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Micro data to macro implications and how central bank policies should reflect them

Program: Thursday, November 3

Welcome and Opening Remarks

08:45–09:00 (ET)
Tiff Macklem (Governor of the Bank of Canada)

Session 1: Inequality

09:00–10:30 (ET)
Chair: Yaz Terajima (Bank of Canada)

A Tractable Income Process for Business Cycle Analysis

  • Fatih Guvenen (University of Minnesota)
  • Alisdair McKay (Federal Reserve Bank of Minneapolis)
  • Conor Ryan (Pennsylvania State University)
  • Discussant: Edmund S. Crawley (Federal Reserve Board)

Wealth, Race, and Consumption Smoothing of Typical Income Shock

  • Peter Ganong (University of Chicago, Harris School of Public Policy)
  • Damon Jones (University of Chicago, Harris School of Public Policy)
  • Pascal J. Noel (University of Chicago, Booth School of Business)
  • Fiona E. Greig (JP Morgan Chase Institute)
  • Diana Farrell (JP Morgan Chase Institute)
  • Chris Wheat (JP Morgan Chase Institute)
  • Discussant: Aditya Aladangady (Federal Reserve Board)

Session 2: Monetary policy transmission to households

11:00–12:30 (ET)
Chair: Thibaut Duprey (Bank of Canada)

Exchange Rates and Monetary Policy with Heterogeneous Agents: Sizing up the Real Income Channel

  • Adrien Auclert (Stanford University)
  • Matthew Rognlie (Northwestern University)
  • Martin Souchier (Stanford University)
  • Ludwig Straub (Harvard University)
  • Discussant: Viktoria Hnatkovska (University of British Columbia)

How Does Monetary Policy Affect Household Indebtedness?

  • Andreas Fagereng (BI Norwegian Business School)
  • Magnus Gulbrandsen (Norges Bank)
  • Martin Blomhoff Holm (University of Oslo)
  • Gisle J. Natvik (BI Norwegian Business School)
  • Discussant: Rory McGee (Western University)

John Kuszczak Memorial Lecture

13:30–14:30 (ET)
Chair: Paul Beaudry (Bank of Canada)

Interest Rate Changes and Economic Activity

  • Keynote Address: José-Víctor Ríos-Rull (University of Pennsylvania)

Panel on Micro data to macro implications and how central bank policies should reflect them

15:00–16:30 (ET)
Moderator: Sharon Kozicki (Bank of Canada)


  • John Campbell (Harvard University)
  • Lucia Foster (Census Bureau)
  • Kevin Milligan (University of British Columbia)
  • Linda S. Goldberg (Federal Reserve Bank of New York)

Program: Friday, November 4

Keynote Address

09:00–10:00 (ET)
Chair: Jing Yang (Bank of Canada)

Reserve Demand and Balance Sheet Run-off

  • Annette Vissing-Jørgensen (Federal Reserve Board)

Session 3: Monetary policy transmission to firms

10:30–12:00 (ET)
Chair: Katya Kartashova (Bank of Canada)

Firm Heterogeneity, Capital Misallocation and Optimal Monetary Policy

  • Beatriz González (Bank of Spain)
  • Galo Nuño (Bank of Spain)
  • Dominik Thaler (European Central Bank)
  • Silvia Albrizio (International Monetary Fund)
  • Discussant: Thomas Winberry (The Wharton School, University of Pennsylvania)

Market Power and Price Stickiness

  • Olivier Wang (New York University)
  • Iván Werning (Massachusetts Institute of Technology)
  • Discussant: Oleksiy Kryvtsov (Bank of Canada)

Session 4: Climate Change

13:00–14:30 (ET)
Chair: Miguel Molico (Bank of Canada)

Mortgage markets with climate-change risk: Evidence from wildfires in California

  • Paulo Issler (University of California, Berkeley)
  • Richard Stanton (University of California, Berkeley)
  • Carles Vergara-Alert (University of Nevarra)
  • Nancy Wallace (University of California, Berkeley)
  • Discussant: Amine Ouazad (HEC Montreal)

An investigation into competitiveness and leakage effects of border carbon adjustments on the Canadian economy

Session 5: Macroprudential and other policies to mitigate financial stability risks

14:45–16:15 (ET)
Chair: Christian Friedrich (Bank of Canada)

Currency Hedging: Managing Cash Flow Exposure

  • Laura Alfaro (Harvard Business School)
  • Mauricio Calani (Central Bank of Chile)
  • Liliana Varela (London School of Economics)
  • Discussant: Laura Castillo-Martinez (Duke University)

Take It to the Limit? The Effects of Household Leverage Caps

  • José-Luis Peydró (Imperial College London)
  • Sjoerd van Bekkum (Erasmus University)
  • Marc Gabarro (University of Manheim and Erasmus University)
  • Rustom M. Irani (University of Illinois at Urbana-Champaign)
  • Discussant: Jason Allen (Bank of Canada)

Closing Remarks

16:15–16:30 (ET)
Jim MacGee (Bank of Canada)

Content Type(s): Conferences and workshops

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