2nd Annual Conference on Macro-Finance Research

Date

Friday, Oct 10, 2025

Location

Federal Reserve Bank of San Francisco
San Francisco, CA

Topics

Central BanksFinancial MarketsMacroeconomicsMonetary Policy

Welcome Remarks

Speaker:

Sylvain Leduc, Director of Research and Executive Vice President, Federal Reserve Bank of San Francisco

Paper Session: Banking and Monetary Policy

Chair:

Pascal Paul, Federal Reserve Bank of San Francisco

Banks and the State-Dependent Effects of Monetary Policy

Authors:

Martin Eichenbaum, Northwestern University
Federico Puglisi, Bank of Italy
Sergio Rebelo, Northwestern University
Mathias Trabandt, Goethe University Frankfurt

Discussant:

Juliane Begenau, Stanford University

Download paper (pdf, 6 mb)

What does it Take? Quantifying Cross-Country Transfers in the Eurozone

Authors:

YiLi Chien, Federal Reserve Bank of St. Louis
Zhengyang Jiang, Northwestern Kellogg
Matteo Leombroni, Boston College
Hanno Lustig, Stanford University

Discussant:

John Cochrane, Hoover Institution, Stanford University

Download paper (pdf, 433 kb)

Paper Session: Beliefs and Asset Pricing

Chair:

Michael Bauer, Federal Reserve Bank of San Francisco

Heterogeneous Beliefs, Asset Prices, and Business Cycles

Authors:

Saki Bigio, University of California, Los Angeles
Dejanir Silva, Purdue University
Eduardo Zilberman, Pontifical Catholic University of Rio de Janeiro

Discussant:

Pablo Kurlat, University of Southern California

Download paper (pdf, 857 kb)

Long-Short Interest Rate Confusion

Authors:

Kelly Shue, Yale School of Management
Richard Townsend, University of California, San Diego
Chen Wang, University of Notre Dame

Discussant:

Jonathan Wright, Johns Hopkins University

Download paper (pdf, 3 mb)

Keynote Session

Chair:

Pascal Paul, Federal Reserve Bank of San Francisco

Banking on Deposits

Author:

Philipp Schnabl, New York University Stern School of Business

Paper Session: International Finance

Chair:

Thomas Mertens, Federal Reserve Bank of San Francisco

Global Hegemony and Exorbitant Privilege

Authors:

Carolin Pflueger, University of Chicago
Pierre Yared, Columbia Business School

Discussant:

Antonio Coppola, Stanford University

Download paper (pdf, 1 mb)

Contract Enforcement and Young Firm Capital Structure: A
Global Perspective

Authors:

Gonzalo Basante, University of New Hampshire
Ina Simonovska, University of California, Davis

Discussant:

Juliana Salomao, University of Minnesota

Download paper (pdf, 2 mb)

Janet Yellen Award Ceremony

Chair:

Michael Bauer, Federal Reserve Bank of San Francisco

Presentation of Janet Yellen Award for Monetary Research

Award Speech by Recipient

Reception