Event – CESifo Area Conference

CESifo Area Conference on Macro, Money, and International Finance 2022

Hanno Lustig (Stanford University)

21 – 22 July 2022

CESifo, Munich

Scientific Organizer: Professor Markus Brunnermeier

The 2022 Area Conference on Macro, Money, and International Finance will be held on-site at the ifo Institute in Munich.

The purpose of this event is to bring together researchers who are working in the areas of macroeconomics and money to present and discuss their ongoing research and to stimulate interaction and co-operation between them. Submissions may deal with any topic in Macro, Money, and International Finance. In terms of methodology a broad range of papers ranging from continuous time macro-finance to reduced-form analysis are invited.

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Programm

Thursday, 21 July 2022

08:55 – 09:00	Welcome and Introduction MARKUS K. BRUNNERMEIER (Princeton University)
	Session 1 – Plenary Session – Ludwig Erhard Room
09:00 - 09:45	Bank Capital and Real GDP Growth NINA BOYARCHENKO (Federal Reserve Bank of New York), Domenico Giannone, and Anna Kovner Discussion Leader: Markus K. Brunnermeier (Princeton University)
09:45 - 10:30	Fear and Volatility at the Zero Lower Bound PAYMON KHORRAMI (Duke Fuqua) and Fernando Mendo (PUC-Rio) Discussion Leader: Dejanir H. Silva (Purdue University)
10:30 - 11:00	Coffee Break
11:00 - 11:45	Falling Interest Rates and Credit Reallocation: Lessons from General Equilibrium Vladimir Asriyan, Luc Laeven, Alberto Martin, ALEJANDRO VAN DER GHOTE (European Central Bank), and Victoria Vanasco Discussion Leader: Radek Šauer (ifo Institute)
11:45 – 13:00	Lunch
	Session 2A – Parallel Session – Ludwig Erhard Room
13:00 – 13:45	Can Stablecoins Be Stable? Adrien d’Avernas, Vincent Maurin, and QUENTIN VANDEWEYER (Chicago Booth School of Business) Discussion Leader: Simon Mayer (University of Chicago)
13:45 – 14:30	The Coming Battle of Digital Currencies Lin William Cong and SIMON MAYER (University of Chicago) Discussion Leader: Quentin Vandeweyer (Chicago Booth School of Business)
	Session 2B – Parallel Session – Peggy and Richard Musgrave Room
13:00 – 13:45	Perceptions about Monetary Policy MICHAEL D. BAUER (Universität Hamburg), Carolin Pflueger, and Adi Sunderam Discussion Leader: Sascha Möhrle (ifo Institute)
13:45 – 14:30	Barriers to Global Capital Allocation BRUNO PELLEGRINO (University of Maryland), Enrico Spolaore, and Romain Wacziarg Discussion Leader: Lara Zarges (ifo Institute)
14:30 – 15:00	Coffee Break
	Session 3A – Parallel Session – Ludwig Erhard Room
15:00 – 15:45	Monetary Policy with Reserves and CBDC DIRK NIEPELT (University of Bern) Discussion Leader: Zhengyang Jiang (Northwestern University)
15:45 – 16:30	The Liquidity Premium of Digital Payment Vehicle Zefeng Chen and ZHENGYANG JIANG (Northwestern University) Discussion Leader: Friederike Fourné (ifo Institute)
	Session 3B – Parallel Session – Peggy and Richard Musgrave Room
15:00 – 15:45	The Dollar and Corporate Borrowing Costs Ralf R. Meisenzahl, FRIEDERIKE NIEPMANN (Federal Reserve Board), and Tim Schmidt-Eisenlohr Discussion Leader: Bryan Hardy (Bank for International Settlements)
15:45 – 16:30	Economic Stabilizers in Emerging Markets: The Case for Trade Credit BRYAN HARDY (Bank for International Settlements), Felipe Saffie, and Ina Simonovska Discussion Leader: Sara Boni (Free University of Bozen-Bolzano)
19:00	Conference Dinner

Friday, 22 July 2022

	Session 4 – Plenary Session – Ludwig Erhard Room
08:30 - 09:15	Bank Credit and Money Creation on Payment Networks: A Structural Analysis of Externalities and Key Players YE LI (University of Washington), Yi Li, and Huijun Sun Discussion Leader: Andreas Schaab (Columbia Business School)
09:15 - 10:00	Optimal Monetary Policy with Heterogeneous Agents: A Timeless Ramsey Approach Eduardo Dávila and ANDREAS SCHAAB (Columbia Business School) Discussion Leader: Goutham Gopalakrishna (École Polytechnique Fédérale de Lausanne)
10:00 - 10:30	Coffee Break
10:30 - 11:15	Intermediaries with Something to Lose: On the Origins and Consequences of Bank Failures GOUTHAM GOPALAKRISHNA (École Polytechnique Fédérale de Lausanne) Discussion Leader: Andrea Modena (University of Bonn)
	Keynote Lecture – Plenary Session – Ludwig Erhard Room
11:15 - 12:15	Exorbitant Privilege Gained and Lost: Fiscal Implications HANNO LUSTIG (Stanford University)
12:15 - 13:30	Lunch
	Session 5 – Plenary Session – Ludwig Erhard Room
13:30 - 14:15	Monetary Policy and Wealth Effects: The Role of Risk and Heterogeneity Nicolas Caramp and DEJANIR H. SILVA (Purdue University) Discussion Leader: Isabel Gödl-Hanisch (LMU Munich)
14:15 - 15:00	A Theory of Payments-Chain Crises SAKI BIGIO (University of California, Los Angeles) Discussion Leader: Sebastian Merkel (University of Exeter)
	End of Conference