Nobel symposium on “Money and Banking”

Nobel Symposium on “Money and Banking”

May 26-28, 2018

The goal of this Nobel Symposium is to discuss the insights from the recent convergence of the
literatures on money and banking, as well as future trends. The conference brings together
leading researchers in the fields of financial intermediation, monetary economics, and
macroeconomics to discuss their research in this area, both theoretical and empirical, and its
impact on academic economics as well as on regulation and policy. The conference is organized
by the Prize Committee for the Sveriges Riksbank Prize in Economic Sciences in the Memory of
Alfred Nobel, in cooperation with the Swedish House of Finance (SHoF). We are grateful to
Riksbankens Jubileumsfond for financial support.

Conference format:

The conference runs over 2½ days from morning Saturday May 26 to noon Monday 28. The first
two days consist of ten different sessions, each covering a particular topic in the area of “Money
and Banking”. For each topic, which runs for 1.5 hours, there are two presenters (25 minutes
each) and two commentators (10 minutes each), followed by general discussion. These sessions
will be open to attend for selected invitees, primarily academics but also selected policymakers
and practitioners with an academic interest. The third half-day is open to students and the
general public, and features two panel discussions on more broad topics and policy implications.

Nobel symposium on “Money and Banking” - Program

Saturday, May 26 Clarion Hotel Sign

8.30-10.00 Asymmetric information in financial markets

Presenters:
Albert ‘Pete’ Kyle (Maryland)
Darrell Duffie (Stanford)

Commentators:
Laura Veldkamp (Columbia)
Veronica Guerrieri (Chicago)

10.00-10.30 Coffee Break

10.30-12.00 Financial intermediaries and liquidity creation

Presenters:
Douglas Diamond (Chicago)
Nobuhiro Kiyotaki (Princeton)

Commentators:
Neil Wallace (Penn State)
Emmanuel Farhi (Harvard)

12.00-13.00 Lunch

13.00-14.30 Financial regulation

Presenters:
Raghuram Rajan (Chicago)
Gary Gorton (Yale)

Commentators:
Amit Seru (Stanford)
Martin Hellwig (tentative) (Max Planck Institute)

14.30-14.45 Coffee Break

14.45-16.15 Indebtedness of governments, firms, and households

Presenters:
Kenneth Rogoff (Harvard)
Atif Mian (Princeton)

Commentators:
Alan Taylor (UC Davis)
Martin Schneider (Stanford)

16.15-16.45 Coffee Break

16.45-18.15 International Financial Crises

Presenters:
Carmen Reinhart (Harvard)
Ricardo Caballero (MIT)

Commentators:
Helene Rey (London Business School)
Guido Lorenzoni (tentative) (Northwestern)

19.30 Conference dinner (By invitation only)

Sunday, May 27 Clarion Hotel Sign

8.30-10.00 Lessons from the global financial crisis, and crises past

Presenters:
Ben Bernanke (Brookings)
Barry Eichengreen (Berkeley)

Commentators:
Olivier Blanchard (MIT)
Randall Kroszner (Chicago)

10.00-10.30 Coffee Break

10.30-12.00 Leverage cycles

Presenters:
Andrei Shleifer (Harvard)
John Geanakoplos (Yale)

Commentators:
Markus Brunnermeier (Princeton)
José Scheinkman (Columbia)

12.00-13.00 Lunch

13.00-14.30 Modern DSGE models: Theory and evidence

Presenters:
Martin Eichenbaum (Northwestern)
Harald Uhlig (Chicago)

Commentators:
Silvana Tenreyro (LSE)
Ellen McGrattan (Minnesota)

14.30-14.45 Coffee Break

14.45-16.15 The bank lending channel

Presenters:
Mark Gertler (NYU)
Jeremy Stein (Harvard)

Commentators:
Bengt Holmström (MIT)
V.V. Chari (Minnesota)

16.15-16.45 Coffee Break

16.45-18.15 Monetary policy: Conventional and unconventional

Presenters:
Michael Woodford (Columbia)
Stephanie Schmitt-Grohe (Columbia)

Commentators:
Emi Nakamura (Columbia)
John Cochrane (Stanford/Hoover)

19.30 Informal dinner (By invitation only)

Monday, May 28 Stockholm School of Economics,
Sveavägen 65, Stockholm

9.00-10.15 Panel discussion I
Macroeconomic research and the financial crisis: A critical assessment.

Panelists:

Annette Vissing-Jørgensen (Berkeley)
Luigi Zingales (Chicago)
Nancy Stokey (Chicago)
Robert Barro (Harvard)

10.15-10.30 Break

10.30-12.00 Panel discussion II
Banking and finance research and the financial crisis: A critical assessment.

