Friday, Mar 27, 2026
Continental Breakfast at 7:30 a.m. PT
Sessions begin at 8:30 a.m. PT
Federal Reserve Bank of San Francisco
San Francisco, CA
Morning Session Chair: Fernanda Nechio
Introduction
Speaker:
Mary C. Daly, President and CEO, Federal Reserve Bank of San Francisco
Remarks
Speaker:
Anna Paulson, President and CEO, Federal Reserve Bank of Philadelphia
The Austerity Threshold
Authors:
Vadim Elenev, Johns Hopkins University
Tim Landvoigt, University of Pennsylvania
Stijn Van Nieuwerburgh, Columbia University
Download paper (Landvoigt) (pdf, 1 mb)
Discussants:
Nora Traum, HEC Montreal
Pablo Guerron, Boston College
Fluctuations in the Treasury General Account and their effect on the Fed’s balance sheet
Authors:
Annette Vissing-Jorgensen, Federal Reserve Board
Download paper (Vissing-Jorgensen) (pdf, 1 mb)
Discussants:
Quentin Vandeweyer, University of Chicago
Roc Armenter, Federal Reserve Bank of Philadelphia
Afternoon Session Chair: Huiyu Li
Geoeconomic Pressure
Authors:
Christopher Clayton, Yale University
Antonio Coppola, Stanford University
Matteo Maggiori, Stanford University
Jesse Schreger, Columbia University
Download paper (Coppola) (pdf, 2 mb)
Discussants:
Matteo Iacoviello, Federal Reserve Board
Ina Simonovska, University of California – Davis
How Do Interest Rates Affect Consumption? The Household Debt Channel
Authors:
Angus Foulis, Bank of England
Jonathon Hazell, London School of Economics
Atif Mian, Princeton University
Belinda Tracey, Bank of England
Download paper (Mian) (pdf, 2 mb)
Discussants:
Lu Liu, University of Pennsylvania
Adrien Auclert, Stanford University
Final Session Chair: Andrew Foerster
Monetary Policy without an Anchor
Authors:
Luigi Bocola, Stanford University
Alessandro Dovis, University of Pennsylvania
Kasper Jorgensen, European Central Bank
Rishabh Kirpalani, University of Wisconsin
Download paper (Bocola) (pdf, 694 kb )
Discussants:
Giorgio Topa, Federal Reserve Bank of New York
Yuriy Gorodnichenko, University of California – Berkeley