Macroeconomics and Monetary Policy

Friday, March 4, 2016
Federal Reserve Bank of San Francisco
Janet Yellen Conference Center, First Floor
101 Market Street
San Francisco, CA 94105

Welcoming Remarks
John Williams, President, Federal Reserve Bank of San Francisco
Morning Session Chair: Sylvain Leduc, Federal Reserve Bank of San Francisco
Endogenous Technology Adoption and R&D as Sources of Business Cycle Persistence
  • Diego Anzoategui, New York University
  • Diego Comin, Dartmouth University
  • Mark Gertler, New York University
  • Joseba Martinez, New York University
Discussants:
  • Christopher Tonetti, Stanford University
  • Robert Hall, Stanford University
Download paper (pdf, 592 kb)
Download author presentation (Anzoategui, Comin, Gertler & Martinez) (pdf, 488 kb)
Download discussion presentation (Tonetti) (pdf, 106 kb)
Download discussion presentation (Hall) (pdf, 520 kb)
Cost-Benefit Analysis of Leaning against the Wind: Are Costs Always Larger Than Benefits, and Even More So with a Less Effective Macroprudential Policy?
  • Lars Svensson, Stockholm School of Economics
Discussants:
  • Loretta Mester, Federal Reserve Bank of Cleveland
  • Nellie Liang, Board of Governors of the Federal Reserve System
Download paper (pdf, 2 mb)
Download author presentation (Svensson) (pdf, 961 kb)
Download discussion presentation (Mester) (pdf, 256 kb)
Download discussion presentation (Liang) (pdf, 418 kb)
Afternoon Session Chair: Òscar Jordà, Federal Reserve Bank of San Francisco
Resurrecting the Role of the Product Market Wedge in Recessions
  • Mark Bils, University of Rochester
  • Peter Klenow, Stanford University
  • Benjamin Malin, Federal Reserve Bank of Minneapolis
Discussants:
  • Raphael Shoenle, Brandeis University
  • Susanto Basu, Boston College
Download paper (pdf, 611 kb)
Download author presentation (Bils, Klenow & Malin) (pdf, 957 kb)
Download discussion presentation (Schoenle) (pdf, 541 kb)
Download discussion presentation (Basu) (pdf, 23 kb)
The Dynamic Effects of Forward Guidance Shocks
  • Brent Bundick, Federal Reserve Bank of Kansas City
  • A. Lee Smith, Federal Reserve Bank of Kansas City
Discussants:
  • Silvia Miranda-Agrippino, Bank of England
  • James Hamilton, University of California San Diego
Download paper (pdf, 394 kb)
Download author presentation (Bundick & Smith) (pdf, 234 kb)
Download discussion presentation (Miranda-Agrippino) (pdf, 541 kb)
Download discussion presentation (Hamilton) (pdf, 91 kb)
Monetary Policy According to HANK
  • Greg Kaplan, Princeton University
  • Benjamin Moll, Princeton University
  • Gianluca Violante, New York University
Discussants:
  • Carl Walsh, University of California Santa Cruz
  • Yuriy Gorodnichenko, University of California Berkeley
Download paper (pdf, 746 kb)
Download author presentation (Kaplan, Moll & Violante) (pdf, 252 kb)
Download discussion presentation (Walsh) (pdf, 381 kb)
Download discussion presentation (Gorodnichenko) (pdf, 263 kb)
Reception
West Market Street Lounge, Fourth Floor
Dinner
Market Street Dining Room, Fourth Floor

Introduction
John Williams, President, Federal Reserve Bank of San Francisco

Speaker
Doug Elmendorf, Dean, Harvard Kennedy School