European Center for Advanced Research in Economics and Statistics
News
Conference honoring Gérard Roland’s career
29 January 2025We are very pleased to announce that ECARES will hold a special one-day conference to honorGérard Roland on April the 3rd, 2025, at Université Libre de Bruxelles (ULB).Confirmed speakers at this stage are Philippe Aghion, Patrick Bolton, Sergei Guriev, EricMaskin, Torsten Persson, Jean Pisani-Ferry, Richard Portes, André Sapir, Monika Schnitzer,Guido Tabellini, Guntram Wolff, Chenggang Xu, …
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EDT-Day – March 28th
14 March 2025The EDT STAT-ACTU is organizing its EDT-day on Friday March 28, 2025. It will take place in room “Salle des professeurs” on the 9th floor of the NO building (La Plaine, ULB). The program can be found below: Registration, free but compulsory, can be made on this page: Session 1 9.30am – 10am: Welcome (coffee and …
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Estelle Cantillon Organizes Belgian Environmental Economics Day (BEED 2025)
12 February 2025ECARES member Estelle Cantillon organized the Belgian Environmental Economics Day (BEED 2025), a key event for environmental economists in Belgium. The day brought together experts , and researchers to discuss pressing environmental issues through an economic lens. The event featured a series of presentations and discussions on various topics within environmental economics, providing a platform …
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Publications

“The Macroeconomics of Decarbonisation: Implications and Policies”
Cambridge University Press; 2024
Claeys G, Le Mouel M, Tagliapietra S, Wolff, G., Zachmann G

“Defending Europe without the US: first estimates of what is needed”
Bruegel analysis
Alex Burilkov, Guntram Wolff

“The governance and funding of European rearmament”
Bruegel policy brief
Guntram Wolff, Armin Steinbach, Jeromin Zettelmeyer

“CBAM, Hydrogen Partnerships and Egypt’s Industry: Potential for Synergies”
Intereconomics: Review of European Economic Policy, February 2024, Vol 59 (2)
Alexandra Gritz, Guntram Wolff

