2021 Bank of Canada Annual Economic Conference: Behavioral Macroeconomics and Finance: Implications for Central Bankers

Opening Remarks

Tiff Macklem (Bank of Canada)

Session 1: Survey Expectations

Chair: Cars Hommes (Bank of Canada)

The Macroeconomic Expectations of Firms

Yuriy Gorodnichenko (UC Berkeley)

Discussant: Michael McMahon (University of Oxford)

Expectations and Bank Lending

Yueran Ma (The University of Chicago Booth School of Business)

Discussant: Juliane Begenau (Stanford University)

Session 2: Experience and Learning

Chair: Timothy Lane (Bank of Canada)

The Longlasting Effects of Crises and Other Past Experiences on Expectations and Economic Decisions

Ulrike Malmendier (UC Berkeley)

Discussant: John Williams (Federal Reserve Bank of New York)

Expectations, Stagnation and Fiscal Policy: A Nonlinear Analysis

George Evans (University of Oregon)

Discussant: Stefano Eusepi (University of Texas)

Session 3: Behavioral Household Finance

Chair: Lawrence Schembri (Bank of Canada)

Present Bias Amplifies the Household Balance Sheet Channels of Monetary Policy

David Laibson (Harvard University), Peter Maxted (Harvard University) and Benjamin Moll (London School of Economics)

Discussant: Greg Kaplan (University of Chicago)

Does Saving Cause Borrowing?

Michaela Pagel (Columbia University)

Discussant: Francesco D’Acunto (Boston College)

Session 4: Experimental Macroeconomics and Finance

Chair: Grahame Johnson (Bank of Canada)

A horse race of monetary policy regimes: an experimental investigation

Luba Petersen (Simon Fraser University)

Discussant: Athanasios Orphanides (Massachusetts Institute of Technology)

The Banker’s Oath And Financial Advice

Michael Kirchler (University of Innsbruck)

Discussant: Elena Asparouhova (University of Utah)

John Kuszczak Memorial Lecture

Chair: Paul Beaudry (Bank of Canada)

Keynote Address: Narrative Economics and Monetary Policy

Robert Shiller (2013 Nobel Laureate for Economic Sciences, Yale University)

Session 5: Agent-Based Models

Chair: Virginie Traclet (Bank of Canada)

How market ecology, leverage and network dynamics explain market malfunction

Doyne Farmer (University of Oxford)

Discussant: Jim MacGee (Bank of Canada)

An Agent-Based Model for Canada (CAN-ABM): a New Frontier of Modeling the Canadian Economy

Yang Zhang (Bank of Canada)

Discussant: Marco del Negro (Federal Reserve Bank of New York)

Panel Discussion: Behavioral Macroeconomics and Finance: Implications for Central Bankers

Moderator: Sharon Kozicki (Bank of Canada)

James Bullard (Federal Reserve Bank of St. Louis)
Michael Woodford (Columbia University)
Doyne Farmer (University of Oxford)

Closing Remarks

Toni Gravelle (Bank of Canada)

Content Type(s): Conferences