economics, economic policies and sustainable growth in the ... · zezza francesco (università di...

ConferenceProgramme

Economics, Economic Policies and Sustainable

Growth in the Wake of the Crisis

InternationalConference-September8-10,2016,Ancona,Italy

PatrociniodellaRegioneMarche

MedagliadelPresidentedellaRepubblica

PiazzaleMartelli,8-60121Ancona–Italy

http://crisis2016.univpm.it/



OrganizingCommiteeHeadOrganizers:EugenioCaverzasi(UniversitàPolitecnicadelleMarche)

LisaGianmoena(UniversitàPolitecnicadelleMarche) LocalOrganizers: AlessandroCaiani(UniversitàPolitecnicadelleMarche)

ErmannoCatullo(UniversitàPolitecnicadelleMarche)AnnaritaColasante(UniversitàPolitecnicadelleMarche)FedericoGiri(UniversitàPolitecnicadelleMarche)RuggeroGrilli(UniversitàPolitecnicadelleMarche)AlbertoRusso(UniversitàPolitecnicadelleMarche)

ContactsPiazzaleMartelli,8-60121Ancona–ItalyEmail:[email protected]:http://crisis2016.univpm.it



Thursday,September88.30-10.00 Registration10.00-10.30 OpeningWelcome10.30-13.30 PlenarySessionI13.30-14.30 Lunch14.30-16.30 ParallelSessions(A)16.30-17.00 CoffeeBreak17.00-19.00 ParallelSessions(B)

Friday,September99.00-11.00 ParallelSessions(C)11.00-11.30 CoffeeBreak11.30-13.00 ParallelSessions(D)13.00-14.00 Lunch14.00-17.00 PlenarySessionII17.00-17.30 CoffeeBreak17.30-19.00 ParallelSessions(E)20.00 SocialDinner

Saturday,September109.00-10.30 ParallelSessions(F)11.00-11.30 CoffeeBreak11.30-13.30 PlenarySessionIII13.30-14.30 Lunch



Thursday,September8

8.30–10.00 Registration(RoomT34)10.00–10.30 OpeningWelcomeUniversitàPolitecnicadelleMarche-SauroLonghi(MagnificoRettore)-StefanoMarasca(DirettoreDipartimentoManagement)-MauroGallegati(ProfessorOrdinario)

13.30–14.30 Lunch

10.30–13.30 PlenarySessionIChair:AlbertoRusso(UniversitàPolitecnicadelleMarche)-Crisisandtheoreticalmethods:equilibriumanddisequilibriumonceagainDuncanFoley(NewSchoolforSocialResearch,NewYork)-StructuralChangeTheGreatDepressionandtheCurrentCrisisBruceGreenwald(ColumbiaUniversity,NewYork)-Civileconomicsandthe«votewiththewallet»solutiontoglobalproblemsLeonardoBecchetti(UniversitàdiRoma,TorVergata)



14.30 –16.30 ParallelSessionsA

–ParallelSessionA1–“GeneralEquilibriumModeling”Chair:SimoneLandini(IRESPiemonte)-GovernmentWageBillandPrivateActivityBermperoglou Dimitris (University of Lausanne), Evi Pappa (European UniversityInstitute,Florence)andEugeniaVella(UniversityofSheffield)

-CreditNetworksinDSGEmodels CatalanoMicheleandEmiliaPezzolla(Prometeia)

-TheEffectsofInflationExpectationUncertaintyonInflationandtheOutputGap Fuest Angela (RWI) and Torsten Schmidt (RWI - Leibniz Institute for EconomicResearch) -Gödel-incompletenessandlogic-consistencyineconomicmodeling Simone Landini (IRES Piemonte), Mauro Gallegati (Università Politecnica delleMarche)andJ.BarkleyRosser,Jr.(JamesMadisonUniversity) –ParallelSessionA2–“LearningandExpectations”Chair:MielkeJahel(UniversityofPotsdam,GlobalClimateForum)-Non-equilibriumPriceDynamicsViaExpectationsandLearningSteudleGesine(GlobalClimateForum)andCarloC.Jaeger

-LearningunderAmbiguityandOverborrowingCrises YooDonghoon(UniversityofLausanne)

-GamesofinstitutionalInvestors–FromRiskDominancetoPayoffDominance MielkeJahel(UniversityofPotsdam,GlobalClimateForum)



–ParallelSessionA3–“InequalityandGrowthinABM”Chair:AlessandroCaiani(UniversitàPolitecnicadelleMarche)-DistributiveConflict,Growth,andtheEntrepreneurialStateZamparelliLuca(SapienzaUniversityofRome)andDanieleTavani(DepartmentofEconomics,ColoradoStateUniversity)

