Princenton (NJ): Princeton University Press, forthcoming.
• “How the West ‘Invented’ Fertility Restriction”, The American Economic Review, forthcoming.
• Prometheus Shackled: Goldsmith Banks and England’s Financial Revolution after 1700, (with P. Temin), Oxford/New York: Oxford University Press, 2013.
• “Persecution Perpetuated: The Medieval Origins of Anti-Semitic Violence in Nazi Germany”, (with N. Voigtländer), The Quarterly Journal of Economics, 127(3), 1339-1392, 2012.
• “Betting on Hitler: The Value of Political Connections in Nazi Germany”, (with T. Ferguson), The Quarterly Journal of Economics, 123(1), 101-137, 2008.
• “Riding the South Sea Bubble”, (with P. Temin), The American Economic Review, 94(5), 1654-1668, 2004.

Download here

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

 

Residencia Universitaria Sarrià
Calle Esports, 1-7.
08017 Barcelona
Tel.  (+34) 93 206 55 40
Fax. (+34) 93 204 08 52
campus@residenciasarria.com
www.residenciasarria.com

 

 

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

• https://www.bcu.cat
• https://www.hotelsbarcelona.org/
• https://www.apartmentsapart.com/barcelona_hotels/index.htm
• https://www.barcelona-on-line.es/eng/index.asp
• https://www.barcelonahotels.es/
• https://www.hotel-barcelona.com/
• https://www.barcelona.com/reservas/
• https://www.hotelsearch.com
• https://www.apartmentbarcelona.com/
• https://www.flatsinbcn.com/
• https://www.destinationbcn.com/
• https://apartmentbcn.blogspot.com/

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 € 5.90
• by bus: 106. This bus takes you only to Plaça Espanya. A ticket costs €2.00
• 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:

 

• https://www.bcn.es (Barcelona)
• https://www.softguides.com/barcelona/index.html (Barcelona)
• https://www.red2000.com/spain/barcelon/index.html (Barcelona)
• https://www.aena.es (Spanish airports)

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.

"Making Sovereign Debt Safe with a Financial Stability Fund"

Journal of International Economics, 2023, 145, article 103834

Week 1 July 1 – July 5

 

Labor Markets and Monetary Policy

Instructor: Jordi Galí

Selected Topics:

• Introducing unemployment in New Keynesian models
• Unemployment and the design of monetary policy
• The return of the wage Phillips curve
• Sources of unemployment fluctuations
• The gains from wage flexibility

Dates:July 1– July 5

Time:  09:00 – 10:30 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List 

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

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:July 1 – July 5

Time: 11:00 – 12:30 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2&3

 

Lecture 5

 

International Trade and Macroeconomics

Instructor: Gino Gancia

Selected Topics:

• Technology, geography and trade: a quantitative analysis 
• Offshoring, global supply chains and the rise of China
• Trade, global imbalances and the Great Recession
• Trade and labor markets: wage inequality and unemployment in a global economy
• International markets and national governments

Dates:July 1–July 5

Time: 13:30 – 15:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List 

 

Lectures 1-2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

 

Manias, Panics and Crashes: Past, Present, Future

Instructor: Hans Joachim Voth

Selected Topics:

• Why are there so many asset price bubbles? What can central banks and regulators do to stop them?
• Anatomies of banking crises: where do they come from? How do they differ?
• Sovereign debt crises: can ‘investor panics’ be self-fulfilling? How can sovereign lending be made safe?
• Links between the real economy and the financial sector: lessons from the Great Depression

Dates:July 1 – July 5

Time: 15:30 – 17:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

 

Credit, Bubbles and Business Cycles

Instructor: Jaume Ventura

Selected Topics:

• Credit and business cycles: theory and evidence
• The role of asset prices: fire sales and bubbles
• A macroeconomic framework to study credit, bubbles and business cycles
• Application (1): International propagation of financial shocks and global imbalances
• Application (2): The 2007-08 financial crisis and the ongoing sovereign debt crisis

Dates:July 1 – July 5

Time: 17:30 – 19:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

 

Week 2 July 15 – 19

 

The Growth of Finance, Financial Innovation, and Systemic Risk

Instructor:Nicola Gennaioli

Selected Topics:

• The growth of the size and income of the financial sector: facts and theory
• Macroeconomic causes of the growth of finance, and its consequences for economic growth and financial fragility
• The rise of financial innovation and shadow banking: the crisis of 2007-2008
• The dangerous embrace between the financial sector and the government: the European sovereign debt crisis

Dates:July 15 –July 19

Time:08:30 – 10:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List 

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

The Macroeconomics of Financial Globalization

Instructor: Alberto Martín

Selected Topics:

• Financial globalization: the facts
• Macroeconomic effects of financial globalization: conventional view and evidence
• Rethinking the convention: a workhorse model of capital flows and financial frictions
• Policy implications: the case for capital controls
• Causes and consequences of global imbalances
• Capital flows, the financial crisis of 2007-08, and Europe’s banking woes.

Dates:July 15 –July 19

Time: 10:15 – 11:45 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

Sovereign Debt Crises: Theory and Evidence 

Instructor: Fernando Broner

Selected Topics:

• What are the costs of sovereign default? Reputation and sanctions
• Market structure and defaults: secondary markets and collateral damage
• Rollover crises: lender of last resort and moral hazard
• Solvency crises: debt overhang, buybacks and restructuring
• Lessons for Europe

Dates:July 15 – July 19

Time: 12:00 – 13:30 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Papers Lecture 1

 

Papers Lecture 2

 

Papers Lecture 3

 

Papers Lecture 4

 

Papers Lecture 5

 

Handout 1

 

Handout 2

 

Handout 3

 

Handout 4

 

Learning, Asset Prices and Macro Policy

Instructor: Albert Marcet

Selected Topics:

• Learning, expectations formation and convergence to rational expectations
• Monetary policy: stability of monetary policy under learning, explaining US experience on monetary policy, and implications for Taylor rule. Hyperinflations
• Fiscal policy, stability and fiscal sustainability under learning
• Stock price volatility
• From adaptive learning to internal rationality
• Empirical issues: model testing, expectations surveys

Dates:July 15 – July 19

Time: 14:15– 15:45 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List (First Version)

 

Recent Developments in Forecasting:

Estimation and Evaluation

Instructor: Barbara Rossi

Selected Topics:

• Recent developments in forecasting methodologies (e.g. forecasting with many predictors)
• New methods for evaluating models’ forecasts (including evaluating models’ absolute and relative predictive ability)
• Application 1: How well can we forecast inflation and output growth?
• Application 2: Do reduced-form models forecast better than DSGE models?

Dates:July 15 –July 19

Time: 16:00 – 17:30 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

Papers

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

Selected publications:

• “Gross Capital Flows: Dynamics and Crises”, (with A. Erce, S. Schmukler, and T. Didier), Journal of Monetary Economics, forthcoming.
• “Why do Emerging Economies Borrow Short Term?”, (with G. Lorenzoni and S. Schmukler), Journal of the European Economic Association, 11(S1), 67-100, 2013.
• “Globalization and Risk Sharing”, (with J. Ventura), The Review of Economic Studies, 78(1), 49-82, 2011.
• “Sovereign Risk and Secondary Markets”, (with J. Ventura and A. Martin),The American Economic Review, 100(4), 1523-1555, 2010.
• “Discrete Devaluations and Multiple Equilibria in a First Generation Model of Currency Crises,” Journal of Monetary Economics, 55(3), 592-605, 2008.
• “When in Peril Retrench: Testing the Portfolio Channel of Contagion”, (with G. Gelos and C. Reinhart), Journal of International Economics, 69(1), 203-230, 2006.

 

Jordi Galí earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 1989. Currently he is Director and Senior Researcher at the Center for Research in International Economics (CREI), Professor at Universitat Pompeu Fabra and 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 is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the Econometric Society. He has served as a co-editor of the Journal of the European Economic Association and co-director of the CEPR International Macroeconomics Programme. In 2012 he served as President of the European Economic Association. Among other awards, Galí received the National Research Prize from the Government of Catalonia in 2011, and was co-recipient of the 2005 Yrjö Jahnsson Award. His research interests include macroeconomics and monetary theory.

Selected Publications:

• Unemployment Fluctuations and Stabilization Policies: A New Keynesian Perspective, Cambridge (MA): The MIT Press, 2011.
• Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton (NJ): Princeton University Press, 2008.
• “Labor Markets and Monetary Policy: A New Keynesian Model with Unemployment”, (with O. Blanchard), The American Economic Journal: Macroeconomics, 2(2), 1-30, 2010.
• “Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?” The American Economic Review, 249-271, 1999.
• “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, (with R. Clarida and M. Gertler), The Quarterly Journal of Economics, 115(1), 147-180, 2000.
• “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, 37(4), 1661-1707, 1999.

 

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

Selected publications:

• “Competing Engines of Growth: Innovation and Standardization”, (with D. Acemoglu and F. Zilibotti), Journal of Economic Theory, 147, 570-601, 2012.
• “Trade, Markup Heterogeneity and Misallocations”, (with P. Epifani), Journal of International Economics, 83, 1-13, 2011.
• “Openness, Government Size and the Terms of Trade”, (with P. Epifani), The Review of Economic Studies, 76, 629-668, 2009.
• “The Skill Bias of World Trade”, (with P. Epifani), The Economic Journal, 118, 927-960, 2008.
• “North-South Trade and Directed Technical Change”, (with A. Bonfiglioli), Journal of International Economics, 76, 276-296, 2008.
• “Increasing Returns, Imperfect Competition and Factor Prices”, (with P. Epifani), The Review of Economics and Statistics, 88, 583-598, 2006.

