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14th Annual Meeting of thePortuguese Economic JournalCatólica Porto Business School: 2-4 July 2021Américo Amorim Building (EAA)(GPS: 41 09'08.9"N 8 40'20.0"W 41.152472, -8.672222)2 July – Friday08:30 – 09:00 Registration (entrance hall of Américo Amorim Building)09:00 - 09:30 Welcome Session (room hp?MTID maa0e358b9b2d7d871e6ef36f435ff1e5[Meeting number: 1210117732; Meeting password: PEJ2021]- Gonçalo Faria (Associate Dean of Católica Porto Business School)- Local Organizing Committee PEJ2021- Luís F. Costa (Editor-in-chief of the Portuguese Economic Journal)- Celso Nunes (Local Organizing Committee PEJ2022)Presenters in bold.The presenter of the last paper in each session is the Chair.The maximum duration for each presentation is 30 minutes, including discussion.
09:30 – 11:00 Parallel Sessions I2nd July1A. Institutions and Markets (room hp?MTID maa0e358b9b2d7d871e6ef36f435ff1e5[Meeting number: 1210117732; Meeting password: PEJ2021]1A.1 – Efficiency of Microfinance Institutions: Analysis of Southern African DevelopmentCommunity (SADC) Member Countries, Elsa Agostinho Lúrio (University Mozambique), RaquelGaspar (ISEG, Universidade de Lisboa)1A.2 - Market-wide Impact of Renewables on Electricity Prices in Australia, Ricardo Gonçalves(Universidade Católica Portuguesa, Católica Porto Business School), Flavio Menezes (Universityof Queensland)1A.3 - Product Differentiation and Quality Costs. An experiment, Adriana Alventosa (UA), SílviaJorge (GOVCOPP, DEGEIT, Universidade de Aveiro), Joana Pinho (Universidade CatólicaPortuguesa, Católica Porto Business School), Margarida Catalão-Lopes (CEG-IST, InstitutoSuperior Técnico, Universidade de Lisboa), Cesaltina Pires (CEFAGE, Universidade de Évora),Pedro Garcês (Universidade do Algarve)1B. Human Capital (room hp?MTID m4f9e6f3ffe28ab11c059337da67c0fb7[Meeting number: 1212747681; Meeting password: PEJ2021]1B.1 – BRAC as a Provider of Highly Effective Schooling in Developing Countries – Does it live upto the Hype? John Ham (New York University Abu Dhabi), Saima Khan (New York University AbuDhabi)1B.2 – Does Research Output Matter for the Economic Growth of Technologically LaggardCountries? The Mediating Effects of Human Capital and Structural Change, Tânia Pinto(Faculdade de Economia, Universidade do Porto), Aurora Teixeira (CEF.UP, Faculdade deEconomia, Universidade do Porto; INESC Tec)1B.3 – Labour share through a Magnifier: Evidence from firm-level data, Ana Oliveira (Faculdadede Economia, Universidade do Porto)
1C. Macroeconomics I (room hp?MTID m79184733d2b30b44a47327fab3ec31e9[Meeting number: 1213725877; Meeting password: PEJ2021]1C.1 - Monetary Policy Transmission through the Refinancing of Firms Bank Debt, Eunkyung Lee(University of Manchester)1C.2 - Fiscal and Macroprudential Policies in a Monetary Union, Jose E. Bosca (University ofValencia), Javier Ferri (University of Valencia), Margarita Rubio (University of Nottingham)1C.3 - Wealth Taxation, Tax Progressivity, and Housing Market, Yurui Zhang (Australian NationalUniversity)1D. Econometrics (room hp?MTID m2fcc49ea8a300a380e997e9e03168987[Meeting number: 1212762976; Meeting password: PEJ2021]1D.1 - Variance Based Tests of Market Demand, Raghav Malhotra (University of Warwick)1D.2 - An Improved Bound to Manipulation in Large Stable Matches, Gustavo Saraiva (PontificiaUniversidad Católica de Chile)1D.3 - Transformed Regression-based Long-Horizon Predictability Tests, Paulo Rodrigues (Bankof Portugal)11:00-11:30 coffee break11:30-12:30 Keynote address (room hp?MTID maa0e358b9b2d7d871e6ef36f435ff1e5[Meeting number: 1210117732; Meeting password: PEJ2021]Unravelling Deep Integration: Local Labour Market Effects of the Brexit VoteBeata Javorcik(University of Oxford)12:45-14:00 Lunch