“Debt financing European air defence”
Intereconomics: Review of European Economic Policy, June 2024, Vol 59 (4)
Armin Steinbach, Guntram Wolff
Calendar
- 16 May 2025
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Julia Jadin, ECARES
16 May, 12:15 - 13:30Title : Environmental friendliness of food choices in the UK
Abstract : Reducing food-related greenhouse gas (GHG) emissions is critical to achieving climate goals—particularly as dietary change represents one of the most effective and low-cost mitigation levers available. Yet the design of policies to promote lower-carbon diets raises concerns about social equity, and little is known about who is most responsible for emissions—or most likely to reduce them. This paper combines detailed scanner data from the Kantar Worldpanel with product-level environmental data from SHARP-ID to analyze both the levels and the dynamics of household dietary carbon footprints in the UK from 2017 to 2022. We find that emission reductions are not primarily driven by radical shifts between food groups (e.g., from meat to vegetables), but by within-category substitutions toward lower-carbon options—such as switching from beef to chicken. Emissions are systematically higher among older individuals, households with children, and those with higher dietary needs. Yet reductions are more likely among households that initially emit more, and among women, singles, and those with lower education levels. Our results have policy implications. They suggest that targeted instruments—such as taxes or subsidies—should focus on the most carbon-intensive foods, while accounting for socio-economic heterogeneity beyond income to avoid regressive effects. By identifying who emits, who reduces, and how, this paper helps inform more effective and equitable climate policies in the food sector.
Location: R42.2.103May
16Julia Jadin, ECARESTitle : Environmental friendliness of food choices in the UK
Abstract : Reducing food-related greenhouse gas (GHG) emissions is critical to achieving climate goals—particularly as dietary change represents one of the most effective and low-cost mitigation levers available. Yet the design of policies to promote lower-carbon diets raises concerns about social equity, and little is known about who is most responsible for emissions—or most likely to reduce them. This paper combines detailed scanner data from the Kantar Worldpanel with product-level environmental data from SHARP-ID to analyze both the levels and the dynamics of household dietary carbon footprints in the UK from 2017 to 2022. We find that emission reductions are not primarily driven by radical shifts between food groups (e.g., from meat to vegetables), but by within-category substitutions toward lower-carbon options—such as switching from beef to chicken. Emissions are systematically higher among older individuals, households with children, and those with higher dietary needs. Yet reductions are more likely among households that initially emit more, and among women, singles, and those with lower education levels. Our results have policy implications. They suggest that targeted instruments—such as taxes or subsidies—should focus on the most carbon-intensive foods, while accounting for socio-economic heterogeneity beyond income to avoid regressive effects. By identifying who emits, who reduces, and how, this paper helps inform more effective and equitable climate policies in the food sector.
Friday, 12:15 - 13:30
Location: R42.2.103
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- 20 May 2025
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Anke Gerber, University of Hamburg
20 May, 14:00 - 15:30Title: On the Endogenous Order of Play in Sequential Games
Abstract: Cases abound in political or industrial competition where it is not reasonable to assume that agents will passively wait for their turn to act. We formalize, under the name of games of addition, the strategic interaction between agents who sequentially take actions, but may also agree unanimously to stop taking further actions and collect the payoffs associated with the given sequence of moves. Our formalization differs from that of extensive form games in that the order of the agents’ moves is not predetermined but emerges endogenously when applying an adapted version of a solution concept proposed by Dutta, Jackson, and Le Breton (2004). We provide results regarding the properties of solutions to games of addition, and we also demonstrate that the predicted outcomes may significantly differ from those obtained if using extensive form
games and subgame perfection as alternative tools of analysis.
Location: R42.2.113May
20Title: On the Endogenous Order of Play in Sequential Games
Abstract: Cases abound in political or industrial competition where it is not reasonable to assume that agents will passively wait for their turn to act. We formalize, under the name of games of addition, the strategic interaction between agents who sequentially take actions, but may also agree unanimously to stop taking further actions and collect the payoffs associated with the given sequence of moves. Our formalization differs from that of extensive form games in that the order of the agents’ moves is not predetermined but emerges endogenously when applying an adapted version of a solution concept proposed by Dutta, Jackson, and Le Breton (2004). We provide results regarding the properties of solutions to games of addition, and we also demonstrate that the predicted outcomes may significantly differ from those obtained if using extensive form
games and subgame perfection as alternative tools of analysis.
Anke Gerber, University of Hamburg
Tuesday, 14:00 - 15:30
Location: R42.2.113
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- 22 May 2025
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May
22Martijn Boermans, De Nederlandsche Bank
Thursday, 16:30 - 18:00
Location:
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- 23 May 2025
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May
23Wenqi Lu, ECARESFriday, 12:15 - 13:30
Location: R42.2.113
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- 27 May 2025
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May
27Marta Santamaria, Warwick
Tuesday, 14:00 - 15:30
Location: R42.2.103
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- 28 May 2025
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Johannes Matt, LSE
28 May, 18:00 - 20:00Please find attached the invitation to a joint Firm-level & Macroeconomics Seminar by Johannes Matt (LSE)
on
Firm Dynamics and Growth with Soft Budget Constraints
(co-authored with Philippe Aghion, Antonin Bergeaud and Mathias Dewatripont)Abstract
We develop a model of endogenous growth and firm dynamics with soft budget constraints, where firms differ in their innovation speed and slower firms need additional financing in order to eventually innovate. As creditors cannot anticipate refinancing needs in advance nor credibly commit to withholding future refinancing, a Soft Budget Constraint Syndrome emerges, causing excessive entry by slow firms and crowding out potentially more efficient innovators. The resulting trade-off between the positive effects of budget constraint softening on innovation by incumbents and slow-type entrants and its negative effects on entry by fast innovators, generates a hump-shaped relationship between refinancing costs and aggregate growth. Calibrating the model to French firm-level data, we show that the budget constraint softening associated with the decline in interest rates in the aftermath of the Global Financial Crisis accounts for 54% of the observed drop in the aggregate growth rates post-crisis. Although the softening in budget constraints has had a positive effect on incumbent innovation, this was more than offset by the resulting decrease in the entry rates of good firms (by 61% relative to the pre-crisis steady state).
The seminar will take place on Wednesday, May 28th from 16:30 until 18:00 in the Theater Box of the National Bank of Belgium, entrance: bd. de Berlaimont 14, 1000 Brussels and will also be able to be followed via a Microsoft Teams meeting.
Please reply by email to nbbfirmanalysis.seminar@nbb.be if you wish to participate to this seminar or if you are interested by having a slot for a meeting in the afternoon with Prof. Matt, Bergeaud or Dewatripont.
Please let us know if you will be physically present or will be following online by Teams. After registration and if you have indicated that you want to join online you will receive a confirmation email with the link to the seminar.
In case you want to access the NBB Parking (rue Montagne aux Herbes potagères 41), please also provide us with your name and the license plate of your car.
Kind regards,
Gert Bijnens, Catherine Fuss and Raf Wouters
Location:May
28Please find attached the invitation to a joint Firm-level & Macroeconomics Seminar by Johannes Matt (LSE)
on
Firm Dynamics and Growth with Soft Budget Constraints
(co-authored with Philippe Aghion, Antonin Bergeaud and Mathias Dewatripont)Abstract
We develop a model of endogenous growth and firm dynamics with soft budget constraints, where firms differ in their innovation speed and slower firms need additional financing in order to eventually innovate. As creditors cannot anticipate refinancing needs in advance nor credibly commit to withholding future refinancing, a Soft Budget Constraint Syndrome emerges, causing excessive entry by slow firms and crowding out potentially more efficient innovators. The resulting trade-off between the positive effects of budget constraint softening on innovation by incumbents and slow-type entrants and its negative effects on entry by fast innovators, generates a hump-shaped relationship between refinancing costs and aggregate growth. Calibrating the model to French firm-level data, we show that the budget constraint softening associated with the decline in interest rates in the aftermath of the Global Financial Crisis accounts for 54% of the observed drop in the aggregate growth rates post-crisis. Although the softening in budget constraints has had a positive effect on incumbent innovation, this was more than offset by the resulting decrease in the entry rates of good firms (by 61% relative to the pre-crisis steady state).
The seminar will take place on Wednesday, May 28th from 16:30 until 18:00 in the Theater Box of the National Bank of Belgium, entrance: bd. de Berlaimont 14, 1000 Brussels and will also be able to be followed via a Microsoft Teams meeting.
Please reply by email to nbbfirmanalysis.seminar@nbb.be if you wish to participate to this seminar or if you are interested by having a slot for a meeting in the afternoon with Prof. Matt, Bergeaud or Dewatripont.
Please let us know if you will be physically present or will be following online by Teams. After registration and if you have indicated that you want to join online you will receive a confirmation email with the link to the seminar.
In case you want to access the NBB Parking (rue Montagne aux Herbes potagères 41), please also provide us with your name and the license plate of your car.
Kind regards,
Gert Bijnens, Catherine Fuss and Raf Wouters
Johannes Matt, LSE
Wednesday, 18:00 - 20:00
Location:
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- 29 May 2025
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May
29Public Holiday
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- 30 May 2025
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May
30Zhanar Konys, ECARESFriday, 12:15 - 13:30
Location: R42.2.113
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- 9 June 2025
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Jun
09Public Holiday
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- 21 July 2025
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Jul
21public holiday
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