-IncomeInequalityandMacroeconomicInstability:astock-flowconsistentapproachwithheterogeneousagentsDiGuilmiCorrado(UniversityofTechnology,Sydney)andCarvalhoLaura(SaoPauloSchoolofEconomics(EESP))

-TheEffectsofLabourMarketReformsuponunemploymentandIncomeInequalities:anAgentBasedModelVirgillitoMariaEnrica,DosiGiovanni,RoventiniAndrea(Sant’AnnaSchoolofAdvancedStudies)andPereiraM.C.(UniversityofCampinas)-Isinequalityhamperinginnovationandgrowth?AnAB-SFCanalysisCaianiAlessandro,RussoAlbertoandGallegatiMauro(UniversitàPolitecnicadelleMarche)–ParallelSessionA4–“Symphony1”Chair:BothosEfthimios(UniversityofAthens)-MacroeconomiceffectsofvariedmortgageinstrumentsBulentOzel(UniversitatJaumeI,Castellón),ÞórirBjarnason(ReykjavikUniversity),EinarJónErlingsson(ReykjavikUniversity)HlynurStefánsson(ReykjavikUniversity),JónÞórSturluson(ReykjavikUniversity)andMarcoRaberto(DIME-CINEF,UniversitàdiGenova)

-Securitisationandcreditcycle:anagent-basedperspectiveMazzocchettiAndrea(UniversitàdiGenova),TeglioAndrea(UniversitatJaumeI,Castellon,Spain),CincottiSilvano(DIME-CINEF,UniversitàdiGenova)andRabertoMarco(DIME-CINEF,UniversitàdiGenova)-Policyoracle:Aninformationmarketfornowcastingpolicyindices BothosEfthimios(UniversityofAthens)



16.30–17.00 CoffeeBreak17:00–19:00 ParallelSessionsB–ParallelSessionB1–“EuroAreaFinancialCrisis”Chair:LucarelliStefano(UniversitàdiBergamo)-Interestrates,Eurobondsandintra-Europeanexchangeratemisalignments:ThechallengeofsustainableadjustmentsintheEurozoneSaadaouiJamel(BETA-CNRS)

-Theimpactofthefinancialcrisisof2007-2009onfinancialsoundnessindicatorsincountriesoftheEUTomczakKamila(INEPANWarsaw)-EurodepreciationandtradeasymmetriesbetweenGermanyandItalyversusUS:industry-levelestimates.LucarelliStefano(UniversitàdiBergamo),AndriniFilippoUmberto(UniversitàdiBergamo)andBianchiAnnamaria(UniversitàdiBergamo)–ParallelSessionB2-“EnvironmentalModeling1”Chair:GodinAntoine(KingstonUniversity)-Faraway,soclose:anagent-basedmodelforclimate,energyandmacroeconomicpolicySapioAlessandro(ParthenopeUniversitadiNapoli),LampertiL.,DosiG.,RoventiniA.(Sant’AnnaSchoolofAdvancedStudies)andNapoletanoM.(OFCE,SciencesPo,SKEMABusinessSchool)

-Systems-dynamicanalysisofemploymentandinequalityimpactsoflow-carboninvestmentsD'AlessandroSimone(UniversitàdiPisa)andBernardoGiovanni(UniversitàdiPisa)-Portugueseagricultureandtheevolutionofgreenhousegasemissions-canvegetablescontrollivestockemissions?ReisMouraoPaulo(UniversityofMinho)-ThefinancialeffectsofunburnablecarbonGodinAntoine(KingstonUniversity)



–ParallelSessionB3-“Inequality,EmpiricalAnalyses”Chair:AnneMusson(Agrocampus-Ouest,Essca)-CollegewagepremiumandwageinequalitybeforeandafterthecrisisMartinoEnricaMaria(UniversityofTurin)

-BalancingthedevelopmentofEurope–isitpossible?Theapplicationsofvectorcalculustothestudyofspatialuniformityofdevelopment.ThecaseofEuropeanUnion.ChebaKatarzyna(WestPomeranianUniversityofTechnology)andBąkIwona(WestPomeranianUniversityofTechnologyinSzczecin)

-Thedriversofinequalityacrosseuropeanregions ParentiAngela(IMTLucca),FiaschiDavide(UniversitàdiPisa)andGianmoenaLisa(UniversitàPolitecnicadelleMarche)