14:00 – 15:30 Parallel Sessions II2nd July2A. Public Policy (room hp?MTID maa0e358b9b2d7d871e6ef36f435ff1e5[Meeting number: 1210117732; Meeting password: PEJ2021]2A.1 - Trust in State Capacity and Support for Redistribution, Joana Silva (Universidade CatólicaPortuguesa, Católica Lisbon SBE), Anna Bernard (Universidade Católica Portuguesa, CatólicaLisbon SBE)2A.2 - Climate Policy in an Unequal World: Assessing the Cost of Risk on Vulnerable Households,Pedro Brinca (Universidade Nova de Lisboa)2A.3 - Measuring School Quality in Portugal: A value-added approach, Ricardo Colaço (NovaSchool of Business and Economics), Pedro Freitas (Nova SBE), Luis Nunes (Nova School ofBusiness and Economics), Ana Balcão Reis (Nova School of Business and Economics)2B. Labor markets I (room hp?MTID m4f9e6f3ffe28ab11c059337da67c0fb7[Meeting number: 1212747681; Meeting password: PEJ2021]2B.1 - Measuring Wage Inequality under Right Censoring, João Carlos Henrique Nicolau (ISEG,Universidade de Lisboa and CEMAPRE), Pedro Raposo (FCEE-UCP), Paulo Rodrigues (Bank ofPortugal)2B.2 - Coworker Networks and the Labor Market Outcomes of Displaced Workers: Evidence fromPortugal, Jose Garcia-Louzao (Bank of Lithuania), Marta Silva (Banco de Portugal)2B.3 - The Effects of Personality on the Native-Migrant Labour Market Gap, Marli Fernandes(Nova School of Business and Economics)
2C. Macroeconomics II (room hp?MTID m79184733d2b30b44a47327fab3ec31e9[Meeting number: 1213725877; Meeting password: PEJ2021]2C.1 - Self-fulfilling Debt Crises with Long Stagnations, Pedro Teles (Banco de Portugal,Universidade Católica Portuguesa – Católica Lisbon SBE)2C.2 - Tight and Loose, and Red and Blue: A "Dance" of Macro Policies in the US, TatianaKirsanova (University of Glasgow), Celsa Machado (ISCAP), Ana Paula Ribeiro (CEF.UP, Faculdadede Economia do Porto)2C.3 - Cutting the Gordian Knot of Carry and Imbalances. Pedro Barroso (Universidade CatólicaPortuguesa, Católica Lisbon SBE), Frickson Kho (University of New South Wales), FlorentRouxelin (Florida International University), Li Yang (University of New South Wales)2D. Industrial Organization I (room hp?MTID m2fcc49ea8a300a380e997e9e03168987[Meeting number: 1212762976; Meeting password: PEJ2021]2D.1 - Things Nobody Tells you about Online News: a Model with Social Networks andCompetition, Melika Liporace (Bocconi University)2D.2 – The co-existence of patent-pools, Stefan Lobin (Goethe University), Uwe Walz (GoetheUniversity Frankfurt)2D.3 – Endogenous Market Coverage with Quality Dependent Unit Production Costs, CesaltinaPires (CEFAGE, Universidade de Évora), Sílvia Jorge (GOVCOPP, DEGEIT, Universidade de Aveiro),Margarida Catalão-Lopes (CEG-IST, Instituto Superior Técnico, Universidade de Lisboa), PedroGarcês (Univ Algarve), Joana Pinho (Universidade Católica Portuguesa, Católica Porto BusinessSchool), Adriana Alventosa (UA)15:30-16:00 Coffee break
