June 28, 2018
09:00 to 10:30	Parallel Sessions 1
10:30 to 11:00	Coffee Break
11:00 to 12:30	Parallel Session 2
12:30 to 13:45	Lunch, Plaza de las Palmeras
13:45 to 15:15	Parallel Session 3
15:15 to 15:45	Coffee Break
15:45 to 17:15	Parallel Session 4
17:45 to 18:45	Plenary Session: Enrique Mendoza - University of Pennsylvania, Gymnasium
20:00 to 23:00	Gala Dinner, MIDE (Interactive Museum of Economics)
June 29, 2018
09:00 to 10:30	Parallel Session 5
10:30 to 11:00	Coffee Break
11:00 to 12:30	Parallel Session 6
12:30 to 13:45	Lunch, Plaza de las Palmeras
13:45 to 15:15	Parallel Session 7
15:15 to 15:45	Coffee Break
15:45 to 17:15	Parallel Session 8
17:45 to 18:45	Plenary Session: Nancy Stokey - University of Chicago, Gymnasium
19:00 to 22:00	Reception, Plaza de las Palmeras
June 30, 2018
09:00 to 10:30	Parallel Session 9
10:30 to 11:00	Coffee Break
11:00 to 12:30	Parallel Session 10
12:30 to 13:45	Lunch, Plaza de las Palmeras
13:45 to 15:15	Parallel Session 11
15:15 to 15:45	Coffee Break
15:45 to 17:15	Parallel Session 12
17:45 to 18:45	Mortensen Lecture: Joe Altonji - Yale University, Gymnasium
19:00 to 22:00	Taquiza, Plaza de las Palmeras

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

#	Date/Time	Location	Title	Papers
1	June 28, 2018 9:00-10:30	112	Policy at the Zero-Lower Bound I	3
2	June 28, 2018 9:00-10:30	113	Labor Markets - Wage Dynamics and Inequality	3
3	June 28, 2018 9:00-10:30	210	Empirical Approaches to International Trade	3
4	June 28, 2018 9:00-10:30	104	Networks, Linkages and Aggregate Productivity	3
5	June 28, 2018 9:00-10:30	102	Consumption Dynamics	3
6	June 28, 2018 9:00-10:30	Sala de Conferencias	Topics in Macro-Finance	3
7	June 28, 2018 9:00-10:30	Sa1	Life-Cycle Earnings Dymamics	3
8	June 28, 2018 9:00-10:30	Sa2	Talents and Executive Compensations	3
9	June 28, 2018 9:00-10:30	212	Topics in International Trade	3
10	June 28, 2018 9:00-10:30	213	Fiscal Policy and Commitment	3
11	June 28, 2018 9:00-10:30	103	Mortgages and Housing Prices	3
12	June 28, 2018 9:00-10:30	111	Entrepreneurship	3
13	June 28, 2018 9:00-10:30	101	The Spatial Distribution of Human Capital	3
14	June 28, 2018 9:00-10:30	211	Firm Growth and Microdata	3
15	June 28, 2018 11:00-12:30	101	Monetary Economics	3
16	June 28, 2018 11:00-12:30	213	Long-Run Labor Supply	3
17	June 28, 2018 11:00-12:30	111	International Trade and Productivity	3
18	June 28, 2018 11:00-12:30	211	Structural Change I	3
19	June 28, 2018 11:00-12:30	103	Labor and Cycles	3
20	June 28, 2018 11:00-12:30	104	Designing Stress Tests	3
21	June 28, 2018 11:00-12:30	Sa1	Quantifying the Effects of Schooling on Labor Markets	3
22	June 28, 2018 11:00-12:30	Sa2	Corporate Finance	3
23	June 28, 2018 11:00-12:30	212	International Capital Flows and FDI	3
24	June 28, 2018 11:00-12:30	113	Fiscal Policy and Public Debt	3
25	June 28, 2018 11:00-12:30	210	Housing Booms, Busts and the Great Recesssion	3
26	June 28, 2018 11:00-12:30	Sala de Conferencias	Macroeconomics of Imperfect Markets	3
27	June 28, 2018 11:00-12:30	102	Finance and Firm Dynamics	3
28	June 28, 2018 11:00-12:30	112	Marriage and Jobs	3
29	June 28, 2018 13:45-15:15	213	Unconventional Monetary Policy	3
30	June 28, 2018 13:45-15:15	102	Labor Markets - Sorting, Mobility and Wages	3
31	June 28, 2018 13:45-15:15	103	Multinational Production	3
32	June 28, 2018 13:45-15:15	113	Development Patterns Within and Across Countries	3
33	June 28, 2018 13:45-15:15	101	Credit, Investment, and Cycles	3
34	June 28, 2018 13:45-15:15	104	The Macroeconomics of Asset Bubbles	3
35	June 28, 2018 13:45-15:15	210	Topics in Macro Labor	3
36	June 28, 2018 13:45-15:15	Sa2	Beliefs and Macroeconomics	3
37	June 28, 2018 13:45-15:15	Sala de Conferencias	Topics in International Macroeconomics	3
38	June 28, 2018 13:45-15:15	212	Dealing with Default	3
39	June 28, 2018 13:45-15:15	Sa1	Housing Policy	3
40	June 28, 2018 13:45-15:15	211	Macroeconomic Effects of Pricing Decisions	3
41	June 28, 2018 13:45-15:15	112	Human Capital and Migration	3
42	June 28, 2018 13:45-15:15	111	Trade and Productivity	3
43	June 28, 2018 15:45-17:15	Sa2	Advances in New Keynesian Models	3
44	June 28, 2018 15:45-17:15	210	Search Theory	3
45	June 28, 2018 15:45-17:15	104	New Perspectives on Models of International Trade	3
46	June 28, 2018 15:45-17:15	102	Patents, Nonrivalry, and Innovation	3
47	June 28, 2018 15:45-17:15	103	Consumption Patterns: Evidence from Micro Data	3
48	June 28, 2018 15:45-17:15	Sala de Conferencias	The Broader Financial System	3
49	June 28, 2018 15:45-17:15	Sa1	Empirical Approaches to Inequality	3
50	June 28, 2018 15:45-17:15	101	Information and Macroeconomics	3
51	June 28, 2018 15:45-17:15	212	Sovereign Debt and Liquidity	3
52	June 28, 2018 15:45-17:15	213	Fiscal Policy with Heterogeneous Agents	3
53	June 28, 2018 15:45-17:15	211	Measuring the Impact of Imperfect Competition	3
54	June 28, 2018 15:45-17:15	111	Topics on Investments	3
55	June 28, 2018 15:45-17:15	112	Credit Market Dynamics	3
56	June 28, 2018 15:45-17:15	113	Topics on Heterogeneous Agents	3
57	June 29, 2018 9:00-10:30	Sa2	Effects of Monetary Policy	3
58	June 29, 2018 9:00-10:30	113	Labor Markets - Sorting and Wage Inequality	3
59	June 29, 2018 9:00-10:30	103	Openness and Imbalances	3
60	June 29, 2018 9:00-10:30	111	Development Economics	3
61	June 29, 2018 9:00-10:30	213	Search Frictions and Macroeconomics	3
62	June 29, 2018 9:00-10:30	212	Shadow Banking	3
63	June 29, 2018 9:00-10:30	Sa1	Determinants of Wealth Inequality	3
64	June 29, 2018 9:00-10:30	101	Inattention and Macroeconomics	3
65	June 29, 2018 9:00-10:30	104	Sovereign Default	3
66	June 29, 2018 9:00-10:30	Sala de Conferencias	Capital Taxation	3
67	June 29, 2018 9:00-10:30	210	Applied Time Series	3
68	June 29, 2018 9:00-10:30	211	Innovation in the Global Economy	3
69	June 29, 2018 9:00-10:30	102	Intangible Capital and Economic Growth	3
70	June 29, 2018 9:00-10:30	112	College and Human Capital	3
71	June 29, 2018 11:00-12:30	101	Monetary and Fiscal Policy	3
72	June 29, 2018 11:00-12:30	104	Matching in Labor Markets	3
73	June 29, 2018 11:00-12:30	111	International Trade and the Macroeconomy	3
74	June 29, 2018 11:00-12:30	210	Topics in Economic Growth	3
75	June 29, 2018 11:00-12:30	213	The Costs of Business Cycles	3
76	June 29, 2018 11:00-12:30	113	Optimal Financial Contracting with Asymmetric Information	3
77	June 29, 2018 11:00-12:30	102	Mexico-US Migration	3
78	June 29, 2018 11:00-12:30	212	Advances in DSGE Models	3
79	June 29, 2018 11:00-12:30	Sa2	Achieving Currency Stability	3
80	June 29, 2018 11:00-12:30	103	Public Debt Issues	3
81	June 29, 2018 11:00-12:30	Sala de Conferencias	Household Labor Supply	3
82	June 29, 2018 11:00-12:30	211	Credit Networks in Macroeconomics	3
83	June 29, 2018 11:00-12:30	Sa1	Startups and Aggregate Productivity	3
84	June 29, 2018 11:00-12:30	112	Human Capital and Family Income	3
85	June 29, 2018 13:45-15:15	Sa2	Alternatives to Sticky Prices	3
86	June 29, 2018 13:45-15:15	112	Jobs and Policy	3
87	June 29, 2018 13:45-15:15	101	Topics in Trade and Foreign Investment	3
88	June 29, 2018 13:45-15:15	211	Multi-Sector Growth Models	3
89	June 29, 2018 13:45-15:15	113	Redistribution and Macroeconomics	3
90	June 29, 2018 13:45-15:15	210	The Functioning of Decentralized Markets	3
91	June 29, 2018 13:45-15:15	Sa1	Finance and Development	3
92	June 29, 2018 13:45-15:15	103	Solutions for GE Models	3
93	June 29, 2018 13:45-15:15	Sala de Conferencias	Exchange Rates I	3
94	June 29, 2018 13:45-15:15	212	Intermediation and Systemic Risk	3
95	June 29, 2018 13:45-15:15	104	Topics in Production Networks	3
96	June 29, 2018 13:45-15:15	111	Entrepreneurial Risk	3
97	June 29, 2018 13:45-15:15	102	Aging and the Macroeconomy	3
98	June 29, 2018 13:45-15:15	213	Credit Distortions	3
99	June 29, 2018 15:45-17:15	Sa2	Topics in Monetary Policy	3
100	June 29, 2018 15:45-17:15	Sa1	Labor's Share of Income	3
101	June 29, 2018 15:45-17:15	101	Topics in International Economics	3
102	June 29, 2018 15:45-17:15	102	Growth and Development	3
103	June 29, 2018 15:45-17:15	103	Skills and Jobs	3
104	June 29, 2018 15:45-17:15	104	Financial Crises	3
105	June 29, 2018 15:45-17:15	213	Price Rigidity	3
106	June 29, 2018 15:45-17:15	Sala de Conferencias	Optimal Policy Design	3
107	June 29, 2018 15:45-17:15	212	Exchange Rates II	3
108	June 29, 2018 15:45-17:15	210	Public Safety Nets	3
109	June 29, 2018 15:45-17:15	113	Financing in Equilibrium	3
110	June 29, 2018 15:45-17:15	211	Banking Industrial Organization	3
111	June 29, 2018 15:45-17:15	111	Firm Dynamics and Financial Frictions	3
112	June 29, 2018 15:45-17:15	112	Asset Prices and Financial Flows	3
113	June 30, 2018 9:00-10:30	210	Policy at the Zero Lower Bound II	3
114	June 30, 2018 9:00-10:30	113	Topics in Labor Markets Using Matched Data	3
115	June 30, 2018 9:00-10:30	102	Trade and Redistribution	3
116	June 30, 2018 9:00-10:30	Sala de Conferencias	Labor Markets and Development	3
117	June 30, 2018 9:00-10:30	101	Information Frictions and Macroeconomics	3
118	June 30, 2018 9:00-10:30	213	Managing Financial Distress	3
119	June 30, 2018 9:00-10:30	111	Inequality and Skills	3
120	June 30, 2018 9:00-10:30	Sa2	Heterogenous Beliefs	3
121	June 30, 2018 9:00-10:30	212	Sovereign Debt Crises	3
122	June 30, 2018 9:00-10:30	103	Topics in Tax Policy	3
123	June 30, 2018 9:00-10:30	104	Environmental Macroeconomics I	3
124	June 30, 2018 9:00-10:30	211	Agglomeration	3
125	June 30, 2018 9:00-10:30	Sa1	Measurement and Analysis of Private Businesses	3
126	June 30, 2018 9:00-10:30	112	Household Finance	3
127	June 30, 2018 11:00-12:30	213	Optimal Monetary Policy	3
128	June 30, 2018 11:00-12:30	211	On-the-Job Search	3
129	June 30, 2018 11:00-12:30	112	Trade and Business Cycles	3
130	June 30, 2018 11:00-12:30	Sa2	Agriculture and the Macroeconomy	3
131	June 30, 2018 11:00-12:30	103	Quantifying Uncertainty	3
132	June 30, 2018 11:00-12:30	104	Bank Capital Regulation	3
133	June 30, 2018 11:00-12:30	Sa1	Demographics and Labor Supply	3
134	June 30, 2018 11:00-12:30	101	Decentralized Financial Markets	3
135	June 30, 2018 11:00-12:30	212	Capital Controls	3
136	June 30, 2018 11:00-12:30	210	Environmental Macroeconomics II	3
137	June 30, 2018 11:00-12:30	111	Firm-Labor Dynamics	3
138	June 30, 2018 11:00-12:30	Sala de Conferencias	Capital, Skills and the Development Path	3
139	June 30, 2018 11:00-12:30	102	Applications of Industrial Organization	3
140	June 30, 2018 11:00-12:30	113	Policy Without Commitment	3
141	June 30, 2018 13:45-15:15	111	Price Rigidity II	3
142	June 30, 2018 13:45-15:15	113	Macro Labor Perspectives	3
143	June 30, 2018 13:45-15:15	Sala de Conferencias	Cities, Trade and Development	3
144	June 30, 2018 13:45-15:15	102	Structural Change II	3
145	June 30, 2018 13:45-15:15	103	Firms and Cycles	3
146	June 30, 2018 13:45-15:15	211	Bank Risk Taking	3
147	June 30, 2018 13:45-15:15	Sa1	Earnings	3
148	June 30, 2018 13:45-15:15	Sa2	Portfolio Choices	3
149	June 30, 2018 13:45-15:15	212	Open Economy Macroeconomics	3
150	June 30, 2018 13:45-15:15	213	Inflation Targeting	3
151	June 30, 2018 13:45-15:15	210	Energy and the Macroeconomy	3
152	June 30, 2018 13:45-15:15	101	Spatial Equilibria in Macroeconomics and Development	3
153	June 30, 2018 13:45-15:15	104	Firm Investment Dynamics	3
154	June 30, 2018 13:45-15:15	112	Consumer Credit	3
155	June 30, 2018 15:45-17:15	102	Monetary Policy and Intermediation	3
156	June 30, 2018 15:45-17:15	211	Search Frictions in Labor Markets	3
157	June 30, 2018 15:45-17:15	Sa2	Mexico-US Trade	3
158	June 30, 2018 15:45-17:15	210	Firms and Growth	3
159	June 30, 2018 15:45-17:15	Sala de Conferencias	Credit and Macroeconomic Stabilization	3
160	June 30, 2018 15:45-17:15	113	Macroeconomics and Finance	3
161	June 30, 2018 15:45-17:15	Sa1	Determinants of Wage Inequality	3
162	June 30, 2018 15:45-17:15	111	Disagreements	3
163	June 30, 2018 15:45-17:15	104	Sovereign Default Risk	3
164	June 30, 2018 15:45-17:15	213	Financial Networks: Empirical Investigations	3
165	June 30, 2018 15:45-17:15	103	Urban Economics and Macro	3
166	June 30, 2018 15:45-17:15	112	Credit and Consumption	3
167	June 30, 2018 15:45-17:15	101	Housing and the Macroeconomy	3
168	June 30, 2018 15:45-17:15	212	Firm Dynamics and Intertemporal Decisions	3

 

168 sessions, 504 papers, and 0 presentations with no associated papers

Society for Economic Dynamics Annual Meeting 2018 (SED2018)
Detailed List of Sessions

Session 1: Policy at the Zero-Lower Bound I June 28, 2018 9:00 to 10:30 112
Session Chair: Pavel Kapinos, FRB Dallas
Evaluating the Effects of Forward Guidance and Large-scale Asset Purchases
By Xu Zhang; University of California, San Diego
presented by: Xu Zhang, University of California, San Diego
Measuring the Effects of US Unconventional Monetary Policy on International Financial Markets
By Francisco Ilabaca; University of California, Irvine
presented by: Francisco Ilabaca, University of California, Irvine
Monetary Policy News and Systemic Risk at the Zero Lower Bound
By Pavel Kapinos; FRB Dallas
presented by: Pavel Kapinos, FRB Dallas
Session 2: Labor Markets - Wage Dynamics and Inequality June 28, 2018 9:00 to 10:30 113
Session Chair: Laura Pilossoph, Federal Reserve Bank of New York
Wage Growth and Compensating DIfferentials: Evidence from the SCE
By Laura Pilossoph; Federal Reserve Bank of New York
presented by: Laura Pilossoph, Federal Reserve Bank of New York
Sources of Inequality in Earnings Growth Over the Life Cycle
By Fatih Karahan; Federal Reserve Bank of New York Serdar Ozkan; University of Toronto Jae Song; Social Security Administration
presented by: Serdar Ozkan, University of Toronto
Replacement Hiring
By Sushant Acharya; Federal Reserve Bank of New York Shu Lin Wee; Carnegie Mellon University Tepper School of Business
presented by: Shu Lin Wee, Carnegie Mellon University Tepper School of Business
Session 3: Empirical Approaches to International Trade June 28, 2018 9:00 to 10:30 210
Session Chair: Dennis Novy, University of Warwick
Cyclical Dynamics of Trade Credit with Production Networks
By WUKUANG CUN; University of Southern California Vincenzo Quadrini; USC Junjie Xia; Peking University
presented by: Vincenzo Quadrini, USC
The Spoils of War: Trade Shocks during WWI and Spain’s Regional Development
By Simon Fuchs; Toulouse School of Economics
presented by: Simon Fuchs, Toulouse School of Economics
Currency Unions, Trade, and Heterogeneity
By Natalie Chen; Warwick University Dennis Novy; University of Warwick
presented by: Dennis Novy, University of Warwick
Session 4: Networks, Linkages and Aggregate Productivity June 28, 2018 9:00 to 10:30 104
Session Chair: Julio Leal, Banco de México
TECHNOLOGY NETWORK, INNOVATION AND GROWTH
By Jingong Huang; University of Melbourne
presented by: Jingong Huang, University of Melbourne
Misallocation and intersectoral linkages
By Sophie Osotimehin; University of Virginia Latchezar Popov; Texas Tech University
presented by: Sophie Osotimehin, University of Virginia
Key sectors in Mexico's economic development: a perspective from input-output linkages with sector-specific distortions
By Julio Leal; Banco de México
presented by: Julio Leal, Banco de México
Session 5: Consumption Dynamics June 28, 2018 9:00 to 10:30 102
Session Chair: Arlene Wong, Princeton University
Choices of the Hand-to-Mouth-to-the-Eye
By Mark Aguiar; Princeton University Mark Bils; U. of Rochester Corina Boar; Princeton University
