5th IMF Annual Macro-Financial Conference

October 26-27, 2022

Join us for the 5th IMF Annual Macro-Financial Conference, a two-day conference that will take place in hybrid format on Wednesday, October 26th  and Thursday, October 27th.

 

The conference, organized by the Research Department, aims to stimulate discussion on macro-financial linkages, includes sessions on: (I) household heterogeneity and financial outcomes, (II) inflation expectations, wages, and supply chains, (III) firms’ foreign currency borrowing, (IV) the effectiveness of COVID-19 economic policies, (V) technological change and financial intermediation and (VI) fintech, payments, and lending. For more details, see the full conference program here.

 

To register to participate, please contact us: resmfexternal@imf.org.

Agenda

Wednesday, October 26, 2022

9:00–9:15 am

Welcoming Remarks

Pierre-Olivier Gourinchas, Economic Counsellor and Director of Research, IMF

9:15–10:45 am

Session I: Household Heterogeneity and Financial Outcomes: Facts and Policies

Chair: Giovanni Dell’Ariccia

Managing an Energy Shock with Heterogeneous Agents (Adrien Auclert, Hugo Monnery, Matthew Rognlie, and Ludwig Straub (Harvard University)

Discussant: Pablo Ottonello, University of Michigan

Differential Effects of Macroprudential Policy Sophia Chen and Nina Biljanovska (International Monetary Fund)

Discussant: Viral Acharya, The New York University, Stern School of Business

Credit, Income, and Inequality Manthos Delis, Fulvia Fringuellotti (Federal Reserve Bank of New York), and Steven Ongena

Discussant: Martina Jasova, Barnard College of Columbia University

10:45–11:00 am ***Coffee Break***

11:00–12:30 pm

Session II: Inflation Expectations, Wages, and Supply Chains

Chair: Daniel Leigh

Firm’s Inflation Expectations: New Evidence From France
Frédérique Savignac (Banque De France), Erwan Gautier, Yuriy Gorodnichenko, and Olivier Coibion
Discussant: Rudiger Bachmann, Unviersity of Notre Dame

The Expected, Percieved, and Realized Inflation of US Households Before and During the COCID-19 Pandemic
Michael Weber (The University of Chicago, Booth School of Business), Yuriy Gorodnichenko, Olivier Coibion
Discussant: Frédérique Savignac (Banque De France)

Inflation Expectations And The Supply Chain
Elias Albagli, Francesco Grigoli (International Monetary Fund), and Emiliano Luttini
Discussant: Francesco D’Acunto, Boston College

12:30–1:30 pm ***Lunch Break***

1:30–3:00 pm

Session III: Firms’ Foreign Currency Borrowing

Chair: Rui Mano 

Currency Hedging: Managing Cash Flow Exposure
Laura Alfaro, Mauricio Calani, and Liliana Varela (London School of Economics)
Discussant: Yannick Timmer, Federal Reserve Board

Real Consequences of Foreign Exchange Derivatives Hedging
Hyeyoon Jung (Federal Reserve Bank of New York)
Discussant: Antonio Coppola, Harvard University 

Dollar Borrowing By Non-Financial Firms And The Real Effects Of Us Monetary Policy Abroad
Robin Tietz (International Monetary Fund)
Discussant: Boris Hofmann, Bank for International Settlements

3:00–3:15 pm ***Coffee Break***

3:15–4:45 pm

Session IV: The Effectiveness of COVID-19 Economic Policies

Chair: Martin Cihak

Did the Paycheck Protection Program Hit the Target?
Joao Granja, Christos Makridis, Constantine Yannelis (The University of Chicago, Booth School of Business), and Eric Zwick
Discussant: Nagpurnanand Prabhala, Johns Hopkins University

Loan Guarantees, Bank Lending and Credit Risk Reallocation
Carlo Altavilla, Andrew Ellul, Marco Pagano, Andrea Polo (Luis & EIEF), and Thomas Vlassopoulos
Discussant: Olivier Darmouni, Columbia University

What Policy Combinations Worked? Bank Lending During COVID-19
Divya Kirti (International Monetary Fund), Prachi Mishra, Soledad Martinez Peria, and Jan Starsky
Discussant: Andrew Metrick, Yale University

Thursday, October 27, 2022

9:15–10:45 am

Session V: How Technology Is Changing Financial Intermediation

Chair: Tommaso Mancini-Griffoli 

Why Is Intermediating Houses So Difficult? Evidence From IBuyers
Greg Buchak, Gregor Matvos (Northwestern University), Tomasz Piskorski, and Amit Seru
Discussant: Yueren Ma, The University of Chicago, Booth School of Business

Fintech Competition, Bank Digitalization, and Financial Inclusion
Kosha Modi, Maria Soledad Martinez Peria, Nicola Pierri (International Monetary Fund), and Yannick Timmer
Discussant: Constantine Yannelis, The University of Chicago, Booth School of Business

10:45–11:00 am ***Coffee Break***
11:00–12:30pm

Session VI: Fintech, Payments, and Lending

Chair: Tobias Adrian (Director, Monetary and Capital Markets Department, IMF)

Payment Disclosure, Credit Provision and the Optimal Regulation of Digital Currencies
Itai Agur (International Monetary Fund), Anil Ari, and Giovanni Dell’Ariccia
Discussant: Michael Junho Lee, Federal Reserve Bank of New York

Fintech Lending and Cashless Payments
Pulak Ghosh, Boris Vallée, and Yao Zeng (University of Pennsylvania, Wharton)
Discussant: Dimuthu Ratnadiwakara, Louisiana State University

Invisible Primes: Fintech Lending with Alternative Data
Don Carmichael, Marco Di Maggio, and Dimuthu Ratnadiwakara (Louisiana State University)
Discussant: Yao Zeng, University of Pennsylvania, Wharton

12:30–1:30 pm ***Lunch Break (Invitation only)***