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

This Event Has Ended

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

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” Jacopo Cimadomo (European Central Bank), Sebastian Hauptmeier (German Ministry of Finance), and Tom Zimmerman (Harvard University) Presenter: Jacopo Cimadomo, (European Central Bank) Presentation Discussant: Jonathan Parker (MIT Sloan) Presentation
1:30	“Sticky Leverage” Joao Gomes (Wharton), Urban Jermann (Wharton), and Lukas Schmid (Fuqua Duke) Presenter: Joao Gomes (Wharton) Presentation Discussant: Jianjun Miao (Boston University) Presentation
2:30	Break
3:00	“A Theory of Macroprudential Policies in the Presence of Nominal Rigidities” 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” Stephanie Schmitt-Grohé (Columbia University) and Martín Uribe (Columbia University) Presenter: Stephanie Schmitt-Grohé (Columbia University) Presentation Discussant: Karel Mertens (Cornell University) Presentation
5:00	Break
5:30	Panel Discussion Panelists: Eric Rosengren (Federal Reserve Bank of Boston) Presentation Viral Acharya (New York University) Stephen Cecchetti (Bank of International Settlements) Presentation
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" Francesco Bianchi (Duke University), Cosmin Ilut (Duke University), and Martin Schneider (Stanford) Presenter: Cosmin Ilut (Duke University) Presentation Discussant: Francois Gourio (BU and FRB Chicago) Presentation
10:00	Break
10:15	“Interest Rate Risk and Bank Equity Valuations” 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) Presentation Discussant: Joe Peek (Federal Reserve Bank of Boston) Presentation
11:15	“Liquidity Management and Monetary Policy” Javier Bianchi (Wisconsin) and Saki Bigio (Columbia University) Presenter: Saki Bigio (Columbia University) Presentation Discussant: Itamar Drechsler (New York University - Stern) Presentation
12:15 pm	Lunch
1:00	“Are Sticky Prices Costly? Evidence from the Stock Market” Yury Gorodnichenko (Berkeley) and Michael Weber (Haas) Presenter: Michael Weber (Haas) Presentation Discussant: Francisco Palomino (Ross – University of Michigan) Presentation
2:00	“Inflation in the Great Recession and New Keynesian Models” Marco 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) Presentation Discussant: Jon Faust (John Hopkins University and Federal Reserve Board of Governors) Presentation
3:00	Adjourn