presented by: Corina Boar, Princeton University
Consumption Network Effects
By Giacomo De Giorgi; GSEM University of Geneva
presented by: Giacomo De Giorgi, GSEM University of Geneva
Peer effects in product adoption
By Theresa Kuchler; NYU Stern School of Business Johannes Stroebel; New York University Arlene Wong; Princeton University
presented by: Arlene Wong, Princeton University
Session 6: Topics in Macro-Finance June 28, 2018 9:00 to 10:30 Sala de Conferencias
Session Chair: Vladimir Asriyan, CREi, UPF, and Barcelona GSE
Aggregate Information Dynamics
By Kyriakos Chousakos; Yale University Gary Gorton; Yale University Guillermo Ordonez; University of Pennsylvania
presented by: Guillermo Ordonez, University of Pennsylvania
The financial transmission of housing bubbles: evidence from spain
By Alberto Martin; CREI, UPF and Barcelona GSE Enrique Moral Benito; Banco de Espana Tom Schmitz; Bocconi University
presented by: Tom Schmitz, Bocconi University
Balance sheet recessions with information and trading frictions
By Vladimir Asriyan; CREi, UPF, and Barcelona GSE
presented by: Vladimir Asriyan, CREi, UPF, and Barcelona GSE
Session 7: Life-Cycle Earnings Dymamics June 28, 2018 9:00 to 10:30 Sa1
Session Chair: Mary Ann Bronson, Georgetown University
Which Ladder to Climb? Wages of workers by job, plant, and education
By Christian Bayer; Universitaet Bonn Moritz Kuhn; University of Bonn
presented by: Christian Bayer, Universitaet Bonn
Job Ladders and Growth in Earnings, Hours, and Wages
By Joyce Hahn; U.S. Census Bureau Henry Hyatt; US Census Bureau Hubert Janicki; U.S. Census Bureau
presented by: Hubert Janicki, U.S. Census Bureau
The Lifecycle Wage Growth of Men and Women: Explaining Gender Differences in Wage Trajectories
By Mary Ann Bronson; Georgetown University
presented by: Mary Ann Bronson, Georgetown University
Session 8: Talents and Executive Compensations June 28, 2018 9:00 to 10:30 Sa2
Session Chair: Pricila Maziero, NYU
Dynamic Compensation under Uncertainty Shocks and Limited Commitment
By Felix Feng; University of Notre Dame
presented by: Felix Feng, University of Notre Dame
Repeated Delegation
By Elliot Lipnowski; University of Chicago Joao Ramos; USC _ Marshall
presented by: Joao Ramos, USC _ Marshall
CEO Compensation and the Capital Structure of Firms
By Pricila Maziero; NYU
presented by: Pricila Maziero, NYU
Session 9: Topics in International Trade June 28, 2018 9:00 to 10:30 212
Session Chair: Konstantin Kucheryavyy, University of Tokyo
Technology and Non-Technology Shocks: Measurement and Implications for International Comovement
By Andrei Levchenko; University of Michigan Nitya Pandalai Nayar; University of Texas, Austin
presented by: Nitya Pandalai Nayar, University of Texas, Austin
Do Unit Labor Costs Matter? A Decomposition Exercise on European Data
By Sophie Piton; Paris School of Economics & CEPII
presented by: Sophie Piton, Paris School of Economics & CEPII
A Unified Model of International Business Cycles and Trade
By Saroj Bhattarai; University of Texas at Austin Konstantin Kucheryavyy; University of Tokyo
presented by: Konstantin Kucheryavyy, University of Tokyo
Session 10: Fiscal Policy and Commitment June 28, 2018 9:00 to 10:30 213
Session Chair: Zoe Xie, Federal Reserve Bank of Atlanta
The Value of Constraints on Discretionary Government Policy
By Fernando Martin; Federal Reserve Bank of St. Louis
presented by: Fernando Martin, Federal Reserve Bank of St. Louis
Hanging off a cliff: fiscal consolidations and default risk
By Francesco Pappada; Banque de France Yanos Zylberberg; University of Bristol
presented by: Francesco Pappada, Banque de France
Fiscal Decentralization, Intergovernmental Transfer, and Overborrowing
By Si Guo; International Monetary Fund Yun Pei; University at Buffalo, SUNY Zoe Xie; Federal Reserve Bank of Atlanta
presented by: Zoe Xie, Federal Reserve Bank of Atlanta
Session 11: Mortgages and Housing Prices June 28, 2018 9:00 to 10:30 103
Session Chair: Jaromir Nosal, Boston College
Housing Prices and Consumer Spending: The Bank Balance Sheet Channel
By Nuno Paixao; Bank of Canada
presented by: Nuno Paixao, Bank of Canada
Too Much Skin-in-the-Game? The Effect of Mortgage Market Concentration on Credit and House Prices
By Deeksha Gupta; University of Pennsylvania
presented by: Deeksha Gupta, University of Pennsylvania
Maybe Some People Shouldn’t Own (3) Homes
By Christopher Foote; Federal Reserve Bank of Boston Lara Loewenstein; Federal Reserve Bank of Boston Jaromir Nosal; Boston College Paul Willen; Federal Reserve Bank of Boston
presented by: Jaromir Nosal, Boston College
Session 12: Entrepreneurship June 28, 2018 9:00 to 10:30 111
Session Chair: Matthew Mitchell, University of Toronto
The Rise of Human Capitalist
By Andrea Eisfeldt; University of California, Los Angeles Antonio Falato; Federal Reserve Board Mindy Z. Xiaolan; University of Texas at Austin
presented by: Mindy Z. Xiaolan, University of Texas at Austin
Firm Organization and Information Technology: Micro and Macro Implications
By Asier Mariscal; U.Carlos III-Madrid
presented by: Asier Mariscal, U.Carlos III-Madrid
Free (Ad)vice
By Matthew Mitchell; University of Toronto
presented by: Matthew Mitchell, University of Toronto
Session 13: The Spatial Distribution of Human Capital June 28, 2018 9:00 to 10:30 101
Session Chair: Tommaso Porzio, University of California, San Diego
Spatial Structural Change
By Fabian Eckert; Yale University Michael Peters; Yale University
presented by: Michael Peters, Yale University
Migration and the Spatial Distribution of Economic Activity
By Lorenzo Caliendo; Yale University Fernando Parro; Johns Hopkins University
presented by: Lorenzo Caliendo, Yale University
The Invisible Border between East and West Germany
By Sebastian Heise; Federal Reserve Bank of New York Tommaso Porzio; University of California, San Diego
presented by: Tommaso Porzio, University of California, San Diego
Session 14: Firm Growth and Microdata June 28, 2018 9:00 to 10:30 211
Session Chair: Munseob Lee, University of California San Diego
Connecting to Power: Political Connections, Innovation, and Firm Dynamics
By Salome Baslandze; EIEF - Einaudi Institute for Economics a
presented by: Salome Baslandze, EIEF - Einaudi Institute for Economics a
Bringing Data to the Model: Firm-to-Firm Learning in a Structural Model
By Wyatt Brooks; University of Notre Dame Kevin Donovan; Yale University Terence Johnson; University of Notre Dame
presented by: Wyatt Brooks, University of Notre Dame
How do Firms Grow? The Life Cycle of Products Matters
By David Argente; University of Chicago Munseob Lee; University of California San Diego Sara Moreira; Northwestern University
presented by: Munseob Lee, University of California San Diego
Session 15: Monetary Economics June 28, 2018 11:00 to 12:30 101
Session Chair: Sebastian Di Tella, Stanford GSB
Stimulus and Amplification with Heterogeneous Agents
By Adrien Auclert; Stanford Matthew Rognlie; Northwestern University Ludwig Straub; MIT
presented by: Matthew Rognlie, Northwestern University
Monetay Policy, Bounded Rationality, and Incomplete Markets
By Emmanuel Farhi; Harvard University Ivan Werning; Massachusetts Institute of Technology
presented by: Emmanuel Farhi, Harvard University
A Neoclassical Theory of Liquidity Traps
By Sebastian Di Tella; Stanford GSB
presented by: Sebastian Di Tella, Stanford GSB
Session 16: Long-Run Labor Supply June 28, 2018 11:00 to 12:30 213
Session Chair: Cristina Lafuente, University of Edinburgh
Long-term Changes in Married Couples' Labor Supply and Taxes: Evidence from the US and Europe Since the 1980s
By Alexander Bick; Arizona State University Bettina Brueggemann; McMaster University Nicola Fuchs-Schündeln; Goethe University Frankfurt Hannah Paule-Paludkiewicz; Goethe University Frankfurt
presented by: Bettina Brueggemann, McMaster University
Why Do People Work So Hard?
By Paul Scanlon; Trinity College Dublin
presented by: Paul Scanlon, Trinity College Dublin
Search capital and Unemployment Duration
By Cristina Lafuente; University of Edinburgh
presented by: Cristina Lafuente, University of Edinburgh
Session 17: International Trade and Productivity June 28, 2018 11:00 to 12:30 111
Session Chair: Loris Rubini, University of New Hampshire
The Impact of Chinese Competition along the Quality Ladder
By Paul Piveteau; Johns Hopkins University gabriel smagghue; uc3m
presented by: Paul Piveteau, Johns Hopkins University
Input Prices, Productivity and Trade Dynamics: Long-run Effects of Liberalization on Chinese Paint Manufactures
By Paul Grieco; Pennsylvania State University Shengyu Li; Durham University Hongsong Zhang; University of Hong Kong
presented by: Paul Grieco, Pennsylvania State University
Do Non-Exporters Lose From Lower Trade Costs?
By Facundo Piguillem; EIEF Loris Rubini; University of New Hampshire
presented by: Loris Rubini, University of New Hampshire
Session 18: Structural Change I June 28, 2018 11:00 to 12:30 211
Session Chair: Joseba Martinez, New York University
Accounting for Structural Change Over Time: A Case Study of Three Middle-Income Countries
By Michael Sposi; Federal Reserve Bank of Dallas Kei-Mu Yi; University of Houston Jing Zhang; Federal Reserve Bank of Chicago
presented by: Michael Sposi, Federal Reserve Bank of Dallas
A theory of structural change that can fit the data
By Simon Alder; University of North Carolina at Chapel H Timo Boppart; IIES, Stockholm University Andreas Mueller; University of Essex
presented by: Simon Alder, University of North Carolina at Chapel H
Automation, Growth and Factor Shares
By Joseba Martinez; New York University
presented by: Joseba Martinez, New York University
Session 19: Labor and Cycles June 28, 2018 11:00 to 12:30 103
Session Chair: Henry Hyatt, US Census Bureau
Mismatch Cycles
By Isaac Baley; Universitat Pompeu Fabra & Barcelona GSE Ana Figueiredo; Universitat Pompeu Fabra and Barcelona GSE Robert Ulbricht; Toulouse School of Economics
presented by: Isaac Baley, Universitat Pompeu Fabra & Barcelona GSE
Marginal Jobs and Job Surplus: Evidence from Separations and Unemployment Insurance
By Benjamin Schoefer; UC Berkeley
presented by: Benjamin Schoefer, UC Berkeley
Cyclical Labor Market Sorting
By Leland Crane; Federal Reserve Board Henry Hyatt; US Census Bureau Seth Murray; University of Maryland
presented by: Henry Hyatt, US Census Bureau
Session 20: Designing Stress Tests June 28, 2018 11:00 to 12:30 104
Session Chair: Pavel Zryumov, University of Rochester
Designing Stress Scenarios
By Cecilia Parlatore; New York University Stern
presented by: Cecilia Parlatore, New York University Stern
Model Secrecy and Stress Tests
By Yaron Leitner; Federal Reserve Bank of Philadelphia Basil Williams; New York University
presented by: Basil Williams, New York University
Design of Macro-prudential Stress Tests
By Dmitry Orlov; University of Rochester Andy Skrzypacz; Stanford Graduate School of Business Pavel Zryumov; University of Rochester
presented by: Pavel Zryumov, University of Rochester
Session 21: Quantifying the Effects of Schooling on Labor Markets June 28, 2018 11:00 to 12:30 Sa1
Session Chair: John Kennan, University of Wisconsin Madison
Labor Market Search, Informality and Schooling Investments
By Luca Flabbi; University of North Carolina
presented by: Luca Flabbi, University of North Carolina
A General Equilibrium Analysis of College Enrollment, Completion, and Labor Market Outcomes
By Maria Ferreyra; The World Bank Carlos Garriga; Federal Reserve Bank of St. Louis Angelica Sanchez Diaz; World Bank
presented by: Carlos Garriga, Federal Reserve Bank of St. Louis
Government Expenditure on Education
By Chao Fu; University of Wisconsin - Madison Shoya Ishimaru; Unviersity of Wisconsin Madison John Kennan; University of Wisconsin Madison
presented by: John Kennan, University of Wisconsin Madison
Session 22: Corporate Finance June 28, 2018 11:00 to 12:30 Sa2
Session Chair: George Pennacchi, University of Illinois
Voluntary disclosure under dynamic moral hazard
By Shiming Fu; University of Rochester Giulio Trigilia; University of Rochester
presented by: Shiming Fu, University of Rochester
Corporate Debt Structure, Precautionary Savings, and Investment Dynamics
By Jasmine Xiao; University of Notre Dame
presented by: Jasmine Xiao, University of Notre Dame
Contingent Convertibles with Stock Price Triggers: The Case of Perpetuities
By George Pennacchi; University of Illinois Alexei Tchistyi; University of Illinois
presented by: George Pennacchi, University of Illinois
Session 23: International Capital Flows and FDI June 28, 2018 11:00 to 12:30 212
Session Chair: Hidehiko Matsumoto, University of Maryland
Financial Stability, Growth, and Macroprudential Policy
By Chang Ma; Johns Hopkins University
presented by: Chang Ma, Johns Hopkins University
Gross Capital Flows and International Diversification
By Hyunju Lee; University of Minnesota
presented by: Hyunju Lee, University of Minnesota
Reserve Accumulation, Foreign Direct Investment, and Economic Growth
[slides]
By Hidehiko Matsumoto; University of Maryland
presented by: Hidehiko Matsumoto, University of Maryland
Session 24: Fiscal Policy and Public Debt June 28, 2018 11:00 to 12:30 113
Session Chair: Neil Mehrotra, Brown University
The Fiscal Theory of the Price Level in an Environment of Low Interest Rates
By Marco Bassetto; Federal Reserve Bank of Chicago Wei Cui; University College London
presented by: Marco Bassetto, Federal Reserve Bank of Chicago
International Medium of Exchange: Privilege and Duty
By Ryan Chahrour; Boston College Rosen Valchev; Boston College
presented by: Rosen Valchev, Boston College
Debt Sustainability in a Low Interest Rate World
By Neil Mehrotra; Brown University
presented by: Neil Mehrotra, Brown University
Session 25: Housing Booms, Busts and the Great Recesssion June 28, 2018 11:00 to 12:30 210
Session Chair: Callum Jones, International Monetary Fund
Housing Finance, Boom-Bust Episodes, and Macroeconomic Fragility
By Carlos Garriga; Federal Reserve Bank of St. Louis Aaron Hedlund; University of Missouri
presented by: Aaron Hedlund, University of Missouri
Unemployment and the US housing market during the Great Recession
[slides]
By Pavel Krivenko; Stanford
presented by: Pavel Krivenko, Stanford
Household Leverage and the Recession
By Callum Jones; International Monetary Fund
presented by: Callum Jones, International Monetary Fund
Session 26: Macroeconomics of Imperfect Markets June 28, 2018 11:00 to 12:30 Sala de Conferencias
Session Chair: Fernando Parro, Johns Hopkins University
Productivity and Misallocation in General Equilibrium
By David Baqaee; London School of Economics and Political Emmanuel Farhi; Harvard University
presented by: David Baqaee, London School of Economics and Political
Investigating Global Labor and Prot Shares
By German Gutierrez; New York University
presented by: German Gutierrez, New York University
Distortions and the Structure of the World Economy
By Lorenzo Caliendo; Yale University Fernando Parro; Johns Hopkins University Aleh Tsyvinski; Yale University
presented by: Fernando Parro, Johns Hopkins University
Session 27: Finance and Firm Dynamics June 28, 2018 11:00 to 12:30 102
Session Chair: Dimitris Papanikolaou, Northwestern University
Misallocation or Risk-Adjusted Capital Allocation?
