Faculty Director

The Macro Finance Research Program (MFR) will expand our understanding of how financial markets affect the economy as a whole and, conversely, how the macroeconomy influences financial markets. It will do so by bringing together a community of elite scholars with common ambitions to tackle these important challenges. The program operates under the auspices of the Becker Friedman Institute with generous funding support from The University of Chicago Booth School of Business.

For general program inquiries, please contact Diana Petrova, MFR Program Executive Director, at dpetrova@uchicago.edu.
Through sponsored research projects, conferences, and interactions with visiting scholars, this program focuses on these fundamental questions:

  • How do we best capture the interplay between monetary and fiscal policy?
  • How do we construct models and measurements that will better support the prudent oversight of system-wide risks to the financial system?
  • How do we provide a more coherent assessment of the financial obligations of government?
  • How does the credit cycle influence the business cycle, and how does the business cycle affect the credit cycle?
  • What broader lessons can we extract from country-specific monetary and fiscal histories?

MFR Program Advisory Committee

The MFR Program Advisory Committee oversees the research agenda of the program. Members of the committee are prominent experts in macroeconomics and finance with particular interests in exploring linkages between these fields. They have made important substantive research contributions and are well positioned to help the research agenda for the program.

  • Lars Peter Hansen, Professor, University of Chicago Departments of Economics, Statistics and the Booth School of Business, Committee Chair
  • Fernando Alvarez, Professor, University of Chicago Department of Economics
  • John Cochrane, Senior Fellow, Hoover Institution, and BFI Distinguished Research Fellow
  • Douglas Diamond, Professor, University of Chicago Booth School of Business
  • Wenxin Du, Professor, University of Chicago Booth School of Business
  • Zhiguo He, Professor, University of Chicago Booth School of Business
  • John Heaton, Professor, University of Chicago Booth School of Business
  • Anil Kashyap, Professor, University of Chicago Booth School of Business
  • Ralph Koijen, Professor, University of Chicago Booth School of Business
  • Yueran Ma, Assistant Professor of Finance, University of Booth School of Business
  • Thomas Sargent, Professor, New York University Department of Economics and BFI Distinguished Research Fellow
  • Amir Sufi, Professor, University of Chicago Booth School of Business
  • Harald Uhlig, Professor, University of Chicago Department of Economics

MFR Program Conferences and Events

Upcoming Events:

  • MFR-NSF Workshop – October 20, 2022 at the Gleacher Center organized by Ralph Koijen
  • Theory and Empirics Conference – December 9-10, 2022 at the University of Chicago organized by  Zhiguo He, University of Chicago Booth School of Business, Ron Kaniel, University of Rochester, and Lars Peter Hansen, University of Chicago – co-sponsored by the Fama-Miller Center

Past Events: 

 

MFR Suite

The MFR Suite provides a collection of Python modules for conducting analysis in macro-finance. In particular, it provides the model solution to the framework developed in Hansen, Khorrami, and Tourre (2018). In addition, it provides two independent modules to compute stationary density and shock elasticities (see Term Structure of Uncertainty in the Macroeconomy and Shock Elasticities and Impulse Responses).

DOWNLOAD MFR SUITE

To report issues or suggest improvements for the MFR Suite team, submit feedback here.

We would like to thank project associate Joseph Huang for developing the MFR Suite and MFR research professional Han Xu for launching its second version in June of 2020. We would like to gratefully acknowledge the Macro Financial Modeling project through the generous financial support from the Alfred P. Sloan Foundation and Fidelity Investments and to thank Amy Boonstra, former MFM Executive Director, for her unconditional support. For their feedback, we thank Yu-Ting Chiang (University of Chicago), Jian Li (University of Chicago), Simon Scheidegger (HEC Lausanne), Elisabeth Proehl (University of Amsterdam), and conference participants at the 2nd MMCN, PASC18, University of Zurich, Northwestern University, and participants at the Economic Dynamics Working Group at the University of Chicago. We also would like to thank the Research Computing Center at the University of Chicago (RCC) for their guidance on high performance computing, in particular Peter Carbonetto and Hossein Pourreza. Read more about the MFR Collaboration with the RCC.

