Annual Report 2011-12 | Barcelona GSE

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Annual report for Academic Year 2011-12 at the Barcelona Graduate School of Economics

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Annual Report 2011-12 | Barcelona GSE

  1. 1. Annual Report2011-2012Academic Year
  2. 2. Annual Report2011-2012Academic Year 5
  3. 3. Welcome 10Governance 15Who We Are 20Faculty 26Programs 33Research 53Highlights 70External Relations and Financial Data 81Appendices 86
  4. 4. WELCOME
  5. 5. Welcome from Ramon Marimon, Chairman of the Board Recent economic research by James J. Heckman (Nobel Laureate and member of the Barcelona GSE Scientific Council) and other social scientists has shown that the learning experience in a child’s first six years can play a determinant role in his subsequent human development. A stimulating childhood can raise awareness and self-confidence, which can be great skills in later life. We do not have a parallel analysis for institutions, but I think it is safe to venture that the first six years of an institution can play a crucial role in its subsequent development. The 2011-12 academic year marks this six-year threshold for the Barcelona GSE. For all who have participated, I think it has been a stimulating experience and, as the account of Dr. Eduard Vallory shows, it has also been a successful one. Let me thank all who, in one way or another, have contributed to that success and, in particular, express the unanimous view of the Board in thanking Eduard Vallory for his work as Director in launching the School since its inception and in these starting years, as the Board did a year ago with Andreu Mas-Colell for his leading role as founding Chairman. As with children, successful growth in times of crisis brings additional resilience, and the Barcelona GSE has grown as a graduate school and as a research center through this year of Euro-crisis. But it’s still childhood, and the crisis in not over: it’s time to consolidate what has been done, prove resilience, and build for the future. That is why the Board and I are very pleased that Prof. Teresa Garcia-Milà has agreed to take the lead in these important years to come.10
  6. 6. welcomeIntroduction fromEduard Vallory,DirectorThe academic year 2011-12 that this Annual Report of scholarships, and 229 students in this year’s class. Now,summarizes has been the last one for me as Director of the we are working with the two universities on incorporating theBarcelona GSE. Having launched the school six years ago, we PhD programs IDEA and GPEFM into the Barcelona GSE, withcan now say that the initiative has been a success, achieving the aim to build the leading economics PhD offer in continentalseveral goals in that brief period. Europe.The first goal was to strengthen scientific cooperation among Now it’s time to hand off the baton to Prof. Teresa Garcia-Milà,the four academic units that compose the GSE. These groups who will be the new Director from December 2012 and comesshare academic standards, ambition and internationalization. to the position after a long and successful experience in researchThanks to their joint action, the Barcelona GSE now ranks and higher education management. I am convinced that underamong the 10 top economics departments worldwide (RePEc), her leadership the School will reach much higher peaks!has received the prestigious Severo Ochoa grant for researchexcellence (4M€), and is the economics institution with themost ERC grants.The second goal was to increase our capacity for attractionand retention of top scholars. The research endowmentwe started in 2007 has already reached 13M€, including agenerous gift by the competitive AXA Research Fund. Theendowment’s returns currently support the joint appointmentof ten Barcelona GSE Research Professors in our academicunits, a number that will keep increasing.The third and initially main goal was to promote graduatestudies, introducing excellence-driven, professionally-orientedmaster programs in economic analysis. With seven programsrunning, we have graduated five classes, with 748 studentsfrom 75 different countries: almost 9 of every 10 from abroad.The class has increased in size every year, with a strong offer 11
  7. 7. GOVERNANCE
  8. 8. governanceBoard of TrusteesMr. Joaquín Almunia (Honorary President), Vice President of the European Commission and Competition CommissionerProf. Ramon Marimon (Chairman of the Board), Professor at European University Institute and Universitat Pompeu FabraProf. Josep-Joan Moreso, Rector of Universitat Pompeu FabraProf. Anna Ripoll (through June 2012) / Prof. Ferran Sancho (from July 2012),Rector of Universitat Autònoma de BarcelonaProf. Rafael Rodrigo, (through December 2011) / Prof. Emilio Lora-Tamayo (from January 2012),President of the Spanish Research Council (CSIC)Mr. Antoni Castellà, President of the Center for Research in International Economics (CREI)Prof. Pol Antràs, Professor at Harvard UniversityProf. Manuel Arellano, Professor at Center for Monetary and Financial Studies (CEMFI)Prof. Antonio Cabrales, Professor at Universidad Carlos IIIProf. Joaquim Silvestre, Professor at University of California-DavisMr. Manuel Cermerón, Director of Knowledge Technologies at Agbar GroupMr. Javier de Agustín, CEO of AXA Seguros EspañaDr. Josep Oliu, President of Banc SabadellMr. Manel Rosell, President of CatalunyaCaixaProf. Jordi Gual, Chief Economist of ”la Caixa”Mr. Lluís Rullan, Board of FemCAT FoundationProf. Andreu Mas-Colell, Minister of Economy and Knowledge, Government of CataloniaMr. Jaume Ciurana, Deputy Mayor, Barcelona City CouncilProf. Paulina Beato, Representative of Barcelona GSE Alumni & FriendsDirector: Dr. Eduard Vallory 15
  9. 9. Scientific CouncilProf. Hugo Sonnenschein (Chairman), University of ChicagoProf. Daron Acemoglu, Massachusetts Institute of TechnologyProf. Kenneth J. Arrow, Stanford UniversityProf. Orley Ashenfelter, Princeton UniversityProf. Jürgen Basedow, Max-Planck-InstitutProf. Richard Blundell, University College LondonProf. Robert D. Cooter, University of California, BerkeleyProf. Mathias Dewatripont, National Bank of BelgiumProf. Jacques Drèze, Université Catholique de LouvainProf. Raquel Fernández, New York UniversityProf. Oliver Hart, Harvard UniversityProf. Bengt Holmstrom, Massachusetts Institute of TechnologyProf. Matthew O. Jackson, Stanford UniversityProf. Daniel Kahneman, Princeton UniversityProf. Timothy Kehoe, University of MinnesotaProf. Anne Krueger, SAIS, Johns Hopkins UniversityProf. Robert Lucas, University of ChicagoProf. Charles F. Manski, Northwestern UniversityProf. José María Maravall, CEACS, MadridProf. James A. Mirrlees, Cambridge UniversityProf. Juan Pablo Nicolini, Universidad Torcuato di TellaProf. Aloisio Pessoa de Araújo, IMPA i Fundaçao Getulio VargasProf. Robert C. Post, Yale Law SchoolProf. Edward C. Prescott, Arizona State UniversityProf. John Roberts, Stanford UniversityProf. Thomas J. Sargent, New York UniversityProf. Reinhard Selten, Universität BonnProf. Christopher A. Sims, Princeton UniversityProf. Robert M. Solow, Massachusetts Institute of TechnologyProf. Joseph E. Stiglitz, Columbia UniversityProf. Nancy Stokey, University of ChicagoProf. Fabrizio Zilibotti, Universität Zürich16