-Wealth,amatteroftrust?MussonAnne(Agrocampus-Ouest,Essca)andRousseiièreDamien(Agrocampus-Ouest)

–ParallelSessionB4-“Symphony2”Chair:ColasanteAnnarita(UniversitàPolitecnicadelleMarche) -FinancingtheenergysustainabilitytransitionintheEuracemodelPontaLinda(Universita’diGenova),RabertoMarco(DIME-CINEF,UniversitàdiGenova),SchutzeFranziska(GlobalClimateForum),TeglioAndrea(UniversitatJaumeI,Castellón)andCincottiSilvano(DIME-CINEF,UniversitàdiGenova)-Macroeconomicimplicationsofamonetaryunion:someevidencefromamulti-countryagent-basedmodelTeglioAndrea(UniversitatJaumeIofCastellón),OzelBulent(IstanbulBilgiUniversity),PetrovicMarkoandRabertoMarco(DIME-CINEF,UniversitàdiGenova)andCincottiSilvano(DIME-CINEF,UniversitàdiGenova)-LongtermexpectationsinfinancialmarketColasanteAnnarita(UniversitàPolitecnicadelleMarche)



Friday,September9

9.00–11:00 ParallelSessionsC–ParallelSessionC1–“FiscalConsolidationandFinancialStability”Chair:CanofariPaolo(LuissSchoolofEuropeanPoliticalEconomy)-Theshort-runandlong-runtheoreticalinconsistencyoftheexpansionaryausteritytheoryBottaAlberto(UniversityofGreenwich)

-StructuraldifferencesintheEurozone:measuringfinancialstabilityFogliaMatteo(UniversitàdiChietiePescara),CartoneAlfredo(UniversitàdiChietiePescara)andFiorelliCristiana(UniversitàdiTeramo)-TheFallacyofFiscalDisciplinePiergalliniAlessandro(UniversitàdiRoma“TorVergata”),PiersantiGiovanni(UniversitàdiTeramoandUniversitàdiRoma“TorVergata”)andCanofariPaolo(LuissSchoolofEuropeanPoliticalEconomy)–ParallelSessionC2–“MacroeconomicsandAgentBasedModeling”Chair:PalestriniAntonio(UniversitàPolitecnicadelleMarche)-Macroeconomicdynamicsandvulnerabilityinamonetaryunion:Amulti-countryagentbasedmodelCatulloErmanno,CaianiAlessandro,CaverzasiEugenioandGallegatiMauro(UniversitàPolitecnicadelleMarche)

-Howdoproductionstructuresadapttoregimechanges?The“traverse”inanAB-SFCmodelSeppecherPascal(CEPN,UniversityParis13)andSalleIsabelle(CeNDEF,UniversityofAmsterdam)-DowehaveaCUE?CollectivelyunbiasedexpectationinagentbasedmodelsPalestriniAntonio(UniversitàPolitecnicadelleMarche),AssenzaTiziana,DelliGattiDomenico(UniversitàCattolicadiMilano),GallegatiMauro(UniversitàPolitecnicadelleMarche),GreenwaldBruceandJ.E.Stiglitz(ColumbiaUniversity)



-Real-financialmarketinteractionswithheterogeneousopiniondynamicsVenezianiRoberto(QueenMary,UniversityofLondon),CharpeMatthieu(InternationalLaborOrganization),FlaschelPeter(BielefeldUniversity)andGalanisGiorgos(UniversityofWarwick)

–ParallelSessionC3–“EconomicPoliciesintheWakeoftheCrisis”Chair:ReynardSamuel(SwissNationalBank)-TheoptimalcompositionofpublicspendinginadeeprecessionRoulleau-PasdeloupJordan(DEEP,HECLausanne),BouakezHafedh(EPEE,Universitéd’EvryVald’Essonne)andGuillardMichel(EPEE,Universitéd’EvryVald’Essonne)-ThepoliticaleconomyofthevotewiththewalletSalustriFrancesco(UniversitàdiRoma“TorVergata”)andBecchettiLeonardo(UniversitàdiRoma“TorVergata”)

