The RCEA Colloquium 2021

2nd (online) CefES International Workshop: The Hamilton Momentum and the Future of the European Integration (watch the morning and afternoon sessions)

Two key events marked 2020: The European Union lost one of its Member States, the United Kingdom; the international community faced the COVID-19 pandemic and ensuing economic crisis. Developments due to the worldwide vaccination campaign, the policies enacted to foster the economic recovery and the most recent 2021 Afghan crisis urge reflections on the future of a Union at twenty-seven Members. Recalled events may represent a step-change in European history. A prompt reaction of EU institutions in these fields could transform the Union into a powerful political entity. As a matter of fact, until now, only the pandemic recession triggered such a reaction. The European Commission issued joint debt to fund the “Next Generation EU”, a strategic pillar of the wider economic Recovery Program and a first step towards implementing its Green Deal Strategy. Related financial resources have been redistributed across the Member States according to the depth of the pandemic recession at the national level. In this light, the pandemic turns out to be both a challenge and an opportunity for long-due structural reforms in Europe. Firstly, about rethinking the rules governing the EU’s institutions and its monetary and fiscal policy. Secondly, the political response needed to face the climate challenge and the transition to a carbon-free economy (as foreseen in the “Green Deal”). Only time will tell whether these challenges represent a European “Hamilton momentum” in the light of the United States’ constitutional origins, i.e., the long-awaited trigger to build the European Federal Republic. The workshop, then, aims to kick off a new round of discussions on these most critical issues, yielding insights on the future of Europe beyond the current distress.


The workshop is jointly organized by CefES-DEMS, JRC (European Commission), and RCEA-Europe ETS


Register in advance for this webinar: https://us02web.zoom.us/webinar/register/WN_D90gh3SeRlKchVBOwi9Hpg


Opening remarks, 9:20 a.m. - 9:30 a.m. CET (Milan)

Webex link: http://s.unimib.it/cefes2021 - password: International

Claudio Morana (CefES - University of Milano-Bicocca - RCEA-Europe - RCEA – Minda de Gunzburg Center for European Studies – Harvard University)

Claudio Martinelli (CefES - Jean Monnet Module - University of Milano-Bicocca)


Morning Session, 9:30 a.m. - 12:30 a.m. CET (Milan)

Legal and Political Reflections on the Hamilton Momentum and the Future of European Integration

Webex link: http://s.unimib.it/cefes2021 - password: International

Chair: Giuseppe Franco Ferrari (Bocconi University)

Speakers:

Monica Bonini (CefES - University of Milano-Bicocca) «Hamilton Momentum»: Lessons from the Past for the European Union of the Future

Sergio Fabbrini (LUISS Guido Carli) Hamilton in Brussels: The post-pandemic EU

Otto Pfersmann (École des Hautes Études en Sciences Sociales) The Process of European Integration and the Protection of its Fundamental Values, in the Light of NGEU

Paivi Leino-Sandberg (University of Helsinki) Next Generation EU and its Constitutional Ramifications


Afternoon Session, 2:30 p.m. - 5:30 p.m. CET (Milan)

ZOOM link: https://us02web.zoom.us/webinar/register/WN_D90gh3SeRlKchVBOwi9Hpg

Reforming the Stability and Growth Pact and the Future of the European Integration

Chairs: Patrizio Tirelli (CefES - University of Pavia, RCEA - Europe) and Nuno Cassola (CefES - University of Lisbon)

Speakers:

Catherine DeVries (Bocconi University) The Tricky Politics Reforming the European Economy

Francesco Papadia (Bruegel Institute) The Future of European Integration: Challenges for Monetary Policy

Daniel Gros (Center for European Policy Studies) The News of the Death of the Stability Pact might be Premature

Paul De Grauwe (London School of Economics and Political Science) On Reforming the Stability and Growth Pact

Marco Buti (European Commission) Fiscal Policies in the Post-Pandemic Era: From Horizontal to Vertical Coordination


Register in advance for this webinar: https://us02web.zoom.us/webinar/register/WN_D90gh3SeRlKchVBOwi9Hpg


Organization: Claudio Morana, Claudio Martinelli, Monica Bonini, Simone Gianello

Info: cefes@unimib.it

The Political Economy of Brexit (watch the recording)