Panelists:
Kristin Forbes (MIT)
Stanley Fischer
Amir Sufi (Chicago)
Antoinette Schoar (MIT)

Nobel symposium on “Money and Banking” - Conference venue

Clarion Hotel Sign, Stockholm, Östra Järnvägsgatan 35, 101 26 Stockholm

Nobel symposium on “Money and Banking” - Discussants and Presenters

Barro Robert J Harvard University

Robert J Barro Harvard University

Robert J. Barro is Paul M. Warburg Professor of Economics at Harvard University, a visiting scholar at American Enterprise Institute, and a research associate of the National Bureau of Economic Research.  He has a Ph.D. in economics from Harvard University and a B.S. in physics from Caltech.  Barro is co-editor of Harvard’s Quarterly Journal of Economics and was previously President of the Western Economic Association, Vice President of the American Economic Association, a viewpoint columnist for Business Week, and a contributing editor of The Wall Street Journal.  Noteworthy research includes empirical determinants of economic growth, economic effects of public debt and budget deficits, and the economics of religion.  Current research focuses on the impact of rare disasters on asset markets and macroeconomic activity, with recent applications to environmental protection, quantities of safe assets, and pricing of stock options.  Books include Religion and Economics (with Rachel McCleary, forthcoming), Economic Growth (2nd edition, with Xavier Sala-i-Martin); Macroeconomics; Nothing Is Sacred: Economic Ideas for the New Millennium; Determinants of Economic Growth; Getting It Right: Markets and Choices in a Free Society; and Education and Modernization Worldwide, from the 19th to the 21st Century (with Jong-Wha Lee).


Ben Bernanke Brookings

Ben Bernanke Brookings

Ben Bernanke is a Distinguished Fellow at the Brookings Institution.  He has been a professor at Stanford University (1979-85) and Princeton University (1985-2002).  He served as a Federal Reserve governor (2002-2005), chairman of the President’s Council of Economic Advisers (2005-06), and chairman of the Federal Reserve (2006-2014).


Bordo Michael

Michael Bordo


Ricardo Caballero MIT

Ricardo Caballero MIT

Ricardo J. Caballero is the Ford International Professor of Economics, a director of the World Economic Laboratory at the Massachusetts Institute of Technology, and an NBER Research Associate.  Caballero was the Chairman of MIT’s Economics Department (2008-2011).  His teaching and research fields are macroeconomics and finance. His current research looks at the macroeconomic implications of reduced risk tolerance and safe asset shortages, global capital markets, speculative episodes and financial bubbles, and systemic crises prevention mechanisms. He has also written about aggregate consumption and investment, exchange rates, externalities, growth, price rigidity, dynamic aggregation, dynamic reallocation, networks, and complexity.

Caballero has an extensive list of publications in all major academic journals. Among his major awards, he was the winner of the 2002 Frisch Medal of the Econometric Society for “Explaining Investment Dynamics in U.S. Manufacturing: A Generalized (S,s) Approach”, Econometrica, 67(4), July 1999 (joint work with Eduardo Engel);  the Smith Breeden Prize by the American Finance Association  for “Collective Risk Management in a Flight to Quality Episode”, Journal of Finance, 63(5), October 2008 (joint with Arvind Krishnamurthy), Journal of Finance 2014 Brattle Group Prize for distinguished papers for “Fire Sales in a Model of Complexity,” joint with Alp Simsek. In April 1998, Caballero was elected a Fellow of the Econometric Society and subsequently of the American Academy of Arts and Sciences in April 2010.


Elena Carletti Bocconi University

Elena Carletti Bocconi University


Calvo Guillermo Columbia University

Guillermo Calvo Columbia University

Guillermo Calvo is Professor of Economics, International and Public Affairs at Columbia University, and Research Associate at the National Bureau of Economic research (NBER). He is the former chief economist of the Inter-American Development Bank, 2001-2006, President of the Latin American and Caribbean Economic Association, LACEA, 2000-2001, and President of the International Economic Association, IEA, 2005-2008.

Honors include: King Juan Carlos Prize in Economics in 2000, LACEA 2006 Carlos Diaz-Alejandro Prize, Doctor Honoris Causa Di Tella University, 2012, and Universidad de Cordoba (Argentina), 2017.  And fellow of the Econometric Society, the American Academy of Arts and Sciences, and the National Academy of Economic Sciences (Argentina).

His main area of expertise is macroeconomics of Emerging Market and Transition Economies. His recent work has dealt extensively on global liquidity and capital market crises. He has published several books and more than 100 articles in leading economic journals.  He delivered the 2005 Frank D. Graham Memorial Lecture (Princeton University) and the 2012 Ohlin Lectures (Stockholm School of Economics).  The latter were published by MIT Press 2016, and titled “Macroeconomics in Times of Liquidity Crisis: Searching for Economic Essentials.”


