Spring 2025 Midwest Macroeconomics Meeting

May 16, 2025
Time	Location	Event
12:00 to 13:00		Conference Registration
13:00 to 14:30		Parallel Sessions I
14:30 to 15:00	Mezzanine	Coffee Break
15:00 to 16:30		Parallel Sessions II
16:30 to 17:00	Mezzanine	Coffee Break
17:00 to 18:00	Liberty	Plenary talk: Yan Bai (University of Rochester)
18:00 to 20:00	Money Museum	Reception
May 17, 2025
Time	Location	Event
08:00 to 09:00	Mezzanine	Breakfast
09:00 to 10:30		Parallel Sessions III
10:30 to 11:00	Mezzanine	Coffee Break
11:00 to 12:30		Parallel Sessions IV
12:30 to 14:00	Mezzanine	Lunch
14:00 to 15:30		Parallel Sessions V
15:30 to 16:00	Mezzanine	Coffee Break
16:00 to 17:30		Parallel Sessions VI
17:30 to 18:00	Mezzanine	Coffee Break
18:00 to 19:00	Liberty	Plenary talk: Amir Sufi (U Chicago)
19:00 to 21:00	Liberty	Conference Dinner
May 18, 2025
Time	Location	Event
08:00 to 09:00	Mezzanine	Breakfast
09:00 to 10:30		Parallel Sessions VII
10:30 to 11:00	Mezzanine	Coffee Break
11:00 to 12:30		Parallel Sessions VIII

Summary of All Sessions
Click here for an index of all participants

#	Date/Time	Type	Title/Location	Papers
1	May 16, 2025 13:00-14:30	invited	Applications of AI in Economics     Location: Ozark	3
2	May 16, 2025 13:00-14:30	invited	Macroeconomics and demographics     Location: Rocky Mountain	3
3	May 16, 2025 13:00-14:30	invited	Housing and family economics     Location: Chimney Rock	3
4	May 16, 2025 13:00-14:30	invited	Macro Finance I     Location: Jo Zack	3
5	May 16, 2025 13:00-14:30	invited	Exchange Rates     Location: Kansas City	3
6	May 16, 2025 13:00-14:30	invited	Central Bank Information Effects     Location: Flint Hills	3
7	May 16, 2025 13:00-14:30	invited	Monetary Policy Transmission I     Location: Red River	3
8	May 16, 2025 13:00-14:30	invited	Income Risk     Location: Jackson Hole	3
9	May 16, 2025 15:00-16:30	invited	Housing Supply     Location: Red River	3
10	May 16, 2025 15:00-16:30	invited	Technology II     Location: Kansas City	3
11	May 16, 2025 15:00-16:30	invited	Labor Market Policies     Location: Chimney Rock	3
12	May 16, 2025 15:00-16:30	invited	Macro Finance II     Location: Jackson Hole	3
13	May 16, 2025 15:00-16:30	invited	Factor Shares     Location: Ozark	3
14	May 16, 2025 15:00-16:30	invited	Trade Policy     Location: Rocky Mountain	3
15	May 16, 2025 15:00-16:30	invited	Monetary Policy and Supply Shocks     Location: Jo Zack	2
16	May 16, 2025 15:00-16:30	invited	Business Cycles and Inflation     Location: Flint Hills	3
17	May 17, 2025 9:00-10:30	invited	Macro Trends     Location: Kansas City	3
18	May 17, 2025 9:00-10:30	invited	Forecasting     Location: Chimney Rock	3
19	May 17, 2025 9:00-10:30	invited	Macro Finance III     Location: Jo Zack	3
20	May 17, 2025 9:00-10:30	invited	Global Risks and Economic Dynamics     Location: Ozark	3
21	May 17, 2025 9:00-10:30	invited	Financial intermediaries and monetary transmission     Location: Rocky Mountain	3
22	May 17, 2025 9:00-10:30	invited	Sudden Stops     Location: Red River	3
23	May 17, 2025 9:00-10:30	invited	Public Debt     Location: Jackson Hole	3
24	May 17, 2025 9:00-10:30	invited	Heterogeneity and Policy     Location: Flint Hills	3
25	May 17, 2025 11:00-12:30	invited	Equilibrium Dynamics of Locations and Firms     Location: Ozark	3
26	May 17, 2025 11:00-12:30	invited	Trade, Policy, and Market Distortions     Location: Jo Zack	3
27	May 17, 2025 11:00-12:30	invited	Bank lending/credit supply     Location: Kansas City	3
28	May 17, 2025 11:00-12:30	invited	Finance and Investment     Location: Jackson Hole	3
29	May 17, 2025 11:00-12:30	invited	Debt, Default, and Foreign Exchange Reserves     Location: Chimney Rock	2
30	May 17, 2025 11:00-12:30	invited	Monetary theory     Location: Flint Hills	3
31	May 17, 2025 11:00-12:30	invited	Fiscal Policy: Models and Theory     Location: Rocky Mountain	3
32	May 17, 2025 11:00-12:30	invited	Housing, Credit, and Wealth     Location: Red River	3
33	May 17, 2025 14:00-15:30	invited	Capital Structure and Financial Innovation     Location: Flint Hills	3
34	May 17, 2025 14:00-15:30	invited	Micro to Macro     Location: Chimney Rock	3
35	May 17, 2025 14:00-15:30	invited	Finance and Expectations     Location: Ozark	3
36	May 17, 2025 14:00-15:30	invited	International asset pricing and exchange rates     Location: Kansas City	3
37	May 17, 2025 14:00-15:30	invited	Externalities and Complementarities     Location: Red River	3
38	May 17, 2025 14:00-15:30	invited	Unemployment Insurance     Location: Rocky Mountain	3
39	May 17, 2025 14:00-15:30	invited	Monetary Policy and Structural Change     Location: Jo Zack	3
40	May 17, 2025 14:00-15:30	invited	Taxes and Government Spending     Location: Jackson Hole	3
41	May 17, 2025 16:00-17:30	invited	Earnings Taxation     Location: Jackson Hole	3
42	May 17, 2025 16:00-17:30	invited	Human Capital     Location: Rocky Mountain	3
43	May 17, 2025 16:00-17:30	invited	Asset Pricing     Location: Jo Zack	3
44	May 17, 2025 16:00-17:30	invited	Sovereign debt and financial market development     Location: Kansas City	3