  10. 10. governanceAcademic Programs CommitteeDr. Eduard Vallory, DirectorProf. Massimo Motta (ICREA-UPF and Barcelona GSE), DeanProf. Jordi Caballé (UAB and Barcelona GSE)Prof. Caterina Calsamiglia (UAB and Barcelona GSE)Prof. Ada Ferrer (IAE and Barcelona GSE)Prof. Teresa Garcia-Milà (UPF and Barcelona GSE)Prof. Robin Hogarth (UPF and Barcelona GSE)Prof. Inés Macho-Stadler (UAB and Barcelona GSE)Prof. Jaume Ventura (CREI, UPF and Barcelona GSE)Research CommitteeDr. Eduard Vallory, DirectorProf. Omar Licandro (IAE and Barcelona GSE), Research DirectorProf. Teresa Garcia-MilàChair of the Department of Economics and Business at Universitat Pompeu Fabra (UPF)Prof. Jordi CaballéChair of the Department of Economics and Economic History at Universitat Autònoma de Barcelona (UAB)Prof. Jordi GalíDirector of the Center for Research in International Economics (CREI)Prof. Clara PonsatíDirector of the Institute for Economic Analysis (IAE-CSIC) 17
  11. 11. WHO WE ARE
  12. 12. WHO WE AREA reputation for teachingand research excellenceThe Barcelona Graduate School of Economicsis a Research University Institute attached to theUPF and the UAB. As such, the School promoteshigh-level research in Economics and offersgraduate programs in Economics and related fields,which are taught in English by leading internationalscholars and practitioners.Located in Barcelona, Catalonia-Spain, the School was The Barcelona GSE is situated at two campuses:launched in summer 2006 as a culmination of the many years Ciutadella (shared by UPF and CREI) and Bellaterra (shared by UAB and IAE-CSIC).of scientific cooperation of four high-caliber groups that arenow its academic bodies:The Department of Economics andBusiness at Universitat Pompeu Fabra (UPF)The Unit of Economic Analysis atUniversitat Autònoma de BarcelonaThe Institute for Economic Analysisof the Spanish Research Council (IAE-CSIC)The Center for Researchin International Economics (CREI)Thanks to the renowned faculty and support of these well-established academic bodies, the Barcelona GSE enjoysa strong reputation for teaching and research excellence.20
  13. 13. who we arePrograms of Study Research Activities• MasterPrograms • Barcelona GSE Lectures Rigorous one-year, full-time master programs that prepare These lectures bring some of the world’s most distinguished students for doctoral study and provide robust training for economists to Barcelona to present their latest research to top jobs in economics and finance-related professions. the Barcelona economics community.• ContinuingEducation • Research Recognition Program Short courses addressed to researchers, professionals This program rewards the impressive research efforts, and graduate students who want to hone their skills and expressed in publications in leading journals, undertaken knowledge in specific fields. The offer includes targeted by economists affiliated with Catalan institutions. executive courses and summer schools.  • Calvó-Armengol International Prize in Economics• Reference PhD Programs Awarded every two years to a top researcher in economics Graduate education at the Barcelona GSE rests upon or social sciences younger than 40 years old for his or two renowned international reference PhD programs in her contribution to the theory and comprehension of the economics: GPEFM at Universitat Pompeu Fabra and IDEA mechanisms of social interaction. at Universitat Autònoma de Barcelona. • Community Seminar Series and Conferences Detailed information about Barcelona GSE programs begins The School’s four academic units plan a full calendar of on page 33. regularly occurring seminars, workshops, and conferences featuring internationally renowned academics, practitioners, and experts from institutions around the world. • Annual Barcelona GSE “Trobada” A full-day academic gathering held each fall that includes research presentations and a roundtable discussion of a current issue in economics. Detailed information about Barcelona GSE community research activities begins on page 53. 21
  14. 14. Governing BodiesBOARD OF TRUSTEES SCIENTIFIC COUNCILThe Barcelona GSE is governed by a Board of Trustees Thirty-three internationally known academics, includingcomprised of representatives of its academic institutions nine Nobel Economics Laureates, form the Barcelona GSE(UPF, UAB, CSIC and CREI), private institutions (Agbar Scientific Council. This body was established to push theGroup, AXA Research Fund, Banc Sabadell, Catalunya Caixa School toward excellence in both graduate education andSavings Bank, ”la Caixa” Savings Bank, and the FemCAT research. The Council works to ensure the quality of theFoundation) and public institutions (the Ministry of Economy academic programs and the research performance of theand Knowledge of the Government of Catalonia and the School, and helps forge and enhance relationships betweenBarcelona City Council), as well as several distinguished the School and the wider academic community.academics in the field of Economics. The Board’s HonoraryPresident is Joaquín Almunia, Vice President of the European The Council is chaired by Prof. Hugo Sonnenschein, PresidentCommission and European Competition Commissioner. Emeritus of the University of Chicago, and Adam Smith Distinguished Service Professor of Economics at this university.The Board of Trustees is responsible for the overall direction The Council holds an official biannual meeting for the purposeof the School. It guides the School and draws up the rules of conducting a rigorous analysis of the institutional identitygoverning its activities. It adopts the budget and appoints the of the School, the characteristics of its master programs andHonorary President, the Chairman, the Director, the Scientific reference doctoral programs, and of the GSE communityCouncil, and the Academic Program Council. The Board research activities. In the interim between meetings, manymeets annually in the fall. members are involved in initiatives and events of the School.A full listing of Board members can be found on page 15. A full listing of Scientific Council members can be found on page 16.22
  15. 15. who we are Financial SupportACADEMIC PROGRAMS COMMITTEE AN INNOVATIVE PUBLIC-PRIVATE PARTNERSHIPThe Academic Programs Committee is the organ that The Barcelona GSE is the fruit of an innovative formula inacademically validates the Barcelona GSE’s master higher education: a true partnership of public and privateprograms and follows their development, as well as dealing institutions. This distinctive formula brings together thewith the academic affairs of the School. dedication to public service of the academic bodies and the social commitment of the private partners. The public andA full listing of Academic Program Council members private partners collaborate in the governance of the School.can be found on page 17. The Barcelona GSE is financially supported by:RESEARCH COMMITTEE Private Institutions:The Barcelona GSE Research Committee leads anddevelops the research policy of the School.A full listing of Research Committee members canbe found on page 17. Public Institutions: Other public and private partners of the Barcelona GSE also offer full and partial scholarships to students. Full information about the scholarships can be found in the “Scholarship Sponsors” section (page 82). 23
  16. 16. FACULTY
