Macroeconomics and Monetary Policy

Welcoming Remarks

Mary C. Daly, President and CEO, Federal Reserve Bank of San Francisco

Session 1: Average Inflation Targeting: Time Inconsistency and Intentional Ambiguity

Chair: Andrew Foerster, Federal Reserve Bank of San Francisco

Authors: Chengcheng Jia, Federal Reserve Bank of Cleveland

Cynthia Wu, University of Notre Dame

Discussants: Chen Lian, University of California at Berkeley

Luba Petersen, Simon Fraser University

Download paper (Wu) (pdf, 577 kb)

Download slides (Wu) (pdf, 416 kb)

Download slides (Lian) (pdf, 256 kb)

Download slides (Petersen) (pdf, 256 kb)

Watch the session 1 recording (video, 1:08:27)

We wish to acknowledge, with sadness, the sudden passing of Jasmina Arifovic, who was to be a discussant of our first paper. Our heartfelt condolences go out to her family, colleagues and friends. She will be greatly missed, but has left a legacy of excellence that will long be remembered.

Keynote Address: A world of difference: households, the pandemic and monetary policy

Introduction: Sylvain Leduc, Federal Reserve Bank of San Francisco

Speaker: Sharon Kozicki, Deputy Governor, Bank of Canada

Download slides (Kozicki) (pdf, 1.31 mb)

Watch the keynote address (video, 45:48)

Session 2: A quantity-based approach to constructing climate risk hedge portfolios

Chair: Fernanda Nechio, Federal Reserve Bank of San Francisco

Authors: Georgij Alekseev, NYU Stern

Stefano Giglio, Yale University

Quinn Maingi, NYU Stern

Julia Selgrad, NYU Stern

Johannes Stroebel, NYU Stern

Discussants: Michael Barnett, Arizona State University

Annette Vissing-Jorgensen, University of California at Berkeley

Download paper (Stroebel) (pdf, 698 kb)

Download slides (Stroebel) (pdf, 7.43 mb)

Download slides (Barnett) (pdf, 686 kb)

Download slides (Vissing-Jorgensen) (pdf, 981 kb)

Watch the session 2 recording (video, 1:03:09)

Session 3: Changing income risk across the US skill distribution: Evidence from a generalized Kalman filter

Chair: Huiyu Li, Federal Reserve Bank of San Francisco

Authors: J. Carter Braxton, University of Wisconsin

Kyle Herkenhoff, Federal Reserve Bank of Minneapolis

Jonathan Rothbaum, US Census Bureau

Lawrence Schmidt, MIT

Discussants: Gianluca Violante, Princeton University

Elena Manresa, New York University

Download paper (Herkenhoff) (pdf, 1.05 mb)

Watch the session 3 recording (video, 1:04:19)

Session 4: What Can Stockouts Tell Us About Inflation? Evidence from Online Micro Data

Chair: Nicolas Petrosky-Nadeau, Federal Reserve Bank of San Francisco

Authors: Alberto Cavallo, Harvard Business School

Oleksiy Kryvtsov, Bank of Canada

Discussants: Mary Amiti, Federal Reserve Bank of New York

Virgiliu Midrigan, New York University

Download paper (Kryvstov) (pdf, 1.13 mb)

Download slides (Kryvstov) (pdf, 1.61 mb)

Download slides (Amiti) (pdf, 322 kb)

Download slides (Midrigan) (pdf, 203 kb)

Watch the session 4 recording (video, 1:07:44)

Scheduled session speakers in bold.