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class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-20 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:100%"> <div class="wp-block-group is-layout-flow wp-block-group-is-layout-flow"> <div class="wp-block-group is-layout-flow wp-block-group-is-layout-flow"> <h2 class="wp-block-heading">Opening Remarks</h2> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-3 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:25%"> <p class="sffed-has-margin-top-none sffed-has-margin-bottom-none">Speaker:</p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:75%"> <p class="sffed-has-margin-top-none sffed-has-margin-bottom-none"><strong>Sylvain Leduc</strong>, Director of Economic Research, <em>Federal Reserve Bank of San Francisco</em></p> </div> </div> </div> </div> <div style="height:25px" aria-hidden="true" class="wp-block-spacer"></div> <h4 class="wp-block-heading"><em>Session One</em></h4> <div class="wp-block-group is-layout-flow wp-block-group-is-layout-flow"> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-4 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:25%"> <p class="sffed-has-margin-top-none sffed-has-margin-bottom-none">Chair:</p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:75%"> <p class="sffed-has-margin-top-none sffed-has-margin-bottom-none"><strong>Michael Bauer</strong>, <em>Federal Reserve Bank of San Francisco</em></p> </div> </div> <h4 class="wp-block-heading">Unlocking Mortgage Lock-In: Evidence from a Spatial Housing Ladder Model</h4> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-5 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:25%"> <p class="sffed-has-margin-top-none sffed-has-margin-bottom-none">Authors:</p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:75%"> <p class="sffed-has-margin-top-none sffed-has-margin-bottom-none"><a href="https://www.juliafonseca.com/" target="_blank" data-type="link" data-id="https://www.juliafonseca.com/" rel="noreferrer noopener nofollow">Julia Fonseca</a>, <em>UIUC Gies</em><br>Lu Liu, <em>University of Pennsylvania, Wharton </em><br>Pierre Mabille, <em>INSEAD</em></p> </div> </div> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-6 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:25%"> <p class="sffed-has-margin-top-none">Discussant:</p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:75%"> <p class="sffed-has-margin-top-none"><a href="https://www.dlgreenwald.com/#:~:text=I%20am%20an%20Assistant%20Professor%20of" target="_blank" data-type="link" data-id="https://www.dlgreenwald.com/#:~:text=I%20am%20an%20Assistant%20Professor%20of" rel="noreferrer noopener nofollow">Daniel Greenwald</a>, <em>NYU Stern School of Business</em></p> <p><a href="/wp-content/uploads/Liu-Unlocking-Mortgage-Lock-In.pdf" data-type="link" data-id="/wp-content/uploads/Liu-Unlocking-Mortgage-Lock-In.pdf">Download paper</a> (pdf, 7 mb)</p> </div> </div> <h4 class="wp-block-heading">Asset Purchase Rules: How QE Transformed the Bond Market</h4> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-7 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:25%"> <p class="sffed-has-margin-top-none sffed-has-margin-bottom-none">Authors:</p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:75%"> <p class="sffed-has-margin-top-none sffed-has-margin-bottom-none"><a href="https://sites.google.com/site/valentinhaddadresearch/" target="_blank" data-type="link" data-id="https://sites.google.com/site/valentinhaddadresearch/" rel="noreferrer noopener nofollow">Valentin Haddad</a>, <em>University of California, Los Angeles</em> <br>Alan Moreira, <em>University of Rochester </em> <br>Tyler Muir, <em>University of California, Los Angeles</em></p> </div> </div> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-8 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:25%"> <p class="sffed-has-margin-top-none">Discussant:</p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:75%"> <p class="sffed-has-margin-top-none"><a href="https://www.thomasbking.com/#:~:text=Thomas%20King's%20research%20on%20monetary%20policy," target="_blank" data-type="link" data-id="https://www.thomasbking.com/#:~:text=Thomas%20King's%20research%20on%20monetary%20policy," rel="noreferrer noopener nofollow">Thomas King</a>, <em>Federal Reserve Bank of Chicago</em></p> <p><a