16:00 – 18:00 Parallel Sessions III2nd July3A. Market Structure and Pricing (room hp?MTID maa0e358b9b2d7d871e6ef36f435ff1e5[Meeting number: 1210117732; Meeting password: PEJ2021]3A.1 - Impact of Online Grocery Shopping on Retail Competition and Profit Sharing, Celine Bonnet(Toulouse School of Economics), Clara Etcheverry (Universities of Milan and Pavia)3A.2 - The Impact of Securities Regulation on the Information Environment around StockFinanced Acquisitions, Gilberto Loureiro (University of Minho), Sónia Silva (University of Minho)3A.3 - On Random Matching Markets: Properties and equilibria, Joana Pais (ISEG, Universidadede Lisboa)3A.4 - Merger Waves and the Importance of Financial Advisors Reputation for Acquirers, JoséFaias (Universidade Católica Portuguesa, Católica Lisbon SBE)3B. Housing and Financial Markets (room hp?MTID m4f9e6f3ffe28ab11c059337da67c0fb7[Meeting number: 1212747681; Meeting password: PEJ2021]3B.1 - Mortgage Borrowing Caps: Debt, Default and Welfare, João Oliveira (Universidade Novade Lisboa)3B.2 - Location of Housing and Industry around a Central Shopping District, Liliana da Silva(Universidade do Porto), Sofia Castro (Universidade do Porto), João Correia-da-Silva (U. Porto)3B.3 - Do Low Interest Rates Spur Risk-taking in Mortgage Underwriting? An empirical study,Ana Isabel Sá (University of Porto)3B.4 - Do Short-term Rentals Increase Housing Prices? Quasi-experimental evidence from Lisbon,Duarte Gonçalves (Nova School of Business and Economics), Susana Peralta (Nova School ofBusiness and Economics), João Pereira dos Santos (Nova School of Business and Economics)
3C. Applied Economics (room hp?MTID m79184733d2b30b44a47327fab3ec31e9[Meeting number: 1213725877; Meeting password: PEJ2021]3C.1 - Banks' Next Top Model, Elizaveta Sizova (KU Leuven)3C.2 - Building a Composite Index using the Multi-objective Approach: an application to the caseof human development, Elif Göksu Öztürk (Faculdade de Economia, Universidade do Porto)3C.3 - Monetary Policy and the Wage Inflation-Unemployment Tradeoff, Ricardo Duque Gabriel(University of Bonn)3C.4 - On the Heresthetics of Salience: Competing over voters' attention, Hélia Marreiros(Universidade do Minho), Antonella Ianni (University of Southampton)3D. PEJ Special Issue I – 20th Anniversary of the Portuguese Economic Journal s/j.php?MTID m2fcc49ea8a300a380e997e9e03168987[Meeting number: 1212762976; Meeting password: PEJ2021]3D.1 - The State of Portuguese Research in Economics: Twenty years after, Mariana Barbosa(Banco de Portugal; U. Porto), Paulo Guimarães (Banco de Portugal; U. Porto)3D.2 - Why Do Firms Use Fixed-Term Contracts? Pedro Portugal (Banco de Portugal; Nova SBE),José Varejão (U. Porto; CEF.UP)3D.3 - Shared Decision Making in the Portuguese NHS: Choosing wisely? Pedro Pita Barros (NovaSBE)3D.4 - The Log of Gravity at 15, João Santos Silva (U. Surrey), Silvana Tenreyro (LSE)19:00 Conference Dinner: Praia da Luz(GPS: 41 09'12.4"N 8 40'45.1"W 41.153430, -8.679189)