  17. 17. FACULTYAffiliated Professors150 Affiliated Professors from 24 countries (2011-12),44% international, 80% hold PhDs from outside SpainThe Barcelona GSE is proud to have top economists and researchers amongits Affiliated Professors, a group of 150 academics with PhDs in economicsand related fields and with tenure or tenure-track positions at the four foundingacademic units of the School.Among the Barcelona GSE Affiliated Professors there are Fellows of theEconometric Society, Fellows of the European Economic Association, ResearchFellows of the Center for Economic Policy and Research (CEPR), and ResearchFellows of CESifo. They publish in the leading journals of economics and manyof the top journals of the different subfields of the discipline. They also serve ascoeditors and associate editors of these journals.A full list of 2011-12 GSE Affiliated Professors can be found on page 86.Guest ProfessorsWhile affiliated professors make up the core of the School’s faculty,the Barcelona GSE also invites academics from other universities as wellas practitioners in economics and related fields to teach in its programs.They bring the right combination of scholarship and practical experienceto the classroom. In the past academic year there were nearly 60 guestprofessors at the Barcelona GSE.A full list of 2011-12 GSE Guest Professors can be found on page 91.26
  18. 18. FACUlTY “The core of the School is composed of world - class economists who could be in any other center of economics in the world, but have chosen Catalonia, specifically Barcelona, as their base.” Prof. Robert Solow (MIT) Nobel Prize Laureate Barcelona GSE Scientific Council MemberCountries where Affiliated Professors obtained their PhDs Universities with the most PhDs among GSE affiliated professors:19 3 1 1 2UK Netherlands Hungary Germany Sweden University of Minnesota: 9 London School of Economics: 9 Harvard University: 8 European University Institute: 8 Universitat Autònoma de Barcelona: 8 University of Pennsylvania: 7 Northwestern University: 6 Universitat Pompeu Fabra: 665 5 31 11 10 2United States Belgium Spain France Italy Switzerland 21 Catalonia 10 Rest of Spain 27
  19. 19. Awards & Honors for GSE FacultyEUROPEAN RESEARCH COUNCIL (ERC) GRANTSThe European Research Council (ERC) was launched in These grants have quickly become indicators of world-classJanuary 2007 with a seven-year, 7.5 billion euro budget and research. To date, nine Barcelona GSE affiliated professorsa mandate to award frontier research grants solely on the basis have been selected to join this “Champions League” ofof excellence, as judged by panels of scientific peers. European scientific research. ADVANCED GRANTS ERC STARTING GRANTS Funding for cutting-edge research by the very Support early-career top research leaders best established research leaders in Europe. who are consolidating an independent research career in Europe. Prof. Jordi Galí Prof. Jaume Ventura Prof. Fernando Broner Prof. Jan Eeckhout (CREI, UPF and GSE) (CREI, UPF and GSE) (CREI, UPF and GSE) (ICREA-UPF and GSE) Prof. Joachim Voth Prof. Gino Gancia Prof. Nicola Gennaioli (ICREA-UPF and GSE) (CREI, UPF and GSE) (CREI, UPF and GSE) Prof. Nezih Guner Prof. Marta Reynal-Querol (ICREA-UAB and GSE) (ICREA-UPF and GSE)28
  20. 20. FACUlTYECONOMETRIC SOCIETY FELLOWS ICREA RESEARCH PROFESSORSBarcelona GSE Research Professor Albert Marcet (ICREA- ICREA, the Catalan Institution for Research and AdvancedIAE and Barcelona GSE) has become the fourth GSE Studies, is a publicly funded foundation designed to attractaffiliated professor to be elected Fellow of the Econometric and retain talent in Catalonia. The institution is highly selective,Society. The three others are Prof. Salvador Barberà (UAB and operating through competitive international calls and veryBarcelona GSE), Prof. Jordi Galí (CREI, UPF and Barcelona rigorous external evaluation of candidates.GSE) and Prof. Andreu Mas-Colell (UPF and Barcelona GSE). ICREA has hired more than 260 researchers in a variety ofNATIONAL RESEARCH PRIZE OF CATALONIA fields, with 29 researchers in the social sciences. Nearly half of ICREA’s social sciences researchers are Barcelona GSE affili-Barcelona GSE Research Professor Jordi Galí (CREI, UPF ated faculty.and Barcelona GSE) has been awarded the 2011 NationalResearch Prize of Catalonia. The Prize is awarded annually MINISTRY OF SCIENCE AND INNOVATIONto an outstanding researcher who has made a significant FELLOWSHIPScontribution with international impact in any scientific discipline.Previous winners among the Barcelona GSE affiliated More than 20 Barcelona GSE affiliated professors haveprofessors are Prof. Salvador Barberà (UAB and Barcelona received the prestigious Ramón y Cajal or Juan de la CiervaGSE) and Prof. Andreu Mas-Colell (UPF and Barcelona GSE). Fellowships, established in 2001 by the Spanish government. Both programs aim to attract and retain promising scholars to conduct their research at universities and public and private non-profit R&D centers throughout Spain. 29
  21. 21. Programs
  22. 22. ProgramsBarcelona GSE Master ProgramsThe Barcelona GSE offered seven master programs PROGRAM STRUCTUREin the 2011-12 academic year. Barcelona GSE master degrees are full-time, nine-month programs structured in three terms: fall (September- December), winter (January-March), and spring (April-June).·· Competition and Market Regulation The programs require the successful completion of 60 ECTS·· Economics (European Credit Transfer System) credits of graduate courses some compulsory and some elective.·· Economics of Science and Innovation·· Finance DEGREE Graduates of the Economics Program and Finance·· Health Economics and Policy Program receive the Master Degree in Economics and Finance,·· International Trade Finance and Development awarded by UPF.·· Macroeconomic Policy and Financial Markets Graduates of the Competition and Market Regulation, Economics of Science and Innovation, Health EconomicsAll programs are taught entirely in English and are and Policy, International Trade Finance and Development,grounded in rigorous and challenging academics. and Macroeconomic Policy and Financial Markets programsThe master programs are guided by the Barcelona receive the Master Degree in Specialized Economic Analysis,GSE Academic Programs Committee, the advisory awarded jointly by UPF and UAB.organ that academically validates the master programsand follows their development. It is composed of GSE METHODOLOGYAffiliated Professors and directed by the Dean of The Barcelona GSE classroom experience features lecturesthe School, Prof. Massimo Motta. and seminars. Seminars provide students with the opportunity to share ideas and experiences as well as to challenge each other with differing points of view. They also give students greater access to their professors, who make a constant effort to be available to answer questions and offer guidance outside of class. The academic performance of each student is reviewed regularly. Attention is given to the maintenance of normal academic progress through a combination of formal written examinations and coursework. All students complete a master project in the spring term. 33
