Macroeconomics and Monetary Policy


Friday, March 9, 2018


Federal Reserve Bank of San FranciscoJanet Yellen Conference Center, First Floor

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

Morning Session Chair:
Fernanda Nechio, Federal Reserve Bank of San Francisco

Inference in SVAR When Identifying Assumptions Are Not Fully Believed: Re-evaluating the Role of Monetary Policy and Economic Fluctuations
Christiane Baumeister, University of Notre-Dame
James Hamilton, University of California San Diego

Discussants: Juan Rubio-Ramírez, Emory University
Kenneth West, University of Wisconsin 

Download paper (pdf, 948 kb)

Macroeconomic Fluctuations with HANK and SAM: An Analytical Approach
Morten Ravn, University College London
Vincent Sterk, University College London

Discussants: Sylvain Leduc, Bank of Canada
Paolo Pesenti, Federal Reserve Bank of New York

Download paper (pdf, 719 kb)

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

The L-Shaped Phillips Curve: Theoretical Justification and Empirical Implications
Narayana Kocherlakota, University of Rochester

Discussants: Marco Basseto, Federal Reserve Bank of Chicago
Martin Eichenbaum, Northwestern University

Download paper (pdf, 640 kb)

Permanent Income Inequality
Brant Abbott, Queen’s University
Giovanni Gallipoli, University of British Columbia

Discussants: Mark Bils, University of Rochester
Luigi Pistaferri, Stanford University

Download paper (pdf, 778 kb)

Money Markets, Collateral and Monetary Policy
Fiorella de Fiore, European Central Bank
Marie Hoerova, European Central Bank
Harald Uhlig, University of Chicago

Discussants: Juliane Begenau, Stanford University
Nicolas Caramp, University of California Davis

Download paper (pdf, 2.2 mb)

Market Street Dining Room, Fourth Floor

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

Alan B. Krueger, Bendheim Professor of Economics and Public Affairs at Princeton University