International Finance and Macroeconomics Program Meeting
Organized by Nitya Pandalai-Nayar and Diego J. Perez
March 27, 2026
Royal Sonesta Hotel, Skyline AB, 40 Edwin H. Land Blvd., Cambridge, MA
FORMAT: Each presenter will have 25 minutes. Each discussant will have 15 minutes. There will be another 10 minutes for open discussion.
Thursday, March 26
6:30 pm
Group Dinner at Royal Sonesta Hotel, Longfellow Room
Friday, March 27
8:00 am
Continental Breakfast
8:45 am
Welcome and Introductions
9:00 am

Financial Hedging and Optimal Currency of Invoicing

Oliver H. Xie, Stanford University

Discussant:
Charles Engel, University of Wisconsin - Madison and NBER
9:50 am
Break
10:05 am

What does it Take? Quantifying Within and Cross-Country Transfers in the Eurozone

Yi-Li Chien, Federal Reserve Bank of St. Louis
Zhengyang Jiang, Northwestern University and NBER
Matteo Leombroni, Boston College
Hanno Lustig, Stanford University and NBER

Discussant:
Marco Bassetto, Federal Reserve Bank of Minneapolis
10:55 am

Financial Cooperation in a Fragmented World

Javier Bianchi, Federal Reserve Bank of Minneapolis
Sebastian Horn, University of Hamburg
Giovanni Rosso, University of Oxford
César Sosa-Padilla, University of Notre Dame and NBER

Discussant:
Antonio Coppola, Stanford University
11:45 am
Lunch - Skyline C
1:00 pm

Misallocation due to Incomplete Markets

David Baqaee, University of California, Los Angeles and NBER
Ariel Burstein, University of California, Los Angeles and NBER

Discussant:
Eduardo Dávila, Yale University and NBER
1:50 pm
Break
2:05 pm

Industrial Policies, Global Imbalances and Technological Hegemony

Ambrogio Cesa-Bianchi, Bank of England
Andrea Ferrero, University of Oxford
Luca Fornaro, Center for Research in International Economics
Martin Wolf, University of St. Gallen

Discussant:
William Witheridge, University of Maryland, College Park
2:55 pm
Break
3:10 pm

The Geopolitics of Industrial Policy: Evidence from Export Credits

Adrien Matray, Federal Reserve Bank of Atlanta
Karsten Müller, National University of Singapore
Zekai Shen, Bocconi University
Chenzi Xu, University of California, Berkeley and NBER

Discussant:
Laura Alfaro, Harvard University and NBER
4:00 pm
Break
4:15 pm

The Tariff Tax Cut: Tariffs as Revenue

George A. Alessandria, University of Rochester and NBER
Jiaxiaomei Ding, University of Rochester
Shafaat Y. Khan, Syracuse University
Carter B. Mix, Federal Reserve Board of Governors

Discussant:
Stephanie Schmitt-Grohé, Columbia University and NBER
5:05 pm
Adjourn