3 July – Saturday9:30 – 11:00 Parallel Sessions IV4A. Macroeconomics III (room hp?MTID mc4dce213158431170732b4118459b83c[Meeting number: 1214105683; Meeting password: PEJ2021]4A.1 - Uncertainty and the Effectiveness of Fiscal Policy in the United States and Brazil: SVARapproach, Eduardo Rodrigues (Lisbon School of Economics and Management, UECE - ResearchUnit on Complexity and Economics, UFRRJ - Federal Rural University of Rio de Janeiro)4A.2 - The Square Root of All Evil: The role of market power in fiscal consolidations, Paulo Brito(ISEG, Universidade de Lisboa), Luís F. Costa (ISEG, Universidade de Lisboa), João Costa Filho(UECE, U Lisboa; FGV/SP), Carlos Daniel Santos (Nova SBE)4A.3 - Endogenous Growth and Monetary Policy: How Do Interest-Rate Feedback Rules ShapeNominal and Real Transitional Dynamics? Pedro Gil (U. Porto and CEF.UP), Gustavo Iglésias(Banco de Portugal), Luis Guimarães (Queen’s University Belfast and CEF.UP)4B. Health (room hp?MTID m89e34bb03f6ddf13cddf296f32d6bee3[Meeting number: 1218244973; Meeting password: PEJ2021]4B.1 – Modelling Health Spending Sustainability, Eduardo Costa (Nova School of Business andEconomics - Universidade Nova de Lisboa)4B.2 – Do Subsidized Nursing Homes and Home Care Teams Reduce Hospital Bed-blocking?Evidence from Portugal, Ana Moura (Tilburg University)4B.3 – Abortion Access in Portugal: The relationship with abortion rates, timings, type ofproviders, and methods, António Melo (Université Paris-Dauphine – PSL)
4C. International Trade (room hp?MTID m41ebeb71ab3675f3e0fb8b8dfd394082[Meeting number: 1216840552; Meeting password: PEJ2021]4C.1 - The Effects of Mutual Recognition Agreements on Firm-Level International Trade, ThomasPrayer (University of Cambridge)4C.2 - Financial Factors, Firm Size and Potential, Miguel Ferreira (University of Cambridge), TimoHaber (University of Cambridge)4C.3 - Intra-industry Trade, Involuntary Unemployment and Macroeconomic Stability, AntoineLe Riche (Sichuan University and CAC – IXXI of Complex Systems Institute), Teresa Lloyd-Braga(Universidade Católica Portuguesa, Católica Lisbon SBE), Leonor Modesto (Universidade CatólicaPortuguesa – Católica Lisbon SBE and IZA)4D. Labor Markets II (room hp?MTID mbaa82951660225dc7e0e8bea19d7b06a[Meeting number: 1213921793; Meeting password: PEJ2021]4D.1 – Saga of Wage Resilience: Like a Bridge over Troubled Water, Hugo de Almeida Vilares(London School of Economics), Hugo Reis (Banco de Portugal)4D.2 – The Sensitivity of SME’s Investment and Employment to the Cost of Debt Financing, DianaBonfim (Banco de Portugal and Universidade Católica Portuguesa – Católica Lisbon SBE), ClaudiaCustodio (Imperial College Business School), Clara Raposo (ISEG School of Economics andManagement, Universidade de Lisboa)4D.3 – The Effect of Firm Heterogeneity on Earnings Inequality Dynamics, Francisco Espiga(Universidade Católica Portuguesa, Católica Lisbon SBE), Joana Silva (Universidade CatólicaPortuguesa, Católica Lisbon SBE)11:00-11:25 Coffee break
11:25-11:35 ConsultAccount Award (room hp?MTID mc4dce213158431170732b4118459b83c[Meeting number: 1214105683; Meeting password: PEJ2021]11:35-12:30 Keynote address (room EAA001)Collective Bargaining in a Continental European SettingAna Rute Cardoso(Institute for Economic Analysis – CSIC and Barcelona GSE)12:45-14:00 Lunch14:00 – 15:30 Parallel Sessions V3rd July5A. Industrial Organization 2 (room hp?MTID mc4dce213158431170732b4118459b83c[Meeting number: 1214105683; Meeting password: PEJ2021]5A.1 – Product Personalization and Behavior Based Price Discrimination, Didier Laussel(GREQAM, Aix-Marseille School of Economic), Joana