45	May 17, 2025 16:00-17:30	invited	Firm Dynamics, Heterogeneity, and Growth     Location: Red River	3
46	May 17, 2025 16:00-17:30	invited	Advanced Economy Monetary Policy     Location: Chimney Rock	3
47	May 17, 2025 16:00-17:30	invited	Monetary Policy: Expectations & Surveys     Location: Flint Hills	3
48	May 17, 2025 16:00-17:30	invited	Monetary and Fiscal Policy Interactions     Location: Ozark	3
49	May 18, 2025 9:00-10:30	invited	Housing and Macro     Location: Ozark	3
50	May 18, 2025 9:00-10:30	invited	Macro/labor Empirics     Location: Rocky Mountain	3
51	May 18, 2025 9:00-10:30	invited	Labor Market Shocks     Location: Flint Hills	3
52	May 18, 2025 9:00-10:30	invited	Macro Shock Propagation     Location: Jackson Hole	3
53	May 18, 2025 9:00-10:30	invited	Portfolio allocation and financial stability     Location: Chimney Rock	3
54	May 18, 2025 9:00-10:30	invited	International Spillovers     Location: Kansas City	3
55	May 18, 2025 9:00-10:30	invited	Monetary Policy without Rational Expectations     Location: Jo Zack	3
56	May 18, 2025 11:00-12:30	invited	Market Power     Location: Rocky Mountain	2
57	May 18, 2025 11:00-12:30	invited	Technology I     Location: Flint Hills	3
58	May 18, 2025 11:00-12:30	invited	Firm and Worker Heterogeneity     Location: Chimney Rock	3
59	May 18, 2025 11:00-12:30	invited	Financial stability     Location: Ozark	3
60	May 18, 2025 11:00-12:30	invited	Monetary Policy Transmission II     Location: Jackson Hole	3
61	May 18, 2025 11:00-12:30	invited	Trade Patterns     Location: Jo Zack	2
62	May 18, 2025 11:00-12:30	invited	Unconventional Monetary Policy     Location: Kansas City	3

 

62 sessions, 182 papers, and 0 presentations with no associated papers

Spring 2025 Midwest Macroeconomics Meeting
Detailed List of Sessions

Session 1: Applications of AI in Economics May 16, 2025 13:00 to 14:30 Location: Ozark
Session Chair: Sophia Kazinnik, Stanford
Session type: invited
Artificial Self-Insurance for Heterogeneous Households Using GQ-learning
Presented by: Xueqing Yang, University of Miami
Reading between Lines: Measuring Macroeconomic Narratives from Texts using Large Language Models
Presented by: Chenyu Hou, Simon Fraser University
Simulating the Survey of Professional Forecasters
Presented by: Sophia Kazinnik, Stanford
Session 2: Macroeconomics and demographics May 16, 2025 13:00 to 14:30 Location: Rocky Mountain
Session Chair: Benjamin Griffy, University at Albany, SUNY
Session type: invited
Market Power for Home Production Substitutes and Female Labor Supply
Presented by: Stanislav Rabinovich, University of North Carolina - Chapel Hi
Monetary Policy and Racial Inequality in Housing Markets
Presented by: Qi Li, Pennsylvania State University
Beliefs and Affirmative Action in Employment
Presented by: Benjamin Griffy, University at Albany, SUNY
Session 3: Housing and family economics May 16, 2025 13:00 to 14:30 Location: Chimney Rock
Session Chair: Ivan Vidangos, Federal Reserve Board
Session type: invited
Implications of Eviction Enforcement for Household Formation and Home-Ownership
Presented by: Jacob Shepard, Arizona State University
Work from Home and Spatial Misallocation
Presented by: Mikhail Zavarzin, University of Pittsburgh
Marriage Dynamics, Earnings Dynamics, and Lifetime Family Income
Presented by: Ivan Vidangos, Federal Reserve Board
Session 4: Macro Finance I May 16, 2025 13:00 to 14:30 Location: Jo Zack
Session Chair: Horacio Sapriza, Federal Reserve Bank of Richmond
Session type: invited
Decoding Equity Market Reactions to Macroeconomic News
Presented by: Michele Modugno, Federal Reserve Board
The Term Structure of Monetary Policy News
Presented by: Jonathan Adams, University of Florida
Credit market sentiment: Estimation and macroeconomic implications
Presented by: Horacio Sapriza, Federal Reserve Bank of Richmond
Session 5: Exchange Rates May 16, 2025 13:00 to 14:30 Location: Kansas City
Session Chair: Nils Mattis Gornemann, Federal Reserve Board
Session type: invited
Real Exchange Rate Fluctuations and Non-Homothetic Preferences
Presented by: Kanda Naknoi, University of Connecticut
Real Exchange Rates and the Global Financial Cycle
Presented by: Scott Davis, Federal Reserve Bank of Dallas
Exchange Rate Disconnect and the Trade Balance
Presented by: Nils Mattis Gornemann, Federal Reserve Board
Session 6: Central Bank Information Effects May 16, 2025 13:00 to 14:30 Location: Flint Hills
Session Chair: Melanie Friedrichs, Office of Financial Research
Session type: invited
Global Monetary Policy Surprises and Central Bank Information Effects
Presented by: Christopher Cotton, Federal Reserve Bank of Boston
The Fed Information Effect and the Profitability Channel of Monetary Policy: Evidence and Theory
Presented by: Linghang Zeng, Babson College
The Current Month Fed Info Effect
Presented by: Melanie Friedrichs, Office of Financial Research
Session 7: Monetary Policy Transmission I May 16, 2025 13:00 to 14:30 Location: Red River
Session Chair: Jingbo Yao, Hong Kong University of Science and Technology
Session type: invited