 

Nicola Gennaioli earned his PhD in Economics at Harvard University in 2004. He is Full Professor of Finance at Bocconi University, on leave from a position of Senior Researcher at the Center for Research in International Economics (CREI) and Research Professor at the Barcelona GSE. He is also a Research Affiliate at CEPR. From 2004-2007 he was an Assistant Professor at IIES, Stockholm University.  In 2009-2010 he was a Postdoctoral Fellow at Harvard University.  In 2009 he was awarded aEuropean Research Council Starting Grant. His fields of expertise are psychology and economics, finance, political economy and economic development. He has published several articles in major international journals such as The Quarterly Journal of Economics, the Journal of Political Economy, The American Economic Review, The Journal of Finance, the Journal of Financial Economics, The Review of Financial Studies, the Journal of the European Economic Association andthe Journal of Economic Growth. He is associate editor of The Review of Economic Studies, The Economic Journal, the Journal of the European Economic Association, and the Journal of Development Economics.

Selected publications:

• “A Model of Shadow Banking”, (with A. Shleifer and R. Vishny), The Journal of Finance, forthcoming.
•  “Neglected Risks, Financial Innovation, and Financial Fragility”, (with A. Shleifer and R. Vishny), Journal of Financial Economics, forthcoming.
• “Human Capital and Regional Development”, (with R. La Porta, F. Lopes de Silanes and A. Shleifer), The Quarterly Journal of Economics, 128(1), 105-164, 2013.
• “Contractual Resolutions of Financial Distress”, (with S. Rossi), The Review of Financial Studies, 26(3), 602-634, 2013.
•  “Salience Theory of Choice Under Risk”, (with A. Shleifer and P. Bordalo), The Quarterly Journal of Economics, 127(3), 1243-1285, 2012.
•  “What Comes to Mind”, (with A. Shleifer), The Quarterly Journal of Economics, 125(4), 1399-1433, 2010.

 

Albert Marcet graduated in Economics at the Universitat Autònoma de Barcelona (1982) and earned his PhD in Economics at the University of Minnesota (1987). He is an ICREA Research Professor at the Institut d’Anàlisi Econòmica, Axa Research Chair on Macroeconomics at Barcelona GSE and Bank of Spain Professor . He has also been Professor at the London School of Economics (2009-2011), Universitat Pompeu Fabra (1990-2003) and Carnegie-Mellon University, Pittsburgh (1986-1992) and has been a Visitor at the ECB, London Business School, CEMFI (Madrid), the Federal Reserve Bank of Minneapolis and the Universitat Autònoma of Barcelona. His main areas of research are macroeconomics, fiscal policy, solution methods of dynamic models, financial economics and learning models.

Selected publications:

• “House Price Booms and the Current Account”, (with K. Adam and P. Kuang), in D. Acemoglu and M. Woodford (eds.), NBER Macroeconomics Annual 2011, Chicago (IL): University of Chicago Press, 26, 77-122, 2012. 
• “Internal Rationality, Imperfect Market Knowledge and Asset Prices”, (with K. Adam), Journal of Economic Theory, 146, 1224-1252, 2011.
• “Recurrent Hyperinflations and Learning”, (with J.P. Nicolini), The American Economic Review, 93(5), 1476-1498, 2003.
• “Convergence of Least Squares Learning Mechanisms in Self-Referential Linear Stochastic Models”, (with T.J. Sargent), Journal of Economic Theory, 48(2), 337-368, 1989.

 

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

Selected publications:

• “International Capital Flows and Credit Market Imperfections: A Tale of Two Frictions”, (with F.Taddei), Journal of International Economics, 89(2), 441-452, 2013.
• “Understanding Bubbly Episodes”, (with V. Carvalho and J. Ventura), TheAmerican Economic Review P&P, 102(3), 95-100, 2012.
•  “Economic Growth with Bubbles”, (with J. Ventura), The American Economic Review, 102(6), 3033-3058, 2012.
• “Theoretical Notes on Bubbles and the Current Crisis”, (with J. Ventura), IMF Economic Review, 59(1), 6-40, 2011.
• “Sovereign Risk and Secondary Markets”, (with F. Broner and J. Ventura),The American Economic Review, 100(4), 1523-1555, 2010.
• “A Model of Collateral, Investment, and Adverse Selection”, Journal of Economic Theory, 144(4), 1572-1588, 2009.

 

Barbara Rossi earned her PhD in Economics at Princeton University in 2001. Currently she is an ICREA Professor at UPF, an Affiliated Professor at Barcelona GSE, and a Research Associate at the Center for Research in International Economics (CREI). She has held an academic tenured position at Duke University and visiting positions at Berkeley University, UCSD and the Philadelphia Fed, among others. She is a Research Fellow at the CEPR and a member of the CEPR Business Cycle Committee. She is currently an associate editor for the Journal of Business and Economic Statistics,the Journal of Economic Dynamics and Control, and the Journal of Applied Econometrics. She has been awarded two National Science Foundation grants.
Selected Publications:

• “Advances in Forecasting under Model Instability”, in G. Elliott and A. Timmermann (eds.), Handbook of Forecasting, Volume 2, Amsterdam: Elsevier, forthcoming.
• “Forecasting in Macroeconomics”, (with R. Giacomini), in N. Hashimzade and M. Thornton (eds.), Handbook of Research Methods and Applications in Empirical Macroeconomics, Cheltenham (UK): Edward Elgar Publishing Ltd, forthcoming.
• “Can Exchange Rates Forecast Commodity Prices?”, (with Y. Chen and K. Rogoff), The Quarterly Journal of Economics, 125(3), 1145-1194, 2010.
• “Out-of-Sample Forecast Tests Robust to Choice of Window Size”, (with A. Inoue), Journal of Business and Economics Statistics, 30(3), 432-453, 2012.
• “Detecting and Predicting Forecast Breakdowns”, (with R. Giacomini), The Review of Economic Studies, 76(2), 669-705, 2009.
• “Forecast Comparisons in Unstable Environments”, (with R. Giacomini), Journal of Applied Econometrics, 25(4), 595-620, 2010.

 

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

Selected publications:

• “The World Distribution of Income: Falling Inequality and Convergence, Period”, The Quarterly Journal of Economics,121(2), 351-397, 2006.
• “Determinants of Long-Term Growth: A Bayesian Average of Classical Estimates (Bace) Approach”, (with G. Doppelhoffer and R. Miller), TheAmerican Economic Review, 94(4), 813-835, 2004.
• “The Economic Tragedy of the XXth Century: Growth in Africa”, (with E.V. Artadi), in African Competitiveness Report of the World Economic Forum, 2003.
• Economic Growth, (with R. Barro), 2nd Edition, Cambridge (MA): The MIT Press, 2003.
• “Health Investment Complementarities under Competing Risks”, (with W. Dow and T. Philipson), The American Economic Review, 89(5), 1358-71, 1999.

 

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

Selected publications:

• “Economic Growth with Bubbles”, (with A. Martin), The American Economic Review, 102(6), 3033-3058, 2012.
• “Bubbles and Capital Flows”, Journal of Economic Theory, 147(2), 738-758, 2012.
• “Theoretical Notes on Bubbles and the Current Crisis”, (with A. Martin), IMF Economic Review, 59(1), 6-40, 2011.
• “Globalization and Risk Sharing”, (with F. Broner), The Review of Economic Studies, 78, 49-82, 2011.
• “Sovereign Risk and Secondary Markets”, (with F. Broner and A. Martin), TheAmerican Economic Review, 100(4), 1523-2555, 2010.
• “Comparative Advantage and the Cross-section of Business Cycles”, (with A. Kraay), Journal of the European Economic Association, 5(6), 1300-1333, 2007.

 

Hans-Joachim Voth earned his PhD in Economics at Nuffield College, Oxford in 1996. He is currently an ICREA Research Professor at UPF and a Research Associate at the Center for Research in International Economics (CREI). He is a CEPR Research Fellow, and an associate editor of The Quarterly Journal of Economics. He has won international prizes for his dissertation and the Leverhulme Prize for outstanding researchers under the age of 35. His work has appeared in The Quarterly Journal of Economics, The American Economic Review, the Review of Economic Studies, the European Economic Review, The Economic Journal, The Journal of Economic History, Explorations in Economic History, and in books with OUP and PUP. He has held visiting appointments at Stanford, MIT, Princeton and Stern Business School (NYU). A former consultant at McKinsey & Co., he has also acted as an advisor to the German Finance Ministry’s Working Group on Financial Market Reform; to the CEO of the German Stock Exchange; and to the German Trade Unions Movement (DGB).

