Informational Frictions in Macroeconomics

(in Honor of Robert E. Lucas, Jr.)

 

Program

Thursday, October 24, 2024

18:00 – 19:00 Welcome Drinks
Castle
   
19:00  Welcome Buffet 
   

Friday, October 25, 2024

Session 1

Chair: Robert King (Boston University)

09:00 – 10:20

 

Behavioral Sticky Prices

  Sergio Rebelo (Northwestern University, NBER, CEPR), Miguel Santana (Northwestern University), 
Pedro Teles (Banco de Portugal, Catolica-Lisbon School of Business & Economics, CEPR)
  Discussant: Luigi Paciello (EIEF, CEPR)
   
10:20 – 10:50 Break 
   
10:50 – 12:10 Incomplete Information and Self-fulfilling Inflation Dynamics - Lucas meets Keynes
  Jess Benhabib (New York University), Pengfei Wang (Peking University HSBC Business School), Yi Wen (Shanghai Jiaotong University)
  Discussant: Magali Marx (Banque de France)
   
12:20 – 14:00 Standing Lunch and Young Researcher Poster Session:
  

- Inflation and Price Dispersion: New Cross-Sectoral and International Evidence
  Santiago Alvarez-Blaser (University of Basel)

- Robust monetary policy under shock uncertainty
  Mario Carceller (University of Lausannne), Jan Willem van den End (De Nederlandsche Bank)

- A Macroeconomy with Intuitive Thinkers
  Maren Bartels (University of Lucerne), Johannes Binswanger (University of St. Gallen), Albert Flak (University of St. Gallen), Manuel Oechslin (University of Lucerne)

- Household Belief Formation in Uncertain Times
  Luca Gemmi (University of Bologna), Roxana Mihet (SFI, HEC Lausanne, CEPR)

- The Allocation of Corporate News
  Xing Guo (Bank of Canada), Alistair Macaulay (University of Surrey), Wenting Song (Bank of Canada)

- Using Natural Language Processing to Identify Monetary Policy Shocks
  Alexandra Piller (Study Center Gerzensee), Marc Schranz (University of Bern), Larissa Schwaller (University of Bern)

- Heterogeneous Attention to Inflation and Monetary Policy
  Ekaterina Shabalina (Reserve Bank of Australia), Mary Tzaawa-Krenzler (Goethe University Frankfurt)

- Rational Inattention Choices in Firms and Households
  Yifan Zhang (University of Oxford)

 

Session 2

Chair: Jennifer La’O (Columbia University, NBER, CEPR)

14:10 – 15:30

 

Coordinating Business Cycles

  Edouard Schaal (CREI, ICREA, UPF, BSE), Mathieu Taschereau-Dumouchel (Cornell University)
  Discussant: Gaetano Gaballo (HEC Paris, CEPR)
   
15:30 – 15:40 Short Break 
   
15:40 – 17:00 Dispersed Information, Sticky Prices and Monetary Business Cycles: A Hayekian Perspective
  Christian Hellwig (Toulouse School of Economics), Venky Venkateswaran (NYU Stern)
  Discussant: Yu-Ting Chiang (Federal Reserve Bank of St. Louis)
   
17:00 – 17:30 Break 
   

 

Panel

Chair: Harris Dellas (University of Surrey, Study Center Gerzensee)

17:30 – 18:45 Informational Frictions in Macroeconomics
  Panelists: Robert King (Boston University), Robert Townsend (MIT), Michael Woodford (Columbia University)
   
19:00 Dinner
  Dinner Speech: Antoine Martin (Vice Chairman of the Governing Board of the Swiss National Bank)
   

Saturday, October 26, 2024

Session 3

Chair: Martin Brown (Study Center Gerzensee)

09:00 – 10:20

 Revisiting the Forecasts of Others
  Ryan Chahrour (Cornell University), Kyle Jurado (Duke University)
  Discussant: Bartosz Mackowiak (ECB) 
   
10:20 – 10:50 Break 
   
10:50 – 12:10 Overconfidence in Private Information Explains Biases in Professional Forecasts
  Klaus Adam (University College London & CEPR), Pei Kuang (University of Birmingham), Shihan Xie (University of Illinois Urbana-Champaign)
  Discussant: Alexandre Kohlhas (Oxford University)
   
13:00 Departure for Excursion