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Conference on Monetary Economics

11 Jun. 2017 to 13 Jun. 2017

10.00 - 18.00

The 9th Banco de Portugal Conference on Monetary Economics will be held in Aveiro, June 11-13, 2017. The Conference aims at bringing together economists to discuss research on monetary theory and policy.

Attendance is by invitation only.

The Scientific Committee for the Conference is Isabel Correia, Sérgio Rebelo and Pedro Teles.

Questions about arrangements should be addressed to Maria Soledade Sartóris to conferences@bportugal.pt

Programme

Sunday, June 11
09.45 - 10.00	Carlos da Silva Costa, Governor, Banco de Portugal
10.00 - 11.15	Deadly Embrace: Sovereign and Financial Balance Sheet Doom Loops Emmanuel Farhi (Harvard University) and Jean Tirole (Toulouse School of Economics) Discussant: Pablo Kurlat (Stanford University)
11.15 - 11.30	Coffee
11.30 - 12.45	Take the Short Route: Equilibrium Default and Debt Maturity Mark Aguiar (Princeton University), Manuel Amador (Federal Reserve Bank of Minneapolis and University of Minnesota), Hugo Hopenhayn (University of California Los Angeles) and Ivan Werning (MIT) Discussant: Gaston Navarro (Federal Reserve Board)
12.45 - 14.15	Lunch
14.15 - 15.30	Payments, Credit and Asset Prices Monika Piazzesi (Stanford University) and Martin Schneider (Stanford University) Discussant: Anmol Bhandari (University of Minnesota)
15.30 - 15.45	Coffee
15.45 - 17.00	Monetary Policy According to HANK Greg Kaplan (University of Chicago), Benjamin Moll (Princeton University) and Giovanni L. Violante (New York University) Discussant: Ellen McGrattan (University of Minnesota)

Monday, June 12
10.00 - 11.15	Monetary Policy and the Predictability of Nominal Exchange Rates Martin Eichenbaum (Northwestern University), Benjamin K. Johannsen (Board of Governors of the Federal Reserve System) and Sérgio Rebelo (Northwestern University) Discussant: Adrien Auclert (Stanford University)
11.15 - 11.30	Coffee
11.30 - 12.45	Deviations from Covered Interest Rate Parity Wenxin Du (Federal Reserve Board), Alexander Tepper (Columbia University) and Adrien Verdelhan (MIT Sloan School of Management) Discussant: Steve Strongin (Goldman Sachs)
12.45 - 14.15	Lunch
14.15 - 15.30	Use It or Lose It: Efficiency Gains from Wealth Taxation Fatih Guvenen (University of Minnesota), Gueorgui Kambourov (University of Toronto), Burhan Kuruscu (University of Toronto), Sergio Ocampo (University of Minnesota) and Daphne Chen (Econ One Research) Discussant: Robert Hall (Stanford University)
15.30 - 16.15	Keynote: Prices of Macroeconomic Uncertainties with Tenuous Beliefs Lars Hansen (University of Chicago) and Thomas J. Sargent (New York University)

Tuesday, June 13
10.00 - 11.15	Why are Bank Balance Sheets Exposed to Monetary Policy? Sebastian Di Tella (Stanford University) and Pablo Kurlat (Stanford University) Discussant: Juan Pablo Nicolini (Federal Reserve Bank of Minneapolis and Universidad Di Tella)
11.15 - 11.30	Coffee
11.30 - 12.45	Random Risk Aversion and Liquidity: a Model of Asset Pricing and Trade Volumes Fernando Alvarez (University of Chicago) and Andrew Atkeson (University of California Los Angeles and Federal Reserve Bank of Minneapolis) Discussant: Monika Piazessi (Stanford University)
12.45 - 14.15	Lunch
14.15 - 15.30	The Heterogeneous Effects of Government Spending: It’s All About Taxes Axelle Ferriere (European University Institute) and Gaston Navarro (Federal Reserve Board) Discussant: António Antunes (Banco de Portugal)
15.30 - 15.45	Coffee
15.45 - 17.00	Growth Policy, Agglomeration and (the Lack of) Competition Wyatt J. Brooks (University of Notre Dame), Joseph P. Kaboski (University of Notre Dame) and Yao Amber Li (Hong Kong University of Science and Technology) Discussant: Hugo Hopenhayn (University of California Los Angeles)