Friday, Mar 27, 2026
Continental Breakfast at 7:30 a.m. PT
Sessions begin at 8:30 a.m. PT
Federal Reserve Bank of San Francisco
San Francisco, CA
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)
Download slides (Landvoigt) (pdf, 1 mb)
Discussants:
Nora Traum, HEC Montreal
Download slides (Traum) (pdf, 260 kb)
Pablo Guerron, Boston College
Download slides (Guerron) (pdf, 2 mb)
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-Jorgenson) (pdf, 1 mb)
Download slides (Vissing) (pdf, 1 mb)
Discussants:
Quentin Vandeweyer, University of Chicago
Download slides (Vandeweyer) (pdf, 288 kb)
Roc Armenter, Federal Reserve Bank of Philadelphia
Download slides (Armenter) (pdf, 2 mb)
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
Download slides (Iacoviello) (pdf, 3 mb)
Ina Simonovska, University of California – Davis
Download slides (Simonovska) (pdf, 539 kb)
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 (Hazell) (pdf, 2 mb)
Download slides (Hazell) (pdf, 867 kb)
Discussants:
Lu Liu, University of Pennsylvania
Download slides (Liu) (pdf, 713 kb)
Adrien Auclert, Stanford University
Download slides (Auclert) (pdf, 1 mb)
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)
Download slides (Bocola) (pdf, 699 kb)
Discussants:
Giorgio Topa, Federal Reserve Bank of New York
Download slides (Topa) (pdf, 497 kb)
Yuriy Gorodnichenko, University of California – Berkeley
Download slides (Gorodnichenko) (pdf, 2 mb)