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Conference on Monetary Economics

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
Sunday, June 11
09.45 - 10.00Carlos 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 - 11.30Coffee
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 - 14.15Lunch
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 - 15.45Coffee
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 - 11.30Coffee
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 - 14.15Lunch
14.15 - 15.30Use 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 - 11.30Coffee
11.30 - 12.45Random 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 - 14.15Lunch
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 - 15.45Coffee
15.45 - 17.00Growth 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)