Macroeconomics and Monetary Policy

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

Session 1: Average Inflation Targeting: Time Inconsistency and Intentional Ambiguity

Chair: Andrew Foerster, Federal Reserve Bank of San Francisco
Authors: Chengcheng Jia, Federal Reserve Bank of Cleveland
Cynthia Wu, University of Notre Dame
Discussants: Chen Lian, University of California at Berkeley
Luba Petersen, Simon Fraser University

Download paper (Wu) (pdf, 577 kb)
Download slides (Wu) (pdf, 416 kb)
Download slides (Lian) (pdf, 256 kb)
Download slides (Petersen) (pdf, 256 kb)
Watch the session 1 recording (video, 1:08:27)

We wish to acknowledge, with sadness, the sudden passing of Jasmina Arifovic, who was to be a discussant of our first paper. Our heartfelt condolences go out to her family, colleagues and friends. She will be greatly missed, but has left a legacy of excellence that will long be remembered.

Keynote Address: A world of difference: households, the pandemic and monetary policy

Introduction: Sylvain Leduc, Federal Reserve Bank of San Francisco
Speaker: Sharon Kozicki, Deputy Governor, Bank of Canada

Download slides (Kozicki) (pdf, 1.31 mb)
Watch the keynote address (video, 45:48)

Session 2: A quantity-based approach to constructing climate risk hedge portfolios

Chair: Fernanda Nechio, Federal Reserve Bank of San Francisco
Authors: Georgij Alekseev, NYU Stern
Stefano Giglio, Yale University
Quinn Maingi, NYU Stern
Julia Selgrad, NYU Stern
Johannes Stroebel, NYU Stern
Discussants: Michael Barnett, Arizona State University
Annette Vissing-Jorgensen, University of California at Berkeley

Download paper (Stroebel) (pdf, 698 kb)
Download slides (Stroebel) (pdf, 7.43 mb)
Download slides (Barnett) (pdf, 686 kb)
Download slides (Vissing-Jorgensen) (pdf, 981 kb)
Watch the session 2 recording (video, 1:03:09)

Session 3: Changing income risk across the US skill distribution: Evidence from a generalized Kalman filter

Chair: Huiyu Li, Federal Reserve Bank of San Francisco
Authors: J. Carter Braxton, University of Wisconsin
Kyle Herkenhoff, Federal Reserve Bank of Minneapolis
Jonathan Rothbaum, US Census Bureau
Lawrence Schmidt, MIT
Discussants: Gianluca Violante, Princeton University
Elena Manresa, New York University

Download paper (Herkenhoff) (pdf, 1.05 mb)
Watch the session 3 recording (video, 1:04:19)

Session 4: What Can Stockouts Tell Us About Inflation? Evidence from Online Micro Data

Chair: Nicolas Petrosky-Nadeau, Federal Reserve Bank of San Francisco
Authors: Alberto Cavallo, Harvard Business School
Oleksiy Kryvtsov, Bank of Canada
Discussants: Mary Amiti, Federal Reserve Bank of New York
Virgiliu Midrigan, New York University

Download paper (Kryvstov) (pdf, 1.13 mb)
Download slides (Kryvstov) (pdf, 1.61 mb)
Download slides (Amiti) (pdf, 322 kb)
Download slides (Midrigan) (pdf, 203 kb)
Watch the session 4 recording (video, 1:07:44)

Scheduled session speakers in bold.