Macroeconomics and Monetary Policy
Friday, March 31, 2023
Federal Reserve Bank of San Francisco
Portland Conference Room
Morning Session Chair: Huiyu Li, Federal Reserve Bank of San Francisco
Optimal Policy Rules in HANK
Authors: Alisdair McKay, Federal Reserve Bank of Minneapolis
Christian K. Wolf, MIT and NBER
Discussants: Adrien Auclert, Stanford University, NBER, and CEPR
Sushant Acharya, Bank of Canada and CEPR
Download paper (McKay) (pdf, 1.34 mb)
Labor Market Shocks and Monetary Policy
Authors: Serdar Birinci, Federal Reserve Bank of St. Louis
Fatih Karahan, Amazon
Yusuf Mercan, University of Melbourne
Kurt See, Bank of Canada
Discussants: Leena Rudanko, Federal Reserve Bank of Philadelphia
Masao Fukui, Boston University
Download paper (Birinci) (pdf, 1.29 mb)
Afternoon Session Chair: Andrew Foerster, Federal Reserve Bank of San Francisco
Back to the 1980s or Not? The Drivers of Real and Inflation Risks in Treasury Bonds
Authors: Carolin Pflueger, University of Chicago, NBER, and CEPR
Discussants: Martin Lettau, University of California-Berkeley, NBER, and CEPR
Stefania D’Amico, Federal Reserve Bank of Chicago
Download paper (Pflueger) (pdf, 1.43 mb)
Long Run Inflation Expectations
Authors: Jonas Fisher, Federal Reserve Bank of Chicago
Leonardo Melosi, Federal Reserve Bank of Chicago and CEPR
Sebastian Rast, De Nederlandsche Bank
Discussants: Mark Watson, Princeton University and NBER
Yuriy Gorodnichenko, University of California-Berkeley, NBER, and CEPR
Download paper (Rast) (pdf, 4.39 mb)
Policymakers’ Uncertainty
Authors: Anna Cieslak, Duke University, NBER, and CEPR
Stephen Hansen, Imperial College London and CEPR
Michael McMahon, University of Oxford, CEPR, and CfM (LSE)
Song Xiao, London School of Economics
Discussants: Stefano Eusepi, University of Texas-Austin
Ulrike Malmendier, University of California-Berkeley, NBER and CEPR
Download paper (McMahon) (pdf, 1.24 mb)
Dinner – Market Street Dining Room, Fourth Floor
Introduction: Sylvain Leduc, Director of Economic Research, Federal Reserve Bank of San Francisco
Speaker: Christopher Waller, Governor, Federal Reserve Board
Livestream of Governor Waller’s speech
Scheduled session speakers in bold.