  23. 23. ProgramsStudent Profile (2011 -12)88% INTERNATIONAL STUDENT BODY, Intake of students: 22957 NATIONALITIES REPRESENTED Nationalities: 57 Average age: 24 years oldBarcelona GSE students are characterized by their Gender: 35% Women, 65% Menoutstanding academic backgrounds and their commitmentto excel in graduate studies. The School is 88% international, 1% Academic Backgroundwith an enriching mixture of cultural perspectives and a 9% Economics and Finance: 76%multitude of experiences that offers a learning experience 10% Management and Businessunto itself. 4% Administration: 10% 76% Mathematics and Engineering: 9% Social Sciences / Law: 4% Sciences: 1%All 57 countries by regioncountries with more than 5 students highlighted (number of students listed for each)Europe Central and Africa, Asia,Albania Macedonia South America and OceaniaAustria Netherlands Argentina BangladeshBelgium Norway Bolivia China: 8Bulgaria Poland Brazil EgyptCroatia Portugal: 8 Chile India: 6Denmark Romania Colombia JapanEstonia Russia Costa Rica LebanonFinland Serbia Dominican Republic MoroccoGermany: 24 Slovenia Ecuador NepalGreece Spain: 27 Panama PakistanHungary (18 Catalonia, Paraguay South KoreaIceland 9 rest of Spain) Peru: 6 Turkey: 13Ireland Sweden Uruguay IranItaly: 20 Switzerland: 6 VenezuelaLithuania Ukraine North America United Kingdom: 6 Canada Mexico: 9 United States: 1134
  24. 24. ProgramsBarcelona GSE Students and Nationalities 2007-2011Number of studentsof each nationality 1 - 10 10 - 30 More than 30Total number of students: 748Total number of countries: 75 980 833 676 229 544 368 163 148 126 82 Number of Applications Number of Registered Students 2007/2008 2008/2009 2009/2010 2010/2011 2011/2012 35
  25. 25. Alumni PlacementBarcelona GSE master programs combine both theoretical PROFESSIONAL PLACEMENTSand applied training, which prepares students for entry intocompetitive PhD programs as well as top jobs in Economics Placement by industryand related fields. This dual preparation is reflected in ··Banking and Financial Services: 41%the placement results which are more or less evenly split ··Consulting: 13%between professional and academic placements. ··International Organizations: 12% ··Research Institutions: 12%ALUMNI NETWORK ··Authorities / Government Agencies: 8%The School began developing an Alumni Network in early ··Higher Education: 6%2009 to foster continued interaction and professional ··Other industries: 8%contact with alumni. The objective of this initiative isto provide a platform for graduates to network and to EXAMPLES OF 2012 PLACEMENTSexchange professional best-practices, job opportunities,and advice. Banking ··Banc SabadellGSE Alumni Network Features ··European Bank for Reconstruction and Development (EBRD)··Exclusive Alumni Directory ··Inter-American Development Bank··Access to Job Postings ··“la Caixa”··Membership in LinkedIn Community ··UBS··Tools for Recruiters Central Banks ··Bundesbank ··European Central Bank ··Swiss National Bank Consulting ··AT Kearney ··KPMG“Barcelona GSE graduates are ··Oxford Economics ··RBB Economics talented, innovative and prepared International Organizations to go that extra mile. We’ve been ··European Commission recruiting GSE graduates for the last ··OECD two years and we plan to continue ··The World Bank to do so in the future as they have become key for the success of our projects.” Oriol Aspachs Research Economist “la Caixa” Savings Bank 36
  26. 26. ProgramsDOCTORAL PROGRAM PLACEMENTS RECRUITING EVENTSAbout 60% of the doctoral placements are from the Master This year the Barcelona GSE held several recruiting events onprogram in Economics, designed especially for aspiring PhD campus that put students in direct contact with representativesstudents. from top companies and doctoral programs:50% of graduates pursuing PhD study next year will enter ··Bank of Spainone of the Barcelona GSE’s reference doctoral programs – ··European University Institute (PhD Program)GPEFM at UPF or IDEA at UAB. ··Frontier Economics Consulting ··J-PAL (Abdul Latif Jameel Poverty Action Lab)Europe ··KPMG··London School of Economics ··“la Caixa” Savings Bank··Stockholm School of Economics ··Neo-metrics (Accenture)··Toulouse School of Economics ··NERA Economic Consulting··Universidad Carlos III ··Trifermed Group··Universitat Autònoma de Barcelona (IDEA)··Universitat Pompeu Fabra (GPEFM) Collection of placement data as of September 1st, 2012.··University of Mannheim Response rate: 74%.··University of ZurichUnited States 6% 21% 54%··Boston University North America Spain Europe (not Spain)··Stanford University··Washington University in St. Louis“Barcelona GSE students have shown, among other strengths, a strong theoretical background in macroeconomics, combined with statistical analysis expertise.” Oscar Villarreal Head of Recruitment 15% 4% OECD Central and Africa, Asia South America and Oceania 37
  27. 27. Competition and Market RegulationProf. Juan José Ganuza Competition and Market RegulationProgram Director As competition policy becomes increasingly relevant in both the public and private sectors, there is a great need for professionals prepared to address market regulation issues. The highly practical focus of the program assures that students graduate with sound job prospects in their chosen field and an advanced understanding of the interaction between economic theory and practice. Context for the academic coursework is provided by the Regulation and Competition Seminar Series, which brings specialists at the forefront of their field to present their research in a rigorous but non-technical manner. In addition to giving students a variety of perspectives on regulatory issues, it also gives them an opportunity to network with top professionals in the industry.STUDENT PROFILE2011-12 Nationalities Years of Work Experience Prior to Master Program 9% Central and South America: 30% 13% Africa, Asia, Oceania: 26% 8 30% 7 Europe (non-Spanish): 22% # of students 6 22% Spain: 13% 5 26% North America: 9% 4 3 2 1 0 Academic Background 0 0-1 1-2 2-3 3-4 4-5 5 or more 9% Economics and Finance: 78% # of years 13% Management and Business Administration: 13% Social Sciences and Law: 9% 78%38
  28. 28. ProgramsEconomicsProf. Antonio Ciccone EconomicsProgram Director The Economics Program provides rigorous training in economics. It aims to endow students with a deep understanding of the field and a powerful set of analytical tools. Students who complete the program will have acquired an excellent grounding in their field and the analytical skills required for a technically demanding job or admission to the most prestigious doctoral programs. Each year, up to 20% of students in the program continue their studies in one of the highly selective reference doctoral programs of the Barcelona GSE, GPEFM of UPF or IDEA of UAB.STUDENT PROFILE2011-12 Nationalities Years of Work Experience Prior to Master Program 8% Europe (non-Spanish): 51% 9% 35 Spain: 17% 51% 15% Central and South America: 15% 30 # of students North America: 9% 25 17% Asia, Africa, Oceania: 8% 20 15 10 3% 4% Academic Background 5 6% Economics and Finance: 87% 0 Mathematics and Engineering: 6% 0 0-1 1-2 2-3 3-4 4-5 5 or more Management and Business # of years Administration: 4% 87% Social Sciences / Law: 3% 39
  29. 29. Economics of Science and InnovationProf. David Pérez-Castrillo Prof. Salvador Barberà Economics of Science and InnovationProgram Director Scientific Director The Economics of Science and Innovation Program examines the economic challenges faced by science and technology, the anticipated difficulties, and offers solutions while considering the timing of the foreseeable transfer process from basic research results to applications. Students will be able to make realistic assessments of the perspectives generated by each development, its potential economic impact, the obstacles it presents, and its sources of support. Graduates have gone on to pursue management careers in research centers, innovative firms, public administrations and intermediate institutions geared toward promoting research and development activities.STUDENT PROFILE2011-12 Nationalities Years of Work Experience Prior to Master Program 18% Europe (non-Spanish): 28% 28% Africa, Asia, Oceania: 27% 6 North America.: 27% 5 # of students 27% Central and South America: 18% 4 27% 3 2 1 0 Academic Background 0 0-1 1-2 2-3 3-4 4-5 5 or more 9% 9% Mathematics and Engineering: 46% # of years Economics and Finance: 27% 9% 46% Management and Business Administration: 9% 27% Natural Sciences: 9% Social Sciences and Law: 9%40