Resende (CEFUP, Universidade do Porto)5A.2 – Uncertain Efficiency Gains and Merger Policy, Mariana Cunha (Universidade CatólicaPortuguesa, Católica Porto Business School), Paula Sarmento (University of Porto), HelderVasconcelos (Universidade Do Porto)5A.3 – Modelling the Objective Function of Managers in the Presence of OverlappingShareholding, Duarte Brito (Universidade Nova de Lisboa), Einer Elhauge (Harvard University),Ricardo Ribeiro (Universidade Católica Portuguesa, Católica Porto Business School), HelderVasconcelos (Universidade Do Porto)
5B. Covid-19 (room hp?MTID m89e34bb03f6ddf13cddf296f32d6bee3[Meeting number: 1218244973; Meeting password: PEJ2021]5B.1 – COVID-19, Lockdowns and International Trade: Evidence from Firm-Level Data, JoãoAmador (Banco de Portugal), Carlos Gouveia (Banco de Portugal), Ana Pimenta (Banco dePortugal)5B.2 – COVID-19: What If Immunity Wanes, Alper Cenesiz (Nottingham Business School), LuísGuimarães (Queen's University Belfast)5B.3 – Corporate Borrowing, Investment, and Credit Policies during Large Crises, Miguel Fariae-Castro (Federal Reserve Bank of St. Louis)5C. PEJ Special Issue II – 20th Anniversary of the Portuguese Economic Journal s/j.php?MTID m41ebeb71ab3675f3e0fb8b8dfd394082[Meeting number: 1216840552; Meeting password: PEJ2021]5C.1 - Portuguese Economic Journal, Past and Future, José Luís Cardoso (Instituto de CiênciasSociais, U. Lisboa)5C.2 - The Net Product in the Formule du Tableau Economique: Lessons from a formalism,Rodolphe Dos Santos Ferreira (U. Strasbourg; BETA; Universidade Católica Portuguesa –Católica Lisbon SBE), Ragip Ege (U. Strasbourg; BETA)5C.3 - The Dynamics of Growth and Distribution in a Spatially Heterogeneous World Redux,Paulo Brito (ISEG - Lisbon School of Economics & Management, U. Lisboa; UECE-REM)
5D. Finance (room hp?MTID mbaa82951660225dc7e0e8bea19d7b06a[Meeting number: 1213921793; Meeting password: PEJ2021]5D.1 - On Skewness and Prudence, Michael Borß (Medwing), Volker Seiler (EM Normandie),Markus Rudolf (WHU - Otto Beisheim School of Management)5D.2 - Frequency-domain Information for Active Portfolio Management, Gonçalo Faria(Universidade Católica Portuguesa, Católica Porto Business School), Fabio Verona (Bank ofFinland)5D.3 - Commodities Tail-Risk in Exchange Rates, Massimiliano Bondatti (Nova SBE), GiovanniRillo (LUISS)15:30-16:00 Coffee break16:00 – 17:30/18:00 Parallel Sessions VI3rd July6A. Banking (room hp?MTID mc4dce213158431170732b4118459b83c[Meeting number: 1214105683; Meeting password: PEJ2021]6A.1 - Booms, Banking Crises, and Monetary Policy, (Joël Marbet, CEMFI)6A.2 - The Effects of the TLTRO on Bank Credit Supply: The Portuguese case, Diana Bonfim (Bancode Portugal and Universidade Católica Portuguesa – Católica Lisbon SBE), Joana Sousa Leite(Banco de Portugal)6A.3 - How to Measure Banking Regulation and Supervision, Cristina Pereira Pedro (CEFAGE-UE,Universidade de Évora), Joaquim J. S. Ramalho (BRU-IUL, ISCTE - Instituto Universitário deLisboa) e Jacinto Vidigal da Silva (CEFAGE-UE, Universidade de Évora)