Shocks, Frictions, and Policy Regimes: Understanding Inflation after the COVID-19 Pandemic
Presented by: Choongryul Yang, Federal Reserve Board
Cyclical Returns to Scale and the Slopes of the Phillips Curves
Presented by: ChaeWon Baek, Tufts University
The International Spillover of Monetary Policy Shock: New Evidence from Nighttime Light
Presented by: Jingbo Yao, Hong Kong University of Science and Technology
Session 8: Income Risk May 16, 2025 13:00 to 14:30 Location: Jackson Hole
Session Chair: Juan Sanchez, Federal Reserve Bank of St. Louis
Session type: invited
Consumption Partial Insurance in the Presence of Tail Income Risk
Presented by: Alexandros Theloudis, Tilburg University
A Tractable Income Process for Business Cycle Analysis
Presented by: Conor Ryan, The Pennsylvania State University
Persistent or Temporary? How Earnings Shock Misperception Leads to Household Financial Distress
Presented by: Juan Sanchez, Federal Reserve Bank of St. Louis
Session 9: Housing Supply May 16, 2025 15:00 to 16:30 Location: Red River
Session Chair: Joseph Kopecky, Trinity College Dublin
Session type: invited
Mass Production of Houses in Factories in the United States: The First and Only “Experiment” Was a Tremendous Success
Presented by: Elena Falcettoni, Board of Governors of the Federal Reserve System
Land Development and Frictions to Housing Supply over the Business Cycle
Presented by: Hyunseung Oh, Federal Reserve Board
Housing Policy, Homeownership, and Inequality
Presented by: Joseph Kopecky, Trinity College Dublin
Session 10: Technology II May 16, 2025 15:00 to 16:30 Location: Kansas City
Session Chair: Julian Kozlowski, Federal Reserve Bank of St. Louis
Session type: invited
Ideas and Firm Dynamics When It Takes Two to Tango
Presented by: Honghao Wang, Kellogg school of Management Northwestern University
Technifying Ventures
Presented by: Ruben Piazzesi, University of Pennsylvania
The Cost of Capital and Misallocation in the United States
Presented by: Julian Kozlowski, Federal Reserve Bank of St. Louis
Session 11: Labor Market Policies May 16, 2025 15:00 to 16:30 Location: Chimney Rock
Session Chair: Serena Rhee, Chung-Ang University
Session type: invited
Tax Progressivity, Economic Booms, and Trickle-Up Economics
Presented by: Chris Otrok, Federal Reserve Bank of Dallas
Declining Defined Benefit Plan Inclusion and the Impact on Savings and Retirement Decisions
Presented by: Xiaohui Sun, Rutgers University
An Evaluation of Social Security Reforms: Policy Substitution and Redistributive Consequences
Presented by: Serena Rhee, Chung-Ang University
Session 12: Macro Finance II May 16, 2025 15:00 to 16:30 Location: Jackson Hole
Session Chair: Taewoong Jo, Sogang University
Session type: invited
The Fed Explicitly Speaks: Numerical Inflation Targeting and Smooth Diagnostic Expectations
Presented by: Nayeon Kang, Indiana University
Monetary Policy and Firm Investment: The Role of Supply Chain Pressures
Presented by: Pedro Simon, University of Illinois at Urbana-Champaign
Macroprudential Policy Under Diagnostic Expectations
Presented by: Taewoong Jo, Sogang University
Session 13: Factor Shares May 16, 2025 15:00 to 16:30 Location: Ozark
Session Chair: Pedro Silos, Temple University
Session type: invited
Technical Change, Task Allocation, and Labor Unions
Presented by: Martyna Marczak, Trinity College Dublin
The factor bias of climate change, labor share, and the distribution of income
Presented by: Tianzi Liu, Cornell University
Household Debt, the labor share, and Earnings Inequality
Presented by: Pedro Silos, Temple University
Session 14: Trade Policy May 16, 2025 15:00 to 16:30 Location: Rocky Mountain
Session Chair: Nikhil Patel, International Monetary Fund
Session type: invited
Trade Policy Uncertainty and Global Supply Chains
Presented by: Maria Jose Carreras Valle, Pennsylvania State University
Trade Policy and Structural Change
Presented by: Kensuke Suzuki, Clark University
Exchange Rates in the Age of Protectionism
Presented by: Nikhil Patel, International Monetary Fund
Session 15: Monetary Policy and Supply Shocks May 16, 2025 15:00 to 16:30 Location: Jo Zack
Session Chair: Daniel Villar, Federal Reserve Board
Session type: invited
Immigration and Local Inflation
Presented by: Philip Barrett, International Monetary Fund
Post-Pandemic Drivers of Price Setting
Presented by: Daniel Villar, Federal Reserve Board
Session 16: Business Cycles and Inflation May 16, 2025 15:00 to 16:30 Location: Flint Hills
Session Chair: Yaz Terajima, Bank of Canada
Session type: invited
Dissecting Business Cycles
Presented by: Sanjay Moorjani, Boston College
Monetary policy, price of risk and growth
Presented by: Anindo Sarkar, UCSD
Cyclicality of Income-Growth Distribution and the Role of Monetary Policy
Presented by: Yaz Terajima, Bank of Canada
Session 17: Macro Trends May 17, 2025 9:00 to 10:30 Location: Kansas City
Session Chair: William Peterman, Federal Reserve Board of Governors
Session type: invited
Can Modern Theories of Structural Change Fit Business Cycles Data?