By Joel David; USC
presented by: Joel David, USC
Are business cycles within the firm? On the reallocation of financial funds across establishments within firms
By Matthias Kehrig; Duke University
presented by: Matthias Kehrig, Duke University
Technological Innovation and the Distribution of Labor Income Growth
By Dimitris Papanikolaou; Northwestern University
presented by: Dimitris Papanikolaou, Northwestern University
Session 28: Marriage and Jobs June 28, 2018 11:00 to 12:30 112
Session Chair: Silvio Rendon, The Federal Reserve Bank of Philadelphia
Cohabitation, Marriage, and Fertility: Divergent Patterns for Different Education Groups
By Helu Jiang; Washington University in St. Louis
presented by: Helu Jiang, Washington University in St. Louis
Deconstructing job search behavior
By Stefano Banfi; Chilean Ministry of Energy Sekyu Choi; University of Bristol Benjamin Villena-Roldan; University of Chile
presented by: Benjamin Villena-Roldan, University of Chile
Family Job Search and Wealth: The Added Worker Effect Revisited
[slides]
By Silvio Rendon; The Federal Reserve Bank of Philadelphia J. Ignacio García-Pérez; Universidad Pablo de Olavide
presented by: Silvio Rendon, The Federal Reserve Bank of Philadelphia
Session 29: Unconventional Monetary Policy June 28, 2018 13:45 to 15:15 213
Session Chair: Martina Jasova, Princeton University
Monetary Policy under Financial Exclusion
By Rajesh Singh; Iowa State University
presented by: Rajesh Singh, Iowa State University
Delphic and Odyssean monetary policy shocks: Evidence from the euro-area
[slides]
By Filippo Ferroni; Chicago FED
presented by: Filippo Ferroni, Chicago FED
Rollover Risk and Bank Lending Behavior: Evidence from Unconventional Central Bank Liquidity
[slides]
By Martina Jasova; Princeton University Caterina Mendicino; European Central Bank Dominik Supera; Wharton School, University of Pennsylvania
presented by: Martina Jasova, Princeton University
Session 30: Labor Markets - Sorting, Mobility and Wages June 28, 2018 13:45 to 15:15 102
Session Chair: Aysegul Sahin, Federal Reserve Bank of New York
Multi-Dimensional Sorting in the Data
By Ilse Lindenlaub; Yale University Fabien Postel-Vinay; University College London
presented by: Ilse Lindenlaub, Yale University
The Role of Sectoral Composition in the Evolution of the Skill Wage Premium
By Sara Moreira; Northwestern University
presented by: Sara Moreira, Northwestern University
Job Ladder, Wages, and Prices
By Sebastian Heise; Federal Reserve Bank of New York Fatih Karahan; Federal Reserve Bank of New York Aysegul Sahin; Federal Reserve Bank of New York
presented by: Aysegul Sahin, Federal Reserve Bank of New York
Session 31: Multinational Production June 28, 2018 13:45 to 15:15 103
Session Chair: Fatih Guvenen, University of Minnesota
Global Value Chains and Inequality with Endogenous Labor Supply
By Kei-Mu Yi; University of Houston Eunhee Lee; University of maryland
presented by: Kei-Mu Yi, University of Houston
Financing Multinationals
By Jingting Fan; Penn State University Wenlan Luo; Tsinghua University
presented by: Jingting Fan, Penn State University
FDI Return Differentials: An Explanation Based on Offshore Profit Shifting
By Jennifer Koncz-Bruner; bureau of economic analysis Fatih Guvenen; University of Minnesota Dylan Rassier; Bureau of Economic Analysis Kim Ruhl; Pennsylvania State University
presented by: Fatih Guvenen, University of Minnesota
Session 32: Development Patterns Within and Across Countries June 28, 2018 13:45 to 15:15 113
Session Chair: Marti Mestieri, Northwestern University
The Natural Rate of Structural Change
By Francisco Buera; Washington University at St. Louis Joseph Kaboski; University of Notre Dame Marti Mestieri; Northwestern University
presented by: Francisco Buera, Washington University at St. Louis
Occupations, Skills and Barriers to Labor Reallocation
By Georg Duernecker; University of Munich Berthold Herrendorf; Arizona State University
presented by: Georg Duernecker, University of Munich
The Technology Frontier and the Rise and Fall of Cities
By Enrico Berkes; Northwestern University Ricardo Dahis; Northwestern University Marti Mestieri; Northwestern University
presented by: Marti Mestieri, Northwestern University
Session 33: Credit, Investment, and Cycles June 28, 2018 13:45 to 15:15 101
Session Chair: Thomas Winberry, University of Chicago
The Real Effects of Credit Booms and Busts: A County-Level Analysis
By Simon Gilchrist; New York University
presented by: Simon Gilchrist, New York University
The Decline in Corporate Investment
By Vito Gala; University of Pennsylvania Joao Gomes; University of Pennsylvania Hongxun Ruan; Wharton School
presented by: Joao Gomes, University of Pennsylvania
Macroeconomic Implications of Asset Prices
By Mikhail Golosov; University of Chicago Thomas Winberry; University of Chicago
presented by: Thomas Winberry, University of Chicago
Session 34: The Macroeconomics of Asset Bubbles June 28, 2018 13:45 to 15:15 104
Session Chair: Erik Loualiche, University of Minnesota
Asset Price Bubbles and the Distribution of Firms
By Haozhou Tang; Bank of Mexico
presented by: Haozhou Tang, Bank of Mexico
A Quantitative Model of Bubble-Driven Business Cycles
By Benjamin Larin; Leipzig University
presented by: Benjamin Larin, Leipzig University
Efficient Bubbles?
By Valentin Haddad; University of California, Los Angeles Paul Ho; Princeton University Erik Loualiche; University of Minnesota
presented by: Erik Loualiche, University of Minnesota
Session 35: Topics in Macro Labor June 28, 2018 13:45 to 15:15 210
Session Chair: Laurence Ales, Carnegie Mellon University
Technology-Driven Unemployment
By Gregory Casey; Brown University
presented by: Gregory Casey, Brown University
Coordinated Work Schedules and the Gender Wage Gap
By German Cubas; University of Houston Chinhui Juhn; University of Houston Pedro Silos; Temple University
presented by: German Cubas, University of Houston
The Sources of Capital-Labor Substitutability
By Laurence Ales; Carnegie Mellon University Brian Kovak; Carnegie Mellon University Hakki Ozdenoren; Carnegie Mellon University Kate Whitefoot; Carnegie Mellon University
presented by: Laurence Ales, Carnegie Mellon University
Session 36: Beliefs and Macroeconomics June 28, 2018 13:45 to 15:15 Sa2
Session Chair: Julian Kozlowski, New York University
Confidence in Central Banks and Inflation Expectations
By Michael Lamla; ETH Zurich Damjan Pfajfar; Federal Reserve Board Lea Rendell; University of Maryland
presented by: Damjan Pfajfar, Federal Reserve Board
Asymmetric Attention
By Alexandre Kohlhas; Institute for International Economic Studies, Stockholm University
presented by: Alexandre Kohlhas, Institute for International Economic Studies, Stockholm University
The Tail that Keeps the Riskless Rate Low
By Julian Kozlowski; New York University Laura Veldkamp; New York University Venky Venkateswaran; New York University
presented by: Julian Kozlowski, New York University
Session 37: Topics in International Macroeconomics June 28, 2018 13:45 to 15:15 Sala de Conferencias
Session Chair: Francois Geerolf, University of California, Los Angeles
Multiple Equilibria in Open Economy Models with Collateral Constraints: Overborrowing Revisited
By Martin Uribe; Columbia University
presented by: Martin Uribe, Columbia University
The Paradox of Global Thrift
By Luca Fornaro; CREI and Universitat Pompeu Fabra
presented by: Luca Fornaro, CREI and Universitat Pompeu Fabra
The Phillips Curve: Price Levels or Real Exchange Rates?
By Francois Geerolf; University of California, Los Angeles
presented by: Francois Geerolf, University of California, Los Angeles
Session 38: Dealing with Default June 28, 2018 13:45 to 15:15 212
Session Chair: Mark Wright, Federal Reserve Bank of Minneapolis
Optimal Exclusion
By Cyril Monnet; Universitat Bern Erwan Quintin; University of Wisconsin Madison
presented by: Erwan Quintin, University of Wisconsin Madison
Sovereign Debt Restructuring: A Dynamic Discrete Choice Approach
By Maximiliano Dvorkin; Federal Reserve Bank of St. Louis Juan Sanchez; Federal Reserve Bank of St. Louis Horacio Sapriza; Federal Reserve Board Emircan Yurdagul; uc3m
presented by: Maximiliano Dvorkin, Federal Reserve Bank of St. Louis
The Seniority Structure of Sovereign Debt
By Mark Wright; Federal Reserve Bank of Minneapolis
presented by: Mark Wright, Federal Reserve Bank of Minneapolis
Session 39: Housing Policy June 28, 2018 13:45 to 15:15 Sa1
Session Chair: Daniel Greenwald, MIT
Systematic Monetary Policy and the Macroeconomic Effects of Shifts in Loan-to-Value Ratios
By Ruediger Bachmann; University of Notre Dame Sebastian Rueth; Ghent University
presented by: Ruediger Bachmann, University of Notre Dame
An Equilibrium Model of Housing and Mortgage Markets with State-Contingent Lending Contracts
By Alexei Tchistyi; University of Illinois
presented by: Alexei Tchistyi, University of Illinois
Managing a Housing Boom
By Jason Allen; Bank of Canada Daniel Greenwald; MIT
presented by: Daniel Greenwald, MIT
Session 40: Macroeconomic Effects of Pricing Decisions June 28, 2018 13:45 to 15:15 211
Session Chair: Hector Chade, Arizona State University
Price Dynamics and the Financing Structure of Firms in Emerging Economies
By Alan Finkelstein Shapiro; Tufts University Andres Gonzalez Gomez; International Monetary Fund Victoria Nuguer; Inter-American Development Bank Jessica Roldan-Pena; Banco de Mexico
presented by: Victoria Nuguer, Inter-American Development Bank
Asset Bubbles and Product Market Competition
By Francisco Queiros; Universitat Pompeu Fabra
presented by: Francisco Queiros, Universitat Pompeu Fabra
A Model of Imperfect Competition under Adverse Selection
By Hector Chade; Arizona State University
presented by: Hector Chade, Arizona State University
Session 41: Human Capital and Migration June 28, 2018 13:45 to 15:15 112
Session Chair: Salvador Navarro, University of Western Ontario
Skills, Migration, and Urban Amenities over the Life Cycle
By David Albouy; University of Illinois Jason Faberman; Federal Reserve Bank of Chicago
presented by: Jason Faberman, Federal Reserve Bank of Chicago
The Return to Big City Experience: Evidence from Danish Refugees
By Fabian Eckert; Yale University Mads Hejlesen; Aarhus University Conor Walsh; Yale University
presented by: Conor Walsh, Yale University
Human Capital and Migration: a Cautionary Tale
By Salvador Navarro; University of Western Ontario Jin Zhou; University of Chicago
presented by: Salvador Navarro, University of Western Ontario
Session 42: Trade and Productivity June 28, 2018 13:45 to 15:15 111
Session Chair: Andrew McCallum, Federal Reserve Board
Product-Level Efficiency and Core Competence in Multi-Product Plants
By Alvaro Garcia Marin; Universidad de Chile Nico Voigtländer
presented by: Alvaro Garcia Marin, Universidad de Chile
Leaving NAFTA:Implications for Inequality
By Collin Rabe; University of Richmond Andrea Waddle; University of Richmond
presented by: Andrea Waddle, University of Richmond
The Great Recession and a Missing Generation of Exporters
By William Lincoln; Claremont McKenna College Andrew McCallum; Federal Reserve Board Michael Siemer; Federal Reserve System Board of Governor
presented by: Andrew McCallum, Federal Reserve Board
Session 43: Advances in New Keynesian Models June 28, 2018 15:45 to 17:15 Sa2
Session Chair: Sylvain Leduc, Bank of Canada
A New Keynesian Model with Wealth in the Utility Function
[slides]
By Pascal Michaillat; Brown University Emmanuel Saez; University of California, Berkeley
presented by: Pascal Michaillat, Brown University
Kaldor and Piketty's Facts: the Rise of Monopoly Power in the United States
By Gauti Eggertsson; Brown University Jacob Robbins; Brown University
presented by: Jacob Robbins, Brown University
From NY to LA: A Look at the Wage Phillips Curve Using Cross-Geographical Data
[slides]
By Sylvain Leduc; Bank of Canada Daniel Wilson; Federal Reserve Bank of San Francisco
presented by: Sylvain Leduc, Bank of Canada
Session 44: Search Theory June 28, 2018 15:45 to 17:15 210
Session Chair: Nicolas Petrosky-Nadeau, FRB San Francisco
Unemployment Insurance Take-up Rates in an Equilibrium Search Model
By David Fuller; University of Wisconsin-Oshkosh Stephane Auray; CREST-Ensai Damba Lkhagvasuren; Concordia University, Montreal, Canada
presented by: David Fuller, University of Wisconsin-Oshkosh
Gradual Bargaining in Decentralized Asset Markets
By Tai-Wei Hu; University of Bristol Younghwan In; KAIST Lucie Lebeau; UC Irvine Guillaume Rocheteau; University of California, Irvine
presented by: Lucie Lebeau, UC Irvine
The Efficiency of Surplus Sharing in Sequential Labor and Goods Markets
By Nicolas Petrosky-Nadeau; FRB San Francisco Etienne Wasmer; NYU AD Philippe Weil; Université Libre de Bruxelles
presented by: Nicolas Petrosky-Nadeau, FRB San Francisco
Session 45: New Perspectives on Models of International Trade June 28, 2018 15:45 to 17:15 104
Session Chair: Nelson Lind, Emory University
Commodity Trade Matters
By Thibault Fally; University of California Berkeley James Sayre; UC Berkeley ARE
presented by: Thibault Fally, University of California Berkeley
Search Frictions in International Good Markets
By Clemence Lenoir; CREST-ENSAE Julien Martin; Université du Québec à Montréal Isabelle Mejean; CREST Ecole Polytechnique
presented by: Clemence Lenoir, CREST-ENSAE
Trade with Correlation
By Nelson Lind; Emory University Natalia Ramondo; UCSD
presented by: Nelson Lind, Emory University
Session 46: Patents, Nonrivalry, and Innovation June 28, 2018 15:45 to 17:15 102
Session Chair: Juan Sanchez, Federal Reserve Bank of St. Louis
Nonrivalry and the Economics of Data
[slides]
By Charles Jones; Stanford University Christopher Tonetti; Stanford GSB
presented by: Christopher Tonetti, Stanford GSB
Patents to Products: Innovation and Firm Performance
By David Argente; University of Chicago Salome Baslandze; EIEF - Einaudi Institute for Economics a Douglas Hanley; University of Pittsburgh Sara Moreira; Northwestern University
presented by: David Argente, University of Chicago
Financing Ventures
By Jeremy Greenwood; University of Pennsylvania Pengfei Han; University of Pennsylvania Juan Sanchez; Federal Reserve Bank of St. Louis
presented by: Juan Sanchez, Federal Reserve Bank of St. Louis
Session 47: Consumption Patterns: Evidence from Micro Data June 28, 2018 15:45 to 17:15 103
Session Chair: Joseph Vavra, University of Chicago
The extensive margin of aggregate consumption demand
By Claudio Michelacci; EIEF Luigi Paciello; EIEF Andrea Pozzi; EIEF
presented by: Luigi Paciello, EIEF
Home Equity Extraction and the Boom-Bust Cycle in Consumption and Residential Investment
By Xiaoqing Zhou; Bank of Canada
presented by: Xiaoqing Zhou, Bank of Canada
The Rise in Household Spending Concentration
By Brent Neiman; University of Chicago Joseph Vavra; University of Chicago
presented by: Joseph Vavra, University of Chicago
Session 48: The Broader Financial System June 28, 2018 15:45 to 17:15 Sala de Conferencias
Session Chair: Vania Stavrakeva, London Business School
Markets for Financial Innovation
By Ana Babus; Washington University in St. Louis Kinda Hachem; University of Chicago
presented by: Kinda Hachem, University of Chicago
Data Lessons on Bank Behavior
By Juliane Begenau; Stanford University Saki Bigio; UCLA Jeremy Majerovitz; Stanford University
presented by: Juliane Begenau, Stanford University
Regulation and the Broader Financial Sector
By Vania Stavrakeva; London Business School
presented by: Vania Stavrakeva, London Business School
Session 49: Empirical Approaches to Inequality June 28, 2018 15:45 to 17:15 Sa1
Session Chair: Ana Fernandes, Berner Fachhochschule; University of Fri
Nutrition Inequality: The Role of Prices, Income, and Preferences.
By Noriko Amano
presented by: Noriko Amano,
How Important Is Health Inequality for Lifetime Earnings Inequality?
