Friday, Oct 10, 2025
Federal Reserve Bank of San Francisco
San Francisco, CA
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