Douglas Diamond Chicago

Douglas Diamond Chicago


Darrell Duffie Stanford

Darrell Duffie Stanford

Darrell Duffie is the Dean Witter Distinguished Professor of Finance at Stanford University’s Graduate School of Business, and Professor (by courtesy) in the Department of Economics, Stanford University.

Duffie is a Fellow of the Econometric Society, a Research Fellow of the National Bureau of Economic Research, a Fellow of the American Academy of Arts and Sciences, and a member of the board of directors of Moody’s Corporation. He was the 2009 president of the American Finance Association, and in 2014 chaired the Financial Stability Board’s Market Participants Group on Reference Rate Reform.

Duffie’s recent focuses on capital markets and financial stability. His research is published in Econometrica, Journal of Political Economy, and Journal of Finance, among other journals.  His books include How Big Banks Fail (Princeton University Press, 2010), Measuring Corporate Default Risk (Oxford University Press, 2011), and Dark Markets (Princeton University Press, 2012).


Gauti Eggertsson Brown University

Gauti Eggertsson Brown University


Martin Eichenbaum Northwestern

Martin Eichenbaum Northwestern

Martin Eichenbaum is the Charles Moskos Professor of economics at Northwestern University and the co-director of the Center for International Economics at Northwestern University. He has been at Northwestern University since 1988.  He has also taught at the University of Chicago and the Wharton School, University of Pennsylvania.

Eichenbaum earned his PhD in economics from the University of Minnesota. He served as the co-editor of the American Economic Review from 2011-2015 and is currently the co-editor of the NBER Macro Annual.  He is a fellow of the American Academy of Arts and Sciences, a fellow of the Econometric Society, and a Research Associate of the National Bureau of Economic Research. He is currently a consultant to the Federal Reserve Banks of Atlanta and San Francisco. In addition he serves on the advisory council of the Global Markets Institute at, Goldman Sachs and the academic advisory council of the Federal Reserve Bank of Chicago.  Finally, he is on the Board of Directors of the Bank of Montreal.


Barry Eichengreen Berkeley

Barry Eichengreen Berkeley

Barry Eichengreen is the George C. Pardee and Helen N. Pardee Professor of Economics and Professor of Political Science at the University of California, Research Associate of the National Bureau of Economic Research, and Research Fellow of the Centre for Economic Policy Research. In 1997-98 he was Senior Policy Advisor at the International Monetary Fund. He is a fellow of the American Academy of Arts and Sciences (class of 1997).

Professor Eichengreen is the convener of the Bellagio Group of academics and economic officials and chair of the Academic Advisory Committee of the Peterson Institute of International Economics. He has held Guggenheim and Fulbright Fellowships and has been a fellow of the Center for Advanced Study in the Behavioral Sciences (Palo Alto) and the Institute for Advanced Study (Berlin). He is a regular monthly columnist for Project Syndicate.

Professor Eichengreen’s most recent books are “The Populist Temptation: Economic Grievance and Political Reaction in the Advanced Economies” (Oxford University Press), “How Global Currencies Work: Past, Present and Future” (Princeton University Press), and “Hall of Mirrors: The Great Depression, the Great Recession, and the Uses — and Misuses — of History” (Oxford University Press).


Stanley Fischer  


Forbes Kristin J MIT

Kristin J Forbes MIT

Kristin Forbes is the Jerome and Dorothy Lemelson Professor of Management and Global Economics at MIT’s Sloan School of Management. She has regularly rotated between academia and senior policy positions. From 2014-2017 she was an External Member of the Monetary Policy Committee for the Bank of England. From 2003 to 2005 Forbes served as a Member of the White House’s Council of Economic Advisers and from 2001-2002 she was a Deputy Assistant Secretary in the U.S. Treasury Department. She also was a Member of the Governor’s Council of Economic Advisers for the State of Massachusetts from 2009-2014.
Forbes’ academic research addresses policy-related questions in international macroeconomics, with recent work including topics such as: exchange rate pass-through, capital flows, macroprudential regulation, financial crises, contagion, current account imbalances, capital controls, and inflation dynamics. She was honored as one of the top 25 economists under the age of 45 who are “shaping how we think about the global economy” and previously named a “Young Global Leader” as part of the World Economic Forum at Davos. Forbes is currently a research associate at the NBER and CEPR, and a member of the Bellagio Group and Council on Foreign Relations. She has won numerous teaching awards and teaches one of the most popular classes at MIT’s Sloan School. Before joining MIT, Forbes worked at the World Bank and Morgan Stanley. She received her PhD in Economics from MIT and graduated summa cum laude with highest honors from Williams College