By Roozbeh Hosseini; University of Georgia Karen Kopecky; Federal Reserve Bank of Atlanta Kai Zhao; University of Connecticut
presented by: Kai Zhao, University of Connecticut
Fertility Discrimination in Hiring? Evidence from a Field Experiment
By Sascha O. Becker; University of Warwick Ana Fernandes; Berner Fachhochschule; University of Fri Doris Weichselbaumer; University of Linz
presented by: Ana Fernandes, Berner Fachhochschule; University of Fri
Session 50: Information and Macroeconomics June 28, 2018 15:45 to 17:15 101
Session Chair: Mathieu Taschereau-Dumouchel, Cornell University
On the Propagation of Demand Shocks
By George-Marios Angeletos; M.I.T. Chen Lian; MIT
presented by: Chen Lian, MIT
Big Data in Finance and the Growth of Large Firms
By Juliane Begenau; Stanford University Maryam Farboodi; Princeton University Laura Veldkamp; New York University
presented by: Laura Veldkamp, New York University
Herding, Technology Adoption and Boom-Bust Cycles
By Edouard Schaal; Universitat Pompeu Fabra Mathieu Taschereau-Dumouchel; Cornell University
presented by: Mathieu Taschereau-Dumouchel, Cornell University
Session 51: Sovereign Debt and Liquidity June 28, 2018 15:45 to 17:15 212
Session Chair: xavier Ragot, SciencesPo
Spending Multiplier during Sudden Stop Crises
By Siming Liu; Indiana University
presented by: Siming Liu, Indiana University
Sovereign Debt, Default Risk, and the Liquidity of Government Bonds
By Gaston Chaumont; Pennsylvania State University
presented by: Gaston Chaumont, Pennsylvania State University
Sovereign Default and Liquidity: The Case for a World Safe
By xavier Ragot; SciencesPo Francois Le Grand; EMLyon Business School
presented by: xavier Ragot, SciencesPo
Session 52: Fiscal Policy with Heterogeneous Agents June 28, 2018 15:45 to 17:15 213
Session Chair: Xin Tang, International Monetary Fund and Wuhan University
Corporate Income Tax, Legal Form of Organization, and Employment
By Don Schlagenhauf; Federal Reserve Bank of St Louis
presented by: Don Schlagenhauf, Federal Reserve Bank of St Louis
Welfare Effects of Fiscal Procyclicality: Public Insurance with Heterogeneous Agents
By Alvaro Aguirre; Central Bank of Chile
presented by: Alvaro Aguirre, Central Bank of Chile
The Macroeconomic and Distributional Implications of Fiscal Consolidations in Low-income Countries
By Adrian Peralta-Alva; International Monetary Fund Marina Mendes Tavares; ITAM and IMF Xuan Tam; City University of Hong Kong Xin Tang; International Monetary Fund and Wuhan University
presented by: Xin Tang, International Monetary Fund and Wuhan University
Session 53: Measuring the Impact of Imperfect Competition June 28, 2018 15:45 to 17:15 211
Session Chair: Ying Fan, University of Michigan
Dynamic Pricing with Forward Looking Social Learners: the Case of US Video Games Industry
By Shen Hui
presented by: Shen Hui,
Measuring the Welfare of Intermediation in Vertical Markets
By Javier Donna; The Ohio State University Pedro Pereira; Autoridade da Concorrência Tiago Pires; U North Carolina Andre Trindade; Getulio Vargas Foundation (FGV)
presented by: Javier Donna, The Ohio State University
Estimate Markups with a Flexible Supply Model
By Ying Fan; University of Michigan Christopher Sullivan
presented by: Ying Fan, University of Michigan
Session 54: Topics on Investments June 28, 2018 15:45 to 17:15 111
Session Chair: Adam Blandin, Virginia Commonwealth University
The Role of Corporate Taxes in the Decline of the Startup Rate
By Julian Neira; University of Exeter Rish Singhania; University of Exeter
presented by: Rish Singhania, University of Exeter
The Tax Cuts and Jobs Act (TCJA) : A Quantitative Evaluation
By Herve Zeida; University of Montreal
presented by: Herve Zeida, University of Montreal
Family Structure, Human Capital Investment, and Aggregate College Attainment
By Adam Blandin; Virginia Commonwealth University Christopher Herrington; Virginia Commonwealth University
presented by: Adam Blandin, Virginia Commonwealth University
Session 55: Credit Market Dynamics June 28, 2018 15:45 to 17:15 112
Session Chair: Daniel Neuhann, UT Austin, McCombs School of Business
Lending standards and output growth
By Divya Kirti; IMF
presented by: Divya Kirti, IMF
Cycles of Credit Expansion and Misallocation: The Good, The Bad and The Ugly
By Feng Dong; Shanghai Jiao Tong University Zhiwei XU; Shanghai Jiao Tong University
presented by: Feng Dong, Shanghai Jiao Tong University
The Incentive Channel of Capital Market Interventions
By Michael Lee; Federal Reserve Bank of New York Daniel Neuhann; UT Austin, McCombs School of Business
presented by: Daniel Neuhann, UT Austin, McCombs School of Business
Session 56: Topics on Heterogeneous Agents June 28, 2018 15:45 to 17:15 113
Session Chair: Felipe Saffie, University of Maryland
Optimal Unemployment Insurance over the Business Cycle
By Marcelo Veracierto; Federal Reserve Bank of Chicago
presented by: Marcelo Veracierto, Federal Reserve Bank of Chicago
Captial Reallocation and Productivity
By Russell Cooper; The Pennsylvania State University Immo Schott; Université de Montréal
presented by: Russell Cooper, The Pennsylvania State University
Measuring Uncertainty
By Boragan Aruoba; University of Maryland Dun Jia; Renmin University of China Felipe Saffie; University of Maryland
presented by: Felipe Saffie, University of Maryland
Session 57: Effects of Monetary Policy June 29, 2018 9:00 to 10:30 Sa2
Session Chair: Christoph Kaufmann, European Central Bank
Output Hysteresis and Optimal Monetary Policy
By Sanjay Singh; University of California, Davis
presented by: Sanjay Singh, University of California, Davis
(Un)expected Monetary Policy Shocks and Term Premia
By Martin Kliem; Deutsche Bundesbank Alexander Meyer-Gohde; University of Hamburg
presented by: Martin Kliem, Deutsche Bundesbank
Interest Rate Spreads and Forward Guidance
By Christian Bredemeier; University of Cologne Christoph Kaufmann; European Central Bank Andreas Schabert; University of Cologne
presented by: Christoph Kaufmann, European Central Bank
Session 58: Labor Markets - Sorting and Wage Inequality June 29, 2018 9:00 to 10:30 113
Session Chair: Rasmus Lentz, University of Wisconsin Madison
Gender Wage Gap and Sorting over Life Cycle
By Katarina Borovickova; New York University
presented by: Katarina Borovickova, New York University
Learning from Coworkers
By Gregor Jarosch; Princeton University Ezra Oberfield; Princeton University Esteban Rossi-Hansberg; Princeton University
presented by: Gregor Jarosch, Princeton University
On Worker and Firm Heterogeneity in Wages and Employment Mobility: Evidence from Danish Register Data
By Rasmus Lentz; University of Wisconsin Madison Suphanit Piyapromdee; University College London Jean Marc Robin; Sciences Po
presented by: Rasmus Lentz, University of Wisconsin Madison
Session 59: Openness and Imbalances June 29, 2018 9:00 to 10:30 103
Session Chair: Robert Zymek, University of Edinburgh
Does Openness Matter for Structural Change?
By Lidia Smitkova; University of Cambridge
presented by: Lidia Smitkova, University of Cambridge
Globalization, Trade Imbalances, and Labor Market Adjustment
By Rafael Dix-Carneiro; Duke University Ricardo Reyes-Heroles; Federal Reserve Board Sharon Traiberman; NYU
presented by: Sharon Traiberman, NYU
Bilateral Trade Imbalances
By Robert Zymek; University of Edinburgh
presented by: Robert Zymek, University of Edinburgh
Session 60: Development Economics June 29, 2018 9:00 to 10:30 111
Session Chair: Anusha Nath, Federal Reserve Bank of Minneapolis
Investing in Public Infrastructure: Roads or Schools?
By Grace Li; International Monetary Fund
presented by: Grace Li, International Monetary Fund
The Consumption, Income, and Wealth of the Poorest: An Empirical Analysis of Economic Inequality in Rural and Urban Sub-Saharan Africa for Macroeconomists
By Leandro De Magalhaes; University of Bristol Raul Santaeulalia-Llopis; MOVE-UAB and Barcelona GSE
presented by: Leandro De Magalhaes, University of Bristol
Bureaucrats and Politicians: Electoral Competition and Dynamic Incentives
By Anusha Nath; Federal Reserve Bank of Minneapolis
presented by: Anusha Nath, Federal Reserve Bank of Minneapolis
Session 61: Search Frictions and Macroeconomics June 29, 2018 9:00 to 10:30 213
Session Chair: Yu Zhu, Bank of Canada
Search Complementarities, Aggregate Fluctuations and Fiscal Policy
By Jesus Fernandez-Villaverde; University of Pennsylvania Federico Mandelman; Federal Reserve Bank of Atlanta Yang Yu; Shanghai University of Finance and Economics Francesco Zanetti; University of Oxford
presented by: Yang Yu, Shanghai University of Finance and Economics
On the dynamics of asset prices and liquidity: the role of search frictions and idiosyncratic shocks
By Elton Dusha; University of Chile Alexandre Janiak; Pontificia Universidad Catolica de Chile
presented by: Alexandre Janiak, Pontificia Universidad Catolica de Chile
Frictional Capital Reallocation II: Ex Post Heterogeneity
By Randall Wright; University of Wisconsin Xiaolin Xiao; Economics Discipline Group Yu Zhu; Bank of Canada
presented by: Yu Zhu, Bank of Canada
Session 62: Shadow Banking June 29, 2018 9:00 to 10:30 212
Session Chair: Bora Durdu, Federal Reserve Board
Private credit creation in the modern financial market
By Tingting Zhu; Unversity of California, Davis
presented by: Tingting Zhu, Unversity of California, Davis
Supply of Private Safe Assets: Interplay of Shadow and Traditional Banks
By Stefan Gissler; Federal Reserve Board Borghan Narajabad; Federal Reserve Board
presented by: Borghan Narajabad, Federal Reserve Board
Macroeconomic implications of shadow banks: A DSGE analysis
By Bora Durdu; Federal Reserve Board Molin Zhong; Federal Reserve Board
presented by: Bora Durdu, Federal Reserve Board
Session 63: Determinants of Wealth Inequality June 29, 2018 9:00 to 10:30 Sa1
Session Chair: Roozbeh Hosseini, University of Georgia
Decomposing the Rise in Top Wealth Inequality
By Matthieu Gomez; Princeton University
presented by: Matthieu Gomez, Princeton University
Accounting for the determinants of wealth concentration in the US
By Baris Kaymak; Universite de Montreal CHEUK SHING LEUNG; McGill University Markus Poschke; McGill
presented by: CHEUK SHING LEUNG, McGill University
The Evolution of Health over the Life Cycle
By Roozbeh Hosseini; University of Georgia Karen Kopecky; Federal Reserve Bank of Atlanta Kai Zhao; University of Connecticut
presented by: Roozbeh Hosseini, University of Georgia
Session 64: Inattention and Macroeconomics June 29, 2018 9:00 to 10:30 101
Session Chair: Luminita Stevens, University of Maryland
Inattention and Belief Polarization
By Kristoffer Nimark; Cornell University
presented by: Kristoffer Nimark, Cornell University
Dynamic Inattention, the Phillips Curve, and Forward Guidance
By Choongryul Yang; University of Texas at Austin Hassan Afrouzi; Columbia University
presented by: Choongryul Yang, University of Texas at Austin
Adjustment Dynamics During a Strategic Estimation Task
[slides]
By Mel Khaw; Columbia University Luminita Stevens; University of Maryland Michael Woodford; Columbia University
presented by: Luminita Stevens, University of Maryland
Session 65: Sovereign Default June 29, 2018 9:00 to 10:30 104
Session Chair: Neele Balke, University of Chicago; IIES
Debt, Defaults and Dogma: politics and the dynamics of sovereign debt markets
By Ionut Cotoc; McMaster University Alok Johri; McMaster University Cesar Sosa-Padilla; Notre Dame
presented by: Alok Johri, McMaster University
On Regional Borrowing, Migration, and Default
By Grey Gordon; Indiana University Pablo Guerron-Quintana; Boston College
presented by: Grey Gordon, Indiana University
The Employment Cost of Sovereign Default
By Neele Balke; University of Chicago; IIES
presented by: Neele Balke, University of Chicago; IIES
Session 66: Capital Taxation June 29, 2018 9:00 to 10:30 Sala de Conferencias
Session Chair: Ellen McGrattan, University of Minnesota
Implementing the Modified Golden Rule? Optimal Ramsey Capital Taxation with Incomplete Markets Revisited
By Yunmin Chen; Academia Sinica YiLi Chien; Federal Reserve Bank of St. Louis Cheng Chen Yang; Academia Sinica
presented by: YiLi Chien, Federal Reserve Bank of St. Louis
Saving Rates in Latin America: A Neoclassical Perspective
By Andres Fernandez; Inter American Development Bank Ayse Imrohoroglu; USC Cesar Tamayo; Inter-American Development bank
presented by: Andres Fernandez, Inter American Development Bank
Health Capital Taxation
By Job Boerma; University of Minnesota Ellen McGrattan; University of Minnesota
presented by: Ellen McGrattan, University of Minnesota
Session 67: Applied Time Series June 29, 2018 9:00 to 10:30 210
Session Chair: Neville Francis, UNC Chapel Hill
Bayesian Estimation of Fractionally Integrated Vector Autoregressions and an Application to Identified Technology Shocks
By Ross Doppelt; Penn State Keith O'Hara; New York University
presented by: Ross Doppelt, Penn State
Recoverability
By Kyle Jurado; Duke University Ryan Chahrour; Boston College
presented by: Kyle Jurado, Duke University
What Economic Factors Underlie Connectedness in Corporate Credit Default Swaps: News vs. Macroeconomic Factors?
By Andrew Castro; Michigan State University Neville Francis; UNC Chapel Hill
presented by: Neville Francis, UNC Chapel Hill
Session 68: Innovation in the Global Economy June 29, 2018 9:00 to 10:30 211
Session Chair: Liliana Varela, University of Warwick
Foreign Competition and Domestic Innovation: Evidence from U.S. Patents
By David Autor; Massachusetts Institute of Technology David Dorn; University of Zurich Gordon Hanson; University of California, San Diego Gary Pisano Pian Shu; Georgia Institute of Technology
presented by: Pian Shu, Georgia Institute of Technology
Cascading Innovation
By Vasco Carvalho; U of Cambridge Mirko Draca; University of Warwick
presented by: Mirko Draca, University of Warwick
Innovation and the Patterns of Trade: A Firm-Level Analysis
By Ana Maria Santacreu; Federal Reserve Bank of Saint Louis Liliana Varela; University of Warwick
presented by: Liliana Varela, University of Warwick
Session 69: Intangible Capital and Economic Growth June 29, 2018 9:00 to 10:30 102
Session Chair: Shengxing Zhang, London School of Economics
Taxation, Expenditures and the Irish Miracle
By Paul Klein; Stockholm University Gustavo Ventura; Arizona State University
presented by: Gustavo Ventura, Arizona State University
Corporate Governance, Managerial Compensation, and Disruptive Innovations
By Murat Celik; University of Toronto Xu Tian; University of Toronto
presented by: Murat Celik, University of Toronto
Intangibles, Inequality and Stagnation
By Nobuhiro Kiyotaki; Princeton University Shengxing Zhang; London School of Economics
presented by: Shengxing Zhang, London School of Economics
Session 70: College and Human Capital June 29, 2018 9:00 to 10:30 112
Session Chair: Tatyana Koreshkova, Concordia University
Earning More by Doing Less: Human Capital Specialization and the College Wage Premium
By Titan Alon
presented by: Titan Alon,
Multidimensional Ability Sorting, Education Choices, and Labor Market Outcomes
By John Humphries; Yale University Juanna Joensen; University of Chicago Gregory Veramendi; Arizona State University
presented by: Gregory Veramendi, Arizona State University
Sorting of Students into Colleges: Inefficiencies and Policy Implications
By Lutz Hendricks; UNC Chapel Hill Tatyana Koreshkova; Concordia University Oksana Leukhina; Federal Reserve Bank of St. Louis
presented by: Oksana Leukhina, Federal Reserve Bank of St. Louis
Session 71: Monetary and Fiscal Policy June 29, 2018 11:00 to 12:30 101
Session Chair: Adrien Auclert, Stanford
The aggregate and allocative effects of government asset purchases
By Rohan Kekre; University of Chicago Moritz Lenel; University of Chicago
presented by: Rohan Kekre, University of Chicago
Dynamic Oligopoly and Price Stickiness
By Ivan Werning; Massachusetts Institute of Technology
presented by: Ivan Werning, Massachusetts Institute of Technology
The Intertemporal Keynesian Cross
By Adrien Auclert; Stanford Matthew Rognlie; Northwestern University Ludwig Straub; MIT
presented by: Adrien Auclert, Stanford
Session 72: Matching in Labor Markets June 29, 2018 11:00 to 12:30 104
Session Chair: Benjamin Lester, Federal Reserve Bank of Philadelphia
Distributional Effects of Local Minimum Wage Hikes: A Spatial Job Search Approach
[slides]
By Weilong Zhang; University of Pennsylvania
presented by: Weilong Zhang, University of Pennsylvania
Labor Market Screening and Social Insurance Program Design for the Disabled
By Naoki Aizawa; University of Minnesota Soojin Kim; Purdue University Serena Rhee; University of Hawaii Manoa
presented by: Soojin Kim, Purdue University
Job Referrals and Skills
By Benjamin Lester; Federal Reserve Bank of Philadelphia David Rivers; University of Western Ontario Giorgio Topa; Federal Reserve Bank of New York
presented by: Benjamin Lester, Federal Reserve Bank of Philadelphia
Session 73: International Trade and the Macroeconomy June 29, 2018 11:00 to 12:30 111
Session Chair: Michal Szkup, University of British Columbia
Capital-Goods Imports and U.S. Growth
By Anthony Landry; Bank of Canada
presented by: Anthony Landry, Bank of Canada
The Macroeconomic Effect of Trade Policy
By Christopher Erceg; Federal Reserve Board Andrea Prestipino; Federal Reserve Board Andrea Raffo; Federal Reserve Board
presented by: Andrea Raffo, Federal Reserve Board
Financial Frictions, Trade, and Misallocation
By David Kohn; Pontificia Universidad Católica de Chile Fernando Leibovici; Federal Reserve Bank of St. Louis Michal Szkup; University of British Columbia
presented by: Michal Szkup, University of British Columbia
Session 74: Topics in Economic Growth June 29, 2018 11:00 to 12:30 210
Session Chair: B Ravikumar, Federal Reserve Bank of St Louis
Mismatch and Aggregate Productivity
By Ping Wang; Washington University in St. Louis Russell Wong; Federal Reserve Bank of Richmond Chong Yip; Chinese University of Hong Kong
presented by: Russell Wong, Federal Reserve Bank of Richmond
