Presenter: Alp Simsek Affiliation: Yale University, Yale School of Management Paper: A Note on Temporary Supply Shocks with Aggregate Demand Inertia Date: May 10, 2022 Time: 13:00 GMT Abstract: We study optimal monetary policy during temporary supply contractions when aggregate demand has inertia and expansionary policy is constrained. In this environment, it is optimal to … Read more
Presenter: Carlos A. Vegh Affiliation: Johns Hopkins University, School of Advanced International Studies and the Department of Economics. Paper: Procyclical Fiscal Policy and Asset Market Incompleteness. Date: May 2, 2022 Time: 10:30 GMT Abstract: We develop a model of the joint behavior of optimal tax rates and government spending over the business cycle to explain … Read more
Presenter: Jonathan A. Parker Affiliation: MIT, Sloan School of Management Paper: A Dynamic Theory of Lending Standards Date: April 12, 2022 Time: 13:00 GMT Abstract: We develop a dynamic model of credit markets in which lending standards and the quality of potential borrowers interact. Banks privately choose lending standards: whether to pay to screen out … Read more
Presenter: Michèle Tertilt Affiliation: University of Mannheim, Department of Economics. Paper: Consumer Credit with Over-Optimistic Borrowers. Date: March 22, 2022 Time: 13:00 GMT Abstract: Do cognitive biases call for regulation to limit the use of credit? We incorporate over-optimistic and rational borrowers into an incomplete markets model with consumer bankruptcy. Over-optimists face worse income risk … Read more
Presenter: Jordi Galí Affiliation: Universitat Pompeu Fabra, Department of Economics, CREI and Barcelona GSE. Paper: Monetary Policy and Endogenous Financial Crises Date: March 15, 2022 Time: 13:00 GMT Abstract: We study whether a central bank should deviate from its objective of price stability to promote financial stability. We tackle this question within a textbook New … Read more
Presenter: Lawrence H. Summers Affiliation: Harvard University Talk title: The Fed’s Strategy Review: Relevance for Small Open Economies. Date: February 22, 2022 Time: 13:30 GMT Click here to attend this seminar
Presenter: Şebnem Kalemli-Özcan Affiliation: University of Maryland, Department of Economics. Paper: Five Facts about the UIP Premium. Date: February 8, 2022 Time: 13:00 GMT Abstract: We document five novel facts about Uncovered Interest Parity (UIP) deviations vis-à-vis the U.S. dollar for 34 currencies of advanced economies and emerging markets, using survey data on expected exchange … Read more
Presenter: Stephanie Schmitt-Grohé Affiliation: Columbia University, Department of Economics Paper: Optimal Bank Reserve Remuneration and Capital Control Policy (slides) Date: February 1st, 2022 Time: 13:00 GMT Abstract: A central prediction of open economy models with a pecuniary externality due to a collateral constraint is that the unregulated economy overborrows relative to what occurs under optimal … Read more
Presenter: Ricardo Reis Affiliation: London School of Economics and Political Science Paper: How Likely Is an Inflation Disaster? Date: January 11, 2022 Time: 13:00 GMT Abstract: The prices of inflation options hold the promise of giving the probability of inflation being either very high or very low at long horizons. To realize this promise requires … Read more
Presenter: Toni Whited Affiliation: University of Michigan, Ross School of Business. Paper: Bank Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation (Journal of Finance, forthcoming). Date: January 4, 2022 Time: 13:00 GMT Abstract: We quantify the impact of bank market power on monetary policy transmission through banks to borrowers. We estimate a … Read more