Selected publications:

• Lending to the Borrower from Hell: Debt and Default in the Age of Philip II, 1556-1598, (with M. Drelichman), Princenton (NJ): Princeton University Press, forthcoming.
• “How the West ‘Invented’ Fertility Restriction”, The American Economic Review, forthcoming.
• Prometheus Shackled: Goldsmith Banks and England’s Financial Revolution after 1700, (with P. Temin), Oxford/New York: Oxford University Press, 2013.
• “Persecution Perpetuated: The Medieval Origins of Anti-Semitic Violence in Nazi Germany”, (with N. Voigtländer), The Quarterly Journal of Economics, 127(3), 1339-1392, 2012.
• “Betting on Hitler: The Value of Political Connections in Nazi Germany”, (with T. Ferguson), The Quarterly Journal of Economics, 123(1), 101-137, 2008.
• “Riding the South Sea Bubble”, (with P. Temin), The American Economic Review, 94(5), 1654-1668, 2004.

Download here

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

 

Residencia Universitaria Sarrià
Calle Esports, 1-7.
08017 Barcelona
Tel.  (+34) 93 206 55 40
Fax. (+34) 93 204 08 52
campus@residenciasarria.com
www.residenciasarria.com

 

 

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

• https://www.bcu.cat
• https://www.hotelsbarcelona.org/
• https://www.apartmentsapart.com/barcelona_hotels/index.htm
• https://www.barcelona-on-line.es/eng/index.asp
• https://www.barcelonahotels.es/
• https://www.hotel-barcelona.com/
• https://www.barcelona.com/reservas/
• https://www.hotelsearch.com
• https://www.apartmentbarcelona.com/
• https://www.flatsinbcn.com/
• https://www.destinationbcn.com/
• https://apartmentbcn.blogspot.com/

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 € 5.90
• by bus: 106. This bus takes you only to Plaça Espanya. A ticket costs €2.00
• 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:

 

• https://www.bcn.es (Barcelona)
• https://www.softguides.com/barcelona/index.html (Barcelona)
• https://www.red2000.com/spain/barcelon/index.html (Barcelona)
• https://www.aena.es (Spanish airports)

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.

"Bilateral International Investments: The Big Sur?"

Journal of International Economics, 2023, 145, article 103795

Week 1 July 1 – July 5

 

Labor Markets and Monetary Policy

Instructor: Jordi Galí

Selected Topics:

• Introducing unemployment in New Keynesian models
• Unemployment and the design of monetary policy
• The return of the wage Phillips curve
• Sources of unemployment fluctuations
• The gains from wage flexibility

Dates:July 1– July 5

Time:  09:00 – 10:30 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List 

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

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:July 1 – July 5

Time: 11:00 – 12:30 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2&3

 

Lecture 5

 

International Trade and Macroeconomics

Instructor: Gino Gancia

Selected Topics:

• Technology, geography and trade: a quantitative analysis 
• Offshoring, global supply chains and the rise of China
• Trade, global imbalances and the Great Recession
• Trade and labor markets: wage inequality and unemployment in a global economy
• International markets and national governments

Dates:July 1–July 5

Time: 13:30 – 15:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List 

 

Lectures 1-2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

 

Manias, Panics and Crashes: Past, Present, Future

Instructor: Hans Joachim Voth

Selected Topics:

• Why are there so many asset price bubbles? What can central banks and regulators do to stop them?
• Anatomies of banking crises: where do they come from? How do they differ?
• Sovereign debt crises: can ‘investor panics’ be self-fulfilling? How can sovereign lending be made safe?
• Links between the real economy and the financial sector: lessons from the Great Depression

Dates:July 1 – July 5

Time: 15:30 – 17:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

 

Credit, Bubbles and Business Cycles

Instructor: Jaume Ventura

Selected Topics:

• Credit and business cycles: theory and evidence
• The role of asset prices: fire sales and bubbles
• A macroeconomic framework to study credit, bubbles and business cycles
• Application (1): International propagation of financial shocks and global imbalances
• Application (2): The 2007-08 financial crisis and the ongoing sovereign debt crisis

Dates:July 1 – July 5

Time: 17:30 – 19:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

 

Week 2 July 15 – 19

 

The Growth of Finance, Financial Innovation, and Systemic Risk

Instructor:Nicola Gennaioli

Selected Topics:

• The growth of the size and income of the financial sector: facts and theory
• Macroeconomic causes of the growth of finance, and its consequences for economic growth and financial fragility
• The rise of financial innovation and shadow banking: the crisis of 2007-2008
• The dangerous embrace between the financial sector and the government: the European sovereign debt crisis

Dates:July 15 –July 19

Time:08:30 – 10:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List 

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

The Macroeconomics of Financial Globalization

Instructor: Alberto Martín

Selected Topics:

• Financial globalization: the facts
• Macroeconomic effects of financial globalization: conventional view and evidence
• Rethinking the convention: a workhorse model of capital flows and financial frictions
• Policy implications: the case for capital controls
• Causes and consequences of global imbalances
• Capital flows, the financial crisis of 2007-08, and Europe’s banking woes.

Dates:July 15 –July 19

Time: 10:15 – 11:45 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

Sovereign Debt Crises: Theory and Evidence 

Instructor: Fernando Broner

Selected Topics:

• What are the costs of sovereign default? Reputation and sanctions
• Market structure and defaults: secondary markets and collateral damage
• Rollover crises: lender of last resort and moral hazard
• Solvency crises: debt overhang, buybacks and restructuring
• Lessons for Europe

Dates:July 15 – July 19

Time: 12:00 – 13:30 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Papers Lecture 1

 

Papers Lecture 2

 

Papers Lecture 3

 

Papers Lecture 4

 

Papers Lecture 5

 

Handout 1

 

Handout 2

 

Handout 3

 

Handout 4

 

Learning, Asset Prices and Macro Policy

Instructor: Albert Marcet

Selected Topics:

• Learning, expectations formation and convergence to rational expectations
• Monetary policy: stability of monetary policy under learning, explaining US experience on monetary policy, and implications for Taylor rule. Hyperinflations
• Fiscal policy, stability and fiscal sustainability under learning
• Stock price volatility
• From adaptive learning to internal rationality
• Empirical issues: model testing, expectations surveys

Dates:July 15 – July 19

Time: 14:15– 15:45 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List (First Version)

 

Recent Developments in Forecasting:

Estimation and Evaluation

Instructor: Barbara Rossi

Selected Topics:

• Recent developments in forecasting methodologies (e.g. forecasting with many predictors)
• New methods for evaluating models’ forecasts (including evaluating models’ absolute and relative predictive ability)
• Application 1: How well can we forecast inflation and output growth?
• Application 2: Do reduced-form models forecast better than DSGE models?

Dates:July 15 –July 19

Time: 16:00 – 17:30 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

Papers

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

Selected publications:

• “Gross Capital Flows: Dynamics and Crises”, (with A. Erce, S. Schmukler, and T. Didier), Journal of Monetary Economics, forthcoming.
• “Why do Emerging Economies Borrow Short Term?”, (with G. Lorenzoni and S. Schmukler), Journal of the European Economic Association, 11(S1), 67-100, 2013.
• “Globalization and Risk Sharing”, (with J. Ventura), The Review of Economic Studies, 78(1), 49-82, 2011.
• “Sovereign Risk and Secondary Markets”, (with J. Ventura and A. Martin),The American Economic Review, 100(4), 1523-1555, 2010.
• “Discrete Devaluations and Multiple Equilibria in a First Generation Model of Currency Crises,” Journal of Monetary Economics, 55(3), 592-605, 2008.
• “When in Peril Retrench: Testing the Portfolio Channel of Contagion”, (with G. Gelos and C. Reinhart), Journal of International Economics, 69(1), 203-230, 2006.

 

Jordi Galí earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 1989. Currently he is Director and Senior Researcher at the Center for Research in International Economics (CREI), Professor at Universitat Pompeu Fabra and 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 is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the Econometric Society. He has served as a co-editor of the Journal of the European Economic Association and co-director of the CEPR International Macroeconomics Programme. In 2012 he served as President of the European Economic Association. Among other awards, Galí received the National Research Prize from the Government of Catalonia in 2011, and was co-recipient of the 2005 Yrjö Jahnsson Award. His research interests include macroeconomics and monetary theory.

Selected Publications:

• Unemployment Fluctuations and Stabilization Policies: A New Keynesian Perspective, Cambridge (MA): The MIT Press, 2011.
• Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton (NJ): Princeton University Press, 2008.
• “Labor Markets and Monetary Policy: A New Keynesian Model with Unemployment”, (with O. Blanchard), The American Economic Journal: Macroeconomics, 2(2), 1-30, 2010.
• “Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?” The American Economic Review, 249-271, 1999.
• “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, (with R. Clarida and M. Gertler), The Quarterly Journal of Economics, 115(1), 147-180, 2000.
• “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, 37(4), 1661-1707, 1999.

 

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

Selected publications:

• “Competing Engines of Growth: Innovation and Standardization”, (with D. Acemoglu and F. Zilibotti), Journal of Economic Theory, 147, 570-601, 2012.
• “Trade, Markup Heterogeneity and Misallocations”, (with P. Epifani), Journal of International Economics, 83, 1-13, 2011.
• “Openness, Government Size and the Terms of Trade”, (with P. Epifani), The Review of Economic Studies, 76, 629-668, 2009.
• “The Skill Bias of World Trade”, (with P. Epifani), The Economic Journal, 118, 927-960, 2008.
• “North-South Trade and Directed Technical Change”, (with A. Bonfiglioli), Journal of International Economics, 76, 276-296, 2008.
• “Increasing Returns, Imperfect Competition and Factor Prices”, (with P. Epifani), The Review of Economics and Statistics, 88, 583-598, 2006.

 

Nicola Gennaioli earned his PhD in Economics at Harvard University in 2004. He is Full Professor of Finance at Bocconi University, on leave from a position of Senior Researcher at the Center for Research in International Economics (CREI) and Research Professor at the Barcelona GSE. He is also a Research Affiliate at CEPR. From 2004-2007 he was an Assistant Professor at IIES, Stockholm University.  In 2009-2010 he was a Postdoctoral Fellow at Harvard University.  In 2009 he was awarded aEuropean Research Council Starting Grant. His fields of expertise are psychology and economics, finance, political economy and economic development. He has published several articles in major international journals such as The Quarterly Journal of Economics, the Journal of Political Economy, The American Economic Review, The Journal of Finance, the Journal of Financial Economics, The Review of Financial Studies, the Journal of the European Economic Association andthe Journal of Economic Growth. He is associate editor of The Review of Economic Studies, The Economic Journal, the Journal of the European Economic Association, and the Journal of Development Economics.

Selected publications:

• “A Model of Shadow Banking”, (with A. Shleifer and R. Vishny), The Journal of Finance, forthcoming.
•  “Neglected Risks, Financial Innovation, and Financial Fragility”, (with A. Shleifer and R. Vishny), Journal of Financial Economics, forthcoming.
• “Human Capital and Regional Development”, (with R. La Porta, F. Lopes de Silanes and A. Shleifer), The Quarterly Journal of Economics, 128(1), 105-164, 2013.
• “Contractual Resolutions of Financial Distress”, (with S. Rossi), The Review of Financial Studies, 26(3), 602-634, 2013.
•  “Salience Theory of Choice Under Risk”, (with A. Shleifer and P. Bordalo), The Quarterly Journal of Economics, 127(3), 1243-1285, 2012.
•  “What Comes to Mind”, (with A. Shleifer), The Quarterly Journal of Economics, 125(4), 1399-1433, 2010.

 

Albert Marcet graduated in Economics at the Universitat Autònoma de Barcelona (1982) and earned his PhD in Economics at the University of Minnesota (1987). He is an ICREA Research Professor at the Institut d’Anàlisi Econòmica, Axa Research Chair on Macroeconomics at Barcelona GSE and Bank of Spain Professor . He has also been Professor at the London School of Economics (2009-2011), Universitat Pompeu Fabra (1990-2003) and Carnegie-Mellon University, Pittsburgh (1986-1992) and has been a Visitor at the ECB, London Business School, CEMFI (Madrid), the Federal Reserve Bank of Minneapolis and the Universitat Autònoma of Barcelona. His main areas of research are macroeconomics, fiscal policy, solution methods of dynamic models, financial economics and learning models.

Selected publications:

• “House Price Booms and the Current Account”, (with K. Adam and P. Kuang), in D. Acemoglu and M. Woodford (eds.), NBER Macroeconomics Annual 2011, Chicago (IL): University of Chicago Press, 26, 77-122, 2012. 
• “Internal Rationality, Imperfect Market Knowledge and Asset Prices”, (with K. Adam), Journal of Economic Theory, 146, 1224-1252, 2011.
• “Recurrent Hyperinflations and Learning”, (with J.P. Nicolini), The American Economic Review, 93(5), 1476-1498, 2003.
• “Convergence of Least Squares Learning Mechanisms in Self-Referential Linear Stochastic Models”, (with T.J. Sargent), Journal of Economic Theory, 48(2), 337-368, 1989.

 

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

Selected publications:

• “International Capital Flows and Credit Market Imperfections: A Tale of Two Frictions”, (with F.Taddei), Journal of International Economics, 89(2), 441-452, 2013.
• “Understanding Bubbly Episodes”, (with V. Carvalho and J. Ventura), TheAmerican Economic Review P&P, 102(3), 95-100, 2012.
•  “Economic Growth with Bubbles”, (with J. Ventura), The American Economic Review, 102(6), 3033-3058, 2012.
• “Theoretical Notes on Bubbles and the Current Crisis”, (with J. Ventura), IMF Economic Review, 59(1), 6-40, 2011.
• “Sovereign Risk and Secondary Markets”, (with F. Broner and J. Ventura),The American Economic Review, 100(4), 1523-1555, 2010.
• “A Model of Collateral, Investment, and Adverse Selection”, Journal of Economic Theory, 144(4), 1572-1588, 2009.

 

Barbara Rossi earned her PhD in Economics at Princeton University in 2001. Currently she is an ICREA Professor at UPF, an Affiliated Professor at Barcelona GSE, and a Research Associate at the Center for Research in International Economics (CREI). She has held an academic tenured position at Duke University and visiting positions at Berkeley University, UCSD and the Philadelphia Fed, among others. She is a Research Fellow at the CEPR and a member of the CEPR Business Cycle Committee. She is currently an associate editor for the Journal of Business and Economic Statistics,the Journal of Economic Dynamics and Control, and the Journal of Applied Econometrics. She has been awarded two National Science Foundation grants.
Selected Publications:

• “Advances in Forecasting under Model Instability”, in G. Elliott and A. Timmermann (eds.), Handbook of Forecasting, Volume 2, Amsterdam: Elsevier, forthcoming.
• “Forecasting in Macroeconomics”, (with R. Giacomini), in N. Hashimzade and M. Thornton (eds.), Handbook of Research Methods and Applications in Empirical Macroeconomics, Cheltenham (UK): Edward Elgar Publishing Ltd, forthcoming.
• “Can Exchange Rates Forecast Commodity Prices?”, (with Y. Chen and K. Rogoff), The Quarterly Journal of Economics, 125(3), 1145-1194, 2010.
• “Out-of-Sample Forecast Tests Robust to Choice of Window Size”, (with A. Inoue), Journal of Business and Economics Statistics, 30(3), 432-453, 2012.
• “Detecting and Predicting Forecast Breakdowns”, (with R. Giacomini), The Review of Economic Studies, 76(2), 669-705, 2009.
• “Forecast Comparisons in Unstable Environments”, (with R. Giacomini), Journal of Applied Econometrics, 25(4), 595-620, 2010.

 

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

Selected publications:

• “The World Distribution of Income: Falling Inequality and Convergence, Period”, The Quarterly Journal of Economics,121(2), 351-397, 2006.
• “Determinants of Long-Term Growth: A Bayesian Average of Classical Estimates (Bace) Approach”, (with G. Doppelhoffer and R. Miller), TheAmerican Economic Review, 94(4), 813-835, 2004.
• “The Economic Tragedy of the XXth Century: Growth in Africa”, (with E.V. Artadi), in African Competitiveness Report of the World Economic Forum, 2003.
• Economic Growth, (with R. Barro), 2nd Edition, Cambridge (MA): The MIT Press, 2003.
• “Health Investment Complementarities under Competing Risks”, (with W. Dow and T. Philipson), The American Economic Review, 89(5), 1358-71, 1999.

 

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

Selected publications:

• “Economic Growth with Bubbles”, (with A. Martin), The American Economic Review, 102(6), 3033-3058, 2012.
• “Bubbles and Capital Flows”, Journal of Economic Theory, 147(2), 738-758, 2012.
• “Theoretical Notes on Bubbles and the Current Crisis”, (with A. Martin), IMF Economic Review, 59(1), 6-40, 2011.
• “Globalization and Risk Sharing”, (with F. Broner), The Review of Economic Studies, 78, 49-82, 2011.
• “Sovereign Risk and Secondary Markets”, (with F. Broner and A. Martin), TheAmerican Economic Review, 100(4), 1523-2555, 2010.
• “Comparative Advantage and the Cross-section of Business Cycles”, (with A. Kraay), Journal of the European Economic Association, 5(6), 1300-1333, 2007.

 

Hans-Joachim Voth earned his PhD in Economics at Nuffield College, Oxford in 1996. He is currently an ICREA Research Professor at UPF and a Research Associate at the Center for Research in International Economics (CREI). He is a CEPR Research Fellow, and an associate editor of The Quarterly Journal of Economics. He has won international prizes for his dissertation and the Leverhulme Prize for outstanding researchers under the age of 35. His work has appeared in The Quarterly Journal of Economics, The American Economic Review, the Review of Economic Studies, the European Economic Review, The Economic Journal, The Journal of Economic History, Explorations in Economic History, and in books with OUP and PUP. He has held visiting appointments at Stanford, MIT, Princeton and Stern Business School (NYU). A former consultant at McKinsey & Co., he has also acted as an advisor to the German Finance Ministry’s Working Group on Financial Market Reform; to the CEO of the German Stock Exchange; and to the German Trade Unions Movement (DGB).

Selected publications:

• Lending to the Borrower from Hell: Debt and Default in the Age of Philip II, 1556-1598, (with M. Drelichman), Princenton (NJ): Princeton University Press, forthcoming.
• “How the West ‘Invented’ Fertility Restriction”, The American Economic Review, forthcoming.
• Prometheus Shackled: Goldsmith Banks and England’s Financial Revolution after 1700, (with P. Temin), Oxford/New York: Oxford University Press, 2013.
• “Persecution Perpetuated: The Medieval Origins of Anti-Semitic Violence in Nazi Germany”, (with N. Voigtländer), The Quarterly Journal of Economics, 127(3), 1339-1392, 2012.
• “Betting on Hitler: The Value of Political Connections in Nazi Germany”, (with T. Ferguson), The Quarterly Journal of Economics, 123(1), 101-137, 2008.
• “Riding the South Sea Bubble”, (with P. Temin), The American Economic Review, 94(5), 1654-1668, 2004.