 

Staff

  • Scholars / UChicago Scholar

    Lars Peter Hansen

    The David Rockefeller Distinguished Service Professor in Economics and Statistics, the Kenneth C. Griffin Department of Economics and the Booth School of Business; Director of BFI's Macro Finance Research Program
  • Scholars /

    Diana Petrova

    Executive Director, Macro Finance Research Program
  • Scholars /

    Valentina Solano

    Program Associate, Macro Finance Research Program
  • Scholars /

    Carmen Quinn

    Events and Operations Assistant, Macro Finance Research Program
  • Scholars /

    Bin Cheng

    Research Professional , Macro Finance Research Program
  • Scholars /

    Joseph Huang

    Research Consultant, Macro Finance Research Program
  • Scholars /

    Haomin Qin

    Research Professional, Macro Finance Research Program
  • Scholars /

    Samuel Zhao

    Research Professional, Macro Finance Research Program
  • Lars Peter Hansen

    The David Rockefeller Distinguished Service Professor in Economics and Statistics, the Kenneth C. Griffin Department of Economics and the Booth School of Business; Director of BFI's Macro Finance Research Program

    Lars Peter Hansen is a recipient of the 2013 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for his early research. He shares this honor with Eugene Fama and Robert Shiller. Hansen won the 2010 BBVA Foundation Frontiers of Knowledge Award in the Economics, Finance and Management “for making fundamental contributions to our understanding of how economic actors cope with risky and changing environments.” In 2008, Hansen was awarded the CME Group-MSRI Prize in Innovative Quantitative Applications. This award is designed to recognize individuals or groups who contribute original concepts and innovation in the use of mathematical, statistical or computational methods for the study of the behavior of markets, and more broadly of economics. Hansen is one of two scholars to receive the prestigious 2006 Nemmers Prizes in economics and mathematics, believed to be the largest monetary awards in the United States for outstanding achievements in those two disciplines. Hansen’s recognitions also include Fellow, Econometric Society, 1984; Frisch Prize Medal Co-winner, 1984; Member, American Academy of Arts and Sciences, 1993; Member, National Academy of Sciences, 1999; President, Econometric Society, 2007.

     

    Diana Petrova

    Executive Director, Macro Finance Research Program

    Diana Petrova is the Executive Director of the MFR Program. Her role entails providing leadership by working with the MFR faculty director, Professor Lars Peter Hansen, and the MFR advisory committee to develop strategic recommendations and to execute approved plans for the development and growth of the MFR program and its intellectual ambitions. She also manages the program’s budget, recruiting and hiring of staff, grant administration and other day-to-day research operations such as targeted MFR events, conferences and guidance of communications and marketing efforts to promote MFR research advances with broad audiences. In addition, she works to build relationships with key partners across governments, nonprofits, foundations, the private sector and other affiliated University of Chicago units. Before joining University of Chicago, she worked for Purdue University-Fort Wayne for the Chancellor until 2016 and has prior experience in investment services.

    Valentina Solano

    Program Associate, Macro Finance Research Program
    Valentina Solano is the Program Associate for the Macro Finance Research Program, where she plans and executes MFR events, special projects and activities, and day-to-day operational tasks. She also provides administrative support for Professor Lars Peter Hansen. Before joining the MFR Program, Valentina managed public events for a space rental program with the Arts & Public Life Initiative and was an administrative assistant for a professor in the Department of Visual Arts (DOVA). Valentina received her BA in Comparative Human Development at the University of Chicago.

    Carmen Quinn

    Events and Operations Assistant, Macro Finance Research Program
    Carmen Quinn is the Events and Operations Assistant for the Macro Finance Research Program, where she plans and supports MFR events and assists in operational tasks for the MFR Program. Before joining the MFR Program Carmen worked as an Academic Operations Coordinator, supporting Faculty and students enrolled in Executive Education Degree Programs in Chicago and South Bend, IN.

    Bin Cheng

    Research Professional , Macro Finance Research Program
    Bin Cheng is a Predoctoral Research Professional in the Macro Finance Research (MFR) Program at the Becker Friedman Institute, working with Professor Lars Peter Hansen on research projects related to macroeconomic modeling and uncertainty related to climate change. His interest lies in computational and behavorial economics. Bin holds a MSc in Economics from Toulouse School of Economics, BS in Mathematics and BA in Economics from Renmin University of China.

    Joseph Huang

    Research Consultant, Macro Finance Research Program

    Joe Huang is a research consultant at the Macro Finance Research Program. He is a PhD candidate in Economics at the University of Pennsylvania. His research interests lie in macroeconomics and finance. He also has experience in computational economics. Before joining the PhD program at Penn, he worked in the asset management industry.