  30. 30. ProgramsFinanceProf. Javier Gil-Bazo Prof. Xavier Freixas FinanceProgram Director Scientific Director The Finance Program provides strong training in the tools of financial economics sought by financial institutions, companies and public organizations. It combines a rigorous academic core with tailored practical application, designed in consultation with leading financial experts. Former students are employed at top investment banks, financial consultancies, and government finance ministries. Many have gone on to pursue doctoral research in financial economics at prestigious EU and US universities. Classroom study is complimented with specially- organized Financial Institution Seminars, during which students have the opportunity to meet professionals from top financial institutions. Seminars cover areas such as Hedge Funds, Venture Captital, Central Banks Reserve Management, andSTUDENT PROFILE Investment Banking.2011-12 Nationalities Years of Work Experience Prior to Master Program 11% Africa, Asia, Oceania: 52% 11 11% Europe (non-Spanish): 26% 10 52% Central and South America: 11% 9 # of students 26% Spain: 11% 8 7 6 5 4 3 2 Academic Background 1 22% Economics and Finance: 48% 0 0 0-1 1-2 2-3 3-4 4-5 5 or more Management and Business # of years 48% Administration: 30% 30% Mathematics and Engineering: 22% 41
  31. 31. Health Economics and PolicyProf. Pau Olivella Prof. Guillem Health Economics and PolicyProgram Director López-Casasnovas New for academic year 2011-12, the Health Economics Scientific Director and Policy Program combines analytical rigor and a deep knowledge of the interface of economics and medicine. Its aim is to give students the capability to appraise existing policy interventions and to formulate improvements over these policies in order to get better health outcomes. In addition to core studies in heath technology assessment, the program’s courses provide a comparative vision of health systems, a view of the structure of the biosciences market, the tools of political and organizational analysis, and medical ethics. Graduates may go on to apply the skills they’ve acquired in careers at health authorities, health technology evaluation agencies, consulting firms, or pharmaceutical companies.STUDENT PROFILE2011-12 Nationalities Years of Work Experience Prior to Master Program 18% Spain: 37% 5 Europe (non-Spanish): 27% 37% 18% Africa, Asia, Oceania: 18% 4 # of students North America: 18% 3 27% 2 1 0 0 0-1 1-2 2-3 3-4 4-5 5 or more # of years Academic Background 18% Economics and Finance: 82% Social Sciences and Law: 18% 82%42
  32. 32. ProgramsInternational Trade, Finance and DevelopmentProf. Fernando Broner Prof. Antonio Ciccone International Trade, Finance and DevelopmentProgram Director Prof. Jaume Ventura The International Trade, Finance and Development program Prof. Joachim Voth combines rigorous analytical training with a strong focus on policy. Steering Committee Policy courses draw a connection between economic analysis and real-life situations in which the professors have expert knowledge, whether it is in reshaping policy, devising trading strategies, or helping children in Africa. In the spring term, leading policy specialists from international organizations, NGOs, or private corporations join the program faculty to lead a series of policy courses that provide a real-world perspective on topics covered in class. Graduates are will be well equipped for employment in development organizations, NGOs, government agencies, central banks, multinational firms, and investment banks.STUDENT PROFILE2011-12 Nationalities Years of Work Experience Prior to Master Program 7% 9% Europe (non-Spanish): 58% 20 North America: 17% 9% 58% Africa, Asia, Oceania: 9% 15 # of students 17% Central and South America: 9% 10 Spain: 7% 5 0 0 0-1 1-2 2-3 3-4 4-5 5 or more # of years 2%2% Academic Background 7% Economics and Finance: 80% 9% Management and Business Administration: 9% 80% Mathematics and Engineering: 7% Social Sciences and Law: 2% Natural Sciences: 2% 43
  33. 33. Macroeconomic Policy and Financial MarketsProf. Francesc Obiols Prof. Albert Marcet Macroeconomic Policy and Financial MarketsProgram Director Scientific Director The Macroeconomic Policy and Financial Markets Program is a professionally-oriented master program designed not only to equip students with a comprehensive understanding of the dynamics affecting financial policy, but also to train them to use breakthrough analytical tools to assess the environment prior to making decisions. Graduates are prepared for immediate employment in government institutions, central banks, investment banks, financial and development agencies, and consulting firms.STUDENT PROFILE2011-12 4% Nationalities Years of Work Experience Prior to Master Program 7% Europe (non-Spanish): 58% 8% 9 Spain: 23% Central and South America: 8% 8 58% # of students 23% Africa, Asia, Oceania: 7% 7 North America: 4% 6 5 4 3 2 4% Academic Background 1 11% Economics and Finance: 85% 0 Management and Business 0 0-1 1-2 2-3 3-4 4-5 5 or more Administration: 11% # of years Social Sciences and Law: 4% 85%44
  34. 34. ProgramsReference Doctoral ProgramsGraduate education at the Barcelona GSE rests upon Graduate Program in Economics,the foundations of two renowned international reference Finance and Management (GPEFM)doctoral programs: the GPEFM at UPF and the IDEAat UAB. Offered by the Department of Economics and Business of the UPF, GPEFM has awarded more than 190 PhD degrees sinceThese two programs, both ranked in the top 15 in Europe, it was launched in 1993. GPEFM is a partner in the Europeanhelp impel the substantial research activity of the academic Doctoral Program (EDP) in Quantitative Economics, a jointcommunity. The majority of Barcelona GSE affiliated faculty initiative with five other top European economics departments.are involved with the reference PhD programs, reinforcing econ.upf.edu/gpemthe teaching excellence of the School.Some students in the Barcelona GSE master programs International Doctorateaspire to continue their studies in a top level PhD program. in Economic Analysis (IDEA)Many of these students seek admission into the referencePhD programs of the Barcelona GSE. In the Class of 2011- IDEA is offered by the Unit of Economic Analysis of the UAB.12, 20 GSE master program graduates entered the second Since its launch in 1991, it has awarded 160 PhD degrees.year of the official master that precedes entry into the IDEA is part of the European Network for Training in Economicprograms. Research (ENTER), a network of doctoral programs with seven other leading European economics departments. idea.uab.cat Overview of Programs Countries of origin of 2011-12 GPEFM and IDEA students: Program Number of Number of Albania France Portugal Students PhDs awarded Argentina Germany Romania in the 2011-12 Australia Greece Russia academic year Austria Hungary Serbia Belgium India Singapore GPEFM 74 11 Bolivia Iran Slovenia Bulgaria Italy Spain IDEA 76 10 Chile Macedonia Switzerland China Malaysia Thailand Colombia Mexico Turkey Croatia Morocco Ukraine Cyprus Peru Uruguay Ecuador Philippines United States Ethiopia Poland 45