Devaluations and Growth: The Role of Financial Development
By David Perez-Reyna; Universidad de los Andes Filippo Rebessi; California State University, East Bay
presented by: David Perez-Reyna, Universidad de los Andes
Optimal Infant Industry Protection
[slides]
By B Ravikumar; Federal Reserve Bank of St Louis Raymond Riezman; University of Iowa Yuzhe Zhang; Texas A&M University
presented by: B Ravikumar, Federal Reserve Bank of St Louis
Session 75: The Costs of Business Cycles June 29, 2018 11:00 to 12:30 213
Session Chair: Domenico Ferraro, Arizona State University
Escaping Unemployment Traps
By Sushant Acharya; Federal Reserve Bank of New York Julien Bengui; Université de Montréal Keshav Dogra; Federal Reserve Bank of New York Shu Lin Wee; Carnegie Mellon University Tepper School of Business
presented by: Keshav Dogra, Federal Reserve Bank of New York
Understanding the Scarring Effect of Recessions
By Christopher Huckfeldt; Cornell University
presented by: Christopher Huckfeldt, Cornell University
The Scarring Effect of Asymmetric Business Cycles
By Domenico Ferraro; Arizona State University Giuseppe Fiori; North Carolina State University
presented by: Domenico Ferraro, Arizona State University
Session 76: Optimal Financial Contracting with Asymmetric Information June 29, 2018 11:00 to 12:30 113
Session Chair: Victoria Vanasco, Stanford University
Risk Sharing Under Limited Commitment and Private Information
By Nicolas Caramp; UC Davis Juan Passadore; Einaudi Institute for Economics and Fina
presented by: Nicolas Caramp, UC Davis
The Insurance is the Lemon: Failing to Index Contracts
By Barney Hartman-Glaser; UCLA Benjamin Hebert; Stanford University
presented by: Benjamin Hebert, Stanford University
Security Design in Opaque Markets: The Role of Exclusivity and Commitment
By Victoria Vanasco; Stanford University
presented by: Victoria Vanasco, Stanford University
Session 77: Mexico-US Migration June 29, 2018 11:00 to 12:30 102
Session Chair: Joan Monras, CEMFI
Walls and Migration
By Treb Allen; Dartmouth Caue Dobbin; Stanford Melanie Morten; Stanford University
presented by: Melanie Morten, Stanford University
Migration networks and Mexican migrants' spatial mobility in the US
By Rebecca Lessem; Carnegie Mellon University Brian Cadena; University of Colorado at Boulder Brian Kovak; Carnegie Mellon University Shan Li; Carnegie Mellon University
presented by: Rebecca Lessem, Carnegie Mellon University
Immigrants' Residential Choices and their Consequences
By Joan Monras; CEMFI
presented by: Joan Monras, CEMFI
Session 78: Advances in DSGE Models June 29, 2018 11:00 to 12:30 212
Session Chair: Christian Proebsting, EPFL
Government Spending and the Term Structure of Interest Rates in a DSGE Model
By Ales Marsal; National Bank of Slovakia
presented by: Ales Marsal, National Bank of Slovakia
Structural Estimation of Dynamic Macroeconomic Models using Higher-Frequency Financial Data
By Max Ole Liemen; Universität Hamburg Olaf Posch; Universität Hamburg Michel van der Wel; Erasmus University Rotterdam
presented by: Max Ole Liemen, Universität Hamburg
The Benefits of Labor Mobility in a Currency Union
By Christopher House; University of Michigan Christian Proebsting; EPFL Linda Tesar; University of Michigan
presented by: Christian Proebsting, EPFL
Session 79: Achieving Currency Stability June 29, 2018 11:00 to 12:30 Sa2
Session Chair: Ariel Zetlin-Jones, Carnegie Mellon University
Monetary Policy and Macroeconomic Stability Revisited
By Yasuo Hirose; Keio University Takushi Kurozumi; Bank of Japan Willem Van Zandweghe; Federal Reserve Bank of Kansas City
presented by: Yasuo Hirose, Keio University
Capital Flows, Beliefs, and Capital Controls
By Olena Rarytska; Cornell University Viktor Tsyrennikov; IMF
presented by: Viktor Tsyrennikov, IMF
Currency Stability Using Blockchain Technology
By Bryan Routledge; Carnegie Mellon University Ariel Zetlin-Jones; Carnegie Mellon University
presented by: Ariel Zetlin-Jones, Carnegie Mellon University
Session 80: Public Debt Issues June 29, 2018 11:00 to 12:30 103
Session Chair: Facundo Piguillem, EIEF
Partnership with Persistence
By Joao Ramos; University of Southern California Tomasz Sadzik; UCLA
presented by: Tomasz Sadzik, UCLA
Fiscal Consolidation Programs and Income Inequality
By Pedro Brinca; NovaSBE Miguel Ferreira; Nova SBE Francesco Franco; Universidade Nova de Lisboa Hans Holter; University of Oslo Laurence Malafry; Stockholm University
presented by: Miguel Ferreira, Nova SBE
Fiscal Rules as Bargaining Chips
By Facundo Piguillem; EIEF Alessandro Riboni; Ecole Polytechnique
presented by: Facundo Piguillem, EIEF
Session 81: Household Labor Supply June 29, 2018 11:00 to 12:30 Sala de Conferencias
Session Chair: Matthias Doepke, Northwestern University
Family Labor Market Decisions and Statistical Gender Discrimination
[slides]
By David Cuberes; Clark University Jose V. Rodriguez Mora; University of Edinburgh Marc Teignier; Universitat de Barcelona Ludo Visschers; The University of Edinburgh/Universidad
presented by: Jose V. Rodriguez Mora, University of Edinburgh
Nonlinear household earnings dynamics, self-insurance, and welfare
By Mariacristina De Nardi; UCL, Federal Reserve Bank of Chicago, CE Giulio Fella; Queen Mary, University of London Gonzalo Paz Pardo; University College London
presented by: Mariacristina De Nardi, UCL, Federal Reserve Bank of Chicago, CE
Trends in Work and Leisure: It's a Family Affair
By Titan Alon Sena Ekin Coskun; Northwestern University Matthias Doepke; Northwestern University
presented by: Matthias Doepke, Northwestern University
Session 82: Credit Networks in Macroeconomics June 29, 2018 11:00 to 12:30 211
Session Chair: Levent Altinoglu, Federal Reserve Board of Governors
On the Direct and Indirect Real Effects of Credit Supply Shocks
By Laura Alfaro; Harvard Business School Manuel Garcia-Santana; Universitat Pompeu Fabra Enrique Moral-Benito; Bank of Spain
presented by: Enrique Moral-Benito, Bank of Spain
Vertical Foreclosure in the Global Production Network
By Johannes Boehm; Princeton University Jan Sonntag; Sciences Po Paris
presented by: Jan Sonntag, Sciences Po Paris
The Origins of Aggregate Fluctuations in a Credit Network Economy
By Levent Altinoglu; Federal Reserve Board of Governors
presented by: Levent Altinoglu, Federal Reserve Board of Governors
Session 83: Startups and Aggregate Productivity June 29, 2018 11:00 to 12:30 Sa1
Session Chair: Vincent Sterk, University College London
Returns to Scale, Productivity Measurement, and Trends in U.S. Manufacturing Misallocation
By Sui-Jade Ho; Central Bank of Malaysia Dimitrije Ruzic; University of Michigan
presented by: Dimitrije Ruzic, University of Michigan
The Persistent Effects of Entry and Exit
By Aubhik Khan; Ohio State University Tatsuro Senga; Queen Mary University of London Julia Thomas; Ohio State University
presented by: Aubhik Khan, Ohio State University
Off to a Bad Start? The Role of Leverage for Start-Up Productivity during the Financial Crisis
By Vincent Sterk; University College London Jasper De Winter; De Nederlandsche Bank Ralph De Haas; European Bank for Reconstruction and Dev Neeltje van Horen; Bank of England
presented by: Vincent Sterk, University College London
Session 84: Human Capital and Family Income June 29, 2018 11:00 to 12:30 112
Session Chair: Todd Schoellman, Federal Reserve Bank of Minneapolis
Inequality in Parental Transfers, Borrowing Constraints, and Optimal Higher Education Subsidies
By Youngmin Park; Bank of Canada
presented by: Youngmin Park, Bank of Canada
Human Capital and Income Differences: Germany's Reunification as a Natural Experiment
By Wolfgang Dauth; University of Wuerzburg Sebastian Findeisen; University of Mannheim Sang Yoon (Tim) Lee; Toulouse School of Economics
presented by: Sang Yoon (Tim) Lee, Toulouse School of Economics
The Changing Roles of Family Income and Academic Ability for US College Attendance
By Lutz Hendricks; UNC Chapel Hill Christopher Herrington; Virginia Commonwealth University Todd Schoellman; Federal Reserve Bank of Minneapolis
presented by: Todd Schoellman, Federal Reserve Bank of Minneapolis
Session 85: Alternatives to Sticky Prices June 29, 2018 13:45 to 15:15 Sa2
Session Chair: Franck Portier, Toulouse School of Economics
Sticky Prices versus Sticky Information: Does It Matter For Policy Paradoxes?
By Gauti Eggertsson; Brown University Vaishali Garga; Brown University
presented by: Vaishali Garga, Brown University
Rational Inattention-driven dispersion over the business cycle
By Javier Turen; UCL
presented by: Javier Turen, UCL
Real Keynesian Models and Sticky Prices
By Paul Beaudry; University of British Columbia Franck Portier; Toulouse School of Economics
presented by: Franck Portier, Toulouse School of Economics
Session 86: Jobs and Policy June 29, 2018 13:45 to 15:15 112
Session Chair: Ryan Michaels, Federal Reserve Bank of Philadelphia
Informality, Labor Regulation, and the Business Cycle
By Gustavo Leyva; Banco de Mexico Carlos Urrutia; ITAM
presented by: Gustavo Leyva, Banco de Mexico
Wage Inequality and Job Stability
By Ana Luisa Pessoa Araujo; University of Minnesota
presented by: Ana Luisa Pessoa Araujo, University of Minnesota
The Wages of Nonemployment
By Michael Elsby; University of Edinburgh Ryan Michaels; Federal Reserve Bank of Philadelphia David Ratner; Federal Reserve Board
presented by: Ryan Michaels, Federal Reserve Bank of Philadelphia
Session 87: Topics in Trade and Foreign Investment June 29, 2018 13:45 to 15:15 101
Session Chair: Felix Tintelnot, University of Chicago
Training, Offshoring, and the Job Ladder
By Nezih Guner; CEMFI Alessandro Ruggieri; Universitat Autonoma de Barcelona, Barcelona GSE James Tybout; Pennsylvania State University
presented by: James Tybout, Pennsylvania State University
Quality, Variable Markups, and Welfare: A Quantitative General Equilibrium Analysis of Export Prices
By Stephen Yeaple; Pennsylvania State University
presented by: Stephen Yeaple, Pennsylvania State University
The Effects of Foreign MNEs on Workers and Firms in the United States
By Felix Tintelnot; University of Chicago
presented by: Felix Tintelnot, University of Chicago
Session 88: Multi-Sector Growth Models June 29, 2018 13:45 to 15:15 211
Session Chair: Akos Valentinyi, University of Manchester
Investment and Saving along the Development Path
By Manuel Garcia-Santana; Universitat Pompeu Fabra Josep Pijoan-Mas; CEMFI Lucciano Villacorta; Central Bank of Chile
presented by: Manuel Garcia-Santana, Universitat Pompeu Fabra
The Rise of Services and Balanced Growth in Theory and Data
By Miguel Leon-Ledesma; University of Kent Alessio Moro; University of Cagliari
presented by: Alessio Moro, University of Cagliari
Quantity Measurement and Balanced Growth in Multi-Sector Growth Models
By Akos Valentinyi; University of Manchester
presented by: Akos Valentinyi, University of Manchester
Session 89: Redistribution and Macroeconomics June 29, 2018 13:45 to 15:15 113
Session Chair: Johannes Wieland, UCSD
Countercyclical fiscal policy in a low r∗ world
By Alisdair McKay; Boston University Ricardo Reis; London School of Economics
presented by: Alisdair McKay, Boston University
Accounting for Heterogeneity
By David Berger; Northwestern University Luigi Bocola; Stanford University, FRB of Minneapolis Alessandro Dovis; University of Pennsylvania
presented by: David Berger, Northwestern University
Farm Prices, Redistribution, and the Severity of the Early Great Depression
By Joshua Hausman; University of Michigan Paul Rhode; University of Michigan Johannes Wieland; UCSD
presented by: Johannes Wieland, UCSD
Session 90: The Functioning of Decentralized Markets June 29, 2018 13:45 to 15:15 210
Session Chair: Stefan Gissler, Federal Reserve Board
Endogenous Specialization and Dealer Networks
By Batchimeg Sambalaibat; Indiana University
presented by: Batchimeg Sambalaibat, Indiana University
Diversification and Systemic Bank Runs
By Xuewen Liu; HKUST
presented by: Xuewen Liu, Hong Kong University of Science and Technology
Over-the-counter market liquidity and securities lending
By Nathan Foley-Fisher; Federal Reserve Board Stefan Gissler; Federal Reserve Board Stephane Verani; Federal Reserve Board
presented by: Stefan Gissler, Federal Reserve Board
Session 91: Finance and Development June 29, 2018 13:45 to 15:15 Sa1
Session Chair: Aaron Pancost, University of Texas at Austin McCombs Sc
Dispersion in Financing Costs and Development
By Tiago Cavalcanti; University of Cambridge Joseph Kaboski; University of Notre Dame Bruno Martins; Banco Central do Brasil Cezar Santos; Fundacao Getulio Vargas
presented by: Cezar Santos, Fundacao Getulio Vargas
Financial constraints and economic development: the role of innovative investment
By Galina Vereshchagina; Arizona State University
presented by: Galina Vereshchagina, Arizona State University
Do Financial Factors Drive Aggregate Productivity? Evidence from Indian Manufacturing Establishments
By Aaron Pancost; University of Texas at Austin McCombs Sc
presented by: Aaron Pancost, University of Texas at Austin McCombs Sc
Session 92: Solutions for GE Models June 29, 2018 13:45 to 15:15 103
Session Chair: Jaroslav Borovicka, New York University
Recursive equilibria in dynamic economies withbounded rationality
By Runjie Geng; University of Zurich
presented by: Runjie Geng, University of Zurich
Self-justi ed equilibria: Existence and computation
By Felix Kubler; University of Zurich Simon Scheidegger; University of Zurich
presented by: Felix Kubler, University of Zurich
Necessary and Sufficient Conditions for Existence and Uniqueness of Recursive Utilities
By Jaroslav Borovicka; New York University John Stachurski; Research School of Economics
presented by: Jaroslav Borovicka, New York University
Session 93: Exchange Rates I June 29, 2018 13:45 to 15:15 Sala de Conferencias
Session Chair: Javier Cravino, University of Michigan
Exchange Rate Exposure and Firm Dynamics
By Juliana Salomao; University of Minnesota Liliana Varela; University of Warwick
presented by: Juliana Salomao, University of Minnesota
Trade Adjustment Dynamics and the Welfare Gains from Trade
By George Alessandria; University of Rochester Horag Choi; Monash University Kim Ruhl; Pennsylvania State University
presented by: Kim Ruhl, Pennsylvania State University
Price stickiness along the income distribution
By Javier Cravino; University of Michigan Andrei Levchenko; University of Michigan
presented by: Javier Cravino, University of Michigan
Session 94: Intermediation and Systemic Risk June 29, 2018 13:45 to 15:15 212
Session Chair: Roberto Robatto, University of Wisconsin-Madison
Federal Reserve and Market Confidence
By Nina Boyarchenko; Federal Reserve Bank of New York Valentin Haddad; University of California, Los Angeles Matthew Plosser; Federal Reserve Bank of New York
presented by: Nina Boyarchenko, Federal Reserve Bank of New York
Benchmarking Asset Managers
By Anil Kashyap; University of Chicago Natalia Kovrijnykh; Arizona State University Anna Pavlova; London Business School
presented by: Natalia Kovrijnykh, Arizona State University
Flight to Liquidity and Systemic Bank Runs
[slides]
By Roberto Robatto; University of Wisconsin-Madison
presented by: Roberto Robatto, University of Wisconsin-Madison
Session 95: Topics in Production Networks June 29, 2018 13:45 to 15:15 104
Session Chair: Johannes Boehm, Princeton University
Disentangling Global Value Chains
By Alonso de Gortari; Harvard University
presented by: Alonso de Gortari, Harvard University
How Wide is the Firm Border?
By Enghin Atalay; University of Wisconsin, Madison Ali Hortacsu; University of Chicago Mary Li; Compass Lexecon Chad Syverson; Univ of Chicago
presented by: Enghin Atalay, University of Wisconsin, Madison
Growth and the Fragmentation of Production
By Johannes Boehm; Princeton University Ezra Oberfield; Princeton University
presented by: Johannes Boehm, Princeton University
Session 96: Entrepreneurial Risk June 29, 2018 13:45 to 15:15 111
Session Chair: Eleanor Dillon, Amherst College
Entrepreneurial Risk-Taking, Young Firm Dynamics, and Aggregate Implications
By Joonkyu Choi; University of Maryland
presented by: Joonkyu Choi, University of Maryland
Risk-taking over the Life Cycle: Aggregate and Distributive Implications of Entrepreneurial Risk
By Dejanir Silva; UIUC Robert Townsend; Massachusetts Institute of Technology
presented by: Dejanir Silva, UIUC
Self-Employment Dynamics and the Returns to Entrepreneurship
By Eleanor Dillon; Amherst College Christopher Stanton; Harvard University
presented by: Eleanor Dillon, Amherst College
Session 97: Aging and the Macroeconomy June 29, 2018 13:45 to 15:15 102
Session Chair: Timothy Kehoe, University of Minnesota
Aging, Factor Prices, and Capital Movements
By Andrea Bonfatti; University of Padua Selahattin Imrohoroglu; University of Southern California Sagiri Kitao; Keio University
presented by: Selahattin Imrohoroglu, University of Southern California
The Costs and Benefits of Caring: Aggregate Burdens of an Aging Population
By Finn Kydland; University of California, Santa Barbara Nicholas Pretnar; Carnegie Mellon University
presented by: Nicholas Pretnar, Carnegie Mellon University
Aging and the Macroeconomy
By Juan Carlos Conesa; Stony Brook University Daniela Costa; Wharton Parisa Kamali; University of Minnesota Timothy Kehoe; University of Minnesota Gajendran Raveendranathan; McMaster University Akshar Saxena; Harvard University
presented by: Timothy Kehoe, University of Minnesota
Session 98: Credit Distortions June 29, 2018 13:45 to 15:15 213
Session Chair: Marcus Ingholt, University of Copenhagen
Financial Frictions and Un(der)employment Insurance
By Marco Brianti; Boston College Tzuo Hann Law; Boston College
presented by: Tzuo Hann Law, Boston College
Credit Conditions, Dynamic Distortions, and Capital Accumulation in Mexican Manufacturing
By Felipe Meza; Instituto Tecnológico Autónomo de Méx Sangeeta Pratap; Hunter College and CUNY Graduate Center Carlos Urrutia; ITAM
presented by: Felipe Meza, Instituto Tecnológico Autónomo de Méx
LTV vs. DTI Constraints: When Did They Bind, and How Do They Interact?
