Vienna Joint Economics Seminar - November 2025

Upcoming speakers in November: Andrea Weber (CEU), Nicolas Schutz (U. of Mannheim), Tomohiro Hirano (Royal Holloway, U. of London)

Speaker: Tomohiro Hirano (Royal Holloway, University of London)
Title: Technological Innovation and Bursting Bubbles
Time: Thursday, Nov. 27, 1:15 – 2:45 pm
Location: Lecture Hall 9 (1-floor), OMP-1
Abstract: We present a macro-finance model with innovation and knowledge spillover. Skilled agents engage in R&D activities (establish firms) or work in the knowledge-intensive sector. Unskilled agents work in the traditional sector. Knowledge spillover from innovations to the two sectors is initially high and uneven (unbalanced growth), but eventually weakens and equalizes (balanced growth). A rational stock bubble (prices exceed fundamentals) necessarily emerges, even though it is expected to burst with regime switching. Despite the inevitable collapse, stock bubbles and technological innovation reinforce each other and lead to permanently higher output and wages because technologies developed during the bubble era prevail.

Speaker: Ralf Martin (CEPR)
Title: Innovation in Green Technologies: An opportunity for business in low and medium income countries?
Time: Thursday, Nov. 6, 1:15 – 2:45 pm
Location: Lecture Hall 9 (1-floor), OMP-1
Abstract: Emerging market economies are claiming a rising share of trade in products associated with the new technologies that help reduce pollution, limit greenhouse gas emissions, and help mitigate the impact of extreme weather. Indeed, technological advances and falling costs in areas such as renewable energy, are helping developing economies close in on high-income countries’ dominance of the sector, new research from IFC shows. To continue to capitalize on opportunities in this area, low- and middle-income countries will need the help of sound policy making and increased investment in research, presenting a key opportunity to international investors.