    Haomin Qin

    Research Professional, Macro Finance Research Program

    Haomin Qin is a Predoctoral Research Professional in the Macro Finance Research (MFR) Program at the Becker Friedman Institute, working with Professor Lars Hansen on research projects related to macroeconomic modeling and asset pricing. Haomin holds an M.A. in Social Science with a concentration in Economics from the University of Chicago.

    Samuel Zhao

    Research Professional, Macro Finance Research Program

    Samuel (Daniel) Zhao is a Research Professional in the Macro Finance Research (MFR) Program at the Becker Friedman Institute, working with Professor Lars Hansen on research projects related to macroeconomic modeling and asset pricing.

    Associated Scholars

    Scholars / UChicago Scholar

    Fernando Alvarez

    Saieh Family Professor in Economics and the College, the Kenneth C. Griffin Department of Economics
    Scholars / Distinguished Research Fellow

    John H. Cochrane

    Senior Fellow, Hoover Institution at Stanford University
    Scholars / UChicago Scholar

    Douglas W. Diamond

    Merton H. Miller Distinguished Service Professor of Finance, Booth School of Business
    Scholars / UChicago Scholar

    Wenxin Du

    Professor of Finance, Booth School of Business
    Scholars / UChicago Scholar

    Lars Peter Hansen

    The David Rockefeller Distinguished Service Professor in Economics and Statistics, the Kenneth C. Griffin Department of Economics and the Booth School of Business; Director of BFI's Macro Finance Research Program
    Scholars / UChicago Scholar

    Zhiguo He

    Fuji Bank and Heller Professor of Finance, Booth School of Business
    Scholars / UChicago Scholar

    John C. Heaton

    Joseph L. Gidwitz Professor of Finance, Booth School of Business
    Scholars / UChicago Scholar

    Anil Kashyap

    Stevens Distinguished Service Professor of Economics and Finance, Booth School of Business
    Scholars /

    Timothy J. Kehoe

    Distinguished McKnight University Professor of Economics, University of Minnesota
    Scholars / UChicago Scholar

    Ralph Koijen

    AQR Capital Management Distinguished Service Professor of Finance and Fama Faculty Fellow, Booth School of Business
    Scholars / UChicago Scholar

    Yueran Ma

    Associate Professor of Finance and Kathryn and Grant Swick Faculty Scholar, Booth School of Business
    Scholars / Distinguished Research Fellow

    Thomas J. Sargent

    William R. Berkley Professor of Economics and Business, New York University, Stern School of Business
    Scholars / UChicago Scholar

    Amir Sufi

    Bruce Lindsay Distinguished Service Professor of Economics and Public Policy, Booth School of Business
    Scholars / UChicago Scholar

    Harald Uhlig

    Bruce Allen and Barbara Ritzenthaler Professor in Economics and the College, the Kenneth C. Griffin Department of Economics

    Associated Working Papers

    BFI Working Paper May 23, 2022

    Making Decisions under Model Misspecification

    Simone Cerreia-Vioglioa, Lars Peter Hansen, Fabio Maccheronia, Massimo Marinacci
    Topics:  Uncategorized
    BFI Working Paper Mar 17, 2022

    Asset Pricing under Smooth Ambiguity in Continuous Time

    Lars Peter Hansen, Jianjun Miao
    Topics:  Financial Markets
    BFI Working Paper Dec 14, 2021

    Money Markets, Collateral and Monetary Policy

    Fiorella De Fiore, Marie Hoerova, Harald Uhlig
    Topics:  Financial Markets, Monetary Policy, Fiscal Studies

    Associated News

    BFI News Mar 17, 2022

    Macro Finance Research Program (MFR) 2022 Summer Session for Young Scholars

    Application Process Now Closed
    Topics:  Financial Markets, Monetary Policy, Technology & Innovation
    BFI News Jan 23, 2020

    UChicago’s Zhiguo He Testifies in US-China Economic and Security Review Commission Hearing on China’s Quest for Capital

    Zhiguo He, Fuji Bank and Heller Professor of Finance, Booth School of Business, testified to the US-China Economic and Security Review Commission, on Thursday, January 23, 2020. In the...
    Topics:  Financial Markets
    BFI News Jan 10, 2020

    2020 Macro Finance Research Program (MFR) Summer Session for Young Scholars 

    NOTICE As the global health situation involving the coronavirus (COVID-19) evolves, the MFR Program under the auspices of the Becker Friedman Institute, and with guidance from the University of Chicago’s Office of...
    Topics:  Financial Markets, Monetary Policy, Technology & Innovation