By Marcus Ingholt; University of Copenhagen
presented by: Marcus Ingholt, University of Copenhagen
Session 99: Topics in Monetary Policy June 29, 2018 15:45 to 17:15 Sa2
Session Chair: Garth Baughman, Federal Reserve Board
Disagreement and Monetary Policy
By Elisabeth Falck; Goethe University Frankfurt Patrick Hürtgen; Deutsche Bundesbank Mathias Hoffmann; Deutsche Bundesbank
presented by: Elisabeth Falck, Goethe University Frankfurt
Monetary Policy and Carry Trade
By José Ignacio López Gaviria; Universidad de los Andes Virginia Olivella; Banque de France
presented by: Virginia Olivella, Banque de France
Limited Commitment and the Implementation of Monetary Policy
By Garth Baughman; Federal Reserve Board Francesca Carapella; Federal Reserve Board
presented by: Garth Baughman, Federal Reserve Board
Session 100: Labor's Share of Income June 29, 2018 15:45 to 17:15 Sa1
Session Chair: Ezra Oberfield, Princeton University
Corporate Tax Cuts and the Decline of the Labor Share
By Baris Kaymak; Universite de Montreal Immo Schott; Université de Montréal
presented by: Immo Schott, Université de Montréal
Productivity Dispersion, Between-firm Competition and the Labor Share
By Emilien Gouin-Bonenfant; University of California, San Diego
presented by: Emilien Gouin-Bonenfant, University of California, San Diego
The Productivity Slowdown and the Declining Labor Share
By Gene Grossman; Princeton University Elhanan Helpman; Harvard University Ezra Oberfield; Princeton University Thomas Sampson; LSE
presented by: Ezra Oberfield, Princeton University
Session 101: Topics in International Economics June 29, 2018 15:45 to 17:15 101
Session Chair: Ariel Burstein, UCLA
Consumption-led Growth
[slides]
By Markus Brunnermeier; Princeton University Pierre-Olivier Gourinchas; UC Berkeley Oleg Itskhoki; Princeton University
presented by: Oleg Itskhoki, Princeton University
Global Firms in Large Devaluations
By Joaquin Blaum; Brown University
presented by: Joaquin Blaum, Brown University
Exchange Rates and Prices: Evidence from the 2015 Swiss Franc Appreciation
By Ariel Burstein; UCLA
presented by: Ariel Burstein, UCLA
Session 102: Growth and Development June 29, 2018 15:45 to 17:15 102
Session Chair: Tiago Cavalcanti, University of Cambridge
Barriers to Entry and Regional Economic Growth in China
By Loren Brandt; University of Toronto Gueorgui Kambourov; University of Toronto Kjetil Storesletten; University of Oslo
presented by: Gueorgui Kambourov, University of Toronto
The Large Consequences and the Spillover Effects of a Small Shock
By Elisa Giannone; PRINCETON UNIV
presented by: Elisa Giannone, Princeton University
Family Planning and Development: Aggregate Effects of Contraceptive Use
By Tiago Cavalcanti; University of Cambridge Georgi Kocharkov; Universidad Carlos III de Madrid Cezar Santos; Fundacao Getulio Vargas
presented by: Tiago Cavalcanti, University of Cambridge
Session 103: Skills and Jobs June 29, 2018 15:45 to 17:15 103
Session Chair: Erin Wolcott, Middlebury College
Wage Risk, Employment Risk, and the Rise in Wage Inequality
By Ariel Mecikovsky; Universitaet Bonn Felix Wellschmied; ITAM and Universidad Carlos III de Madrid
presented by: Felix Wellschmied, ITAM and Universidad Carlos III de Madrid
Employer Size and Spinout Dynamics
By Faisal Sohail; Washington University in St. Louis
presented by: Faisal Sohail, Washington University in St. Louis
Employment Inequality: Why Do the Low-Skilled Work Less Now?
By Erin Wolcott; Middlebury College
presented by: Erin Wolcott, Middlebury College
Session 104: Financial Crises June 29, 2018 15:45 to 17:15 104
Session Chair: Canhui Hong, Shanghai U. of Finance and Economics
Historical Patterns of Inequality and Productivity around Financial Crises
By Pascal Paul; Federal Reserve Bank of San Francisco
presented by: Pascal Paul, Federal Reserve Bank of San Francisco
Fragile New Economy: The Rise of Intangible Capital and Financial Instability
By Ye Li; The Ohio State University
presented by: Ye Li, The Ohio State University
Flight-to-quality debt crises
By Canhui Hong; Shanghai U. of Finance and Economics
presented by: Canhui Hong, Shanghai U. of Finance and Economics
Session 105: Price Rigidity June 29, 2018 15:45 to 17:15 213
Session Chair: Nuno Clara, London Business School
Price Setting and Volatility: Evidence from Oil Price Volatility Shocks
By Matthew Klepacz; College of William and Mary
presented by: Matthew Klepacz, College of William and Mary
Firm-to-Firm Relationships and Price Rigidity: Theory and Evidence
By Sebastian Heise; Federal Reserve Bank of New York
presented by: Sebastian Heise, Federal Reserve Bank of New York
Demand Elasticities, Nominal Rigidities and Asset Prices
By Nuno Clara; London Business School
presented by: Nuno Clara, London Business School
Session 106: Optimal Policy Design June 29, 2018 15:45 to 17:15 Sala de Conferencias
Session Chair: Yena Park, University of Rochester
Ramsey Taxation in the Open Economy
By Varadarajan Chari; University of Minneapolis Juan Pablo Nicolini; Minneapolis Fed Pedro Teles; Banco de Portugal, Univ Catolica Portugu
presented by: Juan Pablo Nicolini, Minneapolis Fed
How Should Unemployment Insurance vary over the Business Cycle?
By Serdar Birinci; University of Minnesota Kurt Gerrard See; University of Minnesota
presented by: Serdar Birinci, University of Minnesota
Optimal Taxation of Inheritance and Retirement Savings
By Yena Park; University of Rochester
presented by: Yena Park, University of Rochester
Session 107: Exchange Rates II June 29, 2018 15:45 to 17:15 212
Session Chair: Philippe Bacchetta,
Price Rigidities and the Relative PPP
By Julio Blanco; University of Michigan Javier Cravino; University of Michigan
presented by: Julio Blanco, University of Michigan
An Equilibrium Model of the International Price System
By Dmitry Mukhin; Princeton University
presented by: Dmitry Mukhin, Princeton University
Puzzling Exchange Rate Dynamics and Delayed Portfolio Adjustment
By Philippe Bacchetta; University of Lausanne Eric van Wincoop; University of Virginia
presented by: Philippe Bacchetta,
Session 108: Public Safety Nets June 29, 2018 15:45 to 17:15 210
Session Chair: Kathleen McKiernan,
Can the Unemployed Borrow? Implications for Public Insurance
By J. Carter Braxton; University of Minnesota Kyle Herkenhoff; University of Minnesota Gordon Phillips; Dartmouth College
presented by: J. Carter Braxton, University of Minnesota
Insurance, Efficiency and the Design of Public Pensions
By Cormac O'Dea; Yale University
presented by: Cormac O'Dea, Yale University
Welfare Impact of Social Security Reform: The Case of Chile in 1981
By Kathleen McKiernan
presented by: Kathleen McKiernan,
Session 109: Financing in Equilibrium June 29, 2018 15:45 to 17:15 113
Session Chair: Piero Gottardi, European University Institute
Mortgage-rate pass-through in the presence of refinancing
By David Berger; Northwestern University Konstantin Milbradt; Northwestern University Fabrice Tourre; Northwestern University
presented by: Konstantin Milbradt, Northwestern University
The Opportunity Cost of Collateral
By Jason Donaldson; Washington University in St Louis Jeongmin Lee; Washington University in St. Louis Giorgia Piacentino; Columbia University
presented by: Jason Donaldson, Washington University in St Louis
A General Equilibrium Theory of Capital Structure
By Douglas Gale; New York University Piero Gottardi; European University Institute
presented by: Piero Gottardi, European University Institute
Session 110: Banking Industrial Organization June 29, 2018 15:45 to 17:15 211
Session Chair: Stefania Garetto, Boston University
Banking and Financial Access Reforms, Labor Markets, and Financial Shocks
By Alan Finkelstein Shapiro; Tufts University Brendan Epstein; University of Massachusetts, Lowell
presented by: Alan Finkelstein Shapiro, Tufts University
No Pain, No Gain. Multinational Banks in the Business Cycle
By Qingqing Cao; Michigan State University
presented by: Qingqing Cao, Michigan State University
To Branch or not to Branch? A Quantitative Evaluation of the Consequences of Global Banks’ Organization
By Jose Fillat; Federal Reserve Bank of Boston Stefania Garetto; Boston University Arthur Smith; Boston University
presented by: Stefania Garetto, Boston University
Session 111: Firm Dynamics and Financial Frictions June 29, 2018 15:45 to 17:15 111
Session Chair: Eran Hoffmann, Stanford University
The Marginal Propensity to Hire
By Davide Melcangi; University College London
presented by: Davide Melcangi, University College London
Financial Frictions, Cyclical Fluctuations and the Innovative Nature of New Firms
By Christoph Albert; UPF and Barcelona GSE Andrea Caggese; Pompeu Fabra University
presented by: Andrea Caggese, Pompeu Fabra University
The Cyclical Composition of Startups
By Eran Hoffmann; Stanford University
presented by: Eran Hoffmann, Stanford University
Session 112: Asset Prices and Financial Flows June 29, 2018 15:45 to 17:15 112
Session Chair: Ricardo De la O, Stanford University
The Long-term Debt Accelerator
By Joachim Jungherr; IAE (CSIC), MOVE, and Barcelona GSE Immo Schott; Université de Montréal
presented by: Joachim Jungherr, IAE (CSIC), MOVE, and Barcelona GSE
Searching for Yield Abroad: Risk-Taking through Foreign Investment in U.S. Bonds
By John Ammer; Federal Reserve Board Stijn Claessens; BIS Alexandra Tabova; Federal Reserve Board
presented by: Alexandra Tabova, Federal Reserve Board
Subjective Cash Flows and Discount Rates
By Ricardo De la O; Stanford University Sean Myers; Stanford University
presented by: Ricardo De la O, Stanford University
Session 113: Policy at the Zero Lower Bound II June 30, 2018 9:00 to 10:30 210
Session Chair: Jinfeng Luo, University of Pennsylvania
Time-Consistent Management of a Liquidity Trap with Government Debt
By Dmitry Matveev; Bank of Canada
presented by: Dmitry Matveev, Bank of Canada
Demographics, monetary policy and the zero lower bound
By Marcin Bielecki; University of Warsaw and Narodowy Bank Polski Michał Brzoza-Brzezina; Narodowy Bank Polski Marcin Kolasa; Narodowy Bank Polski
presented by: Michał Brzoza-Brzezina, Narodowy Bank Polski
Forward Guidance
By Marcus Hagedorn; University of Oslo Jinfeng Luo; University of Pennsylvania Iourii Manovskii; University of Pennsylvania Kurt Mitman; Stockholm University
presented by: Jinfeng Luo, University of Pennsylvania
Session 114: Topics in Labor Markets Using Matched Data June 30, 2018 9:00 to 10:30 113
Session Chair: Thibaut Lamadon, University of Chicago
Worker Mobility and the Diffusion of Knowledge
By Kyle Herkenhoff; University of Minnesota Jeremy Lise; University of Minnesota guido menzio; University of Pennsylvania Gordon Phillips; Dartmouth College
presented by: Jeremy Lise, University of Minnesota
Earnings Dynamics and Firm-Level Shocks
By Benjamin Friedrich; Northwestern Unversity Lisa Laun; Institute for Evaluation of Labour Marke Costas Meghir; Yale University Luigi Pistaferri; Stanford University
presented by: Benjamin Friedrich, Northwestern Unversity
Matching, Sorting, and Wages
By Thibaut Lamadon; University of Chicago Jeremy Lise; University of Minnesota Costas Meghir; Yale University Jean Marc Robin; Sciences Po
presented by: Thibaut Lamadon, University of Chicago
Session 115: Trade and Redistribution June 30, 2018 9:00 to 10:30 102
Session Chair: Gaston Navarro, Federal Reserve Board
The Distributional Effects of Trade: Theory and Evidence from the United States
By Kirill Borusyak; Harvard University Xavier Jaravel
presented by: Kirill Borusyak, Harvard University
Redistributing the Gains From Trade Through Progressive Taxation
By Mike Waugh; New York University
presented by: Mike Waugh, New York University
Escaping the Losses from Trade: The Impact of Heterogeneity on Skill Acquisition
By Axelle Ferriere; European University Institute Gaston Navarro; Federal Reserve Board Ricardo Reyes-Heroles; Federal Reserve Board
presented by: Gaston Navarro, Federal Reserve Board
Session 116: Labor Markets and Development June 30, 2018 9:00 to 10:30 Sala de Conferencias
Session Chair: Alexander Monge-Naranjo, Federal Reserve Bank of St. Louis
Labor Market Flows and Development
By Kevin Donovan; Yale University Jianyu Lu; University of Notre Dame Todd Schoellman; Federal Reserve Bank of Minneapolis
presented by: Kevin Donovan, Yale University
Unemployment and Development
By Ying Feng; University of California, San Diego David Lagakos; University of California, San Diego James Rauch; UCSD
presented by: David Lagakos, University of California, San Diego
On the Assignment of Workers to Occupations and the Human Capital of Countries
[slides]
By Alexander Monge-Naranjo; Federal Reserve Bank of St. Louis Veronica Mies; Pontificia Universidad Catolica de Chile Matias Tapia; Central Bank of Chile
presented by: Alexander Monge-Naranjo, Federal Reserve Bank of St. Louis
Session 117: Information Frictions and Macroeconomics June 30, 2018 9:00 to 10:30 101
Session Chair: Zhen Huo, Yale University
Expertise and Firm Dynamics
By Ezra Oberfield; Princeton University Venky Venkateswaran; New York University
presented by: Venky Venkateswaran, New York University
Information-driven Business Cycles: A Primal Approach
By Ryan Chahrour; Boston College Robert Ulbricht; Toulouse School of Economics
presented by: Robert Ulbricht, Toulouse School of Economics
Collective Myopia and Habit
By George-Marios Angeletos; M.I.T. Zhen Huo; Yale University
presented by: Zhen Huo, Yale University
Session 118: Managing Financial Distress June 30, 2018 9:00 to 10:30 213
Session Chair: Jose Mustre-del-Rio, Federal Reserve Bank of Kansas City
Optimal forbearance of bank resolution
By Linda Schilling; Ecole Polytechnique (CREST)
presented by: Linda Schilling, Ecole Polytechnique (CREST)
Banks' Liquidity Management and Financial Fragility
By Luca Deidda; Università di Sassari Ettore Panetti; Banco de Portugal
presented by: Ettore Panetti, Banco de Portugal
The Persistence of Financial Distress
By Kartik Athreya; Federal Reserve Bank of Richmond Jose Mustre-del-Rio; Federal Reserve Bank of Kansas City Juan Sanchez; Federal Reserve Bank of St. Louis
presented by: Jose Mustre-del-Rio, Federal Reserve Bank of Kansas City
Session 119: Inequality and Skills June 30, 2018 9:00 to 10:30 111
Session Chair: Michelle Petersen Rendall, Monash University
Information Frictions in Education and Inequality
By Ana Figueiredo; Universitat Pompeu Fabra and Barcelona GSE
presented by: Ana Figueiredo, Universitat Pompeu Fabra and Barcelona GSE
Frictional Labor Markets, Education Choices and Wage Inequality
[slides]
By Manuel Macera; Universidad Torcuato Di Tella Hitoshi Tsujiyama; Goethe University Frankfurt
presented by: Manuel Macera, Universidad Torcuato Di Tella
Math Matters: Education Choices and Wage Inequality
By Michelle Petersen Rendall; Monash University Andrew Rendall; University of Zurich
presented by: Michelle Petersen Rendall, Monash University
Session 120: Heterogenous Beliefs June 30, 2018 9:00 to 10:30 Sa2
Session Chair: Fernando Alvarez, University of Chicago
Speculative Bubbles, Heterogeneopus Beliefs, and Learning.
By Jan Werner; University of Minnesota
presented by: Jan Werner, University of Minnesota
A Model of Endogenous Debt Maturity with Heterogeneous Beliefs
By Matthew Darst; Board of Governors of the Federal Reserv Ehraz Refayet; Office of the Comptroller of the Currency, U.S. Treasury
presented by: Matthew Darst, Board of Governors of the Federal Reserv
A three mutual fund separation theorem
By Fernando Alvarez; University of Chicago
presented by: Fernando Alvarez, University of Chicago
Session 121: Sovereign Debt Crises June 30, 2018 9:00 to 10:30 212
Session Chair: Jorge Mondragon, University of Minnesota
How International Reserves Reduce the Probability of Debt Crises
By Juan Hernandez; Inter-American Development Bank
presented by: Juan Hernandez, Inter-American Development Bank
Did the 1980s in Latin America Need to Be a Lost Decade?
By Victor Leão Borges de Almeida; University of Minnesota Carlos Esquivel; University of Minnesota Timothy Kehoe; University of Minnesota Juan Pablo Nicolini; Minneapolis Fed
presented by: Carlos Esquivel, University of Minnesota
Rollover Crises and Currency Unions
By Javier Bianchi; Federal Reserve Bank of Minneapolis Jorge Mondragon; University of Minnesota
presented by: Jorge Mondragon, University of Minnesota
Session 122: Topics in Tax Policy June 30, 2018 9:00 to 10:30 103
Session Chair: Joao Guerreiro, Northwestern University
Optimal Progressivity with Age-Dependent Taxation
By Jonathan Heathcote; Federal Reserve Bank of Minneapolis Kjetil Storesletten; University of Oslo Gianluca Violante; Princeton University
presented by: Jonathan Heathcote, Federal Reserve Bank of Minneapolis
Flexible Retirement and Optimal Taxation
By Abdoulaye Ndiaye; Northwestern University
presented by: Abdoulaye Ndiaye, Northwestern University
Should Robots be Taxed?
