IARIW-Bank of Italy Conference March 29-April 1, 2023


Venue: Via Miguel Cervantes, 71 – 80133 Naples, Bank of Italy


Wednesday, March 29, 2023

19:00 PM: Welcome cocktail
Hotel Mediterraneo, Roof Garden, Vai Ponte di Tappia 25


Thursday, March 30, 2023

8:45 AM- 9:15 AM: Registration


9:15 AM- 9:30 AM: Opening Addresses
Opening Addresses
  • Marina Avallone (Bank of Italy, Director of the Naples Branch)
  • Catherine Van Rompaey (World Bank and IARIW President)
  • Andrea Brandolini (Bank of Italy and Programme Committee Chair)


9:30 AM- 11:00 AM: Session 1
Session 1: Monetary Policy and Income Inequality – I

Chair: Caroline Willeke (Deputy Director General Statistics, European Central Bank)

  1. “Inequality Hysteresis”

Marco Jacopo Lombardi (Bank for International Settlements), Emanuel Kohlscheen (Bank for International Settlements), Benoit Mojon (Bank for International Settlements), Egon Zakrajsek (Bank for International Settlements), Enisee Kharroubi (Bank for International Settlements), and Luiz Awazu Pereira da Silva (Bank for International Settlements)


Discussant: Alfonso Rosolia (Bank of Italy) – Discussion Points

  1. “Who Takes the Cake? The Heterogenous Effect of ECB Accommodative Monetary Policy Across Income Classes”

Natalia Martín Fuentes (European Central Bank and University of Málaga), Salvador Pérez Moreno (University of Málaga), and Elena Bárcena Martín (University of Málaga)


Discussant: Giacomo Rella (Roma Tre University) – Discussion Points

  1. “Real-Time Inequalities and Policies during the Pandemic in the US.” 

Simona Giglioli (Bank of Italy), Luisa Corrado, (University of Rome Tor Vergata), and Daniela Fantozzi (ISTAT)


Discussant: Michael Ehrmann (European Central Bank) – Discussion Points

11:00 AM-11:30 AM: Break
11:30 AM- 13:00 PM: Session 2


Session 2: Monetary Policy and Income Inequality – II

Chair: Louis-Phillippe Rochon (Laurentian University)

  1. “Monetary Policy Rules and the Inequality-Augmented Phillips Curve” 

Lilian N. Rolim (University of Campinas), Laura Carvalho, (University of São Paulo), and Dany Lang (University Paris 13)


Discussant: Hannah Engljaehringer (Sant’Anna School of Advanced Studies)

  1. “Behaviour, Expectation and Monetary Policy: A Comparative Analysis to Study Economic Inequality”

Sugata Sen (Panskura Banamali College), Susmita Banerjee (Charu Chandra College), and Soumitra Kundu (Narasinha Dutt College)


Discussant: Sylvio Kappes (Federal University of Ceará) – Discussion Points

  1. “Micro Level Data for Macro Models: the Distributional Effects of Monetary Policy” 

Daniela D Fantozzi (ISTAT) and Luisa Corrado (University of Rome Tor Vergata)


Discussant: Markus Jantti (Stockholm University) – Discussion Points

13:00 PM- 14:00 PM: Lunch
14:00 PM- 15:30 PM: Session 3


Session 3: Monetary Policy and Wealth Distribution

Chair: Silvia Fabiani (Head of Statistical Analysis Directorate, Bank of Italy)

  1. “Monetary Policy Across the Wealth Distribution”

Alessandro Franconi (European Central Bank) and Giacomo Rella (Roma Tre University)


Discussant: Marco Lombardi (Bank for International Settlements) – Discussion Points

  1. “The Role of Federal Reserve Policy in Creating Wealth Inequality”

Aaron M. Medlin (University of Massachusetts Amherst) and Gerald Epstein (University of Massachusetts Amherst)

Discussant: Marco Lombardi (Bank for International Settlements)

  1. “U.S. Monetary Policy’s Distributional Impacts: Evaluating Wealth and Employment Outcomes by Race and Gender”

Melanie Long (The College of Wooster)


Discussant: Aina Puig (American University) – Discussion Points

15:30 PM-16:00 PM: Break
16:00 PM- 17:30 PM: Session 4


Session 4: Effects of Monetary Policy on the Functional Income Distribution

Chair: Benoit Mojon (Head of Economic Analysis, Bank for International Settlements)

  1. “Is “Inflation First” Synonymous with “Rentiers First” in the Pursuit of Monetary Policy? The Dominance of the Taylor Rule and the Rentier Income Share in Industrialized Countries”

Mario Seccareccia (University of Ottawa) and Guillermo Matamoros Romero (University of Ottawa)


Discussant: Lilian Rolim (University of Campinas)

  1. The Impact of Monetary Policy on Functional Income Distribution: a Panel SVAR Analysis (1970-2019)”

Stefano Di Bucchianico (University of Salerno) and Antonino Lofaro (Roma Tre University)


Discussant: Simona Giglioli (Bank of Italy) – Discussion Points

  1. “A Non-Linear Analysis of the Macroeconomic Impact of Changes in the Pasinetti Index in the U.S.”

