Macroeconomics and Monetary Policy

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.