The Brexit process is an economic crisis, a social crisis, a political crisis, and, eminently, a constitutional crisis. Five years after the Brexit referendum its contours are not yet well defined, and debates rage over its consequences both in the short- and long run. The UK is divided as it has never been before. Brexit represents a defining moment not only for the UK but for the EU itself. Its shadow looms over the future of one of the fundamental components of the post-World War II order. Is Brexit a major mistake or had European integration gone too far? Though such a politically charged topic renders impartiality next to impossible, there is an urgent need for expert opinion on the political economy of Brexit. In this panel, the International Trade and Political Economy research groups of the Rimini Centre for Economic Analysis (RCEA) bring together a group of eminent experts to discuss and examine some of the salient aspects of Brexit in an open debate.


Speakers:


Chair: Michael Plummer (Johns Hopkins University and RCEA)


“The Political Economy of Brexit” is the first meeting of “The RCEA Workshop on the Future of Europe”. It will be held online in association with the Center for European Studies (CefES) of the University of Milano-Bicocca and the University of California Riverside on 7th October 2021, at 3 p.m British Summer Time. The workshop is part of the RCEA-2021 program (https://www.rcea.world/).

The event is open to the public.

Zoom link: https://us02web.zoom.us/webinar/register/WN_s2IuSKf2THulvxfMMOfM7w



Organizing Committee:

Gianluigi Pelloni (RCEA founding director and Chair of the RCEA Political Economy Study Group )

Mike Plummer (RCEA and Johns Hopkins University )

Marcelle Chauvet (RCEA and University of California-Riverside)

Claudio Morana (RCEA-Europe ETS, RCEA, CefES-DEMS University of Milano-Bicocca, Minda de Gunzberg Center for European Studies, Harvard University )


11th RCEA Money, Macro and Finance Conference:

The Pandemic Crisis, Macro-Financial Distress, Risks, and Opportunities

The prompt fiscal and monetary responses to the pandemic recession have so far prevented a major worldwide financial crisis. Yet the pandemic is not over, the economic contraction is still large, the expected recovery uneven across countries and sectors, and the risk of new episodes of financial stress, as arising from both corporate and sovereign debts, palpable. At this stage, it is still uncertain whether the pandemic has marked the peak of the financial cycle. But the risks of a too early exit strategy from the expansionary policy mix are self-evident. This is particularly true for the EU economy, for which the lagging vaccination campaign and the third wave of the pandemic raise serious concerns for recovery. The pandemic has turned out to be a formidable challenge, but also a formidable opportunity for long due structural reforms. The goal of the conference is to assemble a group of leading researchers in macroeconomics, monetary economics, and finance to present and discuss their recent work. While the focus of the conference is on theoretical and empirical work related to macro-financial prospects, we welcome papers in all areas of economics and finance related to the overarching theme of the conference.


Keynote speakers:

Robert Engle (New York University) – RCEA Speaker

Pierpaolo Benigno (University of Bern)

Martin Eichenbaum (Northwestern University)

Lars Peter Hansen (University of Chicago)

Enrique Sentana (Cemfi, Madrid)


The 11th RCEA Money-Macro-Finance Conference will be held online in association with the Center for European Studies (CefES) of the University of Milano-Bicocca, the University of California Riverside, and the Joint Research Centre (JRC) of the European Commission on 27-28 July 2021. The conference is part of the RCEA-2021 programme. Papers dealing with both empirical and theoretical issues in the money, macro and finance areas are welcome for contributed sessions.


Paper Submission: Authors should submit an extended abstract of up to 500 words or the full paper. Please include with the submission JEL classification codes for the paper, keywords as well as JEL classification codes of the author(s) specialization field(s). In the case of more than one author, please note the corresponding author. Please send your abstract/paper to rceaworld@gmail.com


Important dates:

  • Paper submission deadline: 25 June 2021

  • Registration will start on 1 July 2021

  • Late fee: after 8 July 2021

Registration Fees:

  • Presenters €100

  • Others Free

  • Late Registration Fee, after July 8, €200 (Presenters only)


Program Committee:

Marcelle Chauvet (RCEA & University of California-Riverside)

Claudio Morana (RCEA-Europe ETS, RCEA, CefES & University of Milano-Bicocca)


Organizing Committee:

Marcelle Chauvet (RCEA & University of California-Riverside)

Claudio Morana (RCEA-Europe ETS, RCEA, CefES & University of Milano-Bicocca)

Lucia Alessi (RCEA & European Commission – Joint Research Centre)

Pierpaolo Benigno (RCEA-Europe ETS & University of Bern)

Patrizio Tirelli (RCEA-Europe ETS, CefES & University of Pavia)

The Conference Program is available for download


7th RCEA Time Series Workshop

Keynote Speakers

Jean-Marie Dufour (McGill University)

Ivana Komunjer (Georgetown University)

The 7th RCEA Time Series Workshop will be held online in association with the University of Milano-Bicocca on June 25-26 2021. Papers in all areas of Time Series Econometrics are welcome for contributed sessions.


Paper Submission: Authors should submit an extended abstract of up to 500 words. Please include with the submission JEL classification codes for the paper, keywords as well as JEL classification codes of the author(s) specialization field(s). Complete papers may be submitted but the extended abstract is required. In the case of more than one author, please note the corresponding author. Please send your abstract/paper to rceaworld@gmail.com


Important dates:

  • Paper submission deadline: 23 May 2021

  • Notification of acceptance: 31 May 2021

  • Registration will start on 31 May 2021

  • Late fee: after 11 June 2021

  • Papers not registered by 15 June will be dropped from the program.

To download the conference programme click here

Organizing Committee:

Alessandra Luati (RCEA & University of Bologna; academic organizer)

Karim Abadir (RCEA & Imperial College London; academic organizer)

Claudio Morana (RCEA & University of Milano-Bicocca; academic & local organizer)





Free Public Lectures

This is the last opportunity to enroll in this free course. Registration closes October 17, 2020: Register here

Public Lectures on Structural Econometrics

Professor Robert Miller (Carnegie Mellon)

Overview: This online course comprises 28 remote sessions taught twice a week on Saturdays and Sundays from 12:00PM through to 2:00PM. Pittsburgh time (London time minus 5 hours, except October 25-31 when it is minus four hours).

Requirements: Students who register are expected to attend the complete sequence. Those who fail to attend regularly may be denied access to the course.

Registration: This course is open to Ph.D. students or Ph.D. holders in Economics or related fields. A reference letter may be required to confirm appropriate prerequisite training.

Register here

The course analyzes the structural estimation and testing of nonlinear models. We explore relationships between economic theory, identification, estimation and econometric practice. It develops structural approaches for analyzing large cross sectional and longitudinal data sets, by exploiting restrictions derived from the equilibrium dynamic outcomes in individual discrete choice optimization problems and non- cooperative games. We investigate empirical content, characterize identification, evaluate alternative estimators and testing procedures, as well as consider counterfactuals. It has six segments:

  1. The first segment gives a flavor of structural estimation, by show how some examples of economic models induce a data generating process that provides the basis for estimating the structure of the economic environment, critical for conducting counterfactual simulations. We analyze the estimation of preferences in a model of continuous choices in a competitive equilibrium with complete markets; we derive inequalities that are induced by an equilibrium in a limit order market; we quantify the importance of moral hazard in an optimal contracting model; and we introduce the estimation of dynamic discrete choice optimization models.

  2. Then we profile many estimators that have been used to summarize data. They can be placed into four categories: estimators for linear data generating processes, parametric nonlinear processes, plus nonparametric and semiparametric estimators.

  3. The rationale for the third segment of the course is that the exact distribution of most nonlinear estimators is intractable, explaining why we resort to large sample theory. We analyze several notions of convergence, present laws of large number and central limit theorems, derive the asymptotic distribution of several nonlinear estimators, and show how to conduct hypothesis tests.

  4. The second half of this course integrates a discussion of the identification of primitives or deep parameters in economic models with data generating process of the equilibrium. The first segment focuses on various kinds of auctions and contracts.

  5. Then we analyze dynamic discrete choice models in more depth; we derive a representation of the value function, prove identification under the conditional independence assumption, illustrate how various CCP estimators work, analyze the concept of finite dependence, as well as relax the conditional independence assumption.

  6. Lastly we apply structural estimation methodology to lifecycle models of labor economics and product innovation.

Course website: http://comlabgames.com/structuraleconometrics