  35. 35. Continuing EducationContinuing education at the Barcelona GSE includes short,targeted programs aimed at professionals, researchers andgraduate students in economics and related fields. Renownedacademics and leading practitioners design and teach thecourses, which draw participants from all over the world.Continuing Education Offer 2011-12··Banking Summer School··Labor Economics Summer School··Microeconometrics Summer School··Intensive Course on Competition Economics: Abuse of Dominance··Intensive Course on Systemic Risk and Prudential Policy46
  36. 36. ProgramsSummer schools in economics247 participants from 50 countries Barcelona Labor Economics Summer SchoolDuration Instructors 1-2 weeks (participants may attend multiple courses) ·· Maia Güell (University of Edinburgh), DirectorParticipants ·· Ghazala Azmat (UPF and Barcelona GSE (on leave), The international student body comes from a variety Queen Mary) of educational backgrounds, and the majority are ·· Nezih Guner (ICREA-MOVE, UAB and Barcelona GSE) professionals holding at least a master degree. A ·· Derek Neal (University of Chicago) considerable number also hold PhDs. ·· Robert Shimer (University of Chicago)Courses are offered in three topic areas. Participants may Courses cover topics in labor economics from a variety ofcombine courses from all three areas to create a summer perspectives and include recent developments within theprogram that fits their individual goals. macro-labor, micro-labor and managerial-labor contexts.Barcelona Banking Summer School Barcelona Microeconometrics Summer SchoolInstructors Instructors ·· Xavier Freixas (UPF and Barcelona GSE), Director ·· Sergi Jiménez-Martín (UPF and Barcelona GSE), Director ·· Moshe Kim (University of Haifa), Director ·· Badi Baltagi (Syracuse University) ·· Robert DeYoung (University of Kansas School of Business) ·· Gabrielle Fack (UPF and Barcelona GSE) ·· Steven Ongena (Tilburg University) ·· Stephan Litschig (UPF and Barcelona GSE) ·· Franco Peracchi (Tor Vergata University)Courses cover recent developments in different areasof banking, including theoretical and empirical aspects Courses cover the latest techniques in data handling forof banking, banking regulation and supervision, financial empirical work in academia as well as studies commissionedmarkets and payments systems. by public and private institutions. Participants work with linear regression tools in a practical lab course. PARTICIPANT EMPLOYERS AND INSTITUTIONS ··Central banks from 19 countries around the world including Italy, Peru, Brazil, Poland and Norway ··Consulting firms and private companies ··Government agencies and authorities ··International organizations based in Europe and the United States ··Academic institutions 47
  37. 37. PROFESSIONAL COURSES PARTICIPANT EMPLOYERS AND INSTITUTIONSIntensive Course on Competition Economics: Competition commissions such as:Abuse of Dominance ··Chilean Competition Tribunal61 participants from 16 countries ··Competition Commission of South Africa ··European Commission, DG CompetitionDuration ··Mexican Competition Commission 4 days ··Norwegian Competition AuthorityInstructors ··OfCom - UK Telecommunications Office ·· Massimo Motta (ICREA-UPF and Barcelona GSE), Director ·· Giulio Federico (DG-Competition, European Commission), Consulting and law firms including: Director ··Copenhaguen Economics (Denmark) ·· Chiara Fumigalli (Bocconi University) ··Gómez-Pinzón Zuleta Abogados (Colombia) ·· Jorge Padilla (Compass Lexecon) ··KPMG (UK) ··Microeconomix (France)The course provides a thorough understanding of the most ··Oxera Consulting (UK)recent economic theories of monopolization, apply theseconcepts in practice, and review actual cases in the light of an Energy and telecommunications companies:effects-based approach. ··Hewlett Packard Española (Spain) ··Slovenské Elektrárne (Slovakia)48
  38. 38. ProgramsIntensive Course on Systemic Risk and Prudential Policy PARTICIPANT EMPLOYERS AND INSTITUTIONS26 participants from 11 countries Central banks and government agencies such as:Duration ··Banca d’Italia 4 days ··Bank of EnglandInstructors: ··Banque de France ·· Xavier Freixas (UPF and Barcelona GSE), Director ··Deutsche Bundesbank ·· José-Luis Peydró (UPF and Barcelona GSE), Director ··European Central Bank ·· Christian Brownlees (UPF and Barcelona GSE) ··HM Treasury ·· José García-Montalvo (UPF and Barcelona GSE) ··Swiss National Bank ·· Nicola Gennaioli (CREI, UPF and Barcelona GSE) ·· Jaume Ventura (CREI, UPF and Barcelona GSE) Consulting firms: ··Accenture Management ConsultingThe course presents state of the art research on systemic risk ··Oxera Consulting Ltdand illustrates its implications for micro and macro prudentialregulation. Independent organizations: ··Austrian Institute of Economic Research ··Bank for International Settlements Universities: ··London School of Economics ··Universidad Carlos III ··Universitat Pompeu Fabra 49
  39. 39. Research
  40. 40. RESEARCHSevero Ochoa Research DistinctionIn 2011, Barcelona GSE was distinguished as one of only eight top researchinstitutions of excellence with an international impact in the framework of theSevero Ochoa Program, sponsored by the Spanish Ministry of Science andInnovation. The program grants four million euros to each center to promotefrontier research and distinguish those institutions that are defining the globalscientific debate.Benefits of the Severo Ochoa accreditation:··Four million euros (one million euros a year for four years)··Preferential access to the best research facilities··Improved access to other competitive calls··Flexibility to hire new researchers··Increased visibility and capacity for attracting sponsorsAccreditation process:··Evaluation by selection committee composed of international researchers and led by three Nobel Prize laureates (in Social Sciences: Prof. Roger B. Myerson, University of Chicago)··Examination of research activities and human resources··Analysis of institutional outlook and projected resultsA total of 75 candidate centers were analyzed in a rigorous accreditationprocess for this competitive program. Candidates in three areas wereconsidered: Physical Sciences and Engineering; Life Sciences and Medicine;and Social Sciences and Humanities. The Barcelona GSE was the only centerin the latter category to be recognized by the program. Barcelona Graduate School of Economics officially receives the Severo Ochoa accreditation of research excellence with 7 other centers from the Ministry of Science and Innovation at a ceremony in Madrid on November 28, 2011. 53
  41. 41. RESEARCHBarcelona GSE Lecture SeriesOrganized with support from Banc Sabadell, the Barcelona GSE Lecture Seriesbrings some of the world’s top scholars in economics to Barcelona to sharetheir research with the GSE community. Past speakers have included:BARCELONA GSE LECTURES 2011-12Prof. Kenneth Arrow Prof. Jess Benhabib Prof. Kenneth SingletonStanford University, Nobel Laureate New York University Stanford Universityin Economics “Democracy and Income Distribution” “Risk Premiums in Sovereign“The Economy as an Interactive Bond Markets”Information System”Past speakers have included:Prof. Alberto Alesina (Harvard University)Prof. Tim Besley (London School of Economics)Prof. Mathias Dewatripont (Université Libre de Bruxelles)Prof. Edward C. Prescott (2004 Nobel Prize in Economics)Prof. Hugo Sonnenschein (University of Chicago)Prof. Jean Tirole (Toulouse School of Economics)Mr. Jean-Claude Trichet (President, European Central Bank)54
