September 19, Thursday

08:30 – 08:50 Registration

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

08:50 – 09:00 Welcome address

Dániel Palotai Chief Economist (Magyar Nemzeti Bank)

Session 1

Chair: Dániel Palotai (Magyar Nemzeti Bank)

09:00 – 09:50

Michel Antoine Habib  (University of Zürich, SFI, and CEPR): How Can Governments Borrow so Much? (joint with J. Rochet)

Discussant: Luisa Lambertini (Ecole Polytechnique Federale de Lausanne)

09:50 – 10:40

Mariano Massimiliano Croce (University of North Carolina at Chapel Hill): Fiscal Policy and the Distribution of Consumption Risk (joint with T. T. Nguyen and L. Schmid)

Discussant: Péter Benczúr (CEU)

10:40 – 11:00 Coffee break

Session 2

Chair: Balázs Vonnák (Magyar Nemzeti Bank)

11:00 – 11:50

Gregory Thwaites (London School of Economics): 

Pushing On a String: US Monetary Policy is Less Powerful in Recessions

(joint with S. Tenreyro)

Discussant: Róbert Lieli (Magyar Nemzeti Bank)

11:50 – 12:40

Ádám Reiff (Magyar Nemzeti Bank and European Central Bank): Large shocks in menu cost models (joint with P. Karádi)

Discussant: Anton Nakov (Bank of Spain)

12:40 – 14:00 Lunch

Chair:  Márton Nagy (Magyar Nemzeti Bank)

14:00 – 15:30

Keynote Speech

Alan Taylor (University of California, Davis)

(When Credit Bites Back: Leverage, Business Cycles and Crises)

15:30 – 15:50 Coffee break

Session 3

Chair: Sumru Altug (Koç University)

15:50 – 16:40

Luca Fornaro (London School of Economics): International Debt Deleveraging

Discussant: Stephane Moyen (Deutsche Bundesbank)

16:40 – 17:30

István Kónya (Magyar Nemzeti Bank and Central European University), Interest Premium, Sudden Stop, and Adjustment in a Small Open Economy (joint with P. Benczúr)

Discussant: Paul McNelis (Fordham University)

19:30   Danube cruise with dinner

 September 20, Friday

Session 4

Chair: Alberto Locarno (Banca d’Italia)


Robert Kollmann  (ECARES, Université Libre de Bruxelles and CEPR) and

Werner Roeger  (DG-ECFIN, EU Commission):

What drives the German current account? And how does it affect the other EU member states? Evidence from an estimated DSGE model  (joint with M. Ratto, W. Roeger, J. in’t Veld and L. Vogel)

Discussant: Gábor Pellényi (Magyar Nemzeti Bank)

9:50 – 10:40

Andrea Ferrero  (University of Oxford): Can Structural Reforms Help Europe? (joint with G. Eggertsson and A. Raffo)

Discussant: Ricardo Mourinho Felix (Bank of Portugal)

10:40 – 11:00 Coffee break

Session 5

Chair: Barnabás Virág (Magyar Nemzeti Bank)

11:00 – 11:50

Béla Szörfi (Magyar Nemzeti Bank and ECB): Potential output from a Euro Area perspective (joint with T. Aranki, A. Dieppe, C. Elding, S. Haroutunian, P. Jacquinot, V. Labhard, D. Rusinova)

Discussant: Alberto Locarno (Banca d’Italia)

11:50 – 12:40

Andrea Gerali (Banca d’Italia): Potential output and structural reforms after the crisis: the case of Italy (joint with M. Pisani and A. Notarpietro)

Discussant: Henrik Kucsera (Magyar Nemzeti Bank)

12:40 – 14:00 Lunch

 Chair: Alessia ?C?ampolmi (Magyar Nemzeti Bank)

 14:00 – 15:30

Keynote Speech

Michael Reiter (IHS Vienna): 

Solution Methods for Models With Large Shocks 

15:30 – 15:50 Coffee break

Session 6

Chair: István Kónya (Magyar Nemzeti Bank)

15:50 – 16:40

Luigi Zingales (University of Chicago): Liquidity and Inefficient Investment  (joint with O. Hart)

Discussant: Davide Debortoli (UC San Diego and UPF)

16:40 – 17:30

Carlos Zarazaga (Federal Reserve Bank of Dallas): Fiscal Sentiment and the Weak Recovery from the Great Recession: A Quantitative Exploration (joint with F. Kydland)

Discussant: Sumru Altug (Koç University)

17:30   Wine tasting

Organizing committee:

  • Alessia Campolmi (Magyar Nemzeti Bank and Central European University)
  • István Kónya (Magyar Nemzeti Bank and Central European University)
  • Alberto Locarno (Banca d’Italia)
  • Gábor Pellényi (Magyar Nemzeti Bank)
  • Ákos Valentinyi (Cardiff Business School and CEPR)

Further information and the final program will be posted at:

The program of last year’s workshop can be found at: