31St Annual Meeting of the Canadian Macroeconomics Study Group/ Groupe Canadien D'études En Macroéconomie

31st Annual Meeting of the Canadian Macroeconomics Study Group/ Groupe Canadien d'Études en Macroéconomie

November 10 and 11, 2017

Richcraft Building Carleton University

Friday, November 10, 2017

Continental Breakfast 8:00 - 8:30 (Foyer, 2nd Floor)

Session 1: Business Cycles 8:30 – 10:00

Chair: Dana Galizia, Carleton University

Thorsten Drautzburg, Federal Reserve Bank of Philadelphia (with Jesus Fernandez-Villaverde, University of Pennsylvania; and Pablo Guerron-Quintana, Boston College) Political Distribution Risk and Aggregate Fluctuations Discussant: Paul Klein, Stockholm University

Hafedh Bouakez, HEC Montreal (with Laurent Kemoe, University of Montreal) News Shocks, Business Cycles, and the Inflation Puzzle Discussant: Nadav Ben Zeev, Ben-Gurion University of the Negev

Coffee Break 10:00 - 10:30 (Coffee in the Foyer)

Session 2: Complementarities 10:30 – 12:00

Chair: Christopher Gunn, Carleton University

Mathieu Taschereau-Dumouchel, University of Pennsylvania Cascades and Fluctuations in an Economy with an Endogenous Production Network Discussant: Nicolas Petrosky-Nadeau, Federal Reserve Bank of San Francisco

Ed Nosal, Federal Reserve Bank of Chicago (with Randall Wright, University of Wisconsin-Maddison; and Yuet-Yee Wong, Binghamton University) Intermediation in Markets for Goods and Markets for Assets Discussant: Gajendran Raveendranathan, University of Minnesota

Lunch 12:00 - 13:00 (Foyer)

1 Session 3: 13:00 – 14:00

Chair: Hashmat Khan, Carleton University

Keynote Speaker: Paul Beaudry, University of British Columbia

What Should Business Cycle Theory be Aiming to Explain?

Short Break 14:00 - 14:15 (Foyer)

Session 4: Labour 14:15 – 15:45

Chair: Lilia Karnizova, University of Ottawa

Andre Kurmann, Drexel University (with Erika McEntarfer, U.S. Census Bureau) Downward Wage Rigidity in the United States: New Evidence from Administrative Data Discussant: Theodore Papageorgiou, McGill University

Yu Chen, University of Calgary The Unemployment Rate of High School Graduates Discussant: Baris Kaymak, University of Montreal

Break 15:45 - 16:15 (Foyer)

Session 5: Bank of Canada Session on International Macroeconomics 16:15 – 17:45

Chair: Cesaire Meh, Bank of Canada

Martin Eichenbaum, Northwestern University (with Benjamin Johannsen, Board of Governors; Sergio Rebelo. Northwestern University) Monetary Policy and the Predictability of Nominal Exchange Rates Discussant: Geoffrey Dunbar, Bank of Canada

Jie Cai, Shanghai University of Finance and Economics (with Ana Maria Santacreu, Federal Reserve Bank of St Louis; Nan Li, International Monetary Fund) Knowledge Diffusion, Trade and Innovation Across Countries and Sectors Discussant: Patrick Alexander, Bank of Canada

Reception 18:00 - 19:00 Foyer

2 Saturday, November 11, 2017

Continental Breakfast 8:45- 9:15 (Foyer)

Session 6: Information Frictions 9:15 - 12:00

Chair: Till Gross, Carleton University

David Andolfatto, Federal Reserve Bank of St. Louis (with Ed Nosal, Federal Reserve Bank of Chicago) Bank Panics and Scale Economies Discussant: Miguel Molico, Bank of Canada

Jeremy Greenwood, University of Pennsylvania (with Pengfei Han, University of Pennsylvania and Juan M. Sanchez, Federal Reserve Bank of St. Louis) Financing Ventures Discussant: Alexander Karaivanov, Simon Fraser University

Break 10:45-11:15 (Foyer)

Zachary Mahone, University of Toronto (with Pau Pujolas, McMaster University) Optimal Design and Quantitative Evaluation of the Minimum Wage Discussant: Coulibaly Louphou, University of Montreal

Lunch 12:00 - 13:00 (Foyer)

Session 7: Monetary 13:00 – 14:30

Chair: Nick Rowe, Carleton University

Stephen Williamson, Western University Low Real Interest Rates and the Zero Lower Bound Discussant: Hongfei (Amy) Sun, Queen’s University

Saroj Bhattarai, University of Texas at Austin Some Unpleasant Central Bank Balance Sheet Arithmetic Discussant: Mohammad Davoodalhosseini, Bank of Canada

Break 14:30 - 15:00 (Foyer)

3 Session 8: Heterogeneous agents 15:00 – 16:30

Chair: Minjoon Lee, Carleton University

Allen Head, Queen’s University (with Hongfei (Amy) Sun, Queen’s University; Chenggang Zhou, University of Waterloo) Default, Mortgage Standards and Housing Liquidity Discussant: Ronald Wolthoff, University of Toronto

Xiaowen Lei, Simon Fraser University (with Kenneth Kasa, Simon Fraser University) Risk, Uncertainty, and the Dynamics of Inequality Discussant: Heejeong Kim, Concordia University

Adjourn 16:30 - 17:00

Time Allocations

• Presenters 25 minutes • Discussants 15 minutes • Q&A 5 minutes • Keynote 50 minutes • Q&A 10 minutes