4th IMF Macro-Financial Research Conference

September 29-30, 2021

We invite you to attend the 4th IMF Annual Macro-Financial Research Conference which will take place virtually on Wednesday, September 29 and Thursday, September 30, 2021.

This year’s conference, the fourth in a series that aims to stimulate discussion on macro-financial linkages, includes sessions on: (I) redistributive effects of financial policies, (II) real and financial drivers of global imbalances, (III) the impact of technology in finance on entrepreneurship and small firms, (IV) sustainable finance solutions to climate change, (V) credit market, innovation and growth and (VI) macro-financial aspects of COVID-19.

Please use the WebEx links below for each day:

  • Conference Day 1 (September 29th): Join here.
  • Conference Day 2 (September 30th): Join here.

If you have any questions, please contact us at resmfexternal@imf.org.


Wednesday, September 29, 2021

9:00–9:15 am

Welcoming Remarks

Gita Gopinath (Economic Counsellor and Director, Research Department, IMF)

9:15–10:45 am

Session I: Redistributive Effects of Financial Policies

Chair: Giovanni Dell'Ariccia (Deputy Director, Research Department, IMF)

The Mortgage Credit Channel of Macroeconomic Transmission

Daniel Greenwald (Massachusetts Institute of Technology) PaperPresentation

Discussant: Vadim Elenev (John Hopkins University) Presentation

Optimal Mortgage Regulation and Income Inequality             

Nina Biljanovska (IMF), and Alexandros Vardoulakis (Board of Governors of the Federal Reserve System) Presentation

Discussant: Daniel Greenwald (Massachusetts Institute of Technology) Presentation

Monetary Policy, Heterogeneity, and the Housing Channel

Aaron Hedlund (University of Missouri), Fatih Karahan (Federal Reserve Bank of New York), Kurt Mitman (Stockholm University), and Serdar Ozkan (University of Toronto) PaperPresentation

Discussant: Ludwig Straub (Harvard University) Presentation

10:45–11:00 am

***Virtual Coffee Break***

11:00–12:30 pm

Session II: Real and Financial Drivers of Global Imbalances

ChairDaniel Leigh (Division Chief, Research Department, IMF)

A Portfolio Approach to Global Imbalances

Zhengyang Jiang (Northwestern University), Robert Richmond (New York University), and Tony Zhang (Board of Governors of the Federal Reserve System) PaperPresentation

Discussant: Eric van Wincoop (University of Virginia) Presentation

Demographics, Wealth, and Global Imbalances in the Twenty-First Century

Adrien Auclert (Stanford University), Hannes Malmberg (University of Minnesota), Frédéric Martenet (Stanford University), and Matthew Rognlie (Northwestern University) PaperPresentation

Discussant: Nicolas Coeurdacier (SciencesPo) Presentation

Financial Globalization: Winners and Losers

Damien Capelle (IMF) and Bruno Pellegrino (University of Maryland) Presentation

Discussant: Ricardo Reyes-Heroles Cardoso (Board of Governors of the Federal Reserve System) Presentation

12:30–1:15 pm

***Virtual Lunch Break***

1:15–2:45 pm

Session III: Technology in Finance: The Impact of Entrepreneurship and Small Firms

ChairSole Martinez Peria (Assistant Director, Research Department, IMF)

The Role of Fintech in Small Business Lending: Evidence from France

Paul Beaumont (McGill University), Huan Tang (London School of Economics), and Eric Vansteenberghe (Paris School of Economics) PaperPresentation

Discussant: Manuel Adelino (Duke University) Presentation

Does IT Help? Information Technology in Banking and Entrepreneurship

Toni Anhert (Bank of Canada), Sebastian Doerr (Bank for International Settlements), Nicola Pierri (IMF), and Yannick Timmer (Board of Governors of the Federal Reserve System) PaperPresentation

Discussant: Tarun Ramadorai (Imperial College London) Presentation

Can FinTech Reduce Disparities in Access to Finance? Evidence from the Paycheck Protection Program

Isil Erel (Ohio State University), and Jack Liebersohn (UC Irvine) PaperPresentation

Discussant: Gustavo Manso (UC Berkeley) Presentation

2:45–3:00 pm

***Virtual Coffee Break***

3:00–4:30 pm

Session IV: Sustainable Finance Solutions to Climate Change

ChairKristina Kostial, (Deputy Director, Strategy, Policy, and Review Department, IMF)

Limits to Private Climate Change Mitigation

Dalya Elmalt (IMF), Deniz Igan (IMF), and Divya Kirti (IMF) PaperPresentation

Discussant: Luigi Zingales (University of Chicago) Presentation

Signaling Through Carbon Disclosure

Patrick Bolton (Columbia University), and Marcin T. Kacperczyk (Imperial College London) PaperPresentation

Discussant: Harrison Hong (Columbia University) Presentation

A Theory of Socially Responsible Investment

Martin Oehmke (London School of Economics), and Marcus Opp (Stockholm School of Economics) PaperPresentation

Discussant:Franklin Allen (Imperial College London) Presentation

Thursday, September 30, 2021

9:15–10:45 am

Session V: Credit Market, Innovation, and Growth

ChairPrachi Mishra, (Advisor, Research Department, IMF)

Small and Vulnerable: SME Productivity in the Great Productivity Slowdown

Sophia Chen (IMF), and Do Lee (New York University) PaperPresentation

Discussant: Ryan Decker (Board of Governors of the Federal Reserve System) Presentation

Product Innovation and Credit Market Disruptions

Joao Granja (University of Chicago), and Sara Moreira (Northwestern University) Paper |  Presentation

Discussant: Stephan Luck (Federal Reserve Bank of New York) Presentation

Crisis Innovation

Tania Babina (Columbia University), Asaf Bernstein (University of Colorado at Boulder), and Filippo Mezzanotti (Northwestern University) PaperPresentation

Discussant:Yueran Ma (University of Chicago) Presentation 

10:45–11:15 am

***Virtual Coffee Break***

11:15–12:45 pm

Session VI: Macro-Financial Aspects of COVID-19

ChairMartin Cihak, (Advisor, Strategy, Policy, and Review Department, IMF)

How Did U.S. Consumer Use Their Stimulus Payments?

Michael Weber (University of Chicago), Olivier Coibion (UT Austin) and Yuri Gorodnichenko (UC Berkeley) PaperPresentation

Discussant: Florian Heider (European Central Bank) Presentation

Macroprudential Policy during COVID-19: The Role of Policy Space

Katharina Bergant (IMF), and Kristin Forbes (Massachusetts Institute of Technology) PaperPresentation

Discussant: Gian Maria Milesi-Ferretti (Brookings) Presentation

COVID-19 and SME Failures

Şebnem Kalemli-Özcan (University of Maryland), Pierre Olivier Gourinchas (UC Berkeley), Veronika Penciakova (Federal Reserve Bank of Atlantaand Nick Sander (UC Berkeley) PaperPresentation

DiscussantBenoit Mojon (Bank for International SettlementsPresentation