By Joao Guerreiro; Northwestern University Sergio Rebelo; Northwestern University Pedro Teles; Banco de Portugal, Univ Catolica Portugu
presented by: Joao Guerreiro, Northwestern University
Session 123: Environmental Macroeconomics I June 30, 2018 9:00 to 10:30 104
Session Chair: Lint Barrage, Brown University
Climate, Weather, and Damages
By Anthony Smith; Yale University
presented by: Anthony Smith, Yale University
General Bayesian Learning in Dynamic Stochastic Models: Estimating the Value of Science Policy
By Ivan Rudik; Cornell University Maxwell Rosenthal; University of Arizona Derek Lemoine; University of Arizona
presented by: Derek Lemoine, University of Arizona
Climate Shocks and Economic Growth: Bridging the Micro-Macro Gap
By Laura Bakkensen; University of Arizona Lint Barrage; Brown University
presented by: Lint Barrage, Brown University
Session 124: Agglomeration June 30, 2018 9:00 to 10:30 211
Session Chair: Illenin Kondo, Notre Dame
Identifying Neighborhood Effects among Firms: Evidence from Location Lotteries of the Tokyo Tsukiji Fish Market
By Kentaro Nakajima; Hitotsubashi University Kensuke Teshima; Instituto Tecnologico Autonomo de Mexico
presented by: Kentaro Nakajima, Hitotsubashi University
Optimal Spatial Policies, Geography and Sorting
By Pablo Fajgelbaum Cecile Gaubert; UC Berkeley
presented by: Pablo Fajgelbaum,
Political Distortions and Infrastructure Networks in China: A Quantitative Spatial Equilibrium Analysis
By Simon Alder; University of North Carolina at Chapel H Illenin Kondo; Notre Dame
presented by: Illenin Kondo, Notre Dame
Session 125: Measurement and Analysis of Private Businesses June 30, 2018 9:00 to 10:30 Sa1
Session Chair: Benjamin Pugsley, University of Notre Dame
Sweat Equity in U.S. Private Business
[slides]
By anmol bhandari; university of minnesota Ellen McGrattan; University of Minnesota
presented by: anmol bhandari, university of minnesota
Consumption and Savings Under Non-Gaussian Income Risk
By Fatih Guvenen; University of Minnesota Fatih Karahan; Federal Reserve Bank of New York Serdar Ozkan; University of Toronto
presented by: Fatih Karahan, Federal Reserve Bank of New York
Taxes, Regulations of Businesses and Evolution of Income Inequality in the US
By Sebastian Dyrda; University of Toronto Benjamin Pugsley; University of Notre Dame
presented by: Benjamin Pugsley, University of Notre Dame
Session 126: Household Finance June 30, 2018 9:00 to 10:30 112
Session Chair: Winfried Koeniger, University of St.Gallen
Long-Run Saving Dynamics: Evidence from Unexpected Inheritances
By Jeppe Druedahl; University of Copenhagen Alessandro Martinello; Lund University
presented by: Jeppe Druedahl, University of Copenhagen
Investment Opportunities and Economic Outcomes: Who Benefits From College and the Stock Market?
By Kartik Athreya; Federal Reserve Bank of Richmond Felicia Ionescu; Federal Reserve Board Urvi Neelakantan; Federal Reserve Bank of Richmond Ivan Vidangos; Federal Reserve Board
presented by: Felicia Ionescu, Federal Reserve Board
Differences in Euro-Area Household Finances and their Relevance for Monetary-Policy Transmission
By Thomas Hintermaier; Economics, Univ Bonn Winfried Koeniger; University of St.Gallen
presented by: Winfried Koeniger, University of St.Gallen
Session 127: Optimal Monetary Policy June 30, 2018 11:00 to 12:30 213
Session Chair: Junichi Fujimoto, National Graduate Institute for Policy Studies
Uninsured Unemployment Risk and Optimal Monetary Policy
By Edouard Challe; CREST & Ecole Polytechnique
presented by: Edouard Challe, CREST & Ecole Polytechnique
Optimal Trend Inflation
By Klaus Adam; University of Mannheim Henning Weber; Bundesbank
presented by: Henning Weber, Bundesbank
Optimal Policy Analysis in a New Keynesian Economy with Credit Market Search
By Junichi Fujimoto; National Graduate Institute for Policy Studies Ko Munakata; Bank of Japan Koji Nakamura; Bank of Japan Yuki Teranishi; Keio University
presented by: Junichi Fujimoto, National Graduate Institute for Policy Studies
Session 128: On-the-Job Search June 30, 2018 11:00 to 12:30 211
Session Chair: Axel Gottfries, University of Cambridge
Optimal Taxation with On-the-Job Search
By Jesper Bagger; Royal Holloway, University of London Espen Moen; Norwegian Business School Rune Vejlin; Aarhus University
presented by: Espen Moen, Norwegian Business School
Network Search: Climbing the Job Ladder Faster
[slides]
By Marcelo Arbex; University of Windsor Dennis O'Dea; University of Washington David Wiczer; Stony Brook University
presented by: David Wiczer, Stony Brook University
Partial commitment in models of on-the-job search with an application to minimum wage spillovers
By Axel Gottfries; University of Cambridge
presented by: Axel Gottfries, University of Cambridge
Session 129: Trade and Business Cycles June 30, 2018 11:00 to 12:30 112
Session Chair: Laurien Gilbert, University of Michigan
The Changing Nature of Sectoral Comovement
By Christian vom Lehn; Brigham Young University Thomas Winberry; University of Chicago
presented by: Christian vom Lehn, Brigham Young University
Globalization and Structural Change in the United States: A Quantitative Assessment
By Ricardo Reyes-Heroles; Federal Reserve Board
presented by: Ricardo Reyes-Heroles, Federal Reserve Board
Gains from Product Variety and the Local Business Cycle
By Laurien Gilbert; University of Michigan
presented by: Laurien Gilbert, University of Michigan
Session 130: Agriculture and the Macroeconomy June 30, 2018 11:00 to 12:30 Sa2
Session Chair: Timo Boppart, IIES, Stockholm University
The Effects of Land Markets on Resource Allocation and Agricultural Productivity
By Chaoran Chen; National University of Singapore Diego Restuccia; University of Toronto Raul Santaeulalia-Llopis; MOVE-UAB and Barcelona GSE
presented by: Raul Santaeulalia-Llopis, MOVE-UAB and Barcelona GSE
Why is Agricultural Productivity So Low in Poor Countries? The Case of India.
By Md Mahbubur Rahman; McMaster University Oksana Leukhina; Federal Reserve Bank of St. Louis Raghav Paul; University of Washington
presented by: Md Mahbubur Rahman, McMaster University
Capital deepening and agricultural labor productivity
By Timo Boppart; IIES, Stockholm University Per Krusell; Stockholm University Hannes Malmberg; Stanford University
presented by: Timo Boppart, IIES, Stockholm University
Session 131: Quantifying Uncertainty June 30, 2018 11:00 to 12:30 103
Session Chair: Matteo Iacoviello, Federal Reserve Board
Macroeconomic Effects of Financial Uncertainty
By Grzegorz Długoszek; Humboldt-Universität zu Berlin
presented by: Grzegorz Długoszek, Humboldt-Universität zu Berlin
A New Way to Quantify the Effect of Uncertainty
By Alexander Richter; Federal Reserve Bank of Dallas Nathaniel Throckmorton; College of William & Mary
presented by: Nathaniel Throckmorton, William & Mary
Measuring Geopolitical Risk
By Matteo Iacoviello; Federal Reserve Board
presented by: Matteo Iacoviello, Federal Reserve Board
Session 132: Bank Capital Regulation June 30, 2018 11:00 to 12:30 104
Session Chair: Pablo D'Erasmo, FRB Philadelphia
Dynamic Bank Capital Regulation in Equilibrium
By Douglas Gale; New York University Andrea Gamba; University of Warwick Marcella Lucchetta; Universita Ca' Foscari
presented by: Marcella Lucchetta, Universita Ca' Foscari
Corporate Debt Choice and Bank Capital Regulation
By Haotian Xiang; Wharton School of the University of Pennsylvania
presented by: Haotian Xiang, University of Pennsylvania
Capital Requirements in a Quantitative Model of Banking Industry Dynamics
By Pablo D'Erasmo; FRB Philadelphia Dean Corbae; University of Wisconsin
presented by: Pablo D'Erasmo, FRB Philadelphia
Session 133: Demographics and Labor Supply June 30, 2018 11:00 to 12:30 Sa1
Session Chair: Niklas Engbom, Princeton University
Household Time Use Among Older Couples: Evidence and Implications for Labor Supply
By Richard Rogerson; Princeton University Johanna Wallenius; Stockholm School of Economics
presented by: Johanna Wallenius, Stockholm School of Economics
Older Americans Would Work Longer If Jobs Were Flexible
By John Ameriks; The Vanguard Group, Inc. Joseph Briggs; Federal Reserve Board of Governors Andrew Caplin; New York University Minjoon Lee; Carleton University Matthew Shapiro; University of Michigan Christopher Tonetti; Stanford University
presented by: Minjoon Lee, Carleton University
Firm and Worker Dynamics in an Aging Labor Market
[slides]
By Niklas Engbom; Princeton University
presented by: Niklas Engbom, Princeton University
Session 134: Decentralized Financial Markets June 30, 2018 11:00 to 12:30 101
Session Chair: Pierre-Olivier Weill, University of California, Los Angeles
Exchange Design and Welfare
By Marzena Rostek; University of Wisconsin-Madison Ji Hee Yoon; University of Wisconsin - Madison
presented by: Marzena Rostek, University of Wisconsin-Madison
A Network Model for Financial Stability Monitoring
By Nathan Foley-Fisher; Federal Reserve Board CARLOS RAMIREZ; FEDERAL RESERVE BOARD
presented by: Nathan Foley-Fisher, Federal Reserve Board
Platform Trading with an OTC Market Fringe
By Jerome Dugast; University of Luxembourg Semih Uslu; Johns Hopkins University Pierre-Olivier Weill; University of California, Los Angeles
presented by: Pierre-Olivier Weill, University of California, Los Angeles
Session 135: Capital Controls June 30, 2018 11:00 to 12:30 212
Session Chair: Sebastian Fanelli, MIT
Prudential Capital Controls and Risk Misallocation: Bank Lending Channel
By Lorena Keller; Northwestern University
presented by: Lorena Keller, Northwestern University
Capital Controls and Firm Performance: The Effects of the Chilean Encaje
By Eugenia Andreasen; Universidad de Santiago de Chile Sofia Bauducco; Central Bank of Chile Evangelina Dardati; Universidad Alberto Hurtado
presented by: Sofia Bauducco, Central Bank of Chile
A Theory of Foreign Exchange Interventions
By Sebastian Fanelli; MIT Ludwig Straub; MIT
presented by: Sebastian Fanelli, MIT
Session 136: Environmental Macroeconomics II June 30, 2018 11:00 to 12:30 210
Session Chair: Armon Rezai, WU Vienna University of Economics and Bu
The Aggregate Effects of Electrification in the Developing World
[slides]
By Stephie Fried; Arizona State University David Lagakos; University of California, San Diego
presented by: Stephie Fried, Arizona State University
International environmental agreements without commitment
By Larry Karp; UC Berkeley Hiroaki Sakamoto
presented by: Larry Karp, UC Berkeley
Asset Prices and Climate Policy
[slides]
By Larry Karp; UC Berkeley Armon Rezai; WU Vienna University of Economics and Bu
presented by: Armon Rezai, WU Vienna University of Economics and Bu
Session 137: Firm-Labor Dynamics June 30, 2018 11:00 to 12:30 111
Session Chair: Simeon Alder, University of Wisconsin - Madison
Identifying Labor Market Sorting with Firm Dynamics
By Andreas Gulyas; University of Mannheim
presented by: Andreas Gulyas, University of Mannheim
Lending Relationships and Labor Market Dynamics
By Alan Finkelstein Shapiro; Tufts University Maria Olivero; Drexel University
presented by: Maria Olivero, Drexel University
The Macroeconomics of Sorting and Turnover in a Dynamic Assignment Model\
By Simeon Alder; University of Wisconsin - Madison
presented by: Simeon Alder, University of Wisconsin - Madison
Session 138: Capital, Skills and the Development Path June 30, 2018 11:00 to 12:30 Sala de Conferencias
Session Chair: Julieta Caunedo, Cornell University
Structural Change in Investment and Consumption: A Unified Approach
By Berthold Herrendorf; Arizona State University Richard Rogerson; Princeton University Akos Valentinyi; University of Manchester
presented by: Berthold Herrendorf, Arizona State University
How Important are Indivisible Investments for Development? Experimental Evidence from Uganda
By Joseph Kaboski; University of Notre Dame Molly Lipscomb; University of Virginia Virgiliu Midrigan; New York University
presented by: Joseph Kaboski, University of Notre Dame
Structural transformation: feedbacks from capital embodied technology adoption and capital-skill complementarity
By Julieta Caunedo; Cornell University David Jaume; Cornell University Elisa Keller; University of Exeter
presented by: Julieta Caunedo, Cornell University
Session 139: Applications of Industrial Organization June 30, 2018 11:00 to 12:30 102
Session Chair: Eugenio Miravete, University of Texas at Austin
Optimal Dynamic Hotel Pricing
By John Rust; Georgetown University Sungjin Cho; Seoul National University
presented by: John Rust, Georgetown University
Outsourcing, Firm Innovation, and Industry Dynamics in the Production of Semiconductors
By Jeff Thurk; University of Notre Dame
presented by: Jeff Thurk, University of Notre Dame
One Markup to Rule Them All: Taxation by Liquor Pricing Regulation
By Eugenio Miravete; University of Texas at Austin Katja Seim; University of Pennsylvania Jeffrey Thurk; University of Notre Dame
presented by: Eugenio Miravete, University of Texas at Austin
Session 140: Policy Without Commitment June 30, 2018 11:00 to 12:30 113
Session Chair: Rishabh Kirpalani, Pennsylvania State University
Fiscal Rules and Discretion under Self-Enforcement
By Pierre Yared; Columbia University
presented by: Pierre Yared, Columbia University
Currency Choices in Contracts
By Andres Drenik; Columbia University Rishabh Kirpalani; The Pennsylvania State University Diego Perez; New York University
presented by: Diego Perez, New York University
Reputation, Bailouts, and Interest Rate Spread Dynamics
By Alessandro Dovis; University of Pennsylvania Rishabh Kirpalani; Pennsylvania State University
presented by: Rishabh Kirpalani, Pennsylvania State University
Session 141: Price Rigidity II June 30, 2018 13:45 to 15:15 111
Session Chair: Andrew Glover, University of Texas Austin
Shocks vs Menu Costs: Patterns of Price Rigidity in an Estimated Multi-Sector Menu-Cost Model
By Erwan Gautier; Banque de France Hervé Le Bihan; Banque de France
presented by: Hervé Le Bihan, Banque de France
Understanding HANK: Insights from a PRANK
By Sushant Acharya; Federal Reserve Bank of New York Keshav Dogra; Federal Reserve Bank of New York
presented by: Sushant Acharya, Federal Reserve Bank of New York
Aggregate Effects of Minimum Wage Regulation at the Zero Lower Bound
By Andrew Glover; University of Texas Austin
presented by: Andrew Glover, University of Texas Austin
Session 142: Macro Labor Perspectives June 30, 2018 13:45 to 15:15 113
Session Chair: Kyle Herkenhoff, University of Minnesota
Labor Policy in a Dynamic Search-Matching Model with Heterogeneous Workers and Firms
By Jeremy Lise; University of Minnesota Julien Pascal; Sciences Po Jean Marc Robin; Sciences Po
presented by: Jean Marc Robin, Sciences Po
The Technological Origins of the Decline in Labor Market Dynamism
By Jan Eeckhout; University College London and Barcelona Xi Weng; Guanghua School of Management, Peking Un
presented by: Jan Eeckhout, University College London and Barcelona
Labor Market Power
By David Berger; Northwestern University Kyle Herkenhoff; University of Minnesota Simon Mongey; Federal Reserve Bank of Minneapolis
presented by: Kyle Herkenhoff, University of Minnesota
Session 143: Cities, Trade and Development June 30, 2018 13:45 to 15:15 Sala de Conferencias
Session Chair: David Nagy, CREI
E-Commerce Integration and Economic Development: Evidence from China
By Victor Couture; University of California, Berkeley Benjamin Faber; UC Berkeley Yizhen Gu; UC Berkeley
presented by: Victor Couture, University of California, Berkeley
Slum Upgrading and Long-run Urban Development: Evidence from Indonesia
By Mariaflavia Harari; The Wharton School, University of Pennsy Maisy Wong; University of Pennsylvania
presented by: Mariaflavia Harari, The Wharton School, University of Pennsy
Growth and Trade in a World of Cities
By Cesar Ducruet; CNRS Reka Juhasz; Columbia University David Nagy; CREI Claudia Steinwender; MIT Sloan
presented by: David Nagy, CREI
Session 144: Structural Change II June 30, 2018 13:45 to 15:15 102
Session Chair: Wen Yao, Tsinghua University
Agricultural Composition, Structural Change and Labor Productivity
By Cesar Blanco; Central Bank of Paraguay Xavier Raurich; Universitat de Barcelona
presented by: Xavier Raurich, Universitat de Barcelona
Income Segregation and Rise of the Knowledge Economy
By Enrico Berkes; Northwestern University Ruben Gaetani; University of Toronto
presented by: Ruben Gaetani, University of Toronto
Structural Change and Aggregate Employment Fluctuations in China and the US
By Wen Yao; Tsinghua University Xiaodong Zhu; University of Toronto
presented by: Wen Yao, Tsinghua University
Session 145: Firms and Cycles June 30, 2018 13:45 to 15:15 103
Session Chair: Christoph Boehm, UT Austin
Idiosyncratic shocks and the role of granularity in business cycle
[slides]
By Tatsuro Senga; Queen Mary University of London Iacopo Varotto; Queen Mary University of London
presented by: Iacopo Varotto, Queen Mary University of London
Multiproduct Firms and the Business Cycle
By Diyue Guo; University of Maryland -College Park
presented by: Diyue Guo, University of Maryland -College Park
Are supply curves convex? Implications for state-dependent responses to shocks
By Christoph Boehm; UT Austin Nitya Pandalai Nayar; University of Texas, Austin
presented by: Christoph Boehm, UT Austin
Session 146: Bank Risk Taking June 30, 2018 13:45 to 15:15 211
Session Chair: Adrien d'Avernas, Stockholm School of Economics
Business Complexity and Risk Management: Evidence from Operational Risk Events in U.S. Bank Holding Companies
By Anna Chernobai; Syracuse University Ali Ozdagli; Federal Reserve Bank of Boston Jianlin Wang; University of California Berkeley
presented by: Ali Ozdagli, Federal Reserve Bank of Boston
A Model of Bank Credit Cycles
By Jianxing Wei; Universitat Pompeu Fabra Tong Xu; SWUFE
presented by: Tong Xu, SWUFE
Government Guarantees and the Valuation of American Banks
By Andrew Atkeson; University of California Adrien d'Avernas; Stockholm School of Economics Andrea Eisfeldt; University of California, Los Angeles Pierre-Olivier Weill; University of California, Los Angeles
presented by: Adrien d'Avernas, Stockholm School of Economics
Session 147: Earnings June 30, 2018 13:45 to 15:15 Sa1
Session Chair: Braz Camargo, Sao Paulo School of Economics - FGV
The Role of Firm Heterogeneity in the Earnings Inequality
By soyoung Lee
presented by: soyoung Lee,
Earnings and Hours Dynamics Over the Life Cycle
By Christopher Busch; MOVE-UAB & Barcelona GSE Priscilla Fialho; University College London and CeMMAP Fatih Guvenen; University of Minnesota
presented by: Christopher Busch, MOVE-UAB & Barcelona GSE
Earnings Dynamics: the Role of Learning, Human Capital, and Performance Incentives
By Braz Camargo; Sao Paulo School of Economics - FGV Fabian Lange; McGill University Elena Pastorino; Stanford University
presented by: Braz Camargo, Sao Paulo School of Economics - FGV
Session 148: Portfolio Choices June 30, 2018 13:45 to 15:15 Sa2
Session Chair: Colin Ward, University of Minnesota
Household Portfolio Accounting
By Sewon Hur; University of Pittsburgh Christopher Telmer; Carnegie Mellon University Siqiang Yang; University of Pittsburgh
presented by: Siqiang Yang, University of Pittsburgh
Income Volatility and Portfolio Choices
By Yongsung Chang; University of Rochester Jay Hong; Seoul National University Marios Karabarbounis; Federal Reserve Bank of Richmond Yicheng Wang; University of Oslo
presented by: Marios Karabarbounis, Federal Reserve Bank of Richmond
Shifts in Sectoral Wealth Shares and Risk Premia: What Explains Them?
