Dear colleagues, I am happy to invite you to the following two seminars in Quantitative Finance, organised by LTI@UniTO and Collegio Carlo Alberto: * Anatoli Segura (Bank of Italy), "Firm-bank linkages and optimal policies in a lockdown", on March 1st, h.12; * Daniel Andrei (McGill University), "Schumpeterian Competition in a Lucas economy", on March 2nd, h.16 You can find below titles, abstracts and zoom links to participate. All the best, Luca Regis -- Luca Regis Associate Professor ESOMAS Department, University of Torino Affiliate, Collegio Carlo Alberto sites.google.com/view/lucaregis Office: +39 011 670 6065 www.carloalberto.org/lti <#> <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/ah6H1YEJxW87KLwVG32rWB4OULDhxlF8bwEkowPBRk38ILEA3Nqedx-aNONcGjcHL_PIdHMFC4VXPxPFxrSlacWi52YCj2aeWIfqjHJy36cPUm-Ued7yaPl3VIcPkpEDibTG14wD4pJ2pf_mzn5AnuNHzbA1SaR50SWaS_1smYSBPNQ5ukolBCWxJP95HmUl_yaFudfMFw> <#> *LTI@UniTO* and *Fondazione Collegio Carlo Alberto* are pleased to invite you to the following seminars <#> *March 1, 2022 | 12:00 - 13:15 @ HYBRID EVENT* <#> *Firm-bank linkages and optimal policies in a lockdown* Anatoli Segura, /Bank of Italy/ <#> *Abstract.* We develop a novel framework featuring loss amplification through firm-bank linkages. We use it to study optimal government support in a lockdown that creates heterogeneous revenue losses to firms, which must borrow from banks. Firms’ increase in debt reduces their output due to moral hazard. Banks need safe collateral to raise funds. Without government support, aggregate risk constrains bank lending, amplifying output losses. Optimal support provides sufficient aggregate risk insurance, and is implemented with firm-specific transfers, fairly-priced guarantees on bank debt, and countercyclical firms’ taxation to achieve a fiscal surplus target. Our results shed light on suboptimality dimensions in the actual policy responses. <#> To attend in presence, register here https://forms.gle/vPYYEGBktf66zc4W6 <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/f9zEQSjy6xY7o19sfmiU7UwOhW9DQd5VBIj4RMLuaCsxlNjTMUz16ri2LQo1lQ1wLCTm_JHB71fiUTIFEfhpoJgs13VS-2Noj88EZ8wF50yXAADfaOiZ3ZHg6c0xRSjQHtwnob5-2QQCAFySJX9Jl3LUPiQ38MILWQqej2sUh_h0AzNV3pHoHrOk_xVh8RZZXDsSwLe9JeuOghTfzg> To attend online, join zoom meeting https://us02web.zoom.us/j/88281857502?pwd=eW5GazNrYnFUUVR0cGg3RUlCM0NYUT09 <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/-IGT70kXO1-43Lgp7MtmZ2Fo3avErRm3RM-I_9PbHp3_euaX8aoseEnJSOxPKGOAIqtUtvaRF8OiX-fMNQnWwmrMCqmTQhMW94JY301sS_PD7q2CMjNDM0xC8M855-ISYSTcdA8rzdWNPbK7Xr1fRLUpGiIXWGbY10vOK95o4dms_xYkMIzKuDlqAQ5N05d99tAg0C7SqEO_QTg4doaPKd3c-YbJwDYxs_1TiwhJ7sKjkJvpk9oqtEO9glsjc-LP8-FuF8qMVVvz5g> Meeting ID: 882 8185 7502 Passcode: 161878 <#> <#> *March 2, 2022 | 16:00 - 17:15 @ WEBINAR* <#> *Schumpeterian Competition in a Lucas Economy* Daniel Andrei, /McGill University/ <#> *Abstract.