MACROECONOMICS - Macroeconomic Analysis and Policy

The Macroeconomic Analysis and Policy module is made of courses dealing with topics at the frontier of policy-relevant research: monetary and fiscal policy; heterogeneous households, inequality and redistribution (“HANK” models); financial crises; bubbles; labor markets and unemployment; and international linkages.

The courses are taught by leading research and teaching figures in their respective fields. Emphasis is put on introducing tools and developing intuition. All courses review core, standard models useful for understanding crises and recessions, and the role of policy therein. Each course contains at least one part that deals with recent research at the frontier

The programme is completed by a plenary lecture by François Bourguignon on Wednesday, June 20th.

Prerequisites

A pre-requisite knowledge of macroeconomics at intermediate (Master or very strong undergraduate) level is preferable, although not formally required.

Professors

• Florin Bilbiie is Professor of Economics at the Paris School of Economics and Université Paris 1 Panthéon-Sorbonne, Research Fellow of the CEPR and Scientific Director of Chair Banque de France. He joined PSE in 2010 after Oxford University (Nuffield College) and HEC Paris, and held visiting positions with several central banks (ECB, Bank of England, Riksbank, etc.), the National Bureau of Economic Research, New York University (NYC and Abu Dhabi) and CREi Barcelona. Florin’s research focuses on business cycles and the role, effects and optimal design of monetary and fiscal policies, in environments with firm entry/product creation, heterogeneous agents (limited participation), and/or complementarities. His research was published in Journal of Political Economy, Journal of Economic Theory, Journal of Monetary Economics, among others.
• Jean-Olivier Hairault is Professor of Economics at Université Paris 1 Panthéon-Sorbonne and the Paris School of Economics and IZA Research Fellow. He joined Paris 1 in 1997 after holding positions at University of Paris-Dauphine and University of Lille 1. He is Deputy Director of PSE in charge of Education program and co-director of the Master APE. He is also Director of the Macroeconomic Observatory of Cepremap. Jean-Olivier’s research focuses on business cycles and labor market dynamics; his recent main topic is the source of unemployment fluctuations, with a particular interest for a life-cycle approach and the relative contribution of job separation and job finding rates. He is also interested in the impact of structural changes and polarization on job reallocation, and the role of labor market institutions. His research was published in Journal of European Economic Association, Economic Journal, Journal of Public Economics, International Economic Review and European Economic Review among others.
• Jean Imbs is a Professor at the Paris School of Economics and a Research Director at France’s CNRS. Until 2010, he was a Professor at the London Business School, and at the University of Lausanne. His research focuses on international macroeconomics, with an interest in the consequences of microeconomic complexity for macroeconomic phenomena. He consults regularly with most major policy institutions, including the International Monetary Fund, the World Bank, the European Central Bank, the Bank of England, and many other central banks around the world. He taught at Princeton University, the University of Chicago Booth School of Business, New York University, INSEAD, HEC Paris, and for policymakers or investment professionals in France and the United Kingdom.
• Romain Rancière is professor of economics at University of Southern California, Los Angeles since 2016 and a research fellow at NBER and CEPR. He was previously a Professor of Economics at Paris School of Economics and an economist at the research department of the IMF. His research areas are Macroeconomics and International Finance with a special emphasis on Financial Crises. He has widely published on these topics in journals such as the Quarterly Journal of Economics, American Economic Review or the Journal of Monetary Economics. He has also served as consultant for various central banks.
• Gilles Saint-Paul is Professor of Economics at the Paris School of Economics and Ecole Normale Superieure ENS, and Global University Professor at New York University Abu Dhabi. He is also a research fellow of CEPR, IZA and CES-Ifo and a former member of the Conseil d’Analyse Economique. He served as consultant for various central banks, ministries, and international institutions. His research spanning a variety of topics in macroeconomics (from labor markets to political economy to bubbles to fiscal policy) has been published in leading journals such as the American Economic Review, Journal of Political Economy, Quarterly Journal of Economics, and others. He is also the author of several books.

Programme Supervisor: Florin Bilbiie

Schedule

Monday, June, 18th
9 am - 9.30 am Welcome coffee
9.30 am - 11 am Florin Bilbiie, Macro Policies in Simple Heterogeneous-Agent New Keynesian Models
11 am - 11.15 am Break
11.15 am - 12.45 pm Florin Bilbiie, Macro Policies in Simple Heterogeneous-Agent New Keynesian Models
12.45 pm - 2 pm Lunch
2 pm - 3.30 pm Florin Bilbiie, Macro Policies in Simple Heterogeneous-Agent New Keynesian Models
3.30 pm - 3.45 pm Break
3.45 pm - 5.15 pm Florin Bilbiie, Macro Policies in Simple Heterogeneous-Agent New Keynesian Models
From 6 pm Welcome Cocktail

Tuesday, June, 19th
9.30 am - 11 am Jean-Olivier Hairault, Unemployment, Labor Markets, and Policies
11 am - 11.15 am Break
11.15 am - 12.45 pm Jean-Olivier Hairault, Unemployment, Labor Markets, and Policies
12.45 pm - 2.15 pm Lunch
2.15 pm - 3.45 pm Jean-Olivier Hairault, Unemployment, Labor Markets, and Policies
3.45 pm - 4 pm Break
4 pm - 5.30 pm Jean-Olivier Hairault, Unemployment, Labor Markets, and Policies
From 6 pm Social event

Wednesday, June, 20th
9.30 am - 11 am Jean Imbs, International Macroeconomics
11 am - 11.15 am Break
11.15 am - 12.45 pm Jean Imbs, International Macroeconomics
12.45 pm - 2.15 pm Lunch
2.15 pm - 3.45 pm Jean Imbs, International Macroeconomics
3.45 pm - 4 pm Break
4 pm - 5.30 pm Jean Imbs, International Macroeconomics
6 pm - 7 pm François Bourguignon, Plenary lecture
 
Thursday, June, 21st
9.30 am - 11 am Gilles Saint-Paul, Bubbles
11 am - 11.15 am Break
11.15 am - 12.45 pm Gilles Saint-Paul, Bubbles
12.45 pm - 2 pm Lunch
2 pm - 3.30 pm Gilles Saint-Paul, Bubbles
3.30 pm - 3.45 pm Break
3.45 pm - 5.15 pm Gilles Saint-Paul, Bubbles
From 6 pm Social event

Friday, June, 22nd
9.30 am - 11 am Romain Rancière, Financial Crises: A Post-2008 Perspective
11 am - 11.15 am Break
11.15 am - 12.45 pm Romain Rancière, Financial Crises: A Post-2008 Perspective
12.45 pm - 2 pm Lunch
2 pm - 3.30 pm Romain Rancière, Financial Crises: A Post-2008 Perspective
3.30 pm - 3.45 pm Break
3.45 pm - 5.15 pm Romain Rancière, Financial Crises: A Post-2008 Perspective
From 6 pm Farewell cocktail/certificates