Macro Week in Marrakech Second Global Macroeconomic Workshop Université Cadi Ayyad Marrakech, Morocco 17/18 April 2018

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1 Macro Week in Marrakech Second Global Macroeconomic Workshop Université Cadi Ayyad Marrakech, Morocco 17/18 April 2018 Program Tuesday 10:00-10:40 Investment Opportunities and Economic Outcomes: Who Benefits From College and the Stock Market? Presenter: Felicia Ionescu (Board of Governors) 10:40 11:20 Corporate Income Tax, Legal Form of Organization, and Employment Presenter: Don Schlagenhauf (Federal Reserve Bank of St. Louis, USA) 11:20 11:50 Break 11:50 12:30 Till mess do us part: Married women s market hours, home production, and divorce Presenter: Eva Garcia-Moran (University of Wuerzburg, Germany) 12:30 13:10 Fiscal Stimulus with Learning-By-Doing Presenter: Giulio Fella (Queen Mary University of London, GB) 13:10 Lunch (Faculty Club) 14:30 15:10 Low Homeownership in Germany - A Quantitative Exploration Presenter: Georgi Kocharkov (Goethe University Frankfurt, Germany) 15:10 15:50 Small and Large Firms Over the Business Cycle Presenter: Neil Mehrota (Brown University, USA) 15:50 16:20 Break 16:20 17:00 Fiscal Policy with an Informal Sector Presenter: Harris Dellas (University of Bern, Switzerland) 17:00 17:40 Keynote Speech: Francesco Lippi (EIEF, Italy) The Analytic Theory of a Monetary Shock 20:00 Dinner (Medina) 1

2 Program Wednesday 10:00 10:40 Asset Pricing under Rational Learning about Rare Disasters Presenter: Christos Koulovatianos (University of Luxembourg) 10:40 11:20 Inequality, Redistribution and Optimal Trade Policy: A Public Finance Approach Presenter: Roozbeh Hosseini (University of Georgia, USA) 11:20 11:50 Break 11:50 12:30 The Corridor s Width as a Monetary Policy Tool Presenter: Guillaume A. Khayat (Aix-Marseille School of Economics, France) 12:30 13:10 Limited Participation and Local Currency Sovereign Debt Presenter: Kirill Shakhnov (EIEF, Italy) 13:10 Lunch (Faculty Club) 14:30 15:10 Old, frail and uninsured: Accounting for puzzles in the U.S. long-term care insurance market Presenter: R. Anton Braun (Federal Reserve Bank of Atlanta, USA) 15:10 15:50 Optimal Asset Division Rules for Partnerships Presenter: Arpad Abraham (EUI, Italy) 15:50 16:20 Break 16:20 17:00 Keynote Speech: Piero Gottardi (EUI, Italy) Capital Structure and Hedging Demand with Incomplete Markets 20:00 Conference Dinner Organizers: Mustapha Ziky (INREDD laboratory of the Université Cadi Ayyad Marrakech), Aleksander Berentsen (University of Basel and Center for Innovative Finance, Switzerland), Christopher Waller (Federal Reserve Bank of St. Louis, USA), Harris Dellas (University of Bern, Switzerland), Cyril Monnet (University of Bern and Studienzenter Gerzensee, Switzerland), David Andolfatto (Federal Reserve Bank of St. Louis, USA and Simon Fraser University, Canada), Martin Gervais (University of Iowa, USA), Gabriel Lee (University of Regensburg, Germany and Institute for Advanced Studies, Austria) 2

3 List of Participants Arpad Abraham, European University Institute, Italy Mohammed Aït Lahcen, University of Basel, Switzerland Lukas Altermatt, University of Basel, Switzerland David Andolfatto, Federal Reserve Bank of St. Louis, USA and Simon Fraser University, Canada Aleksander Berentsen, University of Basel, Switzerland and Federal Reserve Bank of St. Louis, USA Florian Bitterli, University of Basel, Switzerland R. Anton Braun, Federal Reserve Bank of Atlanta, USA Raja Daouah, University of Basel, Switzerland Harris Dellas, University of Bern, Switzerland Giulio Fella, Queen Mary University of London, GB Eva Garcia-Moran, University of Wuerzburg, Germany Martin Gervais, University of Iowa, USA Pedro Gomis-Porqueras, Deakin University, Australia Piero Gottardi, European University Institute, Italy Henrike Groeger, European University Institute, Italy Luigi Guiso, Einaudi Institute for Economics and Finance, Italy Christian Haefke, New York University Abu Dhabi, UAE Roozbeh Hosseini, University of Georgia, USA Felicia Ionescu, Board of Governors, USA Leo Kaas, Goethe University Frankfurt, Germany Guillaume A. Khayat, Aix-Marseille School of Economics, France Abdellah Khayya, Researcher Georgi Kocharkov, Goethe University Frankfurt, Germany Christos Koulovatianos, University of Luxembourg Pamela Labadie, George Washington University, USA Gabriel Lee, University of Regensburg, Germany and Institute for Advanced Studies, Austria Francesco Lippi, Einaudi Institute for Economics and Finance, Italy Florian Madison, University of California, Irvine, USA Alessandro Marchesiani, University of Liverpool, GB 3

4 Marina Markheim, University of Regensburg, Germany Neil Mehrotra, Brown University, USA Cyril Monnet, University of Bern and Studienzenter Gerzensee, Switzerland Remo Nyffenegger, University of Basel, Switzerland Veronika Pueschel, University of Regensburg, Germany Shi Qi, College of William and Mary, USA Michael Reiter, IHS Vienna, Austria Romina Ruprecht, University of Basel, Switzerland Don Schlagenhauf, Federal Reserve Bank of St. Louis, USA Kirill Shakhnov, Einaudi Institute for Economics and Finance, Italy Christopher Waller, Federal Reserve Bank of St. Louis, USA Mustapha Ziky, Université Cadi Ayyad, Morocco 4

5 List of Presented Papers Optimal Asset Division Rules for Partnerships Arpad Abraham (European University Institute) and Piero Gottardi (European University Institute) Old, frail and uninsured: Accounting for puzzles in the U.S. long-term care insurance market R. Anton Braun (FRB of Atlanta), Karen A. Kopecky (FRB of Atlanta) and Tatyana Koreshkova (Concordia University) Fiscal Policy with an Informal Sector Harris Dellas (University of Bern), Dimitris Malliaropoulos (Bank of Greece), Dimitris Papageorgiou (Bank of Greece) and Evangelia Vourvachaki (Bank of Greece) Fiscal Stimulus with Learning-By-Doing Giulio Fella (Queen Mary University of London) and Antonello d Alessandro (Bank of Italy) Till mess do us part: Married women s market hours, home production, and divorce Eva García-Morán (University of Wuerzburg) and Zoe Kuehn (Universidad Carlos III de Madrid) Capital Structure and Hedging Demand with Incomplete Markets Piero Gottardi (European University Institute), Alberto Bisin (New York University) and Gian Luca Clementi (New York University) Inequality, Redistribution and Optimal Trade Policy: A Public Finance Approach Roozbeh Hosseini (University of Georgia) and Ali Shourideh (Carnegie Mellon University) Investment Opportunities and Economic Outcomes: Who Benefits From College and the Stock Market? Felicia Ionescu (Board of Governors), Kartik Athreya (FRB Richmond), Urvi Neelakantan (FRB Richmond) and Ivan Vidangos (Federal Reserve Board) The Corridor s Width as a Monetary Policy Tool Guillaume A. Khayat (Aix-Marseille School of Economics) Low Homeownership in Germany - A Quantitative Exploration Georgi Kocharkov (Goethe University Frankfurt), Leo Kaas (University of Konstanz), Edgar Preugschat (Technical University of Dortmund) and Nawid Siassi (University of Konstanz) Asset Pricing under Rational Learning about Rare Disasters Christos Koulovatianos (University of Luxembourg) and Volker Wieland (Goethe University Frankfurt) The Analytic Theory of a Monetary Shock Francesco Lippi (EIEF) and Fernando Alvarez (University of Chicago) Small and Large Firms Over the Business Cycle Neil Mehrota (Brown University) and Nicolas Crouzet (Northwestern University) 5

6 Corporate Income Tax, Legal Form of Organization, and Employment Don Schlagenhauf (FRB of St. Louis), Daphne Chen (Econ One Research) and Shi Qi (College of William and Mary) Limited Participation and Local Currency Sovereign Debt Kirill Shakhnov (EIEF), Nicola Borri (LUISS University) 6

Macro Marrakech Fourth Workshop in Macroeconomics Université Cadi Ayyad Marrakech, Morocco 18/19 May 2017

Macro Marrakech Fourth Workshop in Macroeconomics Université Cadi Ayyad Marrakech, Morocco 18/19 May 2017 Program Thursday organized by: Aleksander Berentsen and Mustapha Ziky 09:30 Session 1 09:30 10:10