Download here

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

 

Residencia Universitaria Sarrià
Calle Esports, 1-7.
08017 Barcelona
Tel.  (+34) 93 206 55 40
Fax. (+34) 93 204 08 52
campus@residenciasarria.com
www.residenciasarria.com

 

 

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

• https://www.bcu.cat
• https://www.hotelsbarcelona.org/
• https://www.apartmentsapart.com/barcelona_hotels/index.htm
• https://www.barcelona-on-line.es/eng/index.asp
• https://www.barcelonahotels.es/
• https://www.hotel-barcelona.com/
• https://www.barcelona.com/reservas/
• https://www.hotelsearch.com
• https://www.apartmentbarcelona.com/
• https://www.flatsinbcn.com/
• https://www.destinationbcn.com/
• https://apartmentbcn.blogspot.com/

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 € 5.90
• by bus: 106. This bus takes you only to Plaça Espanya. A ticket costs €2.00
• 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:

 

• https://www.bcn.es (Barcelona)
• https://www.softguides.com/barcelona/index.html (Barcelona)
• https://www.red2000.com/spain/barcelon/index.html (Barcelona)
• https://www.aena.es (Spanish airports)

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.

"On the Design of a European Unemployment Insurance System"

European Economic Review, 2023, 156, article 104469

Week 1 July 1 – July 5

 

Labor Markets and Monetary Policy

Instructor: Jordi Galí

Selected Topics:

• Introducing unemployment in New Keynesian models
• Unemployment and the design of monetary policy
• The return of the wage Phillips curve
• Sources of unemployment fluctuations
• The gains from wage flexibility

Dates:July 1– July 5

Time:  09:00 – 10:30 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List 

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

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:July 1 – July 5

Time: 11:00 – 12:30 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2&3

 

Lecture 5

 

International Trade and Macroeconomics

Instructor: Gino Gancia

Selected Topics:

• Technology, geography and trade: a quantitative analysis 
• Offshoring, global supply chains and the rise of China
• Trade, global imbalances and the Great Recession
• Trade and labor markets: wage inequality and unemployment in a global economy
• International markets and national governments

Dates:July 1–July 5

Time: 13:30 – 15:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List 

 

Lectures 1-2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

 

Manias, Panics and Crashes: Past, Present, Future

Instructor: Hans Joachim Voth

Selected Topics:

• Why are there so many asset price bubbles? What can central banks and regulators do to stop them?
• Anatomies of banking crises: where do they come from? How do they differ?
• Sovereign debt crises: can ‘investor panics’ be self-fulfilling? How can sovereign lending be made safe?
• Links between the real economy and the financial sector: lessons from the Great Depression

Dates:July 1 – July 5

Time: 15:30 – 17:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

 

Credit, Bubbles and Business Cycles

Instructor: Jaume Ventura

Selected Topics:

• Credit and business cycles: theory and evidence
• The role of asset prices: fire sales and bubbles
• A macroeconomic framework to study credit, bubbles and business cycles
• Application (1): International propagation of financial shocks and global imbalances
• Application (2): The 2007-08 financial crisis and the ongoing sovereign debt crisis

Dates:July 1 – July 5

Time: 17:30 – 19:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

 

Week 2 July 15 – 19

 

The Growth of Finance, Financial Innovation, and Systemic Risk

Instructor:Nicola Gennaioli

Selected Topics:

• The growth of the size and income of the financial sector: facts and theory
• Macroeconomic causes of the growth of finance, and its consequences for economic growth and financial fragility
• The rise of financial innovation and shadow banking: the crisis of 2007-2008
• The dangerous embrace between the financial sector and the government: the European sovereign debt crisis

Dates:July 15 –July 19

Time:08:30 – 10:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List 

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

The Macroeconomics of Financial Globalization

Instructor: Alberto Martín

Selected Topics:

• Financial globalization: the facts
• Macroeconomic effects of financial globalization: conventional view and evidence
• Rethinking the convention: a workhorse model of capital flows and financial frictions
• Policy implications: the case for capital controls
• Causes and consequences of global imbalances
• Capital flows, the financial crisis of 2007-08, and Europe’s banking woes.

Dates:July 15 –July 19

Time: 10:15 – 11:45 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

Sovereign Debt Crises: Theory and Evidence 

Instructor: Fernando Broner

Selected Topics:

• What are the costs of sovereign default? Reputation and sanctions
• Market structure and defaults: secondary markets and collateral damage
• Rollover crises: lender of last resort and moral hazard
• Solvency crises: debt overhang, buybacks and restructuring
• Lessons for Europe

Dates:July 15 – July 19

Time: 12:00 – 13:30 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Papers Lecture 1

 

Papers Lecture 2

 

Papers Lecture 3

 

Papers Lecture 4

 

Papers Lecture 5

 

Handout 1

 

Handout 2

 

Handout 3

 

Handout 4

 

Learning, Asset Prices and Macro Policy

Instructor: Albert Marcet

Selected Topics:

• Learning, expectations formation and convergence to rational expectations
• Monetary policy: stability of monetary policy under learning, explaining US experience on monetary policy, and implications for Taylor rule. Hyperinflations
• Fiscal policy, stability and fiscal sustainability under learning
• Stock price volatility
• From adaptive learning to internal rationality
• Empirical issues: model testing, expectations surveys

Dates:July 15 – July 19

Time: 14:15– 15:45 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List (First Version)

 

Recent Developments in Forecasting:

Estimation and Evaluation

Instructor: Barbara Rossi

Selected Topics:

• Recent developments in forecasting methodologies (e.g. forecasting with many predictors)
• New methods for evaluating models’ forecasts (including evaluating models’ absolute and relative predictive ability)
• Application 1: How well can we forecast inflation and output growth?
• Application 2: Do reduced-form models forecast better than DSGE models?

Dates:July 15 –July 19

Time: 16:00 – 17:30 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

Papers

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

Selected publications:

• “Gross Capital Flows: Dynamics and Crises”, (with A. Erce, S. Schmukler, and T. Didier), Journal of Monetary Economics, forthcoming.
• “Why do Emerging Economies Borrow Short Term?”, (with G. Lorenzoni and S. Schmukler), Journal of the European Economic Association, 11(S1), 67-100, 2013.
• “Globalization and Risk Sharing”, (with J. Ventura), The Review of Economic Studies, 78(1), 49-82, 2011.
• “Sovereign Risk and Secondary Markets”, (with J. Ventura and A. Martin),The American Economic Review, 100(4), 1523-1555, 2010.
• “Discrete Devaluations and Multiple Equilibria in a First Generation Model of Currency Crises,” Journal of Monetary Economics, 55(3), 592-605, 2008.
• “When in Peril Retrench: Testing the Portfolio Channel of Contagion”, (with G. Gelos and C. Reinhart), Journal of International Economics, 69(1), 203-230, 2006.

 

Jordi Galí earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 1989. Currently he is Director and Senior Researcher at the Center for Research in International Economics (CREI), Professor at Universitat Pompeu Fabra and 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 is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the Econometric Society. He has served as a co-editor of the Journal of the European Economic Association and co-director of the CEPR International Macroeconomics Programme. In 2012 he served as President of the European Economic Association. Among other awards, Galí received the National Research Prize from the Government of Catalonia in 2011, and was co-recipient of the 2005 Yrjö Jahnsson Award. His research interests include macroeconomics and monetary theory.

Selected Publications:

• Unemployment Fluctuations and Stabilization Policies: A New Keynesian Perspective, Cambridge (MA): The MIT Press, 2011.
• Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton (NJ): Princeton University Press, 2008.
• “Labor Markets and Monetary Policy: A New Keynesian Model with Unemployment”, (with O. Blanchard), The American Economic Journal: Macroeconomics, 2(2), 1-30, 2010.
• “Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?” The American Economic Review, 249-271, 1999.
• “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, (with R. Clarida and M. Gertler), The Quarterly Journal of Economics, 115(1), 147-180, 2000.
• “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, 37(4), 1661-1707, 1999.

 

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

Selected publications:

• “Competing Engines of Growth: Innovation and Standardization”, (with D. Acemoglu and F. Zilibotti), Journal of Economic Theory, 147, 570-601, 2012.
• “Trade, Markup Heterogeneity and Misallocations”, (with P. Epifani), Journal of International Economics, 83, 1-13, 2011.
• “Openness, Government Size and the Terms of Trade”, (with P. Epifani), The Review of Economic Studies, 76, 629-668, 2009.
• “The Skill Bias of World Trade”, (with P. Epifani), The Economic Journal, 118, 927-960, 2008.
• “North-South Trade and Directed Technical Change”, (with A. Bonfiglioli), Journal of International Economics, 76, 276-296, 2008.
• “Increasing Returns, Imperfect Competition and Factor Prices”, (with P. Epifani), The Review of Economics and Statistics, 88, 583-598, 2006.

