Macroeconomics and Monetary Policy Conference

Date

Friday, Mar 27, 2026

Time

Continental Breakfast at 7:30 a.m. PT

Sessions begin at 8:30 a.m. PT

Location

Federal Reserve Bank of San Francisco
San Francisco, CA

ADDITIONAL INFORMATION

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(190 KB)

Topics

Global EconomyGlobal Macroeconomics

Morning Session Chair: Fernanda Nechio

Introduction

Speaker:

Mary C. Daly, President and CEO, Federal Reserve Bank of San Francisco

Remarks

Speaker:

Anna Paulson, President and CEO, Federal Reserve Bank of Philadelphia

The Austerity Threshold

Authors:

Vadim Elenev, Johns Hopkins University

Tim Landvoigt, University of Pennsylvania
Stijn Van Nieuwerburgh, Columbia University

Download paper (Landvoigt) (pdf, 1 mb)

Discussants:

Nora Traum, HEC Montreal

Pablo Guerron, Boston College

Fluctuations in the Treasury General Account and their effect on the Fed’s balance sheet

Authors:

Annette Vissing-Jorgensen, Federal Reserve Board

Download paper (Vissing-Jorgensen) (pdf, 1 mb)

Discussants:

Quentin Vandeweyer, University of Chicago
Roc Armenter, Federal Reserve Bank of Philadelphia

Afternoon Session Chair: Huiyu Li

Geoeconomic Pressure

Authors:

Christopher Clayton, Yale University
Antonio Coppola, Stanford University

Matteo Maggiori, Stanford University

Jesse Schreger, Columbia University

Download paper (Coppola) (pdf, 2 mb)

Discussants:

Matteo Iacoviello, Federal Reserve Board
Ina Simonovska, University of California – Davis

How Do Interest Rates Affect Consumption? The Household Debt Channel

Authors:

Angus Foulis, Bank of England
Jonathon Hazell, London School of Economics

Atif Mian, Princeton University

Belinda Tracey, Bank of England

Download paper (Mian) (pdf, 2 mb)

Discussants:

Lu Liu, University of Pennsylvania
Adrien Auclert, Stanford University

Final Session Chair: Andrew Foerster

Monetary Policy without an Anchor

Authors:

Luigi Bocola, Stanford University
Alessandro Dovis, University of Pennsylvania

Kasper Jorgensen, European Central Bank

Rishabh Kirpalani, University of Wisconsin

Download paper (Bocola) (pdf, 694 kb )

Discussants:

Giorgio Topa, Federal Reserve Bank of New York
Yuriy Gorodnichenko, University of California – Berkeley

Reception