* We model a rent-seeking game where agents experiment with a new technology and compete for claims to a consumption stream. We characterize how creative destruction affects risk, wealth, and asset prices. Competition not only imposes excessive disruption risk on existing assets and higher technological uncertainty, it also increases the wealth duration (the weighted-average maturity of the consumption stream). Because of hedging motives, a complementarity between wealth duration and technological uncertainty decreases systematic risk. If competition is sufficiently intense, a negative risk premium may arise. The model generates price paths consistent with boom-bust patterns and transient episodes of negative expected excess returns. We discuss the implications of competition for income inequality. <#> To attend online, Join Zoom Meeting https://us02web.zoom.us/j/82378901875?pwd=MVhPeTZGZktWNFk3RmdyMUltb3lDUT09 <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/tRYUAKB8XcDiTZ9YGCloGbosl3wS0nUBFIfw6V_sf1p9zm8VL7n1hxRbJDx651LHUmwkMlMDLAFrm6XTS1BGI2kd463x1ijPqVIMTxu2_7AS3__RFAjg2mg1OG5-EvAAoVQ0zp5_krvi6ioonyfclb9ejGc1mKezuMg-uiQKJC5ju6wyee6JkJ9inmkk2EcFfrsppUJeeFyZE-nGx6M7NpPq4CzTUDlH043PoHOiPim2N0Ajq0l-AnCsjIgmJx4PQ7NHd-xVOsPK0g> Meeting ID: 823 7890 1875 Passcode: 423048 <#> <#> <#> <#> <#> <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/iaN__jlfz6z7ijnfLR9yi2AHyTYkufRgRmGdBFC8p1f8f2ir8kvQRpUp7Q33fLsnjsu7dirBooNcztKbUXXPM7iZe9-CG6hVvtJ_BMdgnQjSNBM0TBzN01j8XE03FNqJipxTW2-AHFZ7WNRe_DTTChMUjEpdpJtLbRL8cbpIEE1bzugVsb2NS2R-iA7oEVbxrBx7Omgk8ys_rZRi9w> <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/7J-M65ra_O8_zk55wtbsnjVbAlqEnu-eZ_xmISKVfWc9zh1EI5TUHPjmFfjh3pU7sU3xU8xa3pago4muJFCUWL0fW1Q833xWXGjPbtQRva-SNWGhuT7WFFBQHZxklMg4DGdC8aKMRy_6E8zYLjuH7wcLbnNIhtD9C1KSg_3csARjVW5_HFycuuGY36zCeV0> <#> FONDAZIONE COLLEGIO CARLO ALBERTO Piazza Arbarello 8 - 10122 Torino, Italy phone: +390116705000 segreteria@carloalberto.org - www.carloalberto.org Facebook <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/Gny4_tfBFbYYjw5HiREGZ-3ih-MVeJe-HIpanBE0mhGH0LTbNhTeh_98p7qecPHHa1rKJ3W00as-T3IqYUpufOz9l70zlbnPp4w4Qb6ZY9958ylqSgqS6uP2dGj80taZGYb38B1t7kt3sqZB0aOiWfE95kY8n2MnnpsKstgV1iF727pczmbp8_GxqYT1-s1jwoas4tQlrL6ZOqdRm_avaTMUzvIeIMI> Twitter <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/Ya696wYXuXevZmqUAl4AriMzYAAdxWQM75GHwYfKSoW5EIV2ObZcW8w5HnXHLxr7yfe6FT150AJAycHZ3BfONWbM9rE4Kq0bqRWZUNiLO-5DaDtC6cAQX4sHN2CbWftfWau9pJh0OpX94EX6K8jg8-98gdC3Oaal_KDK1ZNdaYt8nZklVmS1fId1VqAM2DXMTjiNaEnOTBU> LinkedIn <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/wGq5ypAH5lBEZNV43pojp_3Bxd-QPNIYqfYphvEiQ-xAIECCA1ygdc_wHZefcmuPhELEhDU6w38a82DrNic2EEUqYgaoVmU2LOgWC44ASVRYswj2eYYaHZlllas4UXy1NmelBbAXHydH62e6heZkYSmbxipnLqTHz84D3wudWfUpTgXfjIjn8cSEfkA84EhdzL5lTY5AvpZR9nBw067vjDJgBDz8vM2Ffdh9b1Z4OJmNp8o9Dw> Instagram <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/Q-3bd3A33E3Uq--boYenIHuOmG53YnvmlqaCucP20vT-eL1YYQA5bi_VXa_wvQc4wnG9xucCSvmR4eDt7BP3yLbPoEhXNz_nl_md3050itqrBnz7bwR1td4ZVG1HIRiB-h9UjyTojptdFNhMQiU7Hbu-Z1ZhhomdpBsL-jobzoFicjYmrXKMDQbSKdkRf4AudcaFpimDxinhwvNu3-S8K8OUR3390PuD3MLf> Youtube <https://4z5y5.r.a.d.sendibm1.com/mk/cl/f/zolUnqcEQVaFklBL9NPBCULdSO9KrCqZol4F12NRO23QJOvpHHX6POdvJEqQ7lnZBlcRiqxcViPWUvfz2TkEvTBz0d0as7bSOA28Sflqo6uD509Pf5ZkZQc5y_djxL6C1JBmsQh4-lvqo8x023NUqQsHxeGTnDu1PTsuY9mVpzgcBcCqu9gqsLn4SraaBDSpUjLAH4BoW6WDQ_9l2kgeUAJhtDifn78bNt9BDGF2DqMfAMXpaQ> <#> *INFORMATION UNDER THE NEW GENERAL DATA PROTECTION REGULATION (GDPR)* Your personal information has been gathered for the exclusive purpose of informing you about the Collegio's initiatives, considering our and your legitimate interest or your consent. 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