Sylvio Antonio Kappes (Federal University of Ceará), Pedro Hugo Clavijo Cortes (Gettysburg College), and Louis-Philippe Rochon (Laurentian University)


Discussant: Matteo Fragetta (University of Salerno) – Discussion Points

Friday, March 31, 2023

9:00 AM- 10:30 AM: Session 5


Session 5: Financial Markets and Inequality

Chair: Roeland Beerten (Chief Statistician, National Bank of Belgium)

  1. “Is the Financial Market Driving Income Distribution? – An Analysis of the Linkage between Income and Wealth in Europe”

Ilja Kristian Kavonius (European Central Bank) and Veli-Matti Törmälehto (Statistics Finland)


Discussant: Pascal Meichtry (University of Lausanne) – Discussion Points

  1. Cyclical Transactions and Wealth Inequality”

Jung Sakong (Federal Reserve Bank of Chicago)


Discussant: Simone Arrigoni (Trinity College Dublin) – Discussion Points

  1. “Financial Inclusion, Inequality in Financial Access, and Income Inequality– Evidence from European Countries”

Panchanan Das (University of Calcutta)


Discussant: Andrea Neri (Bank of Italy) – Discussion Points

10:30 AM-11:00 AM: Break
11:00 AM- 12:00 PM: Session 6


Session 6: Distributional Effects of Central Bank Policies

Chair: Markus Jantti (Stockholm University)

  1. “The Effect of Monetary Policy on Inflation Heterogeneity along the Income Distribution”

Michael Ehrmann (European Central Bank), Miguel Ampudia (European Central Bank), and Georg Strasser (European Central Bank)


Discussant: Alfonso Rosolia (Bank of Italy) – Discussion Points

  1. “Asymmetric Effects of Borrower-Based Measures on Household Access to Finance and Default”

Radu Popa (National Bank of Romania, Bucharest Academy of Economic Studies), Simona Ichim (National Bank of Romania), and Florian Neagu (National Bank of Romania, Bucharest Academy of Economic Studies)


Discussant: Alberto Zazzaro (University of Naples Federico II) – Discussion Points

12:00 PM-13:00 PM: Keynote Speech
“Some Like It Hot: Inclusive Monetary Policy Under Okun’s Hypothesis” – Gianluca Violante, Princeton University – Keynote Speech


13:00 PM- 14:00 PM: Lunch
14:00 PM- 15:30 PM: Session 7


Session 7: The Distributional Accounts: Use and Construction

Chair: Catherine Van Rompaey (World Bank, International Association for Research in Income and Wealth)

  1. “A Flow-of-Funds Analysis of the Japanese Economy: Inequality among Households and among Firms”

Masako Tsujimura (Faculty of Data Science, Rissho University) and Kazusuke Tsujimura (Keio University)


Discussant: Ilja Kristian Kavonius (European Central Bank) –Discussion Points

  1. “The Distribution of Household Income in the Framework of National Accounts: the Italian Experience, 2015-2020”

Marina Sorrentino (ISTAT), Gabriella Donatiello (ISTAT), Luciano Cavalli (ISTAT), Paolo Consolini (ISTAT), and Stefania Cuicchio (ISTAT)


Discussant: Veli-Matti Törmäleht (Statistics Finland) – Discussion Points

  1. “Linking Macro and Micro Data to Produce Distributional Accounts for the Non-Financial Corporations”

Lucia Modugno (Bank of Italy), Andrea Neri (Bank of Italy), and Luigi Infante (Bank of Italy)


Discussant: Tim Sargent (Centre for the Study of Living Standards) – Discussion Points

15:30 PM-16:00 PM: Break
16:00 PM- 17:30 PM: Session 8


Session 8: Advancing Statistical Methods

Chair: Andrew Sharpe (Executive Director, International Association for Research in Income and Wealth)

  1. “Cashing in on Wealth: links between Wealth and Income Inequality from the Lens of Distributional Wealth Accounts”

Luís Teles Morais (Nova School of Business and Economics), Nina Blatnik (European Central Bank), and Ilja Kristian Kavonius (European Central Bank)


Discussant: Markus Jantti (Stockholm University) – Discussion Points

  1. “Combining Survey and Administrative Data to Estimate the Distribution of Households’ Deposits”

Andrea Neri (Bank of Italy), Francesco Vercelli (Bank of Italy), and Matteo Spuri (Bank of Italy)


Discussant: Tullio Jappelli (Università di Napoli Federico II) –Discussion Points- Paper 22-23

  1. “Measuring Households’ Exposure to Economic Shocks. An Analysis at the Intersection of Income, Financial Wealth, and Debt”

David Loschiavo (Bank of Italy), Antonietta di Salvatore (Bank of Italy), and Federico Tullio (Bank of Italy)


Discussant: Tullio Jappelli (Università di Napoli Federico II) – Discussion Points- Paper 22-23

17:30 PM-18:00 PM: Closing Remarks
“Inflation, Monetary Policy and Inequalities. Some Thoughts” – Ignazio Visco (Governor, Bank of Italy)


20:30 PM: Social Dinner
Hotel Continental, via Partenope


Saturday, April 1, 9:30 AM-16:00 PM: Social Event
Parco Archeologico di Pompei and buffet lunch at Osservatorio Vulcanologico Vesuviano – INGV