  42. 42. RESEARCHBarcelona GSE Research EndowmentIn order to achieve its long-term goals and to secure strength, stabilityand sustainable independence, in 2007 the Barcelona GSE Board made Total contributions throughthe decision to create an endowment fund intended to be supported by August 2012 13Mindividuals, corporations, foundations and public institutions. The endowent’srevenues are dedicated exclusively to supporting the joint appointment ofBarcelona GSE Research Professors with its four academic bodies.Endowment Growth Private Contributors2008 The first contribution is granted in the 2008 General Budget3M€ Act adopted by the Spanish Congress and instrumented through an agreement signed with the Spanish Ministry of Science and Innovation. The 2009 General Budget Act adopted by the Spanish Public Contributors20095.5M€ Congress includes for the second time an item to increase the Barcelona GSE Research Endowment, and a new agreement with the Spanish Ministry of Science and Innovation is signed.1.25M€ The Barcelona GSE is one of the few European institutions to receive major support from the competitive and highly selective AXA Research Fund. This is the first private contribution to the Barcelona GSE Research Endowment.2010 Following the public support to the Barcelona GSE INDIVIDUAL CONTRIBUTORS2M€ endowment strategy, the 2010 General Budget Act adopted by the Spanish Congress includes a new item to make the research endowment of the GSE grow. Prof. Andreu Mas-Colell (UPF and Barcelona GSE)2011 For the fourth time, the General Budget Act adopted by the Spanish Congress includes an item to increase the Barcelona Prof. Ionana Schiopu1.25M€ GSE Research Endowment. In addition, the School’s board (ESADE) of trustees reports revenues from interest earned on the Endowment’s principal funds. 55
  43. 43. Community Seminars and ConferencesMore than 260 seminars and conferences in SEMINAR SERIES ORGANIZEDregularly occurring seminar series and special events, BY THE BARCELONA GSE COMMUNITYcovering the latest research across the spectrumof economics fields ·· Applied Lunch Seminars (UPF) ·· Barcelona Accounting Seminars (UPF)The Barcelona GSE is part of a vibrant and busy ·· Barcelona Economics Decision Group Seminarseconomics community in Barcelona. The four academic ·· Barcelona GSE Lecturesbodies of the School plan numerous regularly occurringseminars, workshops, and conferences featuring ·· Barcelona JOCS Seminars on Game Theory and Applicationsinternationally renowned academics, practitioners, ·· “Bellaterra” Applied Seminars (UAB-IAE)and experts from around the world. ·· “Bellaterra” Macroeconomics Seminars (UAB-IAE) ·· “Bellaterra” Microeconomics Seminars (UAB-IAE) ·· Center for Research in Economics and Health Seminars (UPF-CRES) ·· Computational and Econometric Seminars (UPF) ·· CREI-DEE Seminars ·· Finance Lunch Seminars (UPF) ·· Financial Institutions Seminars (Barcelona GSE-UPF) ·· INSIDE Workshops (IAE) ·· Internal Micro and Behavioral Economics Seminars (UPF) ·· Internal Workshops (IAE) ·· International Lunch Seminars (CREI) ·· Labor, Public and Development Seminars and Lunches (UPF) ·· Lunch Seminars on Social Choice and Game Theory (UAB-IAE) ·· Macroeconomics Breakfasts (CREI)Barcelona GSE “Trobada” IX ·· Macroeconomics Workshops (UAB) ·· Management and Behavioral Research Breakfasts (UPF) ·· Management and Organizational Studies Seminars (UPF) ·· Microeconomics Seminars (UPF) ·· Occasional Statistics Seminars (UPF) ·· Regular Econometric Seminars (UPF) ·· Regulation and Competition Seminar Series (Barcelona GSE-UPF) ·· Statistics and Operational Research Seminars (UPF) ·· UPF-Banco de España Finance Seminars56
  44. 44. RESEARCHkey conferences in the barcelona gse community(SEPTEMBER 2011 – JULY 2012) listed chronologicallyFall Spring·· World Bank-IAE Workshop: Socio-Economic Mobility and the ·· CREI-MOVE Workshop: Misallocation and Productivity Middle Class in Latin America ·· European Research Workshop in International Trade (ERWIT)·· VI REDg Annual Meeting (IAE) ·· 2012 Priorat Workshop in Theoretical Political Science (IAE)·· Barcelona GSE “Trobada” IX ·· CREI Workshop: Behavioral Decision Theory and its·· II IAE-CREI Workshop: Towards Sustained Economic Growth Applications to Economics and Finance·· VII Households in Conflict Workshop: Bridging Micro and ·· UPF-LeeX International Conference on Theoretical and Macro Approaches on Civil Wars and Political Violence (IAE) Experimental Macroeconomics ·· 2012 CREI Lectures in Macroeconomics (co-sponsored byWinter Princeton University Press)·· IAE-CSIC Workshop: The Effectiveness of Aid for Development ·· XV Workshop in International Economics and Finance (CREI)·· CREI-CEPR Workshop: Asset Prices and the Business Cycle ·· III CREMed Workshop on Economics of the Mediterranean·· CREI Conference: Understanding Jobless Recoveries·· ENTER Jamboree 2012·· IAE-MOVE Workshop: Industry and Labor Market Dynamics·· MOVE-UAB Workshop: Social EconomicsProf. Pol Antràs (Harvard)2012 CREI Lectures in Macroeconomics 57
  45. 45. PublicationsAFFILIATED FACULTY RESEARCH OUTPUT RESEARCH RECOGNITION PROGRAMAffiliated professors of the Barcelona GSE publish their The Barcelona GSE Research Recognition Program aims toresearch widely, including the five top general journals acknowledge any researcher in economics who is affiliated(American Economic Review, Econometrica, Journal with a Catalan institution and has published in a list ofof Political Economy, Quarterly Journal of Economics, international economic journals of high impact in the lastand Review of Economic Studies) and many specialized three years. GSE affiliated professors who qualify for thejournals. The combined research output of the academic Recognition Program acquire the condition of Barcelona GSEbodies of the Barcelona GSE places the institutions Research Fellow, while those who are not affiliated professorsat the forefront of research groups in Europe. are considered External Research Fellows. A full listing of External Research Fellows can be found on page 93.RESEARCH RANKINGSThe following are the Barcelona GSE’s rankingsin scientific output as measured by:RePEc (Research Papers in Economics)as of August 2012 5 1 Top Economic Institutions (worldwide) 9 Top Economics Departments (worldwide) 3 Top European Institutions 1 Top Institutions in SpainJournal of the European Economic Association“Research and Higher Education in Economics:Can We Deliver The Lisbon Objectives?” May 200720 Research Output (Europe and United States combined)2/3 Research Output in Europe58
