Budapest, Hungary

Magyar Nemzeti Bank   -   Centre for Economic Policy Research

The Magyar Nemzeti Bank (MNB), in collaboration with the Centre for Economic Policy Research (CEPR), will hold its 11th Workshop on Macroeconomic Policy Research in Budapest on September 6-7, 2012.

Final Program

September 6, Thursday

08:30 – 08:45 Registration

  (Magyar Nemzeti Bank, Address: Szabadság tér 8-9.)

08:45 – 09:00 Welcome address

András Simor (Governor, Magyar Nemzeti Bank)

Session 1

Chair: Ágnes Csermely (Magyar Nemzeti Bank)

09:00 – 09:50

Gábor Békés (Institute of Economics, Hungarian Academy of Sciences, IE-HAS): Still Standing: How European Firms Weathered the Crisis?(joint with László Halpern, IE-HAS and CEPR, Miklós Koren, Central European University, IE-HAS and CEPR, and Balázs Muraközy, IE-HAS)

Discussant: Alejandro Cunat (Universität Wien)

09:50 – 10:40

Ernesto Villanueva (Banco de Espana): Consumption and Initial Mortgage Conditions: Evidence from Survey Data (joint with Giacomo Masier, Previnet)

Discussant: Jirka Slacalek (European Central Bank)

10:40 – 11:00 Coffee break

Session 2

Chair: Márton Nagy (Magyar Nemzeti Bank)

11:00 – 11:50

Chiara Forlati (Ecole Polytechnique Federale de Lausanne, EPFL): Mortgage Amortization and Amplification (joint with Luisa Lambertini, EPFL)

Discussant: Giovanni Lombardo (European Central Bank)

11:50 – 12:40

Ander Perez (Universitat Pompeu Fabra and Barcelona GSE): Aggregate Implications of Financial and Labor Market Frictions (joint with Andrea Caggese, Universitat Pompeu Fabra and Barcelona GSE)

Discussant: Balázs Világi (Magyar Nemzeti Bank)

12:40 – 14:00 Lunch

Session 3

Chair: Gábor Oblath (Institute of Economics, Hungarian Academy of Sciences)

14:00 – 15:30

Keynote Speech

Christopher D. Carroll (Johns Hopkins University), Macroeconomic Implications of Wealth Heterogeneity

15:30 – 15:50 Coffee break

Session 4

Chair: János Köllő (Institute of Economics, Hungarian Academy of Sciences)

15:50 – 16:40

Dmytro Hryshko (University of Alberta): Moving to a Job: The Role of Home Equity, Debt, and Access to Credit (joint with Yuliya Demyanyk, Federal Reserve Bank of Cleveland, María-José Luengo-Prado, Northeastern University and Bent Sorensen, University of Houston and CEPR)

Discussant: Miklós Koren (Central European University and CEPR)

16:40 – 17:30

Péter Benczúr (Magyar Nemzeti Bank and Central European University): Income Taxation, Transfers and Labour Supply at the Extensive Margin (joint with Gábor Kátay, Áron Kiss, Olivér Rácz, Magyar Nemzeti Bank)

Discussant: Mirco Tonin (University of Southampton and Central European University)

20:00   Danube cruise with dinner

 September 7, Friday

Session 5

Chair: Júlia Király (Deputy Governor, Magyar Nemzeti Bank)

9:00 – 9:50

Fiorella de Fiore (European Central Bank): Corporate Debt Structure and the Financial Crisis (joint with Harald Uhlig, University of Chicago)

Discussant: Kevin Sheedy (London School of Economics)

9:50 – 10:40

Viktors Stebunovs (Federal Reserve Board): Firm and Household Access to Finance and Non-Financial Employment over the Great Recession(joint with Samuel Haltenhof, Federal Reserve Board and Seung Jung Lee, Federal Reserve Board)

Discussant: Ákos Valentinyi (Cardiff University)

10:40 – 11:00 Coffee break

11:00 – 11:50

Marianna Endrész (Magyar Nemzeti Bank): Firms with Currency Mismatch in the Credit Crisis (joint with Győző Gyöngyösi and Péter Harasztosi, Magyar Nemzeti Bank)

Discussant: Balázs Muraközy (Institute of Economics, Hungarian Academy of Sciences)

11:50 – 13:30 Lunch

Session 6

Chair: Gábor Kézdi (Central European University)

13:30 – 15:00

Keynote Speech

Matthew D. Shapiro (University of Michigan): The Effects of the Financial Crisis on the Well-Being of Older Americans: Evidence from the Cognitive Economics Study

15:00 – 15:20 Coffee break

Session 7

Chair: Péter Pete (Eötvös Loránd University)

15:20 – 16:10

Elisabeth Beckmann (Oesterreichische Nationalbank): Foreign Currency Loans and Loan Arrears of Households in Central and Eastern Europe (joint with Jarko Fridmuc, CESifo, and Helmut Stix, Oesterreichische Nationalbank)

Discussant: László Halpern (Institute of Eeconomics, Hungarian Academy of Sciences and CEPR)

16:10 – 17:00

Marcel Bluhm (Xiamen University): Endogenous Banks’ Networks, Cascades and Systemic Risk (joint with Ester Faia, Frankfurt University, CFS and Kiel IfW, and Jan Pieter Krahnen, Frankfurt University, CFS and CEPR)

Discussant: Péter Kondor (Central European University)

17:30   Wine tasting