By Ravi Bansal; Duke University Colin Ward; University of Minnesota Amir Yaron; University of Pennsylvania
presented by: Colin Ward, University of Minnesota
Session 149: Open Economy Macroeconomics June 30, 2018 13:45 to 15:15 212
Session Chair: Cesar Sosa-Padilla, Notre Dame
How Does the Economy Respond to a Depreciation? Evidence in the Dynamics of Profit Margins, Company Values and Retail Prices of Mexican Public Corporations, 2010-2017.
By Santiago Bazdresch; Banco de Mexico Adrian de la Garza; Banco de Mexico Alejandra Lelo de Larrea; Banco de México
presented by: Santiago Bazdresch, Banco de Mexico
Financial Frictions and Export Dynamics in Large Devaluations
By David Kohn; Universidad Catolica de Chile Fernando Leibovici; Federal Reserve Bank of St. Louis Michal Szkup; The University of British Columbia
presented by: David Kohn, Universidad Catolica de Chile
Reserve Accumulation, Macroeconomic Stabilization and Sovereign Risk
By Javier Bianchi; Federal Reserve Bank of Minneapolis Cesar Sosa-Padilla; Notre Dame
presented by: Cesar Sosa-Padilla, Notre Dame
Session 150: Inflation Targeting June 30, 2018 13:45 to 15:15 213
Session Chair: Amartya Lahiri, University of British Columbia
Changes in Monetary Regimes and the Identification of Monetary Policy Shocks: Narrative Evidence from Canada
By Julien Champagne; Bank of Canada Rodrigo Sekkel; Bank of Canada
presented by: Julien Champagne, Bank of Canada
Bubbly Recessions
By Toan Phan; Federal Reserve Bank of Richmond Andrew Hanson; University of North Carolina Chapel Hill Siddhartha Biswas; University of North Carolina, Chapel Hill
presented by: Toan Phan, Federal Reserve Bank of Richmond
Inflation Targeting Consequences for Exchange Rates
By Paul Beaudry; University of British Columbia Amartya Lahiri; University of British Columbia
presented by: Amartya Lahiri, University of British Columbia
Session 151: Energy and the Macroeconomy June 30, 2018 13:45 to 15:15 210
Session Chair: Charles Fries, Federal Reserve Bank of Chicago
The US Shale Oil Boom, the Oil Export Ban and the Economy: A General Equilibrium Analysis
By Nida Cakir Melek; Federal Reserve Bank of Kansas City
presented by: Nida Cakir Melek, Federal Reserve Bank of Kansas City
What’s in a wedge? Misallocation and Taxation in the Oil Industry.
By Radek Stefanski; University of St Andrews Gerhard Toews; University of Oxford
presented by: Radek Stefanski, University of St Andrews
Weather Shocks and Climate Change
By Charles Fries; Federal Reserve Bank of Chicago Francois Gourio; Federal Reserve Bank of Chicago
presented by: Charles Fries, Federal Reserve Bank of Chicago
Session 152: Spatial Equilibria in Macroeconomics and Development June 30, 2018 13:45 to 15:15 101
Session Chair: Jesse Perla, University of British Columbia
Trade, Agglomeration Effects, and Labor Markets: Theory and Evidence
By Rodrigo Adao; University of Chicago Costas Arkolakis; Yale University Federico Esposito; Tufts University
presented by: Costas Arkolakis, Yale University
Location as an Asset
By Adrien Bilal; Princeton University Esteban Rossi-Hansberg; Princeton University
presented by: Esteban Rossi-Hansberg, Princeton University
Coordination Frictions in Macro-Development
By Jesse Perla; University of British Columbia Michael Peters; Yale University
presented by: Jesse Perla, University of British Columbia
Session 153: Firm Investment Dynamics June 30, 2018 13:45 to 15:15 104
Session Chair: Nicolas Vincent, HEC Montreal
Firm Investment During Large Crises: The role of Credit Conditions
By Alexandros Fakos; ITAM Plutarchos Sakellaris; Athens University of Economics and Business Tiago Tavares; CIE ITAM
presented by: Tiago Tavares, CIE ITAM
Information Distortion, R&D, and Growth
By Stephen Terry; Boston University Toni Whited; University of Michigan Anastasia Zakolyukina; The University of Chicago
presented by: Toni Whited, University of Michigan
Do Firms Mitigate or Magnify Capital Misallocation? Evidence from Plant-Level Data
By Matthias Kehrig; Duke University Nicolas Vincent; HEC Montreal
presented by: Nicolas Vincent, HEC Montreal
Session 154: Consumer Credit June 30, 2018 13:45 to 15:15 112
Session Chair: Igor Livshits, Federal Reserve Bank of Philadelphia
Improved Matching, Directed Search, and Bargaining in the Credit Card Market
By Gajendran Raveendranathan; McMaster University
presented by: Gajendran Raveendranathan, McMaster University
Falling Behind: Has Rising Inequality Fueled the American Debt Boom?
By Moritz Drechsel-Grau; University of Mannheim Fabian Greimel; University of Mannheim
presented by: Moritz Drechsel-Grau, University of Mannheim
Regulating Consumer Credit with Over-Optimistic Borrowers
By Florian Exler; University of Vienna Igor Livshits; Federal Reserve Bank of Philadelphia James MacGee; University of Western Ontario Michele Tertilt; University of Mannheim
presented by: Igor Livshits, Federal Reserve Bank of Philadelphia
Session 155: Monetary Policy and Intermediation June 30, 2018 15:45 to 17:15 102
Session Chair: Martin Schneider, Stanford University
Monetary Transmission through Shadow Banks
By Kairong Xiao
presented by: Kairong Xiao,
No Job, No Money, No Refi: Frictions to Refinancing in a Recession
By Anthony DeFusco; Northwestern University John Mondragon; Northwestern University
presented by: John Mondragon, Northwestern University
Financial stability, monetary policy and the payment intermediary share
By Moritz Lenel; University of Chicago Monika Piazzesi; Stanford University Martin Schneider; Stanford University
presented by: Martin Schneider, Stanford University
Session 156: Search Frictions in Labor Markets June 30, 2018 15:45 to 17:15 211
Session Chair: Leena Rudanko, Federal Reserve Bank of Philadelphia
Dynamic and Stochastic Search Equilibrium
By Camilo Morales-Jimenez; Board of Governors of the Federal Reserve System
presented by: Camilo Morales-Jimenez, Board of Governors of the Federal Reserve System
Should Buyers or Sellers Trade in a Frictional Market?
By Shouyong Shi; Pennsylvania State University Alain Delacroix; UQAM
presented by: Shouyong Shi, Pennsylvania State University
Firm Wages in a Frictional Labor Market
By Leena Rudanko; Federal Reserve Bank of Philadelphia
presented by: Leena Rudanko, Federal Reserve Bank of Philadelphia
Session 157: Mexico-US Trade June 30, 2018 15:45 to 17:15 Sa2
Session Chair: Daniel Garces Diaz, Bank of Mexico
The Macroeconomic Impact of NAFTA Termination
By Joseph Steinberg; University of Toronto
presented by: Joseph Steinberg, University of Toronto
Financial Shocks Propagation and International Trade Linkages
By Sihao Chen; Hong Kong Univ of Science and Technology
presented by: Sihao Chen, Hong Kong Univ of Science and Technology
Trade, Productivity and Synchrony in Mexican and United States Manufacturing
By Daniel Garces Diaz; Bank of Mexico
presented by: Daniel Garces Diaz, Bank of Mexico
Session 158: Firms and Growth June 30, 2018 15:45 to 17:15 210
Session Chair: Danial Lashkari, Boston College
Firm Entry and Exit and Aggregate Growth
By Jose Asturias; Georgetown University in Qatar Sewon Hur; University of Pittsburgh Timothy Kehoe; University of Minnesota Kim Ruhl; Pennsylvania State University
presented by: Sewon Hur, University of Pittsburgh
Stock Price Fluctuations and Productivity Growth
By Diego Comin; Dartmouth College Mark Gertler; New York University Phuong Ngo; Cleveland State University Ana Maria Santacreu; Federal Reserve Bank of Saint Louis and
presented by: Phuong Ngo, Cleveland State University
Innovation, Knowledge Diffusion, and Selection
By Danial Lashkari; Yale University
presented by: Danial Lashkari, Boston College
Session 159: Credit and Macroeconomic Stabilization June 30, 2018 15:45 to 17:15 Sala de Conferencias
Session Chair: Kurt Mitman, Stockholm University
A Theory of Credit Scoring and the Competitive Pricing of Default Risk
By Satyajit Chatterjee; Federal Reserve Bank of Philadelphia Dean Corbae; University of Wisconsin Kyle Dempsey; The Ohio State University Jose-Victor Rios-Rull; University of Pennsylvania
presented by: Kyle Dempsey, The Ohio State University
Household Debt Revaluation and the Real Economy: Evidence from a Foreign Currency Debt Crisis
By Emil Verner; Princeton University
presented by: Emil Verner, Princeton University
Bankruptcy and Aggregate Demand
By Adrien Auclert; Stanford Kurt Mitman; IIES
presented by: Kurt Mitman, Stockholm University
Session 160: Macroeconomics and Finance June 30, 2018 15:45 to 17:15 113
Session Chair: Luigi Bocola, Stanford University, FRB of Minneapolis
A Macroeconomic Model with Financial Panics
By Mark Gertler; New York University Nobuhiro Kiyotaki; Princeton University Andrea Prestipino; Federal Reserve Board
presented by: Nobuhiro Kiyotaki, Princeton University
Incompleteness Shocks
By Eduardo Davila; New York University Thomas Philippon; New York University
presented by: Eduardo Davila, New York University
Risk Sharing and Financial Amplification
By Luigi Bocola; Stanford University, FRB of Minneapolis Guido Lorenzoni; Northwestern
presented by: Luigi Bocola, Stanford University, FRB of Minneapolis
Session 161: Determinants of Wage Inequality June 30, 2018 15:45 to 17:15 Sa1
Session Chair: Job Boerma, University of Minnesota
Falling Labor Share and Rising Inequality: The Role of Wage Contracts.
By Cynthia Doniger; Federal Reserve Board
presented by: Cynthia Doniger, Federal Reserve Board
Monetary Policy Effects on Wage Inequality Between and Within Firms
By Christian Moser; Columbia University Farzad Saidi; Stockholm School of Economics Benjamin Wirth; IAB Nuremberg
presented by: Christian Moser, Columbia University
Inferring Inequality with Home Production
By Job Boerma; University of Minnesota Loukas Karabarbounis; University of Minnesota
presented by: Job Boerma, University of Minnesota
Session 162: Disagreements June 30, 2018 15:45 to 17:15 111
Session Chair: Anastassia Fedyk, Harvard Business School
Demand Disagreement
By Christian Heyerdahl-Larsen; London Business School Philipp Illeditsch; Carnegie Mellon University, Tepper Schoo
presented by: Philipp Illeditsch, Carnegie Mellon University, Tepper Schoo
Heterogenous Information Choice in General Equilibrium
By Tobias Broer; Stockholm University Alexandre Kohlhas; Institute for International Economic Studies, Stockholm University Kurt Mitman; IIES Kathrin Schlafmann; Institute for International Economic Stu
presented by: Tobias Broer, Stockholm University
Disagreement after News: Gradual Information Diffusion or Differences of Opinion?
By Anastassia Fedyk; Harvard Business School
presented by: Anastassia Fedyk, Harvard Business School
Session 163: Sovereign Default Risk June 30, 2018 15:45 to 17:15 104
Session Chair: Paulina Restrepo-Echavarria, Federal Reserve Bank of St Louis
Inflation Targeting with Sovereign Default Risk
By Cristina Arellano; Federal Reserve Bank of Minneapolis Yan Bai; University of Rochester Gabriel Mihalache; Stony Brook University
presented by: Cristina Arellano, Federal Reserve Bank of Minneapolis
Commitment and sovereign default risk
By Juan Hatchondo; Indiana University Leonardo Martinez; International Monetary Fund Francisco Roch; International Monetary Fund
presented by: Juan Hatchondo, Indiana University
Resource Curse or Blessing? Sovereign Risk in Emerging Economies
By Franz Hamann; Banco de la República Enrique Mendoza; University of Pennsylvania Paulina Restrepo-Echavarria; Federal Reserve Bank of St Louis
presented by: Paulina Restrepo-Echavarria, Federal Reserve Bank of St Louis
Session 164: Financial Networks: Empirical Investigations June 30, 2018 15:45 to 17:15 213
Session Chair: Mark Paddrik, Office of Financial Research, U.S. Treasury
Credit Market Spillovers: Evidence from a Syndicated Loan Market Network
By Abhimanyu Gupta; University of Essex Sotirios Kokas; University of Essex Alex Michaelides; Imperial College Business School
presented by: Sotirios Kokas, University of Essex
The Double-Edged Sword of Global Integration: Robustness, Fragility \& Contagion in the International Firm Network
By Everett Grant; Federal Reserve Bank of Dallas
presented by: Everett Grant, Federal Reserve Bank of Dallas
How Safe are Central Counterparties in Derivatives Markets?
By Mark Paddrik; Office of Financial Research, U.S. Treasury Peyton Young; University of Oxford, Nuffield College
presented by: Mark Paddrik, Office of Financial Research, U.S. Treasury
Session 165: Urban Economics and Macro June 30, 2018 15:45 to 17:15 103
Session Chair: Stijn Van Nieuwerburgh, New York University
The Rise of Housing Supply Regulation in the US: Local Causes and Aggregate Implications
By Andrii Parkhomenko; University of Southern California, Marshall School of Business
presented by: Andrii Parkhomenko, University of Southern California, Marshall School of Business
Costly Commuting and the Job Ladder
By Jean Flemming; University of Oxford
presented by: Jean Flemming, University of Oxford
Affordable Housing and City Welfare
By Jack Favilukis Pierre Mabille; New York University Stijn Van Nieuwerburgh; New York University
presented by: Stijn Van Nieuwerburgh, New York University
Session 166: Credit and Consumption June 30, 2018 15:45 to 17:15 112
Session Chair: Kieran Walsh, University of Virginia
Credit Shocks and Equilibrium Dynamics in Consumer Durable Goods Markets
By Alessandro Gavazza; London School of Economics Andrea Lanteri; Duke University
presented by: Andrea Lanteri, Duke University
House Prices, Home Equity, and Personal Debt Composition
By Jieying Li; Stockholm School of Economics Xin Zhang; Sveriges Riksbank
presented by: Xin Zhang, Sveriges Riksbank
Debt Burdens and the Interest Rate Response to Fiscal Stimulus: Theory and Cross-Country Evidence
By Jorge Miranda-Pinto; University of Queensland Daniel Murphy; University of Virginia Kieran Walsh; University of Virginia Eric Young; University of Virginia
presented by: Kieran Walsh, University of Virginia
Session 167: Housing and the Macroeconomy June 30, 2018 15:45 to 17:15 101
Session Chair: Timothy McQuade, Stanford University
The Geography Channel of House Price Appreciation: Did the Decline in Manufacturing Partially Cause the Housing Boom?
By Greg Howard; University of Illinois Carl Liebersohn; MIT
presented by: Greg Howard, University of Illinois
Hot vacancies: the cross section of supply over the housing cycle
By Tim Landvoigt; University of Pennsylvabia Monika Piazzesi; Stanford University Martin Schneider; Stanford University
presented by: Monika Piazzesi, Stanford University
The Effects of Rent Control Expansion on Tenants, Landlords, and Inequality: Evidence from San Francisco
By Rebecca Diamond; Stanford University Timothy McQuade; Stanford University Franklin Qian; Stanford University
presented by: Timothy McQuade, Stanford University
Session 168: Firm Dynamics and Intertemporal Decisions June 30, 2018 15:45 to 17:15 212
Session Chair: Patrick Kehoe, Stanford University
Firm Dynamics at the Zero Lower Bound
By Alex Clymo; University of Essex
presented by: Alex Clymo, University of Essex
Aggregate Consequences of Credit Subsidy Policies: Firm Dynamics and Misallocation
By In Hwan Jo; National University of Singapore Tatsuro Senga; Queen Mary University of London
presented by: Tatsuro Senga, Queen Mary University of London
Asset Prices and Unemployment Fluctuations
By Patrick Kehoe; Stanford University Pierlauro Lopez; Banque de France Virgiliu Midrigan; New York University Elena Pastorino; Stanford University
presented by: Patrick Kehoe, Stanford University