  46. 46. RESEARCHSELECTED PUBLICATIONS OF BARCELONA GSE AFFILIATED PROFESSORS, 20111Adam, K. and A. Marcet. “Internal Rationality, Imperfect Market Brückner, M. and A. Ciccone. “Rain and the Democratic WindowKnowledge and Asset Prices.” Journal of Economic Theory, 146, of Opportunity.” Econometrica, 79(3), 923-947, May 2011.1224-1252, 2011. Bustos, P. “Trade Liberalization, Exports, and TechnologyApesteguia, J.; M.A. Ballester and R. Ferrer. “On the Justice Upgrading: Evidence on the Impact of MERCOSUR onof Decision Rules.” Review of Economic Studies, 78(1), 1-16, Argentinean Firms.” American Economic Review, 101(1), 304-January 2011. 340, February 2011.Armenter, R. and F. Ortega. “Credible Redistribution Policy and Cabrales A. and E. Hauk. “The Quality of Political Institutions andSkilled Migration.” European Economic Review, 55(2), 228-245, the Curse of Natural Resources.” Economic Journal, 121, 58-88,February 2011. 2011.Ballester, M.A. and G. Haeringer. “A Characterization of the Calsamiglia, C.; G. Haeringer and F. Klijn. “A Comment on:Single-Peaked Domain.” Social Choice and Welfare, 36, 305-322, School Choice: An Experimental Study.” Journal of Economic2011. Theory, 146(1), January 2011.Barberà, S. and L. Ehlers. “Free Triples, Large Indifference Camacho, M.; G. Pérez Quirós and H. Rodríguez. “High-growthClasses and the Majority Rule.” Social Choice and Welfare, 37(4), Recoveries, Inventories and the Great Moderation.” Journal of559-574, 2011. Economic Dynamics and Control, 35(8), 1322-1339, 2011.Barberà, S. and B. Grodal. “Preference for Flexibility and the Camerer, C. F.; R. Nagel, A. Rangel and E. Reutskaja. “SearchOpportunities of Choice.” Journal of Mathematical Economics, Dynamics In Consumer Choice under Time Pressure: an Eye-47, 272-278, 2011. Tracking Study.” American Economic Review, 101(2), 900-926, April 2011.Barberà, S. and B. Moreno. “Top Monotonicity: a Common Rootfor Single Peakedness, Single Crossing and the Median Voter Canova, F. and F. Ferroni. “Multiple Filtering Devices for theResult.” Games and Economic Behavior, 73, 345-359, 2011. Estimation of Cyclical DSGE Models.” Quantitative Economics, 2(1), 73-98, March 2011.Besley, T.; J. García-Montalvo and M. Reynal-Querol. “DoEducated Leaders Matter?” Economic Journal, 121(554), F205- Canova, F. and F. Ferroni. “The Dynamics of US Inflation: Can227, August 2011. Monetary Policy Explain the Changes?” Journal of Econometrics, 167, 47-60, 2011.Brañas, P.; M.P. Espinosa and P. Rey-Biel. “Travelers’ Types.”Journal of Economic Behavior and Organization, 78, 25-36, 2011. Canova, F. and T. Menz. “Does Money Matter in Shaping Domestic Business Cycles? An International Investigation.”Brandts, J. and G. Charness. “The Strategy versus the Direct- Journal of Money, Credit and Banking, 43(4), 577-607, Juneresponse Method: A First Survey of Experimental Comparisons.” 2011.Experimental Economics, 14(3), 375-398, 2011. Canova, F. and M. Paustian. “Business Cycle Measurement withBroner, F. and J. Ventura. “Globalization and Risk Sharing.” Some Theory.” Journal of Monetary Economics, 58(4), 345-361,Review of Economic Studies, 78(1), 49-82, January 2011. May 2011.1 Selected Publications are those published in the journals included in the list of the Barcelona GSE Research Recognition Program 59
  47. 47. Cardona, D. and C. Ponsatí. “Uniqueness of Stationary Equilibria Felbermayr, G. and J. Prat. “Product Market Regulation, Firmin Bargaining One-Dimensional Policies under (Super) Majority Selection and Unemployment.” Journal of the European EconomicRules.” Games and Economic Behavior, 73, 65-75, 2011. Association, 9(2), 278-317, 2011.Christelis, D. and A. Sanz de Galdeano. “Smoking Persistence Felbermayr, G.; J. Prat and H.J. Schmerer. “Globalization andAcross Countries: a Panel Data Analysis.” Journal of Health Labor Market Outcomes: Wage Bargaining, Search Frictions, andEconomics, 30, 1077-1093, 2011. Firm Heterogeneity.” Journal of Economic Theory, 146(1), 39-73, 2011.Ciccone, A. “Economic shocks and civil conflict: A comment.”American Economic Journal: Applied Economics, 3(4), 215-227, Felbermayr, G.; J. Prat and H.J. Schmerer. “Trade andOctober 2011. Unemployment: What Do the Data Say?” European Economic Review, 5, 741-758, 2011.Cogley, T.; B. de Paoli, C. Matthes, K. Nikolov and T. Yates. “ABayesian Approach to Optimal Monetary Policy with Parameter Freixas, X.; A. Martín and D. Skeie. “Bank Liquidity, Interbankand Model Uncertainty.” Journal of Economic Dynamics and Markets, and Monetary Policy.” Review of Financial Studies, 24(8),Control, 35(12), 2186-2212, December 2011. 2656-2692, August 2011.Corbae, D. and R. Marimon. “Introduction to Incompleteness Funk, P. and C. Gathmann. “Does Direct Democracy Reduce theand Uncertainty in Economics.” Journal of Economic Theory, Size of Government? New Evidence from Historical Data, 1890-146(3), 775-784, May 2011. 2000.” Economic Journal, 121(557), 1252-1280, December 2011.Danielsson, J. and F. Peñaranda. “On the Impact of Gadea L. and L. Mayoral. “Aggregate Real Exchange RateFundamentals, Liquidity, and Coordination on Market Stability.” Persistence through the Lens of Sectoral Data.” Journal ofInternational Economic Review, 52(3), 621-638, August 2011. Monetary Economics, 58(3), 290-304, 2011.Drelichman, M. and H.J. Voth. “Lending to the Borrower from Galí, J. “Are Central Banks’ Projections Meaningful?” Journal ofHell: Debt and Default in the Age of Philip II.” Economic Journal, Monetary Economics, 58(6-8), 537-550, Sep-Nov 2011.121(557), 1205-1227, December 2011. Galí, J. “The Return of the Wage Phillips Curve.” Journal of theEeckhout, J. and P. Kircher. “Identifying Sorting – In Theory.” European Economic Association, 9(3), 436-461, June 2011.Review of Economic Studies, 78(3), 872-906, July 2011. Garcia-Marinoso, B.; I. Jelovac and P. Olivella. “ExternalEpifani, P. and G. Gancia. “Trade, Markup Heterogeneity, and Referencing and Pharmaceutical Price Negotiation.” HealthMisallocations.” Journal of International Economics, 83(1), 1-13, Economics, 20, 737-756, 2011.January 2011. García-Montalvo, J. “Voting After Bombings: a NaturalEsteban, J. and D. Ray. “A Model of Ethnic Conflict.” Journal of Experiment on the Effect of Terrorist Attacks on Democraticthe European Economic Association, 9, 496-521, 2011. Elections.” Review of Economics and Statistics, 93(4), 1146-1154, 2011.Esteban, J. and D. Ray. “Linking Conflict to Inequality andPolarization.” American Economic Review, 101, 1345-1374, Georganas, S. and R. Nagel. “Auctions with Toeholds: an2011. Experimental Study of Company Takeovers.” International Journal of Industrial Organization, 29(1), 34-45, January 2011.60
  48. 48. RESEARCHHaeringer, G. and M. Wooders. “Decentralized Job Matching.”International Journal of Game Theory, 20(1), 1-28, 2011.Iriberri, N. and P Rey-Biel. “The Role of Role Uncertainty in .Modified Dictator Games.” Experimental Economics, 14(2), 160-180, May 2011.Iyer, R. and J.L. Peydró. “Interbank Contagion at Work: Evidencefrom a Natural Experiment.” Review of Financial Studies, 24(4),1337-1377, April 2011.Le Menestrel, M. and J. Rode. “The Influence of Decision Poweron Distributive Fairness.” Journal of Economic Behavior andOrganization, 79(3), 246-255, August 2011.Llavador, H.; J. Roemer and J. Silvestre. “A Dynamic Analysisof Human Welfare in a Warming Planet.” Journal of PublicEconomics, 95(11-12),1607-1620, 2011.Llavador, H. and A. Solano-García. “Immigration Policy withPartisan Parties.” Journal of Public Economics, 95(1-2), 134-142,February 2011.Maddaloni, A. and J.L. Peydró. “Bank Risk-Taking, Securitization,Supervision, and Low Interest Rates: Evidence from the Euro-Area and the U.S. Lending Standards.” Review of FinancialStudies, 24(6), 2121-2165, June 2011.Maitreesh G. and H. Mueller. “Thanks for Nothing? Not-for-Profits, Labor Donations, and Motivated Agents.” Journal ofPublic Economics, 95, 94-105, 2011.Marimon, R. and V. Quadrini. “Competition, Human Capitaland Income Inequality with Limited Commitment.” Journal ofEconomic Theory, 146(3), 976-1008, May 2011.Massó, J. and I. Moreno de Barreda. “On Strategy-Proofnessand Symmetric Single-Peakedness.” Games and EconomicBehavior, 72, 467-484, 2011. 61

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