Carnegie-Rochester-NYU Past Conferences

2010-2016 Conferences

The principal objectives of the Conferences are (a) to stimulate policy relevance and empirical research in economic science, (b) to encourage interchange of scientific ideas among analysts with different approaches, and (c) to generate greater understanding by academic economists of practitioner's environments.

Each conference is organized around a particular theme or topic with papers prepared by leading scholars with expertise in the area. Participants are united by their interest in the issues discussed and by their belief that analysis, evidence, and informed discussion have lasting effects on the public and its institutions.

Archives of past conferences also are available.

  • November 13-14, 2015: Political Economy, Public Policy, and Financial Markets

    Program (Click to print PDF)

    Conference Session I:  The Financial and Real Effects of Government Regulation (November 13, 2015 A.M.)
    Chairman: Marvin Goodfriend

    • Income Inequality and Asset Prices under Redistributive Taxation
      Authors: Lubos Pastor and Pietro Veronesi
      Discussant: Philippe Mueller
    • The Intended and Unintended Consequences of Financial-Market Regulations: A General Equilibrium Analysis
      Authors: Adrian Buss, Bernard Dumas, Raman Uppal and Grigory Vilkov
      Discussant: Johan Walden

    Conference Session II:  The Political Economy of Banking Regulation (November 13, 2015 P.M.)
    Chairman: Burton Hollifield

    • Credit Market Frictions and Political Failure
      Authors: Madhav Aney, Maitreesh Ghatak, and Massimo Morelli
      Discussant: Guillermo Ordonez
    • Bailouts, Moral Hazard and Banks’ Home Bias for Sovereign Debt
      Authors: Gaetano Gaballo and Ariel Zetlin-Jones
      Discussant: Charlie Kahn

    Conference Session III:  Public Policy and Housing Markets (November 14, 2015 A.M.)
    Chairman: Mark Bils

    • Lending on Hold: Regulatory Uncertainty and Bank Credit Standards
      Authors: Stefan Gissler, Doriana Ruffino and Jeremy Oldfather
      Discussant: Nancy Wallace
    • Phasing Out the GSEs
      Authors: Vadim Elenev, Tim Landvoigt and Stijn Van Nieuwerburgh
      Discussant: Jack Favilukis
  • November 14-15, 2014: Monetary Policy: An Unprecedented Predicament

    Program (Click to print PDF)

    Conference Session I (November 14, 2014 A.M.)
    Chairman: Marvin Goodfriend

    • When Does a Central Bank’s Balance Sheet Require Fiscal Support?
      Authors: Marco Del Negro and Christopher Sims
      Discussant: Ricardo Reis

    • A Probability-Based Stress Test of Federal Reserve Assets and Income
      Authors: Jens Christensen, Jose Lopez and Glenn Rudebusch
      Discussant: David Archer

    Conference Session II (November 14, 2014 P.M.)
    Chairman: Bennett McCallum

    • On the Stability of Money Demand
      Authors: Juan Pablo Nicolini and Robert E. Lucas Jr.
      Discussant: Peter Ireland

      Collateral Scarcity, Inflation, and the Policy Trap: A New Monetarist Perspective

      Authors: David Andolfatto and Stephen Williamson
      Discussant: Huberto Ennis
    Conference Session III (November 15, 2014 A.M.)
    Thomas Cooley
    • Speculative Runs on Interest Rate Pegs
      Authors: Marco Bassetto and Christopher Phelan
      Discussant: Tim Fuerst

    • Monetary Policy, Bond Returns and Debt Dynamics
      Authors: Antje Berndt and Sevin Yeltekin
      Discussant: Carolin Pflueger
  • November 15-16, 2013: A Century of Money, Banking, and Financial Instability

    Conference Session I (November 15, 2013 A.M.)
    Chairman: Marvin Goodfriend

    • On the Social Usefulness of Fractional Reserve Banking
      Authors: V. V. Chari and Christopher Phelan
      Discussant: Ed Nosal
    • Regulatory Capture in Banking and Consequences for Financial Market Regulation: A First Look at the Evidence
      Authors: David Lucca, Amit Seru, and Francesco Trebbi
      Discussant: Ed Kane

    Conference Session II (November 15, 2013 P.M.)
    Chairman: Thomas Cooley

    • Testing Macro-prudential Stress Tests: The Risk of Regulatory Risk Weights
      Authors: Viral Acharya, Robert Engle, and Diane Pierret
      Discussant: Deborah Lucas
    • Predatory Trading and Credit Freeze
      Author: Jennifer La’O
      Discussant: Richard Lowery

