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On July 28-31, 2020, the Macro Finance Research Program (MFR), under the auspices of the Becker Friedman Institute (BFI), virtually hosted the 2020 MFR Summer Session for Young Scholars for PhD students working on their dissertations at the interplay of macroeconomics and finance.

The event was designed for early-career professionals and doctoral students in economics and related fields who are interested in developing enhanced macroeconomic models with linkages to the financial sector. It provided an opportunity to learn about, discuss, and advance work on macro models with financial sector linkages and related topics. The goal in gathering elite researchers and promising young scholars through this event was to exchange ideas and to construct better, more comprehensive models for assessing systemic risk stemming from activities in the financial sector that can impact the economy. Emerging scholars can play an important role in that effort. This event engaged these young scholars in that mission and provided access to methods, insights, expertise, and contacts that can enhance their efforts.

The MFR Program is led by Lars Peter Hansen, the David Rockefeller Distinguished Service Professor in Economics, Statistics, and the Booth School of Business, and the recipient of the 2013 Nobel Prize in Economics. Throughout the four days of this summer session, faculty from the Kenneth C. Griffin Department of Economics and the Booth School of Business surveyed and and discussed recent research on a variety of topics in the macro-finance field, including:

  • Wenxin Du on “The Role of the US Dollar in Global Capital Markets”
  • Lars Peter Hansen on “Uncertainty Spillovers for Markets and Policy”
  • Zhiguo He on “Intermediary Asset Pricing: Theory and Evidence”
  • John Heaton on “Dynamics of the Wealth Distribution: Asset Pricing and Macro Effects”
  • Anil Kashyap on “Macroprudential Regulation”
  • Ralph Koijen on “A Demand System Approach to Understand Global Financial Markets”
  • Yueran Ma on “Expectations in Finance and Macroeconomics”
  • Thomas J. Sargent on “Risk Aversion or Mistaken Beliefs?”
  • Amir Sufi on “Inequality and Indebted Demand”
  • Harald Uhlig on “Cryptocurrencies and Central Bank Digital Currencies”

The program also featured a panel discussion on important macro financial policy challenges we currently face and the potential role of research in addressing those problems. The panel was moderated by MFR Program Director, Lars Peter Hansen. The panelists included:

  • Anil Kashyap, Professor of Economics and Finance, UChicago Booth School of Business
  • Luc Laeven, Director-General, Research Department of the European Central Bank
  • Hyun Shin, Economic Adviser and Head of Research, Bank for International Settlements

View the 2020 MFR Summer Session Program Brochure 

To receive announcements about future MFR Program events, please email mfrinfo@uchicago.edu  

Agenda

Tuesday, July 28, 2020
9:00 am - 9:05 am
Opening Remarks
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
9:05 am - 11:05 am
Inequality and Indebted Demand
Amir Sufi, Bruce Lindsay Professor of Economics and Public Policy, Booth School of Business
11:05 am - 11:25 am
Break
11:25 am - 12:25 pm
Lunch Break & Young Scholar Sessions
Credibility, Pass-Through and Monetary Policy in Latin America, Santiago Camara, Northwestern University
Consumption and Portfolio Rebalancing Response of Households to Monetary Policy: Evidence of the HANK Channel, Yeow Hwee Chua, National University of Singapore
The Corporate Supply of (Quasi) Safe Assets, Lira Mota, Columbia Business School
When Do Currency Unions Benefit from Default?, Xuan Wang, University of Oxford
12:25 pm - 2:25 pm
Cryptocurrencies and Central Bank Digital Currencies
Harald Uhlig, Bruce Allen and Barbara Ritzenthaler Professor in Economics and the College, the Kenneth C. Griffin Department of Economics
2:25 pm - 2:45 pm
Break
2:45 pm - 4:45 pm
A Demand System Approach to Understand Global Financial Markets
Ralph Koijen, Professor of Finance, Booth School of Business
Wednesday, July 29, 2020
9:00 am - 11:00 am
The Role of the US Dollar in Global Capital Markets
Wenxin Du, Associate Professor of Finance, Booth School of Business
11:00 am - 11:20 am
Break
11:20 am - 12:20 pm
Lunch Break & Young Scholar Sessions
Skills and Sentiment in Sustainable Investing, Andreas Brøgger, Copenhagen Business School
Which Investors Drive Factor Returns?, Morad Elsaify, Duke University
Heterogeneity in Extrapolation, Shushu Liang, Harvard University
Are Green Investors Green-Inducing? A Demand System Approach, Don Noh, Princeton University (joint paper with Sangmin Oh, The University of Chicago Booth School of Business)
12:20 pm - 2:20 pm
Risk Aversion or Mistaken Beliefs?
Thomas J. Sargent, William R. Berkley Professor of Economics and Business, New York University, Stern School of Business
2:20 pm - 2:40 pm
Break
2:40 pm - 4:40 pm
Uncertainty Spillovers for Markets and Policy
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
Thursday, July 30, 2020
9:00 am - 11:00 am
Macroprudential Regulation
Anil Kashyap, Stevens Distinguished Service Professor of Economics and Finance, Booth School of Business
11:00 am - 11:15 am
Break
11:15 am - 12:45 pm
Panel Session
Anil Kashyap, Stevens Distinguished Service Professor of Economics and Finance, Booth School of Business
Luc Laeven, Director-General, Research Department of the European Central Bank
Hyun Song Shin, Hyun Song Shin, Economic Adviser and Head of Research, Bank for International Settlements
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
12:45 pm - 1:15 pm
Break
1:15 pm - 3:15 pm
Dynamics of the Wealth Distribution: Asset Pricing and Macro Effects
John C. Heaton, Joseph L. Gidwitz Professor of Finance, Booth School of Business
3:15 pm - 3:30 pm
Break
3:30 pm - 5:30 pm
The Fiscal Theory of the Price Level
John H. Cochrane, Senior Fellow, Hoover Institution at Stanford University
Friday, July 31, 2020
9:00 am - 11:00 am
Price Setting in Sticky Price Models
Fernando Alvarez, Saieh Family Professor in Economics and the College, the Kenneth C. Griffin Department of Economics
11:00 am - 1:00 pm
Intermediary Asset Pricing: Theory and Evidence
Zhiguo He, Fuji Bank and Heller Professor of Finance, Booth School of Business
1:00 pm - 1:20 pm
Break
1:20 pm - 2:20 pm
Lunch Break & Young Scholar Sessions
The Macroeconomic Effects of Corporate Tax Reforms, Francesco Furno, New York University
Is the Working Capital Channel of the Monetary Policy Quantitatively Relevant? A Structural Estimation Approach, Hamilton Galindo, Arizona State University
A Macroeconomic Model with Oligopolistic Banks, Alessandro Villa, Duke University
Political Uncertainty and Bank Balance Sheet: Evidence from U.S. Gubernatorial Elections, Yifan Yang, Imperial College Business School (joint paper with Zhengming Li, Imperial College Business School)
2:20 pm - 2:40 pm
Break
2:40 pm - 4:40 pm
Expectations in Finance and Macroeconomics
Yueran Ma, Assistant Professor of Finance, The University of Chicago Booth School of Business
4:40 pm - 4:45 pm
Closing Remarks
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