Presented by: Loris Rubini, University of New Hampshire
How Would a Rapid (Climate) Transition Affect Workers?
Presented by: Nathan Zorzi, Dartmouth College
Public Debt and Interest Rates
Presented by: William Peterman, Federal Reserve Board of Governors
Session 18: Forecasting May 17, 2025 9:00 to 10:30 Location: Chimney Rock
Session Chair: Eva Janssens, University of Michigan
Session type: invited
Improving the Median CPI: Maximal Disaggregation Isn’t Necessarily Optimal
Presented by: Saeed Zaman, Federal Reserve Bank of Cleveland
News, Sentiment, and Inflation Expectations: Insights From Social Media Data and Experiments
Presented by: Sergii Drobot, Indiana University Bloomington
Restricted Large Bayesian Vector Autoregressions
Presented by: Eva Janssens, University of Michigan
Session 19: Macro Finance III May 17, 2025 9:00 to 10:30 Location: Jo Zack
Session Chair: Miguel H. Ferreira, Queen Mary University of London
Session type: invited
How much unspanned volatility can different shocks explain?
Presented by: Raul Riva, Kellogg School, Northwestern University
Strategic Forecasting
Presented by: Francesco Amodeo, UC San Diego
Beyond Risk: Firm Financing and Interest Rates
Presented by: Miguel H. Ferreira, Queen Mary University of London
Session 20: Global Risks and Economic Dynamics May 17, 2025 9:00 to 10:30 Location: Ozark
Session Chair: Alexander Richter, Federal Reserve Bank of Dallas
Session type: invited
Energy Consumption and Inequality in the U.S.: Who are the Energy Burdened?
Presented by: Octavio Aguilar, Board of Governors of the Federal Reserve System
Unfinished Business: Weather Shocks, Contract Suspensions and Firm Dynamics
Presented by: Luigi Dante Gaviano, University of Cambridge
Geopolitical Oil Price Risk and Economic Fluctuations
Presented by: Alexander Richter, Federal Reserve Bank of Dallas
Session 21: Financial intermediaries and monetary transmission May 17, 2025 9:00 to 10:30 Location: Rocky Mountain
Session Chair: Melih Firat, International Monetary Fund
Session type: invited
Monetary Policy Impact on Mortgage Lending through Wholesale Funding
Presented by: Amina Enkhbold, Bank of Canada
Monetary Policy through Wholesale Funding Markets: the Bank Lending Channel Revisited
Presented by: Jinyoung Seo, Wake Forest University
From banks to nonbanks: macroprudential and monetary policy effects on corporate lending
Presented by: Melih Firat, International Monetary Fund
Session 22: Sudden Stops May 17, 2025 9:00 to 10:30 Location: Red River
Session Chair: Sergio Villalvazo, Federal Reserve Board
Session type: invited
FX Interventions in a Small Open Economy: The Case of Domestic Non-Deliverable Forwards
Presented by: Stefano Lord-Medrano, University of Wisconsin Madison
Official Lending and Self-Fulfilling Debt Crises
Presented by: Sanghwa Moon, The Ohio State University
Nonlinear Effects of Loan-to-Value Constraints
Presented by: Sergio Villalvazo, Federal Reserve Board
Session 23: Public Debt May 17, 2025 9:00 to 10:30 Location: Jackson Hole
Session Chair: Ruoyun Mao, University of Arkansas
Session type: invited
Costly Increases in Public Debt when r < g*
Presented by: Adrian Peralta-Alva, International Monetary Fund
Some New Monetarist Arithmetic
Presented by: Chao Gu, University of Missouri
Fiscal Policy and Inflation in Pre-Pandemic U.S. History
Presented by: Ruoyun Mao, University of Arkansas
Session 24: Heterogeneity and Policy May 17, 2025 9:00 to 10:30 Location: Flint Hills
Session Chair: Juergen Jung, Towson University
Session type: invited
Heterogeneous Banks and Transmission of Monetary Policy
Presented by: Joao Pedro Rudge Leite, University of Rochester
Household Income Inequality and Optimal Trend Inflation
Presented by: Jongsoo Kim, Yonsei University
Health Heterogeneity, Portfolio Choice and Wealth Inequality
Presented by: Juergen Jung, Towson University
Session 25: Equilibrium Dynamics of Locations and Firms May 17, 2025 11:00 to 12:30 Location: Ozark
Session Chair: Maximiliano Dvorkin, Federal Reserve Bank of St. Louis
Session type: invited
Firm Growth through New Establishments
Presented by: Erick Sager, Federal Reserve Board
Redevelopment and Gentrification in General Equilibrium
Presented by: Guangbin Hong, University of Chicago
Heterogeneous Agents Dynamic Spatial General Equilibrium
Presented by: Maximiliano Dvorkin, Federal Reserve Bank of St. Louis
Session 26: Trade, Policy, and Market Distortions May 17, 2025 11:00 to 12:30 Location: Jo Zack
