📢 The iCEBDA Econometric seminar

Join us on June 5, 2026 at 16:00 (Moscow time, online via Zoom) for a research seminar by

🎓 Fabrizio Ghezzi - University of California San Diego

Talk: "Measuring Main Street from Wall Street"

While much of the existing macro-finance literature focuses on how stock markets respond to macroeconomic news, this seminar addresses the reverse question: what can stock market reactions reveal about the state of the real economy? The speaker decomposes asset returns into short- and long-run components, employs high-frequency return reactions to macroeconomic releases as an identification mechanism, and demonstrates that the resulting daily market-implied expectations closely track real economic indicators when aggregated to weekly, monthly, and quarterly frequencies.

🔗 Register here: https://economics.hse.ru/bigdata/seminars