    Conference Session III (November 16, 2013 A.M.)
    Chairman: Bennett McCallum

    • Liquidity Provision, Interest Rates, and Unemployment
      Authors: Guillaume Rocheteau and Antonio Rodreguez-Lopez
      Discussant: Nicolas Petrosky-Nadeau
    • Can Moral Hazard Be Avoided? The Banque de France and the Crisis of 1889
      Authors: Pierre Cyrille Hautcoeur, Angelo Riva, and Eugene N. White
      Discussant: Stefano Ugolini
  • November 9-10, 2012: Aggregate Implications of Local Public Finance

    Conference Session I (November 9, 2012 A.M.)
    Chairman: Marvin Goodfriend

    • Systemic Sovereign Credit Risk: Lessons from the US and Europe
      Authors: Andrew Ang and Francis A. Longstaff
      Discussant: Hui Chen
    • Local Deficits and Aggregate Stabilization: Evidence from US States
      Authors: Gerald Carlino and Robert P. Inman
      Discussant: David E. Wildasin

    Conference Session II (November 9, 2012 P.M.)
    Chairman: Thomas Cooley

    • The American Recovery and Reinvestment Act: Solely a Government Jobs Program?
      Authors: Timothy G. Conley and Bill Dupor
      Discussant: Henning Bohn
    • The Impact of Unions on Municipal Elections and Fiscal Policies in US Cities
      Authors: Holger Sieg and Yu Wang
      Discussant: Laura Feiveson

    Conference Session III (November 10, 2012 A.M.)
    Chairman: Burton Hollifield

    • Vertical Fiscal Imbalances and Fiscal Performance in Advanced Economies
      Authors: Luc Eyraud and Lusine Lusinyan
      Discussant: Daniele Coen Pirani
    • Tax-Subsidized Underpricing: Issuers and Underwriters in the Market for Build America Bonds
      Authors: Dario Cestau, Richard Green, and Norman Schurhoff
      Discussant: Erik R. Sirri
  • November 11-12, 2011: Robust Macroeconomic Policy

    Conference Session I (November 11, 2011 A.M.)
    Chairman: Marvin Goodfriend

    • The Price of Fiscal Uncertainty
      Authors: Max Croce and Lukas Schmid
      Discussant: Tasos Karantounias
    • Robust Ramsey Problems
      Authors: Lars Hansen and Tom Sargent
      Discussant: Sevin Yeltekin

    Conference Session II (November 11, 2011 P.M.)
    Chairman: Christopher Sleet

    • Monetary Policy under Financial Uncertainty
      Author: Noah Williams
      Discussant: Chris Sims
    • Robustly Optimal Monetary Policy in a Microfounded Model
      Author: Klaus Adam and Mike Woodford
      Discussant: Pierpaolo Benigno

    Conference Session III (November 12, 2011 A.M.)
    Chairman: Stan Zin

    • Capital Flows in Times of Crisis: Flight to Quality or Flight from Uncertainty?
      Author: Anna Orlik
      Discussant: Itamar Drechsler
    • Robust Policymaking in the Face of Sudden Stops
      Author: Eric Young
      Discussant: Cristina Arellano
  • November 12-13, 2010: Normalizing Central Bank Practice in Light of the Credit Turmoil

    Conference Session I (November 12, 2010 A.M.)
    Chairman: Marvin Goodfriend

    • Mechanics of a Graceful Exit: Interest on Reserves and Segmentation in the Federal Funds Market
      Authors: Morten L. Bech and Elizabeth Klee
      Discussant: Craig Furfine
    • A Model of Liquidity Hoarding and Term Premia in Interbank Markets
      Authors: Viral Acharya and David Skeie
      Discussant: Huberto Ennis

    Conference Session II (November 12, 2010 P.M.)
    Chairman: Christopher Sleet

    • Complexity, Concentration and Contagion
      Authors: Prasanna Gai, Andrew Haldane, and Sujit Kapadia
      Discussant: Andrew Lo
    • Monetary Policy and Corporate Default
      Authors: Harjoat Bhamra, Adlai Fisher, and Lars-Alexander Kuehn
      Discussant: Joao Gomes

    Conference Session III (November 13, 2010 A.M.)
    Chairman: Mark Bils

    • Did the Federal Reserve's MBS Purchase Program Lower Mortgage Rates?
      Authors: Diana Hancock and Wayne Passmore
      Discussant: Burton Hollifield
    • Securitization Markets and Central Banking: An Evaluation of the Term Asset-Backed Securities Loan Facility (TALF)
      Authors: Sean Campbell, Daniel Covitz, William Nelson, and Karen Pence
      Discussant: Suresh Sundaresan