6B. Macroeconomics IV (room hp?MTID m89e34bb03f6ddf13cddf296f32d6bee3[Meeting number: 1218244973; Meeting password: PEJ2021]6B.1 - Resource Misallocation in Portugal: Between sector misallocation and intersectorallinkages, Madalena Gaspar (Universidade Católica Portuguesa, Católica Lisbon SBE)6B.2 - The Effects of Government Spending in the Eurozone, Ricardo Duque Gabriel (Universityof Bonn), Mathias Klein (Sveriges Riksbank), Ana Sofia Pessoa (University of Bonn)6B.3 - European Firm Concentration and Aggregate Productivity, Tommaso Bighelli (HalleInstitute for Economic Research)6B.4 - 40 Years of Economic Reform - The Case of Pudong New Area Open Economic Zone inShanghai, Volker Seiler (EM Normandie), Bernard Michael Gilroy (Universität Paderborn),Christian Peitz (Paderborn University), Nico Stöckmann (Paderborn University)6C. Firm performance (room hp?MTID m41ebeb71ab3675f3e0fb8b8dfd394082[Meeting number: 1216840552; Meeting password: PEJ2021]6C.1 - Transportation Costs and Firm Performance, Dirk Dohse (Kiel Institute for the WorldEconomy), João Pereira dos Santos (Nova School of Business and Economics), José Tavares(Lisboa)6C.2 - Innovation Decisions for Green Products: The role of regulatory incentives and acquisitionsin a consumer-firm game, Inês C Nunes (CEG-IST, Instituto Superior Técnico, UniversidadeLisboa), Margarida Catalão-Lopes (CEG-IST, Instituto Superior Técnico, Universidade de Lisboa)6C.3 - Modeling electricity and natural gas prices under the electrification of energy firms, JoséCarlos Dias (ISCTE-IUL, BRU-IUL), Mário Fernandes (ISCTE-IUL), João Pedro Nunes (ISCTE-IUL,BRU-IUL)6C.4 - Vertical Separation Revisited, Masaki Nakabayashi (The University of Tokyo)
6D. General equilibrium and growth (room hp?MTID mbaa82951660225dc7e0e8bea19d7b06a[Meeting number: 1213921793; Meeting password: PEJ2021]6D.1 - The Ins and Outs of Unemployment in General Equilibrium, Nikolaos Kokonas (Universityof Bath), Paulo Santos Monteiro (University of York)6D.2 - Human Capital Accumulation and Environmental Preservation in a Globalized Economy,Stéphane Bouché (Universidade Católica Portuguesa, Católica Lisbon SBE), Leonor Modesto(UCP-Catolica Lisbon School of Business and Economics)6D.3 - Inequality and Growth: Endogeneous dynamics of heterogeneity, Paulo Brito (ISEG - LisboaSchool of Economics & Management, Universidade de Lisboa)Scientific committee:Joana Silva (Universidade Católica Portuguesa, Católica Lisbon SBE, Chair)Ana Margarida Fernandes (World Bank)Ana Rute Cardoso (Barcelona Graduate School of Economics)Daniel Dias (Federal Reserve Board)Isabel Horta Correia (Universidade Católica Portuguesa, Católica Lisbon SBE)Pedro Portugal (Banco de Portugal)Luis Catão (ISEG)Miguel Ferreira (Nova SBE)Nuno Limão (University of Maryland)Nuno Palma (University of Manchester)Odd Rune Straume (University of Minho)Paulo Guimarães (FEP and Banco de Portugal)Sandra Sequeira (LSE)Local organizing committeeRicardo Gonçalves (Universidade Católica Portuguesa, Católica Porto Business School, Chair)Francisca Guedes de Oliveira (Universidade Católica Portuguesa, Católica Porto BusinessSchool)Mariana Cunha (Universidade Católica Portuguesa, Católica Porto Business School)Alexandra Leitão (Universidade Católica Portuguesa, Católica Porto Business School)
4B.2 - Do Subsidized Nursing Homes and Home Care Teams Reduce Hospital Bed-blocking? . Católica Lisbon SBE), Leonor Modesto (Universidade Católica Portuguesa - Católica Lisbon SBE and IZA) 4D. Labor Markets II (room EAA006) . (Imperial College Business School), Clara Raposo (ISEG School of Economics and .
