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)

Download slides (McKay) (pdf, 838 kb)

Download slides (Auclert) (pdf, 434 kb)

Download slides (Acharya) (pdf, 257 kb)

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)

Download slides (Birinci) (pdf, 1.47 mb)

Download slides (Rudanko) (pdf, 486 kb)

Download slides (Fukui) (pdf, 491 kb)

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)

Download slides (Pflueger) (pdf, 3.74 mb)

Download slides (Lettau) (pdf, 223 kb)

Download slides (D’Amico) (pdf, 953 kb)

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)

Download slides (Rast) (pdf, 2.49 mb)

Download slides (Watson) (pdf, 384 kb)

Download slides (Gorodnichenko) (pdf, 2.93 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)

Download slides (McMahon) (pdf, 2.56 mb)

Download slides (Eusepi) (pdf, 1.23 mb)

Download slides (Malmendier) (pdf, 512 kb)

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

Download slides (Waller) (pdf, 596 kb)

Scheduled session speakers in bold.