Universität Bonn Institut für Internationale Wirtschaftspolitik

14th ZEI International Summer School
Heterogeneity in Macroeconomics
held at
Haus Schlesien
29 June - 07 July 2011


Dirk Krüger (University of Pennsylvania)
Gianluca Violante (New York University)

Topics:  Dynamic equilibrium models with household heterogeneity and incomplete financial markets. The lectures will cover methodological issues: infinite horizon and life cycle such as stationary equilibrium, transitional dynamics, aggregate fluctuations and computational algorithms as well as applications to: income, consumption, and wealth inequality over time and over the life cycle, labor supply decisions along the intensive and extensive margin, estimation of micro and macro Frisch elasticities, (optimal) fiscal policy, progressive taxation, pension reforms and social insurance, (optimal) monetary policy, redistributive consequences of inflation, housing decisions, housing policy, and foreclosure, unsecured consumer credit and bankruptcy and welfare costs of business cycles and welfare implications of the "Great Recession"

This year's contributors:
Wednesday (29.06.2011)
 Lectures by
 Gianluca Violante
Some Useful Numerical Techniques to Solve the Income-Fluctuation Problem

Economies with Idiosyncratic Risk and Incomplete Markets: Stationary Equilibrium

Some Applications of Bewley Models

Transitional Dynamics in Bewley Models
 Moritz Kuhn Job stability and labor market risk
 Volker Tjaden Large Open Economies and Fixed Costs of Capital Adjustment

Thursday (30.06.2011)
 Lectures by
 Gianluca Violante
Life-cycle economies

Consumption Insurance
 Michal Rubaszek Determinants of credit to households in a life-cycle model
 Haiping Zhang International Capital Flows in the Models with Limited Commitment and Incomplete Markets

Friday (01.07.2011)
 Lectures by
 Gianluca Violante
 Jin Cao Illiquidity, insolvency, and banking regulation
 Felix M. Wellschmied Exploring the Causes of Frictional Wage Dispersion

Saturday (02.07.2011)
 Lectures by
 Gianluca Violante

Monday (04.07.2011)
 Lectures by
 Dirk Krüger
[Consumption and Saving: Theory and Evidence]

Introduction to Models with Limited Commitment and
Limited Commitment Models with Continuum of Households
 Martin Stürmer 150 Years of Booms and Busts - What Drives Mineral Commodity Prices? (03.07.2011)
 t.b.a. t.b.a.

Tuesday (05.07.2011)
 Lectures by
 Dirk Krüger
Applications of Limited Commitment Models (Part 1, Part 2)

Endogenizing the Outside Option
 Sebastian Koehne Optimal Income Taxation with Asset Accumulation
 Yavuz Arslan Trend Shocks, Risk Premiums and Portfolio Movements in Developing Countries

Wednesday (06.07.2011)
 Lectures by
 Dirk Krüger
Computing Models with Large State Spaces and
Application 1: International Real Business Cycle Models
 t.b.a. t.b.a.
 t.b.a. t.b.a.

Thursday (07.07.2011)
 Lectures by
 Dirk Krüger
Application 2: OLG Models with Aggregate Risk (Part 1, Part 2)

Optimal Fiscal Policy in Quantitative OLG Models

Empirical Evaluation of Risk Sharing Models

Purpose:  The ZEI International Summer School brings together young economists for a series of lectures covering the current frontiers of research in their area of interest and an opportunity for stimulating discussion and presentation of their own research to a group of international scholars.

Participants:  Advanced doctoral students, post-docs, assistant professors and central bank economists.

Accommodation:  The ZEI International Summer School will take place at a seminar center near Bonn (Haus Schlesien, Königswinter-Heisterbacherrott).

Cost:  Participants are expected to pay for their own transportation. Room rates are € 87 per day including breakfast and lunch. The conference fee is € 1750. Stipends for academic participants are available.

Presentations:  Presentations must be based on a paper, which has to be submitted for duplication by June 20.

Application and information:  Applicants should send an abstract of the paper they wish to present together with a short curriculum vitae and a letter of recommendation to:

Prof. Dr. Jürgen von Hagen (ZEISummerSchooluni-bonn.de)
Lennestrasse 37, 53113 D-Bonn, Germany.


Past Summerschools:

Bonn Graduate School of Economics
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