 

Nicola Gennaioli earned his PhD in Economics at Harvard University in 2004. He is Full Professor of Finance at Bocconi University, on leave from a position of Senior Researcher at the Center for Research in International Economics (CREI) and Research Professor at the Barcelona GSE. He is also a Research Affiliate at CEPR. From 2004-2007 he was an Assistant Professor at IIES, Stockholm University.  In 2009-2010 he was a Postdoctoral Fellow at Harvard University.  In 2009 he was awarded aEuropean Research Council Starting Grant. His fields of expertise are psychology and economics, finance, political economy and economic development. He has published several articles in major international journals such as The Quarterly Journal of Economics, the Journal of Political Economy, The American Economic Review, The Journal of Finance, the Journal of Financial Economics, The Review of Financial Studies, the Journal of the European Economic Association andthe Journal of Economic Growth. He is associate editor of The Review of Economic Studies, The Economic Journal, the Journal of the European Economic Association, and the Journal of Development Economics.

Selected publications:

• “A Model of Shadow Banking”, (with A. Shleifer and R. Vishny), The Journal of Finance, forthcoming.
•  “Neglected Risks, Financial Innovation, and Financial Fragility”, (with A. Shleifer and R. Vishny), Journal of Financial Economics, forthcoming.
• “Human Capital and Regional Development”, (with R. La Porta, F. Lopes de Silanes and A. Shleifer), The Quarterly Journal of Economics, 128(1), 105-164, 2013.
• “Contractual Resolutions of Financial Distress”, (with S. Rossi), The Review of Financial Studies, 26(3), 602-634, 2013.
•  “Salience Theory of Choice Under Risk”, (with A. Shleifer and P. Bordalo), The Quarterly Journal of Economics, 127(3), 1243-1285, 2012.
•  “What Comes to Mind”, (with A. Shleifer), The Quarterly Journal of Economics, 125(4), 1399-1433, 2010.

 

Albert Marcet graduated in Economics at the Universitat Autònoma de Barcelona (1982) and earned his PhD in Economics at the University of Minnesota (1987). He is an ICREA Research Professor at the Institut d’Anàlisi Econòmica, Axa Research Chair on Macroeconomics at Barcelona GSE and Bank of Spain Professor . He has also been Professor at the London School of Economics (2009-2011), Universitat Pompeu Fabra (1990-2003) and Carnegie-Mellon University, Pittsburgh (1986-1992) and has been a Visitor at the ECB, London Business School, CEMFI (Madrid), the Federal Reserve Bank of Minneapolis and the Universitat Autònoma of Barcelona. His main areas of research are macroeconomics, fiscal policy, solution methods of dynamic models, financial economics and learning models.

Selected publications:

• “House Price Booms and the Current Account”, (with K. Adam and P. Kuang), in D. Acemoglu and M. Woodford (eds.), NBER Macroeconomics Annual 2011, Chicago (IL): University of Chicago Press, 26, 77-122, 2012. 
• “Internal Rationality, Imperfect Market Knowledge and Asset Prices”, (with K. Adam), Journal of Economic Theory, 146, 1224-1252, 2011.
• “Recurrent Hyperinflations and Learning”, (with J.P. Nicolini), The American Economic Review, 93(5), 1476-1498, 2003.
• “Convergence of Least Squares Learning Mechanisms in Self-Referential Linear Stochastic Models”, (with T.J. Sargent), Journal of Economic Theory, 48(2), 337-368, 1989.

 

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

Selected publications:

• “International Capital Flows and Credit Market Imperfections: A Tale of Two Frictions”, (with F.Taddei), Journal of International Economics, 89(2), 441-452, 2013.
• “Understanding Bubbly Episodes”, (with V. Carvalho and J. Ventura), TheAmerican Economic Review P&P, 102(3), 95-100, 2012.
•  “Economic Growth with Bubbles”, (with J. Ventura), The American Economic Review, 102(6), 3033-3058, 2012.
• “Theoretical Notes on Bubbles and the Current Crisis”, (with J. Ventura), IMF Economic Review, 59(1), 6-40, 2011.
• “Sovereign Risk and Secondary Markets”, (with F. Broner and J. Ventura),The American Economic Review, 100(4), 1523-1555, 2010.
• “A Model of Collateral, Investment, and Adverse Selection”, Journal of Economic Theory, 144(4), 1572-1588, 2009.

 

Barbara Rossi earned her PhD in Economics at Princeton University in 2001. Currently she is an ICREA Professor at UPF, an Affiliated Professor at Barcelona GSE, and a Research Associate at the Center for Research in International Economics (CREI). She has held an academic tenured position at Duke University and visiting positions at Berkeley University, UCSD and the Philadelphia Fed, among others. She is a Research Fellow at the CEPR and a member of the CEPR Business Cycle Committee. She is currently an associate editor for the Journal of Business and Economic Statistics,the Journal of Economic Dynamics and Control, and the Journal of Applied Econometrics. She has been awarded two National Science Foundation grants.
Selected Publications:

• “Advances in Forecasting under Model Instability”, in G. Elliott and A. Timmermann (eds.), Handbook of Forecasting, Volume 2, Amsterdam: Elsevier, forthcoming.
• “Forecasting in Macroeconomics”, (with R. Giacomini), in N. Hashimzade and M. Thornton (eds.), Handbook of Research Methods and Applications in Empirical Macroeconomics, Cheltenham (UK): Edward Elgar Publishing Ltd, forthcoming.
• “Can Exchange Rates Forecast Commodity Prices?”, (with Y. Chen and K. Rogoff), The Quarterly Journal of Economics, 125(3), 1145-1194, 2010.
• “Out-of-Sample Forecast Tests Robust to Choice of Window Size”, (with A. Inoue), Journal of Business and Economics Statistics, 30(3), 432-453, 2012.
• “Detecting and Predicting Forecast Breakdowns”, (with R. Giacomini), The Review of Economic Studies, 76(2), 669-705, 2009.
• “Forecast Comparisons in Unstable Environments”, (with R. Giacomini), Journal of Applied Econometrics, 25(4), 595-620, 2010.

 

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

Selected publications:

• “The World Distribution of Income: Falling Inequality and Convergence, Period”, The Quarterly Journal of Economics,121(2), 351-397, 2006.
• “Determinants of Long-Term Growth: A Bayesian Average of Classical Estimates (Bace) Approach”, (with G. Doppelhoffer and R. Miller), TheAmerican Economic Review, 94(4), 813-835, 2004.
• “The Economic Tragedy of the XXth Century: Growth in Africa”, (with E.V. Artadi), in African Competitiveness Report of the World Economic Forum, 2003.
• Economic Growth, (with R. Barro), 2nd Edition, Cambridge (MA): The MIT Press, 2003.
• “Health Investment Complementarities under Competing Risks”, (with W. Dow and T. Philipson), The American Economic Review, 89(5), 1358-71, 1999.

 

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

Selected publications:

• “Economic Growth with Bubbles”, (with A. Martin), The American Economic Review, 102(6), 3033-3058, 2012.
• “Bubbles and Capital Flows”, Journal of Economic Theory, 147(2), 738-758, 2012.
• “Theoretical Notes on Bubbles and the Current Crisis”, (with A. Martin), IMF Economic Review, 59(1), 6-40, 2011.
• “Globalization and Risk Sharing”, (with F. Broner), The Review of Economic Studies, 78, 49-82, 2011.
• “Sovereign Risk and Secondary Markets”, (with F. Broner and A. Martin), TheAmerican Economic Review, 100(4), 1523-2555, 2010.
• “Comparative Advantage and the Cross-section of Business Cycles”, (with A. Kraay), Journal of the European Economic Association, 5(6), 1300-1333, 2007.

 

Hans-Joachim Voth earned his PhD in Economics at Nuffield College, Oxford in 1996. He is currently an ICREA Research Professor at UPF and a Research Associate at the Center for Research in International Economics (CREI). He is a CEPR Research Fellow, and an associate editor of The Quarterly Journal of Economics. He has won international prizes for his dissertation and the Leverhulme Prize for outstanding researchers under the age of 35. His work has appeared in The Quarterly Journal of Economics, The American Economic Review, the Review of Economic Studies, the European Economic Review, The Economic Journal, The Journal of Economic History, Explorations in Economic History, and in books with OUP and PUP. He has held visiting appointments at Stanford, MIT, Princeton and Stern Business School (NYU). A former consultant at McKinsey & Co., he has also acted as an advisor to the German Finance Ministry’s Working Group on Financial Market Reform; to the CEO of the German Stock Exchange; and to the German Trade Unions Movement (DGB).

Selected publications:

• Lending to the Borrower from Hell: Debt and Default in the Age of Philip II, 1556-1598, (with M. Drelichman), Princenton (NJ): Princeton University Press, forthcoming.
• “How the West ‘Invented’ Fertility Restriction”, The American Economic Review, forthcoming.
• Prometheus Shackled: Goldsmith Banks and England’s Financial Revolution after 1700, (with P. Temin), Oxford/New York: Oxford University Press, 2013.
• “Persecution Perpetuated: The Medieval Origins of Anti-Semitic Violence in Nazi Germany”, (with N. Voigtländer), The Quarterly Journal of Economics, 127(3), 1339-1392, 2012.
• “Betting on Hitler: The Value of Political Connections in Nazi Germany”, (with T. Ferguson), The Quarterly Journal of Economics, 123(1), 101-137, 2008.
• “Riding the South Sea Bubble”, (with P. Temin), The American Economic Review, 94(5), 1654-1668, 2004.