John Geanakoplos Yale

John Geanakoplos Yale

John Geanakoplos is the James Tobin Professor of Economics and co-Director of Hellenic Studies at Yale University, a member of the inaugural Yale Faculty Senate, a Fellow of the American Academy of Arts and Sciences and the Econometric Society, and a recipient of the Samuelson Prize. He is a creator of the theory of Collateral Equilibrium and the Leverage Cycle. From 1990-1994 he was Director of Fixed Income Research at the investment bank Kidder Peabody, and in 1995 he was one of the founders of the hedge fund Ellington Capital Management, where he remains a partner. He was Director of the Cowles Foundation for Research in Economics for 9 years, and director of the Science Steering Committee for the Santa Fe Institute for 6 years. He has testified several times in Congress about mortgage debt forgiveness. He got his BA at Yale, and his PhD at Harvard under Ken Arrow.


Nicola Genniaioli Bocconi University

Nicola Genniaioli Bocconi University


Mark Gertler NYU

Mark Gertler NYU


Mariassunta Gianetti, Swedish House of Finance

Mariassunta Giannetti Stockholm School of Economics

Mariassunta Giannetti is a professor of Finance at the Stockholm School of Economics, a CEPR research fellow, and a research associate of the ECGI. She holds a Ph.D. in Economics from the University of California, Los Angeles and completed her B.A. and M.Sc. at Bocconi University (Italy). Professor Giannetti has broad research interests in corporate finance and financial intermediation. She is the recipient of numerous awards including the NYU Stern/ Imperial/ Fordahm Rising Star in Finance award, the Sun Yefang Financial Innovation Award, the ECGI Standard Life Investments Finance Prize, the  Assar Lindbeck Medal, the Journal of Financial Intermediation best paper award, the ECB Lamfalussy Research Fellowship, the ECB Duisenberg Fellowship, and the Stockholm School of Economics Annual Research award.  Professor Giannetti serves or has been serving as associate editor of several journals, including the Review of Financial Studies, the Review of Finance,  and as a director of the European Finance Association and the Financial Intermediation Research Society.  She has published widely-cited research in leading journals in Finance, Economics, and Management, including the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the American Economic Review, and Management Science.


Gary Gorton Yale

Gary Gorton Yale

Gary B. Gorton is The Frederick Frank Class of 1954 Professor of Finance at the Yale School of Management, which he joined in August 2008. Prior to joining Yale, he was the Robert Morris Professor of Banking and Finance at The Wharton School of the University of Pennsylvania, where he taught during 1984-2008. Dr. Gorton has done research in many areas of finance and economics, including both theoretical and empirical work. He is the author of Slapped by the Invisible Hand: The Panic of 2007 (Oxford University Press), Misunderstanding Financial Crises (Oxford University Press), The Maze of Banking (Oxford) and Fighting Financial Crises, with Ellis Tallman (University of Chicago Press).

Dr. Gorton has consulted for the U.S. Board of Governors of the Federal Reserve System, various U.S. Federal Reserve Banks, the Bank of England, the Bank of Japan, and the Central Bank of Turkey. He was a consultant to AIG Financial Products during 1996-2008.

Dr. Gorton received his doctorate in Economics from the University of Rochester. In the field of economics, he received Master’s degrees at the University of Rochester and Cleveland State University, and also received a Master’s degree in Chinese Studies from the University of Michigan.

 


Nobu Kiyotaki Princeton

Nobu Kiyotaki Princeton

Nobuhiro Kiyotaki is the Harold H. Helm ’20 Professor of Economics and Banking at Princeton University. He received his Ph.D. from Harvard University in 1985. He has published widely in macroeconomics and monetary economics, including “Monopolistic Competition and the Effects of Aggregate Demand,” with Olivier Blanchard in 1987, “On Money as a Medium of Exchange,” with Randall Wright in 1989, “Credit Cycles,” with John Moore in 1997, and “Banking, Liquidity and Bank Runs in an Infinite Horizon Economy,” with Mark Gertler in 2015. Kiyotaki also worked at the University of Wisconsin-Madison, the University of Minnesota and the London School of Economics and Political Science before Princeton. Among professional honors, Kiyotaki received the 1999 EEA Yrjo Jahnsson Award and the 2010 Stephen A. Ross Prize in Financial Economics, together with John Moore, and also the 2014 Banque de France-TSE Senior Prize in Monetary Economics and Finance.


Pete Kyle Maryland

Pete Kyle Maryland


Robert Lucas University of Chicago

Robert Lucas University of Chicago


Atif Mian Princeton

Atif Mian Princeton

Atif Mian is John H. Laporte