SI 2025 Impulse and Propagation Mechanisms
Organized by Lawrence Christiano and Martin S. Eichenbaum
July 7-11, 2025
Royal Sonesta Hotel, Edwin H. Land Blvd., Cambridge, MA
Monday, July 7
9:00 am
Coffee and Pastries
9:30 am

Propagation of Shocks in Networks: Identification and Applications

Gabriel Chodorow-Reich, Harvard University and NBER
Xavier Gabaix, Harvard University and NBER
Davide Viviano, Harvard University
10:15 am

Monopsony Power and the Transmission of Monetary Policy

Gideon Bornstein, University of Pennsylvania and NBER
Bence Bardóczy, Federal Reserve Board of Governors
Sergio Salgado, University of Pennsylvania
11:00 am
Break
11:15 am

Micro Shocks and Macro Fluctuations in the Information Network

Zhen Huo, Yale University
Jieran Wu, Zhejiang University
Minghao Li, Peking University
Huan Xiong, Harbin Institute of Technology
12:00 pm

Planning Against Disasters in Dynamic Production Networks (slides)

Vasco M. Carvalho, University of Cambridge
Matias Covarrubias, New York University
Galo Nuño, Banco de España
12:45 pm
Lunch and Adjourn
Tuesday, July 8
9:00 am
Coffee and Pastries
9:30 am

Heterogeneity and Aggregate Consumption: An Empirical Assessment

Davide Debortoli, Universitat Pompeu Fabra
Jordi Galí, Center for Research in International Economics and NBER
10:15 am

Hanksson

Florin O. Bilbiie, University of Cambridge
Sigurd Galaasen, Bank of Norway
Refet S. Gürkaynak, Bilkent University
Mathis Mehlum, Bank of Norway
Krisztina Molnar, Norwegian School of Economics
11:00 am
Break
11:15 am

Exploiting Dynamic Identification in VARs

Paul Beaudry, University of British Columbia and NBER
Fabrice Collard, Toulouse School of Economics
Patrick Fève, Toulouse School of Economics
Alain Guay, Universite du Quebec a Montreal
Franck Portier, University College London
12:00 pm

HANK's Response to Aggregate Uncertainty in an Estimated Business Cycle Model

Cosmin L. Ilut, Duke University and NBER
Ralph Luetticke, University of Tübingen
Martin Schneider, Stanford University and NBER
12:45 pm
Lunch and Adjourn
Wednesday, July 9
9:00 am
Coffee and Pastries
9:30 am

Tâtonnement and Price Setting in General Equilibrium (slides)

Guido Lorenzoni, University of Chicago and NBER
Iván Werning, Massachusetts Institute of Technology and NBER
10:15 am

Overreaction and Forecast Horizon: Longer-term Expectations Overreact More, Shorter-term Expectations Drive Fluctuations

Basil Halperin, Stanford University
J. Zachary Mazlish, University of Oxford
11:00 am
Break
11:15 am

Managing the Risks of Inflation Expectation De-anchoring

Kai Christoffel, European Central Bank
Matyas Farkas, International Monetary Fund
12:00 pm

Sticky Inflation: Monetary Policy when Debt Drags Inflation Expectations

Saki Bigio, University of California, Los Angeles and NBER
Nicolas Caramp, University of California, Davis
Dejanir Silva, Purdue University
12:45 pm
Lunch and Adjourn
Thursday, July 10
9:00 am
Coffee and Pastries
9:30 am

How Should Monetary Policy Respond to Housing Inflation?

Javier Bianchi, Federal Reserve Bank of Minneapolis
Alisdair McKay, Federal Reserve Bank of Minneapolis
Neil Mehrotra, Federal Reserve Bank of Minneapolis
10:15 am

Uncovering the Costs of High Inflation

Francesco Lippi, LUISS Guido Carli University
Ken Miyahara, University of Chicago
Alberto Cavallo, Harvard University and NBER
11:00 am
Break
11:15 am

Inflation and the Distribution of Real Income

Nir Jaimovich, University of California, San Diego and NBER
Fabrizio Perri, Federal Reserve Bank of Minneapolis
Nicolas Vincent, HEC Montreal
12:00 pm

Do Deficits Cause Inflation? A High Frequency Narrative Approach (slides)

Jonathon Hazell, London School of Economics and Political Science (LSE)
Stephan Johan Hobler, London School of Economics and Political Science (LSE)
12:45 pm
Lunch and Adjourn
Friday, July 11
9:00 am
Coffee and Pastries
9:30 am

Double Robustness of Local Projections and Some Unpleasant VARithmetic

José Luis Montiel Olea, Cornell University
Mikkel Plagborg-Møller, Princeton University
Eric Qian, Princeton University
Christian K. Wolf, Massachusetts Institute of Technology and NBER
10:15 am

Quick-Fixing: Near-Rationality in Consumption and Savings Behavior

Peter Andre, Goethe University Frankfurt
Joel P. Flynn, Yale University and NBER
George Nikolakoudis, Princeton University
Karthik Sastry, Princeton University and NBER
11:00 am
Break
11:15 am

A Theory of Economic Coercion and Fragmentation

Christopher Clayton, Yale University and NBER
Matteo Maggiori, Stanford University and NBER
Jesse Schreger, Columbia University and NBER
12:00 pm

Sophisticated Borrowing Constraints and Macroeconomic Dynamics

Al-Mahdi Ebsim, New York University
Chen Lian, University of California, Berkeley and NBER
Yueran Ma, University of Chicago and NBER
Pablo Ottonello, University of Maryland, College Park and NBER
Diego J. Perez, New York University and NBER
12:45 pm
Lunch and Adjourn