href="/wp-content/uploads/Haddad-Asset-Purchase-Rules.pdf" data-type="link" data-id="/wp-content/uploads/Haddad-Asset-Purchase-Rules.pdf">Download paper</a> (pdf, 517 kb)</p> </div> </div> </div> <div style="height:25px" aria-hidden="true" class="wp-block-spacer"></div> <h4 class="wp-block-heading"><em>Session Two</em></h4> <div class="wp-block-group is-layout-flow wp-block-group-is-layout-flow"> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:25%"> <p class="sffed-has-margin-top-none sffed-has-margin-bottom-none">Chair:</p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:75%"> <p class="sffed-has-margin-top-none sffed-has-margin-bottom-none"><strong>Thomas Mertens</strong>, <em>Federal Reserve Bank of San Francisco</em></p> </div> </div> <h4 class="wp-block-heading">Aggregation, Liquidity, and Asset Prices with Incomplete Markets</h4> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-10 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:25%"> <p class="sffed-has-margin-top-none sffed-has-margin-bottom-none">Authors:</p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:75%"> <p class="sffed-has-margin-top-none sffed-has-margin-bottom-none">Sebastian Di Tella, <em>Stanford University</em> <br><a href="https://gsb-faculty.stanford.edu/benjamin-hebert/" data-type="link" data-id="https://gsb-faculty.stanford.edu/benjamin-hebert/" rel="nofollow noopener" target="_blank">Benjamin Hebert</a>, <em>Stanford University </em> <br>Pablo Kurlat, <em>University of Southern California</em></p> </div> </div> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-11 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:25%"> <p class="sffed-has-margin-top-none">Discussant:</p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:75%"> <p class="sffed-has-margin-top-none"><a href="https://aauclert.people.stanford.edu/#:~:text=Adrien%20Auclert.%20Welcome%20to%20my%20website!" data-type="link" data-id="https://aauclert.people.stanford.edu/#:~:text=Adrien%20Auclert.%20Welcome%20to%20my%20website!" rel="nofollow noopener" target="_blank">Adrien Auclert</a>, <em>Stanford University</em></p> <p><a href="/wp-content/uploads/Hebert-Aggregation-Liquidity-and-Asset-Prices.pdf" data-type="link" data-id="/wp-content/uploads/Hebert-Aggregation-Liquidity-and-Asset-Prices.pdf">Download paper</a> (pdf, 646 kb)</p> </div> </div> <h4 class="wp-block-heading">The Risky Capital of Emerging Markets</h4> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-12 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:25%"> <p class="sffed-has-margin-top-none sffed-has-margin-bottom-none">Authors:</p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:75%"> <p class="sffed-has-margin-top-none sffed-has-margin-bottom-none">Felix Gerding, <em>Bocconi University</em> <br>Espen Henriksen, <em>BI Norwegian Business School </em> <br><a href="https://www.inasimonovska.com/" target="_blank" data-type="link" data-id="https://www.inasimonovska.com/" rel="noreferrer noopener nofollow">Ina Simonovska</a>, <em>University of California, Davis</em></p> </div> </div> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-13 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:25%"> <p class="sffed-has-margin-top-none">Discussant:</p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:75%"> <p class="sffed-has-margin-top-none"><a href="https://sites.google.com/view/tzhang0/home" target="_blank" data-type="link" data-id="https://sites.google.com/view/tzhang0/home" rel="noreferrer noopener nofollow">Tony Zhang</a>, <em>Federal Reserve Board </em></p> <p><a href="/wp-content/uploads/Simonovska-The-Risky-Capital-of-Emerging-Markets.pdf" data-type="link" data-id="/wp-content/uploads/Simonovska-The-Risky-Capital-of-Emerging-Markets.pdf">Download paper</a> (pdf, 1 mb)</p> <div style="height:25px" aria-hidden="true" class="wp-block-spacer"></div> </div> </div> </div> <div class="wp-block-group is-layout-flow wp-block-group-is-layout-flow"> <h2 class="wp-block-heading">Keynote</h2> <h4 class="wp-block-heading">What Hundreds of Economic News Events Say About Belief Overreaction in the Stock Market</h4> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-14 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:25%"> <p class="sffed-has-margin-top-none sffed-has-margin-bottom-none">Speaker:</p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:75%"> <p class="sffed-has-margin-top-none