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11th Annual Macroeconomic Policy Research Workshop at MNB: Microeconomic Behavior and its Macroeconomic Implications During the Financial Crisis


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  • Stepanchuk Serhiy

    (Magyar Nemzeti Bank (central bank of Hungary))

  • Ádám Reiff

    (Magyar Nemzeti Bank (central bank of Hungary))


On September 6–7, 2012, the Magyar Nemzeti Bank hosted the 11th Macroeconomic Research Workshop organized jointly with the CEPR. The title of the workshop was ‘Microeconomic Behavior and its Macroeconomic Implications During the Financial Crisis’. The event was highly topical, as the policymakers try to understand the impact of the financial crisis on different economic agents and tailor their response to it. The keynote speakers of the event were professors Christopher D. Carroll (Johns Hopkins University) and Matthew D. Shapiro (University of Michigan), who are well-renowned for their work which establishes the importance of agent heterogeneity and microeconomic behavior for macroeconomic outcomes. The event brought together researchers from both the academia and policymaking institutions, who presented their thought-provoking research which both empirically documented the importance of agent heterogeneity, and attempted to theoretically model its aggregate implications in the corporate, housing, banking sectors and labor markets. This article provides a summary of some of the lessons from the workshop, focusing in particular on reviewing the contributions by the keynote speakers and the papers presented at the workshop.

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Bibliographic Info

Article provided by Magyar Nemzeti Bank (the central bank of Hungary) in its journal MNB Bulletin.

Volume (Year): 7 (2012)
Issue (Month): 3 (October)
Pages: 67-72

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Handle: RePEc:mnb:bullet:v:7:y:2012:i:3:p:67-72

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Keywords: heterogeneity; micro behavior; financial crisis.;

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  1. Masier, Giacomo & Villanueva, Ernesto, 2011. "Consumption and initial mortgage conditions: evidence from survey data," Working Paper Series 1297, European Central Bank.
  2. Harald Uhlig & Fiorella De Fiore, 2012. "Corporate Debt Structure and the Financial Crisis," 2012 Meeting Papers 429, Society for Economic Dynamics.
  3. Chiara Forlati & Luisa Lambertini, 2012. "Mortgage Amortization and Amplification," Working Papers 201201, Center for Fiscal Policy, Swiss Federal Institute of Technology Lausanne, revised Feb 2012.
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