Session Chair: Mario Crucini, Purdue University
Session type: invited
The (Mis)Allocation Channel of Climate Change: Evidence from Global Firm-level Microdata
Presented by: Zebang Xu, Cornell University
Spatial Effects of Diesel Taxes: Trade and Pollution
Presented by: Anna Samodelkina, Arizona State University
Sugar Highs and Sugar Lows: U.S. Interwar Tariff Policy and Cuba's Great Depression
Presented by: Mario Crucini, Purdue University
Session 27: Bank lending/credit supply May 17, 2025 11:00 to 12:30 Location: Kansas City
Session Chair: Jason Choi, University of Toronto
Session type: invited
Banking on Technology: How Tech Adoption in Banks Can Fuel Growth
Presented by: Sheila Jiang, University of Florida
A Quantitative Analysis of Bank Lending Relationships
Presented by: Miguel Faria-e-Castro, Federal Reserve Bank of St. Louis
The Effect of Treasury Debt on Bank Lending and the Economy
Presented by: Jason Choi, University of Toronto
Session 28: Finance and Investment May 17, 2025 11:00 to 12:30 Location: Jackson Hole
Session Chair: Missaka Warusawitharana, Board of Governors of the Federal Reserve System
Session type: invited
The rise of shareholder capitalism: macroeconomic implications
Presented by: Francois Gourio, Federal Reserve Bank of Chicago
From Spreads to Spirals How Financial Frictions Drive Lumpy Investments
Presented by: Miguel H. Ferreira, Queen Mary University of London
The Monetization of Innovation
Presented by: Missaka Warusawitharana, Board of Governors of the Federal Reserve System
Session 29: Debt, Default, and Foreign Exchange Reserves May 17, 2025 11:00 to 12:30 Location: Chimney Rock
Session Chair: Roman Merga, International Monetary Fund
Session type: invited
Sovereign Debt, Currency Composition, and Financial Repression
Presented by: Teresa Balestrini, University of Minnesota
Real Exchange Rate Uncertainty Matters
Presented by: Roman Merga, International Monetary Fund
Session 30: Monetary theory May 17, 2025 11:00 to 12:30 Location: Flint Hills
Session Chair: João Ritto, University of Toronto
Session type: invited
Targeted Taylor rules: some evidence and theory
Presented by: Cristina Manea, Bank for International Settlements
Just Do IT? An Assessment of Inflation Targeting in a Global Comparative Case Study
Presented by: Enrique Martinez-Garcia, Federal Reserve Bank of Dallas
Doing Without Nominal Rigidities: Real Effects of Monetary Policy in a Monetary World
Presented by: João Ritto, University of Toronto
Session 31: Fiscal Policy: Models and Theory May 17, 2025 11:00 to 12:30 Location: Rocky Mountain
Session Chair: Mingyan Chen, Kyoto University
Session type: invited
Entry, Unemployment, and the Transmission of Government Spending Shocks
Presented by: Gregory Givens, University of Alabama
When in Doubt, Tax More Progressively? Uncertainty and Progressive Income Taxation
Presented by: Chunzan Wu, Peking University
Analyzing Japan's Public Pension Reform in an Overlapping Generations Economy with Heterogeneous Households
Presented by: Mingyan Chen, Kyoto University
Session 32: Housing, Credit, and Wealth May 17, 2025 11:00 to 12:30 Location: Red River
Session Chair: Erlan Konebayev, University of Pittsburgh
Session type: invited
Tail Risk and Bankruptcy in the United States
Presented by: Chengdai Huang, New York University
Financial Skills and Search in the Mortgage Market
Presented by: Ante Sterc, Bank of Portugal; Nova School of Business and Economics
Dynastic Learning, Portfolio Choice, and Persistence of Wealth
Presented by: Erlan Konebayev, University of Pittsburgh
Session 33: Capital Structure and Financial Innovation May 17, 2025 14:00 to 15:30 Location: Flint Hills
Session Chair: Erwan Quintin, Wisconsin Business School
Session type: invited
Banking on Experience. Capital Reallocation, Asset Knowledge, and the Structure of Lending Contracts
Presented by: Qingqing Cao, Michigan State University
Corporate Debt Maturity and Business Cycle Fluctuations
Presented by: Immo Schott, Federal Reserve Board
Make-Whole Clauses as Skin in the Game
Presented by: Erwan Quintin, Wisconsin Business School
Session 34: Micro to Macro May 17, 2025 14:00 to 15:30 Location: Chimney Rock
Session Chair: Federico Lenzi, Northwestern University
Session type: invited
M&A and the Rise of Concentration
Presented by: Simcha Barkai, Boston University
Testing the Cyclicality of Price-Cost Markups Conditional on Uncertainty Shocks
