New Developments in Long-Term Asset Management
Organized by Luis M. Viceira and Annette Vissing-Jorgensen
Supported by Norges Bank Investment Management
April 19, 2025
The Gleacher Center, Room 621, 450 North Cityfront Plaza Drive, Chicago, IL
Format: 20 minutes for authors, 20 minutes for discussants, 10 minutes for Q&A

Saturday, April 19

7:30 am

Continental Breakfast

8:00 am

Leaning against Inflation Experiences

Stefan Nagel, University of Chicago and NBER

Discussant:
Oliver Pfäuti, University of Texas at Austin

8:50 am

What Drives Very Long-Run Cash Flow Growth Expectations?

Paul Décaire, Arizona State University
Marius Guenzel, University of Pennsylvania

Discussant:
Ricardo Delao, University of Southern California

9:40 am

Break

10:10 am

The Market for Sharing Interest Rate Risk: Quantities and Asset Prices

Umang Khetan, University of Iowa
Jian Li, Columbia University
Ioana Neamtu, Federal Reserve Board
Ishita Sen, Harvard University

Discussant:
Aytek Malkhozov, McGill University

11:00 am

Keynote Speaker: Motohiro Yogo, Princeton University and NBER
Demand System Asset Pricing: Prediction, Identification, and Counterfactuals
(slides)

12:00 pm

Lunch - Room 500, PIMCO Midway Bar & Veranda (hosted by the NBER)

1:00 pm

Inflation and Treasury Convenience

Anna Cieslak, Duke University and NBER
Wenhao Li, University of Southern California and NBER
Carolin Pflueger, University of Chicago and NBER

Discussant:
Gregory Duffee, Johns Hopkins University

1:50 pm

Trading Volume Alpha

Ruslan Goyenko, McGill University
Bryan T. Kelly, Yale University and NBER
Tobias J. Moskowitz, Yale University and NBER
Yinan Su, Johns Hopkins University
Chao Zhang, Hong Kong University of Science and Technology (HKUST)

Discussant:
Andrew Y. Chen, Federal Reserve Board of Governors

2:40 pm

Break

3:00 pm

The Commercial Real Estate Ecosystem (slides)

Ralph S. J. Koijen, University of Chicago and NBER
Neel Shah, Columbia University
Stijn Van Nieuwerburgh, Columbia University and NBER

Discussant:
Lu Liu, University of Pennsylvania

3:50 pm

Adjourn