Carnegie Mellon University

Carnegie-Rochester-NYU Past Conferences

2010-2017 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 practitioners' 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 here.

November 10-11, 2017
Pittsburgh, PA

Program (Download pdf)

Conference Session 1 | November 10, 2017 A.M

Chairman:  Sevin Yeltekin
    • Computerizing Industries and Routinizing Jobs: Explaining Trends in Aggregate Productivity
      Authors: Peter Sangmin Aum, Sang Yoon (Tim) Lee, Yongseok Shin
      Discussant: Matthias Kehrig
    • Short-Run Pain, Long-Run Gain? Recessions and Technological Transformation
      Authors: Alexandr Kopytov, Nikolai Roussanov and Mathieu Taschereau-Dumouche
      Discussant: Henry Siu

Conference Session 2 | November 10, 2016 P.M.

Chairman:Christopher Sleet
    • New Technologies and the Labor Market
      Authors: Enghin Atalay, Phai Phongthiengtham, Sebastian Sotelo and Daniel Tannenbaum
      Discussant: Brad Hershbein
    • Big and Bigger: Big Data in Finance and the Growth of Large Firms
      Authors: Juliane Begenau, Maryam Farboodi and Laura Veldkamp
      Discussant: Bryan Routledge

Conference Session 3 | November 11, 2017 A.M.

Chairman: Burton Hollifield
    • Why Has I.T. Grown? Structural Transformation and the Rise of Information Technology
      Authors: Giovanni Gallipoli and Christos A. Makridis
      Discussant: Benjamin Pugsley
    • Should We Fear the Robot Revolution?
      Authors: Andrew Berg, Ed Buffie, Felipe Zanna
      Discussant: Doug Hanley

November 11-12, 2016
Pittsburgh, PA

Program (Download pdf)

Conference Session 1 | November 11, 2016 A.M

Chairman: Marvin Goodfriend
    • The Global Rise of Corporate Saving
      Authors: Peter Chen, Loukas Karabarbounis and Brent Neiman
      Discussant: Andrea Eisfeldt
    • Bank Liabilities Channel
      Authors: Vincenzo Quadrini
      Discussant: Egon Zakrajsek

Conference Session 2 | November 11, 2016 P.M.

Chairman: Burton Hollifield
    • Network Reactions to Banking Regulations 
      Authors: Selman Erol and Guillermo Ordonez
      Discussant: Maryam Farboodi
    • Liquidity Regulation, Extended Repo, and the Real Economy
      Authors: Franklin Allen and Douglas Gale
      Discussant: Douglas Diamond

Conference Session 3 | November 12, 2016 A.M.

Chairman:  Sevin Yeltekin
    • Redemption Risk and Procyclical Cash Hoarding by Asset Managers
      Authors: Stephen Morris, Ilhyock Shim and Hyun Song Shin
      Discussant: Itay Goldstein
    • Dealer Balance Sheets and Bond Liquidity Provision
      Authors: Tobias Adrian, Nina Boyarchenko and Or Shachar
      Discussant: Marco Di Maggio

November 13-14, 2015
Pittsburgh, PA

Program (Download pdf)

Conference Session 1: 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 2: 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 3: 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
Pittsburgh, PA

Program (Download pdf)

Conference Session 1 | 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 2 | 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 3 | November 15, 2014 A.M.

Chairman:  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
Pittsburgh, PA

Conference Session 1 |  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 2 | 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 3 | November 16, 2013 A.M.

Chairman:Bennett McCallum
  • Liquidity Provision, Interest Rates and Unemployment
    Authors: Guillaume Rocheteau and Antonio Rodriguez-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
Pittsburgh, PA

Conference Session 1 | 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 2 | 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 3 | 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
Pittsburgh, PA

Conference Session 1 | 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 2 | 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 3 | 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
Pittsburgh, PA

Conference Session 1 | 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 2 | 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 3 | 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