The Fourth Boston University/Boston Fed Conference on Macro-Finance Linkages

October 4-5, 2013
Federal Reserve Bank of Boston
600 Atlantic Avenue
Boston MA

The Federal Reserve Bank of Boston, the Department of Economics and the School of Management at Boston University, are organizing a conference on recent developments in macroeconomics and finance. The goal of the conference is to improve our understanding of the linkages between the financial markets and the real economy in light of the recent recession. Both theoretical work and empirical work are welcomed.

Topics of interest include, but are not limited to: financial frictions and their effects on asset prices and the real economy, asset pricing, banking, macro-prudential regulation, credit risk, dynamic stochastic general equilibrium models (DSGE) with risk premia and/or financial frictions, monetary and banking supervisory policy during financial crises (including the effects of quantitative easing policies), sovereign debt, financial stability, liquidity in financial markets, and quantitative corporate finance.

  • Agenda, Papers, and Presentations
  • Hotels
  • Organizers

Agenda, Papers and Presentations

updated: October 11, 2013

Day One - Friday, October 4, 2013

11:45 am Registration and lunch
12:30 pm

Fiscal Consolidations and Bank Balance Sheets pdf
Jacopo Cimadomo (European Central Bank), Sebastian Hauptmeier (German Ministry of Finance), and Tom Zimmerman (Harvard University)

Presenter:
Jacopo Cimadomo, (European Central Bank)
Presentationpdf

Discussant:
Jonathan Parker
(MIT Sloan)
Presentationpdf

1:30  

Sticky Leveragepdf
Joao Gomes (Wharton), Urban Jermann (Wharton), and Lukas Schmid (Fuqua Duke)

Presenter:
Joao Gomes
(Wharton)
Presentationpdf

Discussant:
Jianjun Miao
(Boston University)
Presentationpdf

2:30 Break
3:00 

A Theory of Macroprudential Policies in the Presence of Nominal Rigidities pdf
Emmanuel Farhi (Harvard University) and Iván Werning (Massachusetts Institute of Technology)

Presenter:
Emmanuel Farhi (Harvard University)

Discussant:
Benjamin Moll
(Princeton University)

4:00

The Making of a Great Contraction with a Liquidity Trap and a Jobless Recovery pdf
Stephanie Schmitt-Grohé (Columbia University) and Martín Uribe (Columbia University)

Presenter:
Stephanie Schmitt-Grohé
(Columbia University)
Presentationpdf

Discussant:
Karel Mertens
(Cornell University)
Presentationpdf

5:00  Break
5:30 

Panel Discussion

Panelists:
Eric Rosengren
(Federal Reserve Bank of Boston)
Presentationpdf

Viral Acharya (New York University)

Stephen Cecchetti (Bank of International Settlements)
Presentationpdf

7:00 By invitation only: Cocktail and Dinner

 

Day Two - Saturday, October 5, 2013

8:15 am

Breakfast

9:00

"Uncertainty Shocks, Asset Supply and Pricing over the Business Cycle" pdf
Francesco Bianchi (Duke University), Cosmin Ilut (Duke University), and Martin Schneider (Stanford)

Presenter:
Cosmin Ilut
(Duke University)
Presentationpdf

Discussant:
Francois Gourio (BU and FRB Chicago)
Presentationpdf

10:00 Break
10:15

Interest Rate Risk and Bank Equity Valuationspdf
Bill English (Federal Reserve Board of Govenors), Skander Van den Heuvel (Federal Reserve Board of Governors), and Egon  Zakrajsek (Federal Reserve Board of Governors)

Presenter:
Skander Van Den Heuvel (Federal Reserve Board of Governors)
Presentationpdf

Discussant:
Joe Peek
(Federal Reserve Bank of Boston)
Presentationpdf

11:15

Liquidity Management and Monetary Policy pdf
Javier Bianchi (Wisconsin) and Saki Bigio (Columbia University)

Presenter:
Saki Bigio (Columbia University)
Presentationpdf

Discussant:
Itamar Drechsler (New York University - Stern)
Presentationpdf

12:15 pm Lunch
1:00

Are Sticky Prices Costly? Evidence from the Stock Marketpdf
Yury Gorodnichenko (Berkeley) and Michael Weber (Haas)

Presenter:
Michael Weber (Haas)
Presentationpdf

Discussant:
Francisco Palomino
(Ross – University of  Michigan)
Presentationpdf

2:00   

Inflation in the Great Recession and New Keynesian ModelspdfMarco Del Negro (Federal Reserve Bank of New York), Mark Giannoni (Federal Reserve Bank of New York), and Frank Schorfheide (University of Pennsylvania)

Presenter:
Mark Giannoni (Federal Reserve Bank of New York)
Presentationpdf

Discussant:
Jon Faust (John Hopkins University and Federal Reserve Board of Governors)
Presentationpdf

3:00 Adjourn

Recommended Hotels

If you need to make a reservation, you may wish to do so at one of these nearby hotels:

Langham Hotel
250 Franklin Street
Boston, MA 02210
617-451-1900
http://boston.langhamhotels.com/info/hotels_in_boston.htm

Intercontinental Hotel
510 Atlantic Avenue
Boston, MA 02210
866-493-6495
http://www.intercontinental.com/hotels/gb/en/boston/bosha/hoteldetail/about-the-hotel


Organization

  • Simon Gilchrist  and François Gourio, Boston University Department of Economics
  • Rui Albuquerque and Berardino Palazzo, Boston University School of Management
  • José L. Fillat and Ali Ozdagli,  Federal Reserve Bank of Boston