Philadelphia Workshop on Monetary and Macroeconomics

Friday, March 30

2:00 p.m.

Welcoming Remarks and Logistics

Session Chair: Mike Dotsey (FRB Philadelphia)

2:15 - 3:00

Yongsung Chang (SNU) and Andreas Hornstein (FRB Richmond)
Capital-Skill Complementarity and Economic Development (PDF; 381 KB, 44 pages)

3:00 - 3:15

Discussant: Gianluca Violante (New York University)

15 min. Open Discussion

3:30 - 4:15

Boragan Aruoba (Maryland) and Sanjay Chugh (Board of Governors)
Optimal Fiscal and Monetary Policy When Money Is Essential (PDF; 409KB, 49 pages)

4:15 - 4:30

Discussant: Stefania Albanesi (Columbia University)

15 min. Open Discussion

Coffee Break 4:45 - 5:00

Session Chair: Irina Telyukova (UCSD)

5:00 - 5:45

Aleksander Berentsen (University of Basel), Guido Menzio, and Randall Wright (U Penn)
Inflation and Unemployment: Lagos-Wright Meets Mortensen-Pissarides (PDF; 273 KB, 35 pages)

5:45 - 6:00

Discussant: Dale Mortensen (Northwestern University)

15 min. Open Discussion

Adjourn at 6:15

Saturday, March 31

Coffee/Fruit/Muffins 10:00 - 10:30

Session Chair: Kei-Mu Yi (FRB Philadelphia)

10:30 - 11:15

Chad Jones (UC Berkeley)
The Weak Link Theory of Economic Development (PDF; 288 KB, 42 pages)

11:15 - 11:30

Discussant: Richard Rogerson (Arizona State University)

15 min. Open Discussion

11:45 - 12:30

Stephen Parente (University of Illinois) and Klaus Desmet (Universidad Carlos III)
Bigger Is Better: Market Size, Demand Elasticity, and Resistance to Technology Adoption (PDF; 366 KB, 37 pages)

12:30 - 12:45

Discussant: Matt Mitchell (University of Iowa)

15 min. Open Discussion

Lunch 1:00 - 2:30

Session Chair: Ricardo Lagos (NYU)

2:30 - 3:15

Aubhik Khan and Julia Thomas (FRB Philadelphia)
Inflation and Interest Rates with Endogenous Market Segmentation (PDF; 485 KB, 41 pages)

3:15 - 3:30

Discussant: Dean Corbae (University of Texas-Austin)

15 min. Open Discussion

3:45 - 4:30

Jonathan Chiu and Miguel Molico (Bank of Canada)
Liquidity, Redistribution, and the Welfare Cost of Inflation (PDF; 284 KB, 32 pages)

4:30 - 4:45

Discussant: Per Krusell (Princeton)

15 min. Open Discussion

Coffee Break 5:00 - 5:15

Session Chair: George Alessandria (FRB Philadelphia)

5:15 - 6:00

Guido Lorenzoni (MIT) and Veronica Guerrieri (Chicago GSB)
Liquidity and Spending Dynamics (PDF; 231 KB, 31 pages)

6:00 - 6:15

Discussant: Chris Edmond (NYU Stern)

15 min. Open Discussion

Adjourn 6:30 p.m.