Presented by: Stefano Lord-Medrano, University of Wisconsin Madison
Downside-risk sharing
Presented by: Federico Lenzi, Northwestern University
Session 35: Finance and Expectations May 17, 2025 14:00 to 15:30 Location: Ozark
Session Chair: Seung Joo Lee, University of Oxford
Session type: invited
Stock Based Executive Compensation and Overinvestment
Presented by: Alexis Anagnostopoulos, Stony Brook University
News, Noise, Uncertainty
Presented by: Molin Zhong, Federal Reserve Board
Higher-Order Forward Guidance
Presented by: Seung Joo Lee, University of Oxford
Session 36: International asset pricing and exchange rates May 17, 2025 14:00 to 15:30 Location: Kansas City
Session Chair: Kenji Wada, National Taiwan University
Session type: invited
Inelastic Financial Markets and Foreign Exchange Intervention
Presented by: Chang He, University of Virginia
Global Investors in Local-Currency Bond Markets: Implications for Bond Yields and Exchange Rates
Presented by: Giuliano Simoncelli, University of Maryland
A Risk-Based Liquidity Theory of International Currency
Presented by: Kenji Wada, National Taiwan University
Session 37: Externalities and Complementarities May 17, 2025 14:00 to 15:30 Location: Red River
Session Chair: Hewei Shen, University of Oklahoma
Session type: invited
Macroprudential Policy Leakages in Open Economies: A Multiperipheral Approach
Presented by: Camilo Granados, University of Texas at Dallas
Sovereign Wealth Funds and Optimal Foreign Reserves
Presented by: Humberto Martinez, Universidad de Chile
Sovereign Default and Labor Market Dynamics
Presented by: Hewei Shen, University of Oklahoma
Session 38: Unemployment Insurance May 17, 2025 14:00 to 15:30 Location: Rocky Mountain
Session Chair: Bulent Guler, Indiana University Bloomington
Session type: invited
Dynastic Learning, Portfolio Choice, and Persistence of Wealth
Presented by: Erlan Konebayev, University of Pittsburgh
Self-employment as Self-insurance
Presented by: Daniel Jaar,
Unemployment Insurance and Macro-Financial (In)Stability
Presented by: Bulent Guler, Indiana University Bloomington
Session 39: Monetary Policy and Structural Change May 17, 2025 14:00 to 15:30 Location: Jo Zack
Session Chair: Andrew Foerster, Federal Reserve Bank of San Francisco
Session type: invited
Time use and consumption expenditures
Presented by: Stefano Gnocchi, Bank of Canada
Monetary Policy and Corporate Investment: The Equity Financing Channel
Presented by: Mehdi Beyhaghi, Federal Reserve Board
The Past and Future of U.S. Structural Change: Compositional Accounting and Forecasting
Presented by: Andrew Foerster, Federal Reserve Bank of San Francisco
Session 40: Taxes and Government Spending May 17, 2025 14:00 to 15:30 Location: Jackson Hole
Session Chair: Wenyi Shen, Oklahoma State University
Session type: invited
When Does Government Spending Matter? It's All in the Measurement
Presented by: Edoardo Briganti, Bank of Canada
Fiscal Spillovers: The Case of U.S. Corporate and Personal Income Taxes
Presented by: Daniela Hauser, Bank of Canada
The Business Cycle State-Dependent Effects of Tax News: A Joint-state Analysis
Presented by: Wenyi Shen, Oklahoma State University
Session 41: Earnings Taxation May 17, 2025 16:00 to 17:30 Location: Jackson Hole
Session Chair: Eva Carceles-Poveda, Stony Brook
Session type: invited
LABOR MARKET FLUIDITY, SKILL ACCUMULATION AND THE INSURANCE EFFECTS FROM TAXES
Presented by: Musab Kurnaz, University of North Carolina at Charlott
Technological Change and the Cost of Redistribution
Presented by: Andre Sztutman, Carnegie Mellon University
Optimal Income redistribution
Presented by: Eva Carceles-Poveda, Stony Brook
Session 42: Human Capital May 17, 2025 16:00 to 17:30 Location: Rocky Mountain
Session Chair: Ekaterina Gurkova, UCLA
Session type: invited
International Migrants and the Human Capital Formation of Their Left-Behind Children
Presented by: Jose Manuel Mota Aquino, University of Nebraska-Omaha
Parents, Patience, and Persistence: A Novel Theory of Intergenerational College Attainment
Presented by: David Fuller, University of Wisconsin-Oshkosh
Human Capital Accumulation and the Long-Term Effects of Temporary Sectoral Shocks
Presented by: Ekaterina Gurkova, UCLA
Session 43: Asset Pricing May 17, 2025 16:00 to 17:30 Location: Jo Zack
Session Chair: Antonio Doblas-Madrid, Michigan State University
Session type: invited
The Effect of Macroeconomic Volatility on Financial Deepening: A Missing Link?
