Macroeconomics and Monetary Policy


Friday, March 31, 2017


Federal Reserve Bank of San FranciscoJanet Yellen Conference Center, First Floor
101 Market Street
San Francisco, CA94105

Welcoming Remarks:
John C. Williams, President, Federal Reserve Bank of San Francisco

Morning Session Chair: Nicolas Petrosky-Nadeau, Federal Reserve Bank of San Francisco

Achieving Price Stability by Manipulating the Central Bank’s Payment on Reserves

Robert E. Hall, Stanford University
Ricardo A. M. R. Reis, London School of Economics

Andrew G. Atkeson, UCLA
Narayana R. Kocherlakota, University of Rochester

Download paper (pdf, 322 kb)
Download slides (pdf, 162 kb)

Download discussion slides (Kocherlakota) (pdf, 135 kb)
Download discussion slides (Atkeson) (pdf, 331 kb)
Download supporting materials (Atkeson) (pdf, 187 kb)

Should Unconventional Monetary Policies Become Conventional?

Dominic Quint, Deutsche Bundesbank
Pau Rabanal, International Monetary Fund

Annette Vissing-Jorgensen, U. C. Berkeley
Marco Del Negro, Federal Reserve Bank of New York

Download paper (pdf, 427 kb)
Download slides (pdf, 333 kb)

Download discussion slides (Vissing-Jorgensen) (pdf, 667 kb)
Download discussion slides (Del Negro) (pdf, 1002 kb)

Afternoon Session Chair: John G. Fernald, Federal Reserve Bank of San Francisco

Inflation at the Household Level

Sam Schulhofer-Wohl, Federal Reserve Bank of Chicago
Greg Kaplan, University of Chicago

Bart Hobijn, Arizona State University
Peter J. Klenow, Stanford University

Download paper (pdf, 426 kb)
Download slides (pdf, 458 kb)

Download discussion slides (Hobijn) (pdf, 1 mb)
Download discussion slides (Klenow) (pdf, 218 kb)

Allocative and Remitted Wages: New Facts and Challenges for Keynesian Models

Susanto Basu, Boston College
Christopher L. House, University of Michigan

Robert G. King, Boston University
Marianna Kudlyak, Federal Reserve Bank of San Francisco

Download paper (pdf, 887 kb)
Download slides (pdf, 433 kb)

Download discussion slides (King) (pdf, 339 kb)
Download discussion slides (Kudlyak) (pdf, 435 kb)

A Macroeconomic Model with Financially Constrained Producers and Intermediaries

Tim Landvoigt, University of Texas, Austin
Vadim Elenev, New York University, Stern School of Business
Stjin Van Nieuwerburgh, New York University, Stern School of Business

Sebastián Di Tella, Stanford Graduate School of Business
Simon G. Gilchrist, Boston University

Download paper (pdf, 653 kb)
Download slides (pdf, 449 kb)

Download discussion slides (Di Tella) (pdf, 522 kb)
Download discussion slides (Gilchrist) (pdf, 706 kb)

Dinner – Market Street Dining Room, Fourth Floor

John C. Williams, President, Federal Reserve Bank of San Francisco

Andrew G. Haldane, Chief Economist, Bank of England