Download here

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

 

Residencia Universitaria Sarrià
Calle Esports, 1-7.
08017 Barcelona
Tel.  (+34) 93 206 55 40
Fax. (+34) 93 204 08 52
campus@residenciasarria.com
www.residenciasarria.com

 

 

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

• https://www.bcu.cat
• https://www.hotelsbarcelona.org/
• https://www.apartmentsapart.com/barcelona_hotels/index.htm
• https://www.barcelona-on-line.es/eng/index.asp
• https://www.barcelonahotels.es/
• https://www.hotel-barcelona.com/
• https://www.barcelona.com/reservas/
• https://www.hotelsearch.com
• https://www.apartmentbarcelona.com/
• https://www.flatsinbcn.com/
• https://www.destinationbcn.com/
• https://apartmentbcn.blogspot.com/

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 € 5.90
• by bus: 106. This bus takes you only to Plaça Espanya. A ticket costs €2.00
• 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:

 

• https://www.bcn.es (Barcelona)
• https://www.softguides.com/barcelona/index.html (Barcelona)
• https://www.red2000.com/spain/barcelon/index.html (Barcelona)
• https://www.aena.es (Spanish airports)

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.

"Herding through booms and busts*"

Journal of Economic Theory, 2023, 210, article 105669

Week 1 July 1 – July 5

 

Labor Markets and Monetary Policy

Instructor: Jordi Galí

Selected Topics:

• Introducing unemployment in New Keynesian models
• Unemployment and the design of monetary policy
• The return of the wage Phillips curve
• Sources of unemployment fluctuations
• The gains from wage flexibility

Dates:July 1– July 5

Time:  09:00 – 10:30 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List 

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

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:July 1 – July 5

Time: 11:00 – 12:30 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2&3

 

Lecture 5

 

International Trade and Macroeconomics

Instructor: Gino Gancia

Selected Topics:

• Technology, geography and trade: a quantitative analysis 
• Offshoring, global supply chains and the rise of China
• Trade, global imbalances and the Great Recession
• Trade and labor markets: wage inequality and unemployment in a global economy
• International markets and national governments

Dates:July 1–July 5

Time: 13:30 – 15:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List 

 

Lectures 1-2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

 

Manias, Panics and Crashes: Past, Present, Future

Instructor: Hans Joachim Voth

Selected Topics:

• Why are there so many asset price bubbles? What can central banks and regulators do to stop them?
• Anatomies of banking crises: where do they come from? How do they differ?
• Sovereign debt crises: can ‘investor panics’ be self-fulfilling? How can sovereign lending be made safe?
• Links between the real economy and the financial sector: lessons from the Great Depression

Dates:July 1 – July 5

Time: 15:30 – 17:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

 

Credit, Bubbles and Business Cycles

Instructor: Jaume Ventura

Selected Topics:

• Credit and business cycles: theory and evidence
• The role of asset prices: fire sales and bubbles
• A macroeconomic framework to study credit, bubbles and business cycles
• Application (1): International propagation of financial shocks and global imbalances
• Application (2): The 2007-08 financial crisis and the ongoing sovereign debt crisis

Dates:July 1 – July 5

Time: 17:30 – 19:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

 

Week 2 July 15 – 19

 

The Growth of Finance, Financial Innovation, and Systemic Risk

Instructor:Nicola Gennaioli

Selected Topics:

• The growth of the size and income of the financial sector: facts and theory
• Macroeconomic causes of the growth of finance, and its consequences for economic growth and financial fragility
• The rise of financial innovation and shadow banking: the crisis of 2007-2008
• The dangerous embrace between the financial sector and the government: the European sovereign debt crisis

Dates:July 15 –July 19

Time:08:30 – 10:00 h

Price:600 Euros (Students: 400 Euros)

 

Reading List 

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

The Macroeconomics of Financial Globalization

Instructor: Alberto Martín

Selected Topics:

• Financial globalization: the facts
• Macroeconomic effects of financial globalization: conventional view and evidence
• Rethinking the convention: a workhorse model of capital flows and financial frictions
• Policy implications: the case for capital controls
• Causes and consequences of global imbalances
• Capital flows, the financial crisis of 2007-08, and Europe’s banking woes.

Dates:July 15 –July 19

Time: 10:15 – 11:45 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Lecture 1

 

Lecture 2

 

Lecture 3

 

Lecture 4

 

Lecture 5

 

Sovereign Debt Crises: Theory and Evidence 

Instructor: Fernando Broner

Selected Topics:

• What are the costs of sovereign default? Reputation and sanctions
• Market structure and defaults: secondary markets and collateral damage
• Rollover crises: lender of last resort and moral hazard
• Solvency crises: debt overhang, buybacks and restructuring
• Lessons for Europe

Dates:July 15 – July 19

Time: 12:00 – 13:30 h

Price:600 Euros (Students: 400 Euros)

 

Reading List

 

Papers Lecture 1

 

Papers Lecture 2

 

Papers Lecture 3

 

Papers Lecture 4

 

Papers Lecture 5

 

Handout 1

 

Handout 2

 

Handout 3

 

Handout 4

 

Learning, Asset Prices and Macro Policy

Instructor: Albert Marcet

Selected Topics:

• Learning, expectations formation and convergence to rational expectations
• Monetary policy: stability of monetary policy under learning, explaining US experience on monetary policy, and implications for Taylor rule. Hyperinflations
• Fiscal policy, stability and fiscal sustainability under learning
• Stock price volatility
• From adaptive learning to internal rationality
• Empirical issues: model testing, expectations surveys

Dates:July 15 – July 19

Time: 14:15– 15:45 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List (First Version)

 

Recent Developments in Forecasting:

Estimation and Evaluation

Instructor: Barbara Rossi

Selected Topics:

• Recent developments in forecasting methodologies (e.g. forecasting with many predictors)
• New methods for evaluating models’ forecasts (including evaluating models’ absolute and relative predictive ability)
• Application 1: How well can we forecast inflation and output growth?
• Application 2: Do reduced-form models forecast better than DSGE models?

Dates:July 15 –July 19

Time: 16:00 – 17:30 h

Price: 600 Euros (Students: 400 Euros)

 

Reading List

 

Papers

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

Selected publications:

• “Gross Capital Flows: Dynamics and Crises”, (with A. Erce, S. Schmukler, and T. Didier), Journal of Monetary Economics, forthcoming.
• “Why do Emerging Economies Borrow Short Term?”, (with G. Lorenzoni and S. Schmukler), Journal of the European Economic Association, 11(S1), 67-100, 2013.
• “Globalization and Risk Sharing”, (with J. Ventura), The Review of Economic Studies, 78(1), 49-82, 2011.
• “Sovereign Risk and Secondary Markets”, (with J. Ventura and A. Martin),The American Economic Review, 100(4), 1523-1555, 2010.
• “Discrete Devaluations and Multiple Equilibria in a First Generation Model of Currency Crises,” Journal of Monetary Economics, 55(3), 592-605, 2008.
• “When in Peril Retrench: Testing the Portfolio Channel of Contagion”, (with G. Gelos and C. Reinhart), Journal of International Economics, 69(1), 203-230, 2006.

 

Jordi Galí earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 1989. Currently he is Director and Senior Researcher at the Center for Research in International Economics (CREI), Professor at Universitat Pompeu Fabra and 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 is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the Econometric Society. He has served as a co-editor of the Journal of the European Economic Association and co-director of the CEPR International Macroeconomics Programme. In 2012 he served as President of the European Economic Association. Among other awards, Galí received the National Research Prize from the Government of Catalonia in 2011, and was co-recipient of the 2005 Yrjö Jahnsson Award. His research interests include macroeconomics and monetary theory.

Selected Publications:

• Unemployment Fluctuations and Stabilization Policies: A New Keynesian Perspective, Cambridge (MA): The MIT Press, 2011.
• Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Princeton (NJ): Princeton University Press, 2008.
• “Labor Markets and Monetary Policy: A New Keynesian Model with Unemployment”, (with O. Blanchard), The American Economic Journal: Macroeconomics, 2(2), 1-30, 2010.
• “Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?” The American Economic Review, 249-271, 1999.
• “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, (with R. Clarida and M. Gertler), The Quarterly Journal of Economics, 115(1), 147-180, 2000.
• “The Science of Monetary Policy: A New Keynesian Perspective”, Journal of Economic Literature, 37(4), 1661-1707, 1999.

 

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

Selected publications:

• “Competing Engines of Growth: Innovation and Standardization”, (with D. Acemoglu and F. Zilibotti), Journal of Economic Theory, 147, 570-601, 2012.
• “Trade, Markup Heterogeneity and Misallocations”, (with P. Epifani), Journal of International Economics, 83, 1-13, 2011.
• “Openness, Government Size and the Terms of Trade”, (with P. Epifani), The Review of Economic Studies, 76, 629-668, 2009.
• “The Skill Bias of World Trade”, (with P. Epifani), The Economic Journal, 118, 927-960, 2008.
• “North-South Trade and Directed Technical Change”, (with A. Bonfiglioli), Journal of International Economics, 76, 276-296, 2008.
• “Increasing Returns, Imperfect Competition and Factor Prices”, (with P. Epifani), The Review of Economics and Statistics, 88, 583-598, 2006.

