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Friday, 5 April, 2019

09:00 | Special Event

Global Macroeconomics Workshop

CERGE-EI invites you to a Global Macroeconomics Workshop organized by Marek Kapicka and Ctirad Slavik (CERGE-EI) in cooperation with Vienna Macro and Global Macro: David Andolfatto (FRB St. Louis and SFU), Martin Gervais (Georgia), Gabriel Lee (Regensburg and IHS).

The workshop will take place on 5 - 6 April, 2019 at seat of CERGE-EI, Politických vězňů 7, Prague 1. For more information, please see the detailed program. The number of seats is limited, to register please fill in a short form.


Global Macroeconomics Workshop Protocols

The standard protocol in most conferences with discussants restricts questions from the audience during the presentation to be clarifying questions only. This is not the way our conference works.

Presenters should be prepared for frequent interruptions and a lively discussion throughout their presentation. The organizers will, of course, ensure that inquisitors do not dwell overly long on the point they wish to discuss. The allotted time for presentation is 45 minutes. Presenters should prepare a slide deck designed for something closer to a 35-minute presentation.

Discussants will be allotted 15 minutes. The same rules apply to discussants: be prepared to be interrupted if people feel the need to question your interpretations/comments/criticisms. Also, please do not waste time rehashing the presentation. A one page summary of the model should in most cases be sufficient. Much of your thunder may already have been stolen by the audience during the presentation. This is perfectly fine. Just focus on what you believe to be the key substantive points of the paper. Feel free to support or critique audience comments.

Audience. We encourage full participation throughout the conference. Be prepared to engage. Please do not open your laptops or check your phones during the presentations or discussions. There will be time during the breaks for you to do this. If you absolutely need to check messages or surf the web during the presentations, please feel welcome to leave the seminar room and return only after you are done. Thank you for your consideration.

Papers that were presented on Friday, 5 April, are available for download on following links. Papers that were presented on Saturday, 6 April, are available here.

Fabian Kindermann: "Rental Markets and Wealth Inequality in the Euro-Area"

Florian Exler: "Regulating Consumer Credit with Over-Optimistic Borrowers"

B. Ravikumar: "Capital Accumulation and Dynamic Gains from Trade"

Brant Abbott: "Incomplete Markets, The Substitutability of Time and Money Investments, and Early Childhood Interventions"

Alex Monge: "On the Dynamics of Occupational Choice, Human Capital and Inequality"

Asier Mariscal: "Firm Organization and Information Technology: Micro and Macro Implication"


14:00 | Micro Theory Research Seminar

Prof. Francesco Squintani (U. of Warwick) “Legal Restrictions and Optimal Contracts”

Prof. Francesco Squintani

The University of Warwick, United Kingdom


Author: Francesco Squintani

Abstract: Real-world transactions are often limited: Not all contracts are legal. As a result, I show economic examples where the only way to implemente first-best is as follows. First, the parties contractually commit to an inefficient different outcome. Then, they secretly violate the contract and coordinate play on first-best. If the parties were to contractually commit to first best, they would fail to implemente it. So, first best can only be implemented by signing a contract that appears to be over-specified, as it contains unenforceable prescriptions. I develop a novel theory of how contracts are shaped by legal constraints, and derive conditions such that the phenomenon I identify cannot take place. For example, this is the case if the court's verification of events is costless and if all contracts that can be stipulated are legal. Under this condition, the standard contract-theoretical assumption that parties stipulate only enforceable contracts is without loss of generality.


10:00 | Special Event

Global Macroeconomics Workshop

Global Macroeconomics Workshop organized by Marek Kapicka and Ctirad Slavik (CERGE-EI) in cooperation with Vienna Macro and Global Macro: David Andolfatto (FRB St. Louis and SFU), Martin Gervais (Georgia), Gabriel Lee (Regensburg and IHS).

Find more information here. Saturday April 6, private event.

Presented papers are available on the following links. Papers presented on Friday are available here. 

Alessandro Mennuni: "Dynamic Perturbation"

Elizabeth Proehl: "Existence and Uniqueness of Recursive Equilibria with Aggregate and Idiosyncratic Risk"

David Andolfatto: "Assessing the Impact of Central Bank Digital Currency on Private Banks"

Anne Hannusch: "Taxing Families: The Impact of Child-related Transfers on Maternal Labor Supply"

Gueorgui Kambourov (Toronto): "Hours, Occupations, and Gender Differences in Labor Market Outcomes"