-Searchingforneweconomicpoliciesafterthecrisis:ataleofa(supposedly)non-crisiscountry–PolandPolańskiZbigniew(NationalBankofPoland)-QEequivalencetointerestratepolicy:implicationsforexitReynardSamuel(SwissNationalBank)–ParallelSessionC4–“GrowthandFirmsintheWakeoftheCrisis”Chair:GoriLuca(UniversitàdiGenova)-Impactofglobalfinancialcrisisonfirmgrowth:ananalysisoflargeexportersinIndianmanufacturingChatterjeeMitali(IndiraGandhiInstituteofDevelopmentResearch,Mumbai)-TheimpactofthecrisisonforecastingofJapaneseinvestments’developmentinEuropeWitkowskiJarosław(UniversityofEconomicsinWroclaw),ChebaKatarzyna(WestPomeranianUniversityofTechnologyinSzczecin)andKiba-JaniakMaja(UniversityofEconomicsinWroclaw)-Endogenouslaboursupply,endogenouslifetimeandeconomicgrowth



GoriLuca(UniversitàdiGenova)andSodiniMauro(UniversitàdiPisa)

11.00–11.30 CoffeeBreak11.30–13.00 ParallelSessionsD

–ParallelSessionD1–“LabourandCrisis”Chair:PiantaMario(UniversitàdiUrbino)-Hazardfromcommutingspells:theroleofearninganddistanceTroshchenkovSergii(UniversitàdeglistudidiMilanoandGRAPE)-Offshoring,employment,andaggregatedemandSchröderEnno(InstituteforNewEconomicThinking)-TechnologyandskillsafterthecrisisPiantaMario(UniversitàdiUrbino),CirilloValeria(Sant’AnnaSchoolofAdvancedStudies)andNasciaLeopoldo(UniversitàdiUrbino)–ParallelSessionD2–“InequalityandHeterogeneities”Chair:SzymborskaHanna(UniversityofLeeds)-Conventionalandunconventionalmonetarypolicyvs.householdsincomedistribution:anempiricalanalysisfortheEuroAreaGuerelloChiara(UniversitàLuissGuidoCarli)-Re-convergenceofGIIPSinterestratespreadsWolfingerJulia(UniversityofFreiburg)andEkkehardA.Köhler(WalterEuckenInstitut)-Inequalityinthetwenty-firstcentury–economictheoryrevisitedSzymborskaHanna(UniversityofLeeds)



–ParallelSessionD3–“PostKeynesianModeling”Chair:KristoferDittmer(UniversitatAutònomadeBarcelona)-AdynamicmodeloffinancialbalancesfortheUnitedKingdomGodinAntoine(KingstonUniversity),StephenBurgess,OliverBurrows(BankofEngland),StephenKinsella(UniversityofLimerick)andStephenMillard(BankofEnglandandDurhamUniversity)

-An“IntrinsicallyDynamic”SFCNeo-Kaleckianmodel:contrastingmodellingapproachesZezzaFrancesco(UniversitàdiSiena)-Workingtimepolicyforlow-carbontransition:Apost-Keynesianstock-flowconsistentmodeloftheSwedisheconomyKristoferDittmer(UniversitatAutònomadeBarcelona)andD’AlessandroSimone(UniversitàdiPisa)13.00–14.00 Lunch



17.00–17.30 CoffeeBreak17.30–19.00 ParallelSessionsE–ParallelSessionE1–“AgentBasedModelsandGrowth”Chair:MarsiglioSimone(UniversityofWollongon)-Modellinggreenfiscalandmonetarypoliciesriskonmacro-economicandfinancialstabilityandinequality:theεIRINhybridSystemDynamics–AgentBasedModelMonasteroloIrene(BostonUniversity)andRabertoMarco(UniversitàdiGenova)

14:00–17:00 PlenarySessionIIChair:AntonioPalestrini(UniversitàPolitecnicadelleMarche)-GreetingsFrancescoMariaChelli(PresidedellaFacoltàdiEconomiaGiorgioFuà)-Crisis:VictimsofaSystemwhichweneitherunderstandnorcontrolAlanKirman(UniversityofAix-MarseilleIII)-Ecologicalsustainability:towardsglobalindicatorsofenvironmentalandhumanwellbeingRobertoDanovaro(UniversitàPolitecnicadelleMarche)-TheFinancialTransmissionofshocksinaHybridMacroeconomicABMDomenicoDelliGatti(UniversitàCattolica,Milano)-OptimalPublicDebtConsolidationwithDistributionalconflictsPatrizioTirelli(UniversitàBicocca,Milano)



-Demandinglong-rungrowth:thelengthyshadowFerraresiTommaso(IRPET),RoventiniAndrea(Sant’AnnaSchoolofAdvancedStudies)andSemmlerWilli(NewSchoolforSocialResearch,NewSchoolUniversity)

-Onthe(non-monotonic)relationbetweeneconomicgrowthandfinanceMarsiglioSimone(UniversityofWollongon),BucciAlberto(UniversitàdegliStudidiMilano)andPrettnerCatherine(ViennaUniversityofEconomicsandBusiness)