 

Nicola Gennaioli earned his PhD in Economics at Harvard University in 2004. He is Full Professor of Finance at Bocconi University, on leave from a position of Senior Researcher at the Center for Research in International Economics (CREI) and Research Professor at the Barcelona GSE. He is also a Research Affiliate at CEPR. From 2004-2007 he was an Assistant Professor at IIES, Stockholm University.  In 2009-2010 he was a Postdoctoral Fellow at Harvard University.  In 2009 he was awarded aEuropean Research Council Starting Grant. His fields of expertise are psychology and economics, finance, political economy and economic development. He has published several articles in major international journals such as The Quarterly Journal of Economics, the Journal of Political Economy, The American Economic Review, The Journal of Finance, the Journal of Financial Economics, The Review of Financial Studies, the Journal of the European Economic Association andthe Journal of Economic Growth. He is associate editor of The Review of Economic Studies, The Economic Journal, the Journal of the European Economic Association, and the Journal of Development Economics.

Selected publications:

• “A Model of Shadow Banking”, (with A. Shleifer and R. Vishny), The Journal of Finance, forthcoming.
•  “Neglected Risks, Financial Innovation, and Financial Fragility”, (with A. Shleifer and R. Vishny), Journal of Financial Economics, forthcoming.
• “Human Capital and Regional Development”, (with R. La Porta, F. Lopes de Silanes and A. Shleifer), The Quarterly Journal of Economics, 128(1), 105-164, 2013.
• “Contractual Resolutions of Financial Distress”, (with S. Rossi), The Review of Financial Studies, 26(3), 602-634, 2013.
•  “Salience Theory of Choice Under Risk”, (with A. Shleifer and P. Bordalo), The Quarterly Journal of Economics, 127(3), 1243-1285, 2012.
•  “What Comes to Mind”, (with A. Shleifer), The Quarterly Journal of Economics, 125(4), 1399-1433, 2010.

 

Albert Marcet graduated in Economics at the Universitat Autònoma de Barcelona (1982) and earned his PhD in Economics at the University of Minnesota (1987). He is an ICREA Research Professor at the Institut d’Anàlisi Econòmica, Axa Research Chair on Macroeconomics at Barcelona GSE and Bank of Spain Professor . He has also been Professor at the London School of Economics (2009-2011), Universitat Pompeu Fabra (1990-2003) and Carnegie-Mellon University, Pittsburgh (1986-1992) and has been a Visitor at the ECB, London Business School, CEMFI (Madrid), the Federal Reserve Bank of Minneapolis and the Universitat Autònoma of Barcelona. His main areas of research are macroeconomics, fiscal policy, solution methods of dynamic models, financial economics and learning models.

Selected publications:

• “House Price Booms and the Current Account”, (with K. Adam and P. Kuang), in D. Acemoglu and M. Woodford (eds.), NBER Macroeconomics Annual 2011, Chicago (IL): University of Chicago Press, 26, 77-122, 2012. 
• “Internal Rationality, Imperfect Market Knowledge and Asset Prices”, (with K. Adam), Journal of Economic Theory, 146, 1224-1252, 2011.
• “Recurrent Hyperinflations and Learning”, (with J.P. Nicolini), The American Economic Review, 93(5), 1476-1498, 2003.
• “Convergence of Least Squares Learning Mechanisms in Self-Referential Linear Stochastic Models”, (with T.J. Sargent), Journal of Economic Theory, 48(2), 337-368, 1989.

 

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

Selected publications:

• “International Capital Flows and Credit Market Imperfections: A Tale of Two Frictions”, (with F.Taddei), Journal of International Economics, 89(2), 441-452, 2013.
• “Understanding Bubbly Episodes”, (with V. Carvalho and J. Ventura), TheAmerican Economic Review P&P, 102(3), 95-100, 2012.
•  “Economic Growth with Bubbles”, (with J. Ventura), The American Economic Review, 102(6), 3033-3058, 2012.
• “Theoretical Notes on Bubbles and the Current Crisis”, (with J. Ventura), IMF Economic Review, 59(1), 6-40, 2011.
• “Sovereign Risk and Secondary Markets”, (with F. Broner and J. Ventura),The American Economic Review, 100(4), 1523-1555, 2010.
• “A Model of Collateral, Investment, and Adverse Selection”, Journal of Economic Theory, 144(4), 1572-1588, 2009.

 

Barbara Rossi earned her PhD in Economics at Princeton University in 2001. Currently she is an ICREA Professor at UPF, an Affiliated Professor at Barcelona GSE, and a Research Associate at the Center for Research in International Economics (CREI). She has held an academic tenured position at Duke University and visiting positions at Berkeley University, UCSD and the Philadelphia Fed, among others. She is a Research Fellow at the CEPR and a member of the CEPR Business Cycle Committee. She is currently an associate editor for the Journal of Business and Economic Statistics,the Journal of Economic Dynamics and Control, and the Journal of Applied Econometrics. She has been awarded two National Science Foundation grants.
Selected Publications:

• “Advances in Forecasting under Model Instability”, in G. Elliott and A. Timmermann (eds.), Handbook of Forecasting, Volume 2, Amsterdam: Elsevier, forthcoming.
• “Forecasting in Macroeconomics”, (with R. Giacomini), in N. Hashimzade and M. Thornton (eds.), Handbook of Research Methods and Applications in Empirical Macroeconomics, Cheltenham (UK): Edward Elgar Publishing Ltd, forthcoming.
• “Can Exchange Rates Forecast Commodity Prices?”, (with Y. Chen and K. Rogoff), The Quarterly Journal of Economics, 125(3), 1145-1194, 2010.
• “Out-of-Sample Forecast Tests Robust to Choice of Window Size”, (with A. Inoue), Journal of Business and Economics Statistics, 30(3), 432-453, 2012.
• “Detecting and Predicting Forecast Breakdowns”, (with R. Giacomini), The Review of Economic Studies, 76(2), 669-705, 2009.
• “Forecast Comparisons in Unstable Environments”, (with R. Giacomini), Journal of Applied Econometrics, 25(4), 595-620, 2010.

 

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

Selected publications:

• “The World Distribution of Income: Falling Inequality and Convergence, Period”, The Quarterly Journal of Economics,121(2), 351-397, 2006.
• “Determinants of Long-Term Growth: A Bayesian Average of Classical Estimates (Bace) Approach”, (with G. Doppelhoffer and R. Miller), TheAmerican Economic Review, 94(4), 813-835, 2004.
• “The Economic Tragedy of the XXth Century: Growth in Africa”, (with E.V. Artadi), in African Competitiveness Report of the World Economic Forum, 2003.
• Economic Growth, (with R. Barro), 2nd Edition, Cambridge (MA): The MIT Press, 2003.
• “Health Investment Complementarities under Competing Risks”, (with W. Dow and T. Philipson), The American Economic Review, 89(5), 1358-71, 1999.

 

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

Selected publications:

• “Economic Growth with Bubbles”, (with A. Martin), The American Economic Review, 102(6), 3033-3058, 2012.
• “Bubbles and Capital Flows”, Journal of Economic Theory, 147(2), 738-758, 2012.
• “Theoretical Notes on Bubbles and the Current Crisis”, (with A. Martin), IMF Economic Review, 59(1), 6-40, 2011.
• “Globalization and Risk Sharing”, (with F. Broner), The Review of Economic Studies, 78, 49-82, 2011.
• “Sovereign Risk and Secondary Markets”, (with F. Broner and A. Martin), TheAmerican Economic Review, 100(4), 1523-2555, 2010.
• “Comparative Advantage and the Cross-section of Business Cycles”, (with A. Kraay), Journal of the European Economic Association, 5(6), 1300-1333, 2007.

 

Hans-Joachim Voth earned his PhD in Economics at Nuffield College, Oxford in 1996. He is currently an ICREA Research Professor at UPF and a Research Associate at the Center for Research in International Economics (CREI). He is a CEPR Research Fellow, and an associate editor of The Quarterly Journal of Economics. He has won international prizes for his dissertation and the Leverhulme Prize for outstanding researchers under the age of 35. His work has appeared in The Quarterly Journal of Economics, The American Economic Review, the Review of Economic Studies, the European Economic Review, The Economic Journal, The Journal of Economic History, Explorations in Economic History, and in books with OUP and PUP. He has held visiting appointments at Stanford, MIT, Princeton and Stern Business School (NYU). A former consultant at McKinsey & Co., he has also acted as an advisor to the German Finance Ministry’s Working Group on Financial Market Reform; to the CEO of the German Stock Exchange; and to the German Trade Unions Movement (DGB).

Selected publications:

• Lending to the Borrower from Hell: Debt and Default in the Age of Philip II, 1556-1598, (with M. Drelichman), Princenton (NJ): Princeton University Press, forthcoming.
• “How the West ‘Invented’ Fertility Restriction”, The American Economic Review, forthcoming.
• Prometheus Shackled: Goldsmith Banks and England’s Financial Revolution after 1700, (with P. Temin), Oxford/New York: Oxford University Press, 2013.
• “Persecution Perpetuated: The Medieval Origins of Anti-Semitic Violence in Nazi Germany”, (with N. Voigtländer), The Quarterly Journal of Economics, 127(3), 1339-1392, 2012.
• “Betting on Hitler: The Value of Political Connections in Nazi Germany”, (with T. Ferguson), The Quarterly Journal of Economics, 123(1), 101-137, 2008.
• “Riding the South Sea Bubble”, (with P. Temin), The American Economic Review, 94(5), 1654-1668, 2004.

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