sffed-has-margin-bottom-none"><strong><a href="https://www.sydneyludvigson.com/" target="_blank" data-type="link" data-id="https://www.sydneyludvigson.com/" rel="noreferrer noopener nofollow">Sydney Ludvigson</a></strong>, <em>New York University</em></p> </div> </div> </div> <div style="height:25px" aria-hidden="true" class="wp-block-spacer"></div> <h4 class="wp-block-heading"><em>Session Three</em></h4> <div class="wp-block-group is-layout-flow wp-block-group-is-layout-flow"> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-15 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:25%"> <p class="sffed-has-margin-top-none sffed-has-margin-bottom-none">Chair:</p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:75%"> <p class="sffed-has-margin-top-none sffed-has-margin-bottom-none"><strong>Thomas Mertens</strong>, <em>Federal Reserve Bank of San Francisco</em></p> </div> </div> <h4 class="wp-block-heading">Risk and Risk-Free Rates</h4> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-16 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:25%"> <p class="sffed-has-margin-top-none sffed-has-margin-bottom-none">Authors:</p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:75%"> <p class="sffed-has-margin-top-none sffed-has-margin-bottom-none"><a href="https://sites.google.com/view/metekilic/" target="_blank" data-type="link" data-id="https://sites.google.com/view/metekilic/" rel="noreferrer noopener nofollow">Mete Kilic</a>, <em>University of Southern California</em><br>Zhao Zhang, <em>University of Southern California </em><br>Aleksandr Zotov, <em>International Monetary Fund</em></p> </div> </div> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-17 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:25%"> <p class="sffed-has-margin-top-none">Discussant:</p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:75%"> <p class="sffed-has-margin-top-none"><a href="https://sites.google.com/site/ancieslak/" target="_blank" data-type="link" data-id="https://sites.google.com/site/ancieslak/" rel="noreferrer noopener nofollow">Anna Cieslak</a>, <em>Duke鈥檚 Fuqua School of Business</em></p> <p><a href="/wp-content/uploads/Kilic-Risk-and-Risk-Free-Rates.pdf" data-type="link" data-id="/wp-content/uploads/Kilic-Risk-and-Risk-Free-Rates.pdf">Download paper</a> (pdf, 1 mb)</p> </div> </div> <h4 class="wp-block-heading">Exchange Rates, Natural Rates, and the Price of Risk</h4> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-18 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:25%"> <p class="sffed-has-margin-top-none sffed-has-margin-bottom-none">Authors:</p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:75%"> <p class="sffed-has-margin-top-none sffed-has-margin-bottom-none"><a href="https://sites.google.com/site/rohankekre/" data-type="link" data-id="https://sites.google.com/site/rohankekre/" rel="nofollow noopener" target="_blank">Rohan Kekre</a>, <em>University of Chicago, Booth School of Business</em> <br>Moritz Lenel, <em>Princeton University</em></p> </div> </div> <div class="wp-block-columns is-layout-flex wp-container-core-columns-is-layout-19 wp-block-columns-is-layout-flex"> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:25%"> <p class="sffed-has-margin-top-none">Discussant:</p> </div> <div class="wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:75%"> <p class="sffed-has-margin-top-none"><a href="https://gsb-faculty.stanford.edu/hanno-lustig/" data-type="link" data-id="https://gsb-faculty.stanford.edu/hanno-lustig/" rel="nofollow noopener" target="_blank">Hanno Lustig</a>, <em>Stanford University Graduate School of Business</em></p> <p><a href="/wp-content/uploads/Kekre-v2-Exchange-Rates-Natural-Rates-and-the-Price-of-Risk.pdf" data-type="link" data-id="/wp-content/uploads/Kekre-v2-Exchange-Rates-Natural-Rates-and-the-Price-of-Risk.pdf">Download paper</a> (pdf, 2 mb)</p> </div> </div> </div> </div> </div> </div> </div> <div class="sffed-social-media-share-sidebar wp-block-column is-layout-flow wp-block-column-is-layout-flow" style="flex-basis:85px"> <ul style="background:#FCF6EE;border-radius: 15px;flex-wrap:wrap" class="is-content-justification-center is-layout-flex wp-container-16 is-style-logos-only has-text-color wp-block-sffed-blocks-social-media-share"><li class="wp-social-link wp-social-link-linkedin wp-block-social-link"><a 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