L’investissement dans le nouvel environnement monétaire et financier

The Banca d’Italia, the Banque de France and Sciences Po have organized a research conference on “Investment in the new monetary and financial environment”, in Paris July 5 and 6, 2018. The conference aims to create a forum for discussion among academic and central bank researchers on issues related to firms’ productive investment and its funding in the post-crisis economic, monetary and financial environment, combining both theoretical and empirical research in macro and microeconomics.

5th July 2018


8:45 – 9:10


9:10 – 9:15

Welcome address by Gilbert Cette (Banque de France)

Session 1

Misallocation of capital
Chair: Federico Cingano (Banca d’Italia)

9:15 – 10:15

Resource Misallocation in European Firms: The Role of Constraints, Firm Characteristics and Managerial Decisions
Christoph Weiss (European Investment Bank), Yuriy Gorodnichenko (Berkeley Univ.), Debora Revoltella (EIB) & Jan Svejnar (Columbia Univ.)

Discussion: Antonin Bergeaud (Banque de France)

10:15 – 11:15

Risk-Adjusted Capital Allocation and Misallocation
Lukas Schmid (Duke Univ.), Joel David (USC), David Zeke (USC)

Discussion: Francesco Manaresi (Banca d’Italia)

11:15 – 11:45


Session 2

Real effects of earnings reporting
Chair: Debora Revoltella (EIB)

11:45 – 12:45

Information Distortion, R&D, and Growth
Stephen Terry (Boston Univ.), Toni Whited (Univ.of Michigan, Ross School of Business and NBER) & Anastasia Zakolyukina (Chicago Booth)

Discussion: Johan Hombert (HEC)

12:45 – 13:45


Session 3

Macro dynamics in the great recession
Chair: Guillaume Plantin (Sciences Po)

14:00 – 15:00

Money and Capital in a Persistent Liquidity Trap
Yannick Kalantzis (Banque de France), Philippe Bacchetta (Lausanne Univ., SFI and CEPR) & Kenza Benhima (Lausanne Univ. and CEPR)

Discussion: Xavier Ragot (OFCE-Sciences Po)

15:00 – 16:00

Corporate Debt Structure and Unconventional Monetary Policy in the United States
Urszula Szczerbowicz (Banque de France) & Stéphane Lhuissier (Banque de France)

Discussion: Stéphane Guibaud (Sciences Po)

16:00 – 16:30


Session 4

Financial Frictions
Chair: Jean-Stéphane Mésonnier (Banque de France)

16:30 – 17:30

Debt or Demand: Which Holds Investment Back? Evidence from an Investment Tax Credit
Francisca Rebelo (Boston College, Carroll School), Laura Blatner (Harvard Univ.) & Luisa Farinha (Banco de Portugal)

Discussion: Antonio de Socio (Banca d’Italia)

17:30 – 18:30

Banks as patient lenders: Evidence from a Tax Reform
Filippo De Marco
(Bocconi Univ., Baffi Carefin and IGIER), Enrico Sette (Banca d’Italia), Elena Carletti (Bocconi Univ., Baffi Carefin, IGIER and CEPR) & Vasso Ioannidou (Lancaster Univ. and CEPR)

Discussion: Mathias Lé (Banque de France)

6th July 2018


Session 5

Cash holdings
Chair: Françoise Drumetz (Banque de France)

9:30 – 10:30

How has Elevated Uncertainty Affected Corporate Investment, Dividend Payouts and Cash Holding?
Paul Mizen
(Nottingham Univ.), Pawel Smietanka (Bank of England) & Nicholas Bloom (Stanford Univ.)

Discussion: Giacomo Rodano (Banca d’Italia)

10:30 – 11:30

Innovation and Corporate Cash Holding in the Era of Globalization
Mai Chi Dao (IMF), Konrad Adler (TSE) & JaeBin Ahn (IMF)

Discussion: Vincent Vicard (CEPII & Paris-Dauphine Univ.)

11:30 – 12:00


Session 6

Granularity and cycle
Chair: Federico Cingano (Banca d’Italia)

12:00 – 13:00

Small and Large Firms over the Business Cycle
Nicolas Crouzet (Northwestern Univ., Kellogg) & Neil R. Mehrotra (Brown Univ.)

Discussion: Isabelle Méjean (École Polytechnique)

13:00 – 14:00


Session 7

Investment quality, macro perspective
Chair: Jean-Stéphane Mésonnier (Banque de France)

14:00 – 15:00

Green Policies, Aggregate Investment Dynamics and Vintage Effects
Giuseppe Fiori
(North Carolina State Univ.) & Nora Traum (HEC Montréal)

Discussion: Fanny Henriet (PSE)

15:00 – 16:00

Efficient Bubbles?
Erik Loualiche (Univ. of Minnesota), Valentin Haddad (UCLA and NBER) & Paul Ho (Princeton Univ.)

Discussion: Edouard Challe (Ecole Polytechnique)

Program  Committee: Federico Cingano (Banca d’Italia), François Gourio (Federal Reserve Bank of Chicago), Jean-Stéphane  Mésonnier (Banque de France), Daniel Paravisini (London School of Economics), Guillaume Plantin (Sciences Po), Fabio Schiantarelli (Boston College).

Mis à jour le : 17/08/2018 14:51