2nd Research Conference of the Macroeconomic Modelling and Model Comparison Network (MMCN)
June 7-8, 2018
Hoover Institution
Stanford University
Summary
On June 7 and 8, the Macroeconomic Modelling and Model Comparison Network (MMCN) organized its 2nd Research Conference. With the help of structural macroeconomic models, representatives of central banks and researchers provided explanatory approaches regarding the Great Recession and its aftermath. The MMCN is a joint network of the Hoover Institution and the IMFS under the auspices of the London-based Centre for Economic Policy Research (CEPR). The 2nd Research Conference of the MMCN took place at the Hoover Institution at Stanford University, California.
The MMCN network forms part of the Macroeconomic Model Comparison Initiative (MMCI), a joint research project by the Hoover Institution at Stanford and the IMFS, which is financially supported by the Sloan Foundation. The MMCI is led by John Taylor, Hoover Institution at Stanford University, as well as Volker Wieland and Michael Binder, IMFS and Goethe University.
Lars Peter Hansen of the University of Chicago gave the keynote lecture on “Comparative Valuation Dynamics in Models with Financing Restrictions”. The expert on economic dynamics and statistical methods is a recipient of the 2013 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for his early research. John B. Taylor gave the dinner speech.
June 7, 2018
| 08:00 – 08:50 |
Registration and Coffee |
| 08:50 – 09:00 |
Welcome Thomas W. Gilligan, Tad and Dianne Taube Director, Hoover Institution |
| 09:00 – 09:40 |
Keynote Speech Chair: John B. Taylor, Stanford University and Hoover Institution Lars Peter Hansen, University of Chicago |
| 09:40 – 10:40 |
Parallel Session I Model Estimation and Shocks Chair: Volker Wieland, IMFS, Goethe University Frankfurt and CEPR Maik Wolters, University of Jena Massimo Ferrari, Università Cattolica del Sacro Cuore DSGE Models and Financial Frictions Chair: Michael Binder, IMFS, Goethe University Frankfurt Paolo Gelain, Federal Reserve Bank of Cleveland Sacha Gelfer, Bentley University |
| 10:40 – 11:00 |
Coffee Break |
| 11:00 – 12:30 |
Parallel Session II Financial Crisis and Recession Chair: Arvind Krishnamurthy, Stanford University Callum Jones, International Monetary Fund Gernot Müller, University of Tübingen Francesco Furlanetto, Norges Bank Model Uncertainty and Monetary Policy Chair: John B. Taylor, Stanford University and Hoover Institution Martin Bodenstein, Federal Reserve Board Francesca Rondina, University of Ottawa Raymond J. Hawkins, University of California, Berkeley |
| 12:30 – 13:30 |
Lunch |
| 13:30 – 15:00 |
Plenary Session I: Nonlinearity and Recession Chair: Joshua D. Rauh, Hoover Institution, Stanford University Thomas M. Mertens, Federal Reserve Bank of San Francisco Mathias Trabandt, Free University of Berlin John H. Cochrane, Hoover Institution, Stanford University |
| 15:00 – 16:30 |
Poster Session I Tomohide Mineyama, Boston College Felix Strobel and Philipp Lieberknecht, IMFS, Goethe University Hashmat Khan, Carleton University Carlos Zarazaga, Federal Reserve Bank of Dallas Jonathan Swarbrick, Bank of Canada Nuno Paixao, Bank of Canada Matt Jensen, American Enterprise Institute Lars Peter Hansen, University of Chicago |
| 16:30 – 18:00 |
Parallel Session III Unconventional Monetary Policy and Money Chair: Pablo Kurlat, Stanford University Francesco Ferrante, Federal Reserve Board Robert Kurtzman, Federal Reserve Board Linda Schilling, Ecole Polytechnique, CREST Heterogeneous Agents and Bounded Rationality Chair: Yuriy Gorodnichenko, University of California, Berkeley Michael Binder, IMFS, Goethe University Frankfurt Karl Schmedders, University of Zurich Jonathan Benchimol, Bank of Israel |
| 18:15 – 20:30 |
Dinner Dinner Speech: John B. Taylor (Stanford University and Hoover Institution) |
June 8, 2018
| 08:00 – 08:30 |
Coffee |
| 08:30 – 10:00 |
Plenary Session II: Macroeconomic Models and Policy Chair: Michael Binder, IMFS, Goethe University Frankfurt Roger Farmer, University of Warwick, NIESR and UCLA Michael Kumhof, Bank of England Volker Wieland, IMFS, Goethe University Frankfurt and CEPR |
| 10:00 – 10:30 |
Coffee Break |
| 10:30 – 12:00 |
Parallel Session IV R-Star, Zero Bound and Monetary Policy Chair: Carlos Zarazaga, Federal Reserve Bank of Dallas Claus Brand, European Central Bank Olaf Posch, University of Hamburg Gregor Boehl, IMFS, Goethe University Frankfurt Structural and Tax Policy in Macro Models Chair: Grace Weishi Gu, University of California, Santa Cruz Woong Yong Park, Seoul National University Jan in 't Veld, European Commission Herbert Dawid, Bielefeld University |
| 12:00 – 13:00 |
Lunch |
| 13:00 – 14:00 |
Parallel Session V Banks, Leverage and Crises Chair: Maik Wolters, University of Jena Kalin Nikolov, European Central Bank Ester Faia, Goethe University Frankfurt Numerical Methods, Macro Models and Climate Change Chair: Volker Wieland, IMFS, Goethe University Frankfurt and CEPR Kenneth Judd, Hoover Institution, Stanford University Yongyang Cai, Ohio State University |
| 14:00 – 15:30 |
Poster Session II Andreas Tryphonides, Humboldt-Universität zu Berlin Alexander Clymo, University of Essex Jorge Abad, CEMF Tim Robinson, The University of Melbourne Paul Luk, Hong Kong Baptist University Junior Maih, Norges Bank and BI Norwegian Business School Sebastian Guarda, Central Bank of Chile Mátyás Farkas and Lazar Milivojevic, IMFS, Goethe University Frankfurt Lars Peter Hansen, University of Chicago |
| 15:30 – 17:00 |
Plenary Session III: Macroeconomic Models and Estimation Chair: John B. Taylor, Stanford University and Hoover Institution Marco Del Negro, Federal Reserve Bank of New York Matthieu Darracq Pariès, European Central Bank Christopher Otrok, University of Missouri, Federal Reserve Bank of St. Louis |
| 17:00 |
Concluding Remarks Volker Wieland, IMFS, Goethe University Frankfurt and CEPR |