Macroeconomics and Monetary Policy

Welcoming Remarks
Mary C. Daly, President and CEO, Federal Reserve Bank of San Francisco

Session 1: The People versus the Markets: A Parsimonious Model of Inflation Expectations

Chair: Andrew Foerster, Federal Reserve Bank of San Francisco
Authors: Ricardo Reis, London School of Economics
Discussants: Fernanda Nechio, Banco Central do Brasil
Ulrike M. Malmendier, University of California, Berkeley

Download paper (Reis) (pdf, 820 kb)

Download slides (Reis) (pdf, 647 kb)

Download discussion slides (Nechio) (pdf, 671 kb)
Watch the session 1 recording (video, 1:15:05)

Keynote Address: Response to the Covid-19 pandemic: UK and US Experiences

Introduction: Sylvain Leduc, Federal Reserve Bank of San Francisco
Speaker: Silvana Tenreyro, London School of Economics and external member of the Monetary Policy Committee, Bank of England

Download slides (Tenreyro) (pdf, 438 kb)
Watch the keynote address (video, 51:50)

Session 2: Optimal Monetary Policy in Production Networks

Chair: Andrew Foerster, Federal Reserve Bank of San Francisco
Authors: Jennifer La’O, Columbia University
Alireza Tahbaz-Salehi, Kellogg School of Management, Northwestern University
Discussants: Andrea Ferrero, University of Oxford
Mathieu Taschereau-Dumouchel, Cornell University

Download paper (La’O) (pdf, 487 kb)

Download slides (La’O) (pdf, 398 kb)

Download discussion slides (Ferrero) (pdf, 398 kb)

Download discussion slides (Taschereau-Dumouchel) (pdf, 4.3 mb)
Watch the session 2 recording (video, 1:03:35)

Session 3: The Micro Anatomy of Macro Consumption Adjustments

Chair: Nicolas Petrosky-Nadeau, Federal Reserve Bank of San Francisco
Authors: Rafael Guntin, New York University
Pablo Ottonello, University of Michigan
Diego Perez, New York University
Discussants: Corina Boar, New York University
Guido Lorenzoni, Northwestern University

Download paper (Perez) (pdf, 1.33 mb)

Download slides (Perez) (pdf, 2.15 mb)

Download discussion slides (Boar) (pdf, 215 kb)

Download discussion slides (Lorenzoni) (pdf, 2.07 mb)
Watch the session 3 recording (video, 1:06:15)

Session 4: Sovereign Default and the Decline in Interest Rates

Chair: Nicolas Petrosky-Nadeau, Federal Reserve Bank of San Francisco
Authors: Max Miller, The Wharton School, University of Pennsylvania
James D. Paron, The Wharton School, University of Pennsylvania
Jessica A Wachter, The Wharton School, University of Pennsylvania
Discussants: Carolin Pflueger, Harris School of Public Policy, University of Chicago
Cristina Arellano, Federal Reserve Bank of Minneapolis

Download paper (Wachter) (pdf, 979 kb)

Download slides (Wachter) (pdf, 398 kb)

Download discussion slides (Pflueger) (pdf, 10.8 mb)

Download discussion slides (Arellano) (pdf, 334 kb)
Watch the session 4 recording (video, 55:55)

Scheduled session speakers in bold.