SI 2026 Macro, Money and Financial Frictions
Organized by Markus K. Brunnermeier, Arvind Krishnamurthy, and Guillermo Ordoñez
July 15-16, 2026
Royal Sonesta Hotel, 40 Edwin H. Land Blvd., Cambridge, MA
Room: Ballroom A/Charles AB
Wednesday, July 15
Morning Joint Session with Monetary Economcs
8:00 am
Coffee and Pastries
8:30 am

Monetary Shocks and Long-Run Neutrality in Asset Pricing

Anna Cieslak, Duke University and NBER
Paymon Khorrami, Duke University

Discussant:
Christoph Boehm, University of Texas at Austin and NBER
9:30 am
Break
9:45 am

Banking on Inattention (slides)

Xu Lu, University of Washington
Lingxuan Sean Wu, New York University

Discussant:
Timothy McQuade, University of California, Berkeley and NBER
10:45 am
Break
11:00 am

Exchange Rate Stabilization and Monetary Transmission

Paul Fontanier, Yale University
Alp Simsek, Yale University and NBER

Discussant:
Gita Gopinath, Harvard University and NBER
12:00 pm
Lunch
12:20 pm
Afternoon sessions will be held in room Charles AB
1:30 pm

Bank Market Power

Luigi Bocola, Stanford University and NBER
Gideon Bornstein, University of Pennsylvania and NBER
Cedomir Malgieri, Stanford University
Federico Puglisi, Banca d'Italia
2:20 pm
Break
2:40 pm

Monetary Policy Along the Yield Curve: Why Can Central Banks Affect Long-Term Real Rates?

Paul Beaudry, University of British Columbia and NBER
Paolo Cavallino, Bank for International Settlements
Tim Willems, Bank of England
3:30 pm
Break
3:50 pm

Frost and Fire: A Tale of Two Crises

Vladimir Asriyan, Universitat Pompeu Fabra
Priit Jeenas, Universitat Pompeu Fabra
Alberto Martin, CREI, UPF and BSE
4:40 pm
Adjourn
Thursday, July 16
8:00 am
Coffee and Pastries
8:30 am

Cross-Asset Limit Allocation of Trading Desks

Falk Bräuning, Federal Reserve Bank of Boston
Wenxin Du, Harvard University and NBER
Hillary Stein, Federal Reserve Bank of Boston

Discussant:
Amy W. Huber, University of Pennsylvania
9:30 am
Break
9:45 am

Dissecting the Aggregate Market Elasticity

Dejanir Silva, Purdue University
Mahyar Kargar, University of Illinois Urbana-Champaign
Jiacui Li, University of Utah
Victor Duarte, University of Illinois Urbana-Champaign
Goutham Gopalakrishna, University of Toronto

Discussant:
Valentin Haddad, University of California, Los Angeles and NBER
10:45 am
Break
11:00 am

Which Intermediary Costs Matter for Asset Prices?

Manav Chaudhary, London School of Economics and Political Science (LSE)
Julie (Zhiyu) Fu, Washington University in St. Louis
Jian Li, Columbia University

Discussant:
Jonathan Wallen, Harvard University
12:00 pm
Lunch and Adjourn