Presented by: Rafael Lopez-Monti, George Washington University
Knowledge Network, Economic Growth, and Asset Pricing
Presented by: Gang Zhang, Cheung Kong Graduate School of Business
Rational Expectations Fools' Bubbles
Presented by: Antonio Doblas-Madrid, Michigan State University
Session 44: Sovereign debt and financial market development May 17, 2025 16:00 to 17:30 Location: Kansas City
Session Chair: Grey Gordon, FRB of Richmond
Session type: invited
Crowding Out and Banking Crises
Presented by: Pablo Hernando-Kaminsky, World Bank
Debt Sustainability, Confidence Risk, and International Reserves
Presented by: Teerat Wongrattanapiboon, University of Minnesota
Debt maturity in the 18th century: Were consols optimal?
Presented by: Grey Gordon, FRB of Richmond
Session 45: Firm Dynamics, Heterogeneity, and Growth May 17, 2025 16:00 to 17:30 Location: Red River
Session Chair: Ayse Dur, North Carolina State University
Session type: invited
Sluggish Growth or Premature Decline? A Comparative Study of Indian Industrialization with China
Presented by: Meenakshi Shekhar, Iowa State University
Financial Frictions Over the Early Life Cycle of Firms: A Cross-Country Perspective
Presented by: Gonzalo Basante Pereira, University of New Hampshire
Uninsurable Income Risk and the Welfare Effects of Reducing Global Imbalances
Presented by: Ayse Dur, North Carolina State University
Session 46: Advanced Economy Monetary Policy May 17, 2025 16:00 to 17:30 Location: Chimney Rock
Session Chair: Andrew Smith, Federal Reserve Bank of Kansas City
Session type: invited
Has the Transmission of US Monetary Policy Changed Since 2022?
Presented by: Josef Platzer, International Monetary Fund
A Financial Mechanism for Foreign-Denominated Reserves in Advanced Economies (
Presented by: Victor Valcarcel, University of Texas at Dallas
Maintaining the Anchor: An Evaluation of Inflation Targeting in the Face of COVID-19
Presented by: Andrew Smith, Federal Reserve Bank of Kansas City
Session 47: Monetary Policy: Expectations & Surveys May 17, 2025 16:00 to 17:30 Location: Flint Hills
Session Chair: Anthony Diercks, Federal Reserve Board
Session type: invited
Households’ Preferences Over Inflation and Monetary Policy Tradeoffs
Presented by: Fabian Winkler, Federal Reserve Board
Firms’ Inflation Expectations: Determinants and Macroeconomic Implications
Presented by: Ina Hajdini, Federal Reserve Bank of Cleveland
Asymmetric Monetary Policy Expectations
Presented by: Anthony Diercks, Federal Reserve Board
Session 48: Monetary and Fiscal Policy Interactions May 17, 2025 16:00 to 17:30 Location: Ozark
Session Chair: Jonathan Hoddenbagh, Johns Hopkins University
Session type: invited
Debt Indexation and the Fiscal Theory of the Price Level
Presented by: Tobias Kawalec, University of Oxford
Monetary Policy and the Great COVID-19 Price Level Shock
Presented by: Fernando Martin, Federal Reserve Bank of St. Louis
Fiscal Dominance and Central Bank Independence
Presented by: Jonathan Hoddenbagh, Johns Hopkins University
Session 49: Housing and Macro May 18, 2025 9:00 to 10:30 Location: Ozark
Session Chair: Yuxi Yao, University of Nebraska-Lincoln
Session type: invited
Housing Markets and Macroeconomic Shocks
Presented by: Tomas Tapak, Stanford University
Of House and Home-Related Goods: Consumption Spending via the Home Purchase Channel
Presented by: Geng Li, Federal Reserve Board
Housing and the Welfare Cost of Inflation
Presented by: Yuxi Yao, University of Nebraska-Lincoln
Session 50: Macro/labor Empirics May 18, 2025 9:00 to 10:30 Location: Rocky Mountain
Session Chair: Fang Yang, Federal Reserve Bank of Dallas
Session type: invited
A $100,000 marshmallow experiment: Withdrawal and spending responses to early retirement-savings access
Presented by: Jorge Miranda-Pinto, International Monetary Fund and University of Queensland
Theory Meets Textual Analysis: Measuring Labor Cost Pressures from Earnings Calls
Presented by: Aakash Kalyani, Federal Reserve Bank of St. Louis
Income Risks and Consumer Smoothing in China
Presented by: Fang Yang, Federal Reserve Bank of Dallas
Session 51: Labor Market Shocks May 18, 2025 9:00 to 10:30 Location: Flint Hills
Session Chair: Rohan Shah, The University of Mississippi
Session type: invited
The Postpandemic U.S. Immigration Surge: New Facts and Inflationary Implications
Presented by: Xiaoqing Zhou, Federal Reserve Bank of Dallas
Labor Market Anatomy of a Macroeconomic Crisis
Presented by: Joseph Pedtke, Clemson University
Entering Recovery
Presented by: Rohan Shah, The University of Mississippi
Session 52: Macro Shock Propagation May 18, 2025 9:00 to 10:30 Location: Jackson Hole
Session Chair: Andrey Ermolov, Fordham University
Session type: invited
Estimation of Portable Statistics when Agents are Heterogeneous - An Application to Cross-Sectional Multipliers
Presented by: Paula Donaldson, UCSD
Measuring Dynamic Transmission Using Pass-Through Impulse Response Functions
Presented by: Giorgi Nikolaishvili, Wake Forest University
A New Decomposition of U.S. Recessions and Crises into Aggregate Supply and Demand Components
Presented by: Andrey Ermolov, Fordham University
Session 53: Portfolio allocation and financial stability May 18, 2025 9:00 to 10:30 Location: Chimney Rock
Session Chair: Josh Staveley-O'Carroll, Babson College
Session type: invited
The US as the Global Equity Safe Haven
Presented by: Zefeng Chen, Peking University
Behind Dollar Savings in Mutual Funds: Are Shifting Sands Threatening Financial Stability?
