The macroeconomics smackdown

Brown Bag Lunch Hot Debate

Wednesday April 1st 2009
12h15 - R3

Tille vs. Wyplosz

“The macroeconomics smackdown”

In this special highly interactive BBL, Professors Tille and Wyplosz will debate on the usefulness of modern “state of the art” macroeconomics.

Limits of floats: The role of foreign currency liabilities and pass-through

Brown Bag Lunch

Thursday (exceptionally) 26 March 2009
12h15 - R3¨

Sebastian Weber and Pascal Towbin

“Limits of floats: The role of foreign currency liabilities and pass-through”

Abstract: The traditional argument in favor of flexible exchange rates emphasizes the expenditure switching effect and the stabilization of relative prices. The recent theoretical literature finds this argument weakened with high foreign currency debt or low exchange rate pass trough to import prices. We analyze the transmission of terms of trade shocks and world real interest rate shocks to the domestic economy under fixed and flexible exchange rate regimes for a broad sample of countries in a Panel VAR and let the responses vary with foreign currency indebtedness and a pass-through measure. We find that flexible exchange rates do not insulate output better from real shocks if pass-through is low and can even amplify the output response if foreign indebtedness is high, making a peg potentially preferable.

Antitrust: Is there a national bias?

Brown Bag Lunch

Wednesday 18 March 2009
12h15 - R3

Kornel Mahlstein

“Antitrust: Is there a national bias?”

The global crisis and remittances

Brown Bag Lunch

Wednesday 11 March 2009

12h15 - R3

Salvatore Dell’Erba

Will present his work on

“The global crisis and remittances”

Abstract: "There is a lot of debate on how and to what extent the current global financial crisis (GFC) may affect remittances to developing countries. Current estimates rely on questionable assumptions and are not well suited to predict changes in inflows to individual developing countries following the crisis. By specifying a model of remittance outflows’ determinants, and by using past systemic banking crises, we identify the likely effects of the current GFC on total remittances to developing countries. On the basis of this and of a model of remittance inflows, we also predict the possible changes in inflows for a large subset of developing countries."

PLEASE DO NOT CITE BEFORE 15 MARCH 2009