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
Download paper (Traum) (pdf, 260 kb)
Pablo Guerron, Boston College
Download paper (Guerron) (pdf, 2 mb)
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) (pdf, 1 mb)
Discussants:
Quentin Vandeweyer, University of Chicago
Download paper (Vandeweyer) (pdf, 288 kb)
Roc Armenter, Federal Reserve Bank of Philadelphia
Download paper (Armenter) (pdf, 2 mb)
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 (Maggiori) (pdf, 2 mb)
Discussants:
Matteo Iacoviello, Federal Reserve Board
Download paper (Iacoviello) (pdf, 3 mb)
Ina Simonovska, University of California – Davis
Download paper (Simonovska) (pdf, 539 kb)
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 (Hazell) (pdf, 867 kb)
Discussants:
Lu Liu, University of Pennsylvania
Download paper (Liu) (pdf, 713 kb)
Adrien Auclert, Stanford University
Download paper (Auclert) (pdf, 1 mb)
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, 699 kb)
Discussants:
Giorgio Topa, Federal Reserve Bank of New York
Download paper (Topa) (pdf, 497 kb)
Yuriy Gorodnichenko, University of California – Berkeley
Download paper (Gorodnichenko) (pdf, 2 mb)