The workshop, titled "Solving dynamic equilibrium models", will present methods used to solve macroeconomic models. The lectures will focus on dynamic programming, the value function iteration and perturbation methods, with applications to a variety of topics, from the consumption-saving choice...

We build a tractable two-agent New Keynesian (TANK) model to jointly study four types of policy: conventional monetary policy, quantitative easing (QE), government expenditures, and lump-sum transfers. We find QE, transfers, and government spending can have the same effects on the aggregate...

China has established its role as a major world lender, and policy changes affecting its external position would therefore have pronounced effects over a range of countries and on the global financial landscape in general. In this paper, I characterize China’s external asset holdings and macro...

Workshop Program: - Five facts about the UIP Premium; - The People vs the Markets: A Parsimonious Model of Inflation Expectations; - Global inflation, monetary policy and spillovers on EM; - The end of privilege: a reexamination of the net foreign asset position of the United States; - Are...

The fifth biennial ECB conference on Fiscal policy and EMU governance brings together participants including from academia, the central banking community, European and international organisations. This year’s conference will address the fiscal policy response and monetary and fiscal policy...

Governments around the world have gone on a massive fiscal expansion in response to the Covid crisis, increasing government debt to levels not seen in 75 years. How will this debt be repaid? What role do conventional and unconventional monetary policy play? We investigate debt sustainability in...

It is being investigated the relationship between oil windfalls and income inequality using the subnational data of one of the resource-richest and most unequal countries in the world – Russia. While previous literature has produced contradictory findings due to the use of an aggregate measure...

The economics of fiscal rules and debt sustainability. Government debt levels have increased dramatically since the outbreak of the pandemic. EU fiscal rules have been temporarily suspended, and the persisting low interest rate environment seems to remain favourable to loose fiscal policy. As...

Topics: - Monetary and financial policy to respond to the COVID-19 crisis and support the recovery; - Fiscal policies to support growth, reduce inequality, and address the public debt overhang; - Structural policies to restore confidence and mitigate the negative impact on employment and income...

Topics: - Micro and macro price dynamics in the open economy - Exchange rate dynamics and pass-through - Firms’ adjustment margins in the face of large shocks - Business cycle comovement and with financial and/or trade linkages - The impact of monetary and fiscal policies on macroeconomic...