SI 2025 Macro, Money and Financial Frictions
Organized by Markus K. Brunnermeier, Arvind Krishnamurthy, and Guillermo Ordoñez
July 9-10, 2025
Royal Sonesta Hotel, 40 Edwin H. Land Blvd., Cambridge, MA
Format: 20 minutes for presenters, 20 minutes for discussants, and 20 minutes for open discussion
Wednesday, July 9
Joint MEFM / IFM / ME Session in Ballroom A (morning)
8:00 am
Coffee and Pastries
8:30 am

Breaking Parity: Equilibrium Exchange Rates and Currency Premia

Mai C. Dao, International Monetary Fund
Pierre-Olivier Gourinchas, University of California, Berkeley and NBER
Oleg Itskhoki, Harvard University and NBER

Discussant:
Ṣebnem Kalemli-Özcan, Brown University and NBER
9:30 am
Break
9:45 am

Integrating Fragmented Networks: The Value of Interoperability in Money and Payments (slides)

Alexander Copestake, International Monetary Fund
Divya Kirti, International Monetary Fund
Maria Soledad Martinez Peria, International Monetary Fund
Yao Zeng, University of Pennsylvania and NBER

Discussant:
Shohini Kundu, University of California, Los Angeles
10:45 am
Break
11:00 am

Macroeconomic and Fiscal Consequences of Quantitative Easing (slides)

Tobias Adrian, International Monetary Fund
Christopher Erceg, International Monetary Fund
Marcin Kolasa, International Monetary Fund
Jesper Lindé, Sveriges Riksbank
Pawel Zabczyk, International Monetary Fund

Discussant:
Thomas Mertens, Federal Reserve Bank of San Francisco
12:00 pm
Lunch
Afternoon sessions will be held in room Charles AB
1:30 pm

Mortgage Structure, Financial Stability, and Risk Sharing

Vadim Elenev, Johns Hopkins University
Lu Liu, University of Pennsylvania
2:20 pm
Break
2:40 pm

Flight to Safety and New Keynesian Demand Recessions (slides)

Sebastian A. Merkel, University of Bristol
Ziang Li, Imperial College London
3:30 pm
Break
3:50 pm

A Model of Charles Ponzi

Gadi Barlevy, Federal Reserve Bank of Chicago
Ines Xavier, Federal Reserve Board of Governors
4:40 pm
Adjourn
Thursday, July 10
8:00 am
Coffee and Pastries
Joint MEFM / AP Session in Ballroom A
8:30 am

The Dynamics of Deposit Flightiness and its Impact on Financial Stability

Kristian Blickle, Federal Reserve Bank of New York
Xu Lu, University of Washington
Jian Li, Columbia University
Yiming Ma, Columbia University and NBER

Discussant:
Juliane Begenau, Stanford University and NBER
9:30 am
Break
9:45 am

Causal Inference for Asset Pricing

Valentin Haddad, University of California, Los Angeles and NBER
Zhiguo He, Stanford University and NBER
Paul Huebner, Stockholm School of Economics
Péter Kondor, London School of Economics and Political Science (LSE)
Erik Loualiche, University of Minnesota

Discussant:
Motohiro Yogo, Princeton University and NBER
10:45 am
Break
11:00 am

What Do $40 Trillion of Portfolio Holdings Say about Monetary Policy Transmission?

Chuck Fang, Drexel University
Kairong Xiao, Columbia University and NBER

Discussant:
Jeremy C. Stein, Harvard University and NBER
12:00 pm
Lunch and Adjourn