Heterogeneous Agents or Heterogeneous Information

Banque de France and the Centre for Economic Policy Research (CEPR) are organizing a conference bringing together leading researchers from academia and central banks to present research findings related to the effects of heterogeneity on the conduct of monetary policy, Paris, December 5-6 2019.

Confirmed keynote speakers are: George-Marios Angeletos (Massachusetts Institute of Technology & NBER) & Gianluca Violante (Princeton University & CEPR). All presentations will be in plenary sessions and each paper will be assigned a discussant. Topics include:

  • Heterogeneous agent New Keynesian models
  • Information dispersion and monetary policy
  • Central bank communication
  • Household / firm expectations formation
  • Monetary models consistent with microdata

If you would like to attend the workshop, please register by filling the form below. Your final registration will be confirmed within a limited number of available places.

Organising Committee: Gaetano Gaballo (HEC), Erwan Gautier (BdF) & Christoph Grosse-Steffen (BdF)

Thursday, 5 December 2019
13:00 – 13:45Registration and welcome speech Olivier Garnier (BdF)
13:45 – 15:15

Optimal Monetary Policy in HANK Economies
Sushant Acharya (FRB NY), with E. Challe (Crest – Ecole Polytechnique) & K. Dogra (FRB NY)
Discussant: Clodomiro Ferreira (Banco de España)

Optimal Monetary Policy with Heterogeneous Agents
Galo Nuno (Banco de España), with C. Thomas (Banco de España)
Discussant: Massimiliano Pisani (Banca d’Italia)

15:15 – 15:30

Coffee break

15:30 – 17:00

The Effects of Redistribution in TANK models
Lilia Maliar (CUNY & CEPR), with C. Naubert (CUNY)
Discussant: SeHyoun Ahn (Norges Bank)

Capital, Inequality, and Consumption: The Missing Link
Florin Bilbiie (U Lausanne & CEPR), with P. Surico (London Business School & CEPR) & D. Kanzig (London Business School)
Discussant: Jirka Slacalek (ECB)

17:00 – 17:10Coffee break
17:10 – 18:10Invited speaker: Gianluca Violante (Princeton & CEPR)
Friday, 6 December 2019
9:30 – 11:10

Exposure to Daily Price Changes and Inflation Expectations
Francesco D’Acunto (Boston College), with U. Malmendier (UC Berkeley and NBER), J. Ospina (Banco de la Republica de Colombia) & M. Weber (U Chicago & NBER)
Discussant: Kristoffer Nimark (Cornell University)

How Industry Conditions Shape Firms’ Aggregate Expectations
Olivier Coibion (UT Austin & NBER), with P. Andrade (FRB Boston), E. Gautier (Banque de France) & Y. Gorodnichenko (UC Berkeley & NBER)
Discussant: Mirko Wiederholt (Sciences Po)

11:10 – 11:30Coffee break
11:30 – 12:30Invited speaker: George-Marios Angeletos (MIT & NBER)
12:30 – 13:30Lunch break
13:30 – 15:00

Aggregate Risk or Aggregate Uncertainty? Evidence from UK Households
Luigi Paciello (EIEF & CEPR), with C. Michelacci (EIEF & CEPR)
Discussant: Silvia Miranda-Aggripino (Bank of England)

Monetary Policy and Household Expectations
Michael Weber (U Chicago & NBER), with O. Coibion (UT Austin & NBER)   & Y. Gorodnichenko (UC Berkeley & NBER)
Discussant: Gernot Muller (University of Tübingen & CEPR)

15:00 – 15:15

Coffee break

15:15 – 17:30

Classic Policy Benchmarks for Heterogeneous-Agent Economies
James Bullard (FRB Saint Louis), with R. DiCecio (FRB Saint Louis)
Discussant: Benoit Mojon (BIS)

MPC Heterogeneity in Europe: Sources and Policy Implications
Russel Cooper (European Univ Institute & NBER), with M. Ampudia (ECB), J. LeBlanc (Deutsche Bundesbank) & G. Zhu (U Alberta)
Discussant: Frederique Savignac (BdF)

Micro Jumps, Macro Humps: Monetary Policy and Business Cycles in an Estimated HANK model
Ludwig Straub (Harvard & NBER), with A. Auclert (Stanford, CEPR & NBER)  & M. Rognlie (Northwestern Univ and NBER)
Discussant: Edouard Challe (CREST – Ecole Polytechnique)

17:30 – 18:00Concluding panel  – Implications for monetary policy
George-Marios Angeletos (MIT & NBER) - James B. Bullard (FRB Saint Louis) –
Gianluca Violante (Princeton & CEPR)

Presentations are divided into 30 min. for presenters, 10 min. for discussants and 5 min. for Q&A.
Presentations of invited speakers are divided into 40 min. for presenter and 10 min. for general discussion.
Organising Committee:
Gaetano Gaballo (Banque de France, PSE and CEPR)
Erwan Gautier (Banque de France)
Christoph Grosse-Steffen (Banque de France)

Updated on: 12/19/2019 12:42