Workshop on

Macroeconomics, Financial Frictions and Asset Prices

Pavia, Monday-Tuesday 7-8 October 2013



Workshop Information

·       Call for Papers

·       Program

·       Paper download


Travel Information

·       About Pavia

·       How to reach Pavia

·       Accomodation

·       Contacts:




The workshop is sponsored by UniCredit & Universities Foundation and is part of a broader series of events organized to celebrate the 50th anniversary of the Faculty of Economics of the University of Pavia. Up to 15 papers will be selected for presentation. The submission deadline is June 15.


The workshop aims at bringing together leading scholars and young researchers working in the areas of business cycle dynamics, financial frictions and asset pricing. The ongoing financial and macroeconomic turmoil has renewed the interest of both policy makers and academics on the interaction between capital market imperfections and the macro-economy. Understanding the role of financial frictions in the propagation of shocks to both the real and the financial sector is of primary importance to envisage effective policy responses, along with providing some guidance on how to design regulatory and supervisory frameworks for financial intermediaries.


Both empirical and theoretical contributions are invited. Suitable research topics include (but are not restricted to):

o Business cycle, unemployment dynamics and financial frictions.

o Asset prices and bubbles.

o Financial intermediation and macroprudential regulation.

o Interactions between fiscal and monetary policy and non-conventional monetary policy during the crisis.


Keynote speakers

Jordi Galė (CREI, Universitat Pompeu Fabra and Barcelona GSE)


Frank R. Smets (Director General, DG Research, European Central Bank).


The following scholars have already agreed to participate: Seppo Honkapohja (Bank of Finland), Henrik Jensen (University of Copenhagen), Jesper Linde (Federal Reserve Board of Governors), Raoul Minetti (Michigan State University), Vincenzo Quadrini (University of Southern California).


Submissions. To submit a paper (or express your interest to participate in the conference), please email, attaching a draft or an extended abstract of the paper by June 15, 2013.


Limited funding is available to cover travel and accommodation for presenters. Please mention in the submission whether you require reimbursement of your travel expenses.


Program committee:

Guido Ascari (University of Pavia)

Vincenzo Quadrini (University of Southern California)
Lorenza Rossi (University of Pavia)
Emiliano Santoro (Catholic University of Milan and University of Copenhagen)