• Overview: Review old and recent financial crises and basic financial accelerator models
• Liquidity and business cycles: Examine the interaction between liquidity constraints and business cycles
• Financial intermediation: Study bank balance-sheet channel and bank-runs
• Government Policy: Interaction between banking and sovereign debt crisis, the role of credit and macro prudential policies
• Secular Stagnation: Causes and consequences of stagnation in Japan and Europe

We consider alternative macroeconomic frameworks with financial frictions to understand financial crisis, business cycles and public policy. There will be an brief historical overview of financial crises and basic financial accelerator models which emphasizes the interaction between borrowing constraint, asset price and aggregate production.

We then introduce liquidity constraint to examine the business cycles and monetary policy. Finally, we introduce financial intermediaries and government to study banking crisis, credit policy and macro prudential policy. By developing these frameworks, we aim to understand the recent financial crisis and the roles of public policies.

Financial stability and research department of Central Banks, Ph. D. students, private sector economists, EU officials

Kiyotaki is Professor of Economics at Princeton University. He received his PhD. at Harvard University. He has published widely in macroeconomics and monetary economics, including “Monopolistic Competition and the Effects of Aggregate Demand,” with Olivier Blanchard in 1987, “On Money as a Medium of Exchange,” with Randall Wright in 1989, and “Credit Cycles,” with John Moore in 1997.

Kiyotaki also serves as an academic consultant for the Federal Reserve Bank of New York and the Federal Reserve Bank of Richmond. Among professional honors, Kiyotaki received 2014 Banque de France -Toulouse School of Economics Senior Prize in Monetary Economics and Finance, 2010 Stephen A. Ross Prize in Financial Economics and 1999 EEA Yrjo Jahnsson Award together with John Moore. He is a Fellow of Econometric Society and a Fellow of British Academy.

1500 € – Public Authorities (e.g. National Competent Authorities, Central Banks) and European Institutions*

2000€ – Private Sector

850€ – Students (with certificate of studies)

• the names of the 3 participants have to be communicated to fbf@eui.eu before registering
• the names of other registered people from the same institution cannot be communicated. It is upon your responsibility to get in touch with your HR division
• a single debit note will be issued for the 3 participants followed by one payment

Accommodation 

Recommended hotels:
Hotel Villa La Stella (20 min walking distance from EUI )
Hotel Cellai
Hotel Palazzo Ricasoli
Hotel de la Pace
Hotel Athenaeum 

Laptop

Participants are requested to bring their own laptop.

Wi-Fi

On arrival, you will be provided with temporary wi-fi access for the whole duration of the course. 

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For general queries: francesca.elia@eui.eu

Registered participants can access the course materials on this page, using the password provided by the course secretariat.