Presented by: Bryan Gutierrez, University of Minnesota
Asymmetric Financial Regulation and International Portfolio Choice
Presented by: Josh Staveley-O'Carroll, Babson College
Session 54: International Spillovers May 18, 2025 9:00 to 10:30 Location: Kansas City
Session Chair: Harrison Shieh, Vassar College
Session type: invited
Heterogeneous UIPDs Across Firms: Spillovers from U.S. Monetary Policy Shocks
Presented by: Maria Amado, Banco de España
Aggregation Bias in International Business Cycles
Presented by: Thuy Lan Nguyen, SF Fed
Journey to the (North, South, East, and) West: Global Spillovers of Chinese Monetary Policy
Presented by: Harrison Shieh, Vassar College
Session 55: Monetary Policy without Rational Expectations May 18, 2025 9:00 to 10:30 Location: Jo Zack
Session Chair: Carolina Acuña-Armenta, Marquette University
Session type: invited
Endogenous Monetary Non-Neutrality
Presented by: Jose Carreno, University of Oregon
The Optimal Monetary Policy Response to Belief Distortions: Model-Free Evidence
Presented by: Symeon Taipliadis, University of Florida
Central bank transparency under adaptive learning
Presented by: Carolina Acuña-Armenta, Marquette University
Session 56: Market Power May 18, 2025 11:00 to 12:30 Location: Rocky Mountain
Session Chair: Baris Kaymak, Universite de Montreal
Session type: invited
Firm Wage Setting and On-the-Job Search Limit Wage-Price Spirals
Presented by: Seung Joo Lee, University of Oxford
Robinson Meets Roy: Monopsony Power and Comparative Advantage
Presented by: Baris Kaymak, Universite de Montreal
Session 57: Technology I May 18, 2025 11:00 to 12:30 Location: Flint Hills
Session Chair: Kai-Jie Wu, Pennsylvania State University
Session type: invited
For Whom the Bot Tolls: Skills and the Earnings Effects of AI
Presented by: Lukas Mann, Federal Reserve Bank of Minneapolis
An Eddie Lazear Model of AI and Labor Markets: Theory Meets Resume Data
Presented by: Matteo Chequer, University of Minnesota
Self-Selection and the Diminishing Returns of Research
Presented by: Kai-Jie Wu, Pennsylvania State University
Session 58: Firm and Worker Heterogeneity May 18, 2025 11:00 to 12:30 Location: Chimney Rock
Session Chair: Yajie Wang, University of Missouri
Session type: invited
Inequality and Misallocation under Production Networks
Presented by: Alejandro Rojas Bernal, University of Hawai'i at Manoa
Wealth Inequality and Labor Mobility: The Job Trap
Presented by: Elena Pellegrini, Boston College
Financing from Workers: Can Labor Market Power Mitigate Financial Frictions?
Presented by: Yajie Wang, University of Missouri
Session 59: Financial stability May 18, 2025 11:00 to 12:30 Location: Ozark
Session Chair: Nimrod Segev, Bank of Israel
Session type: invited
Heterogeneous Banks, Liquidity Risk and the Distribution of Banks' Liquidity
Presented by: Concetta Gigante, University of Liverpool
Bank Deposit Mix and Aggregate Implications for Financial Stability
Presented by: Jeongwoo Moon, The Ohio State University
The Mortgage Cash-Flow Channel: How Rising Interest Rates Impact Household Consumption
Presented by: Nimrod Segev, Bank of Israel
Session 60: Monetary Policy Transmission II May 18, 2025 11:00 to 12:30 Location: Jackson Hole
Session Chair: Neil White, Amherst College
Session type: invited
Optimal Interest Rate Tightening with Financial Fragility
Presented by: Ken Teoh, Columbia University
Interest on Reserves and Monetary Policy Transmission
Presented by: David Agyeman-Duodu, University of Mississippi
The New Keynesian Price Puzzle: Reinterpreting Inflation Dynamics
Presented by: Neil White, Amherst College
Session 61: Trade Patterns May 18, 2025 11:00 to 12:30 Location: Jo Zack
Session Chair: Minjie Deng, Simon Fraser University
Session type: invited
What Imports to Import Prices?
Presented by: Braden Strackman, Federal Reserve Bank of Dallas
World Financial Cycles and Global Trade
Presented by: Minjie Deng, Simon Fraser University
Session 62: Unconventional Monetary Policy May 18, 2025 11:00 to 12:30 Location: Kansas City
Session Chair: Pratiti Chatterjee, University of Western Australia
Session type: invited
Monetary policy, bank leverage and systemic risk-taking
Presented by: Enric Martorell, Banco de España
Unconventional Monetary Policy Spillovers and the (In)convenience of Treasuries
Presented by: Andrew Hanson, University of Tennessee, Knoxville
Estimating the Real Effects of the Fed's Balance Sheet Policies
Presented by: Pratiti Chatterjee, University of Western Australia

 

This program was last updated on 2025-05-16 11:19:33 EDT