–ParallelSessionE2–“InternationalImbalancesandSustainability”Chair:DobranschiMarian(MendelUniversityinBrno)-TheeuroareatradeimbalancesandgrowthdifferentialsaMinsky-KaleckianapproachCoviGiovanni(UniversitàdiVerona)-ASystemDynamicsmodeltostudyglobalfinancialsystemsrecessionandbehavioursunderglobalresourceconstraintsavailability PasqualinoRoberto(GlobalSustainabilityInstitute-AngliaRuskinUniversity),JonesAled(GlobalSustainabilityInstitute)andMonasteroloIrene(BostonUniversity).-EUtaxesasgenuineownresourcetofinancetheEUbudget–pros,consandsustainability-orientedcriteriatoevaluatepotentialtaxcandidatesDobranschiMarian(MendelUniversityinBrno),MargitSchratzenstaller(AustrianInstituteofEconomicResearch),AlexanderKrenek(AustrianInstituteofEconomicResearch)andDanušeNerudová(MendelUniversityBrno)–ParallelSessionE3–“LabourMarketDynamics”Chair:VishnevskayaNina(StateUniversity–HigherSchoolofEconomics(HSE))-JobpolarizationandwagedifferentialswithmachineproductionCieplinskiAndré(UniversitàdiSiena,PisaeFirenze)

-Internationaldivisionoflabourandcountries’competitiveness:thecaseofItalyandGermanyGarbelliniNadia(UniversitàdiBergamo)andGaddiMatteo(FondazioneSabattini)



-Regionalizationofminimumwagesetting:russiancaseVishnevskayaNina(StateUniversity–HigherSchoolofEconomics(HSE))andAnnaLykianova(StateUniversity–HigherSchoolofEconomics(HSE))20:00 SocialDinner RistoranteStamuraViaBanchinadaChio,29,Ancona

HowtoarrivetotheRestaurantStamura

TheRestaurantStamuraisViaBanchinadachio,29,Ancona.Forthosewillingtowalk(donottrustGoogleMaps,ittakes15minutes)wewillmeetinfrontoftheFacultyat19.30.Theothercaneithergoby:

o Taxi:P.zzaMartelli-RistoranteStamura(Mole)12€.o Bus1/4fromPiazzaCavour,getoffinViaXXIXSettembre.



Saturday,September10

9:00–10:30 ParallelSessionsF–ParallelSessionF1–“HealthandWellbeing”Chair:LuzzatiTommaso(UniversitàdiPisa)-AcontributiontothetheoryoffertilityandeconomicdevelopmentGoriLuca(UniversitàdiGenova)andSodiniMauro(UniversitàdiPisa)-HowtheNexusofWater/Food/EnergycanbeSeenwiththePerspectiveofPeoplewellbeingandtheItalianBESFrameworkRiccardiniFabiola(ISTAT)-InvestigatingtherelationshipbetweencancerandeconomicdevelopmentLuzzatiTommaso(UniversitàdiPisa)

–ParallelSessionF2–“MacrodynamicsofDebtandSavings”Chair:GueriniMattia(Sant’AnnaSchoolofAdvancedStudies-EndoftheSovereign-BankDoomLoopintheEuropeanUnion?TheBankRecoveryandResolutionDirectiveUlrichEydam(KielInstitute)andCoviGiovanni(UniversitàdiVerona)

-WhereDoestheHarmStand?TheEconomicEffectsofPublicandPrivateDebtGueriniMattia(Sant’AnnaSchoolofAdvancedStudies),MonetaAlessio(Sant’AnnaSchoolofAdvancedStudies),RoventiniAndrea(Sant’AnnaSchoolofAdvancedStudies)andNapoletanoMauro(SKEMABusinessSchool,Sophia-Antipolis)-Buffer-stockconsumptionandsaving:twopuzzlingregularitiesMancaMaurizio(UniversitàPolitecnicadelleMarche)

10:30–11:00 CoffeeBreak



13.30 Lunch

11:00-13.30 PlenarySessionIIIChair:MarcoGallegati(UniversitàPolitecnicadelleMarche)-Agent-basedMacroeconomicsSilvanoCincotti(UniversitàdiGenova)-FramingMacroTheoryasaProblemofMissingMarketsDavidColander(MiddleburyCollege)-TheMinskyMomentastheRevengeofEntropyJ.BarkleyRosser,Jr.(JamesMadisonUniversity)



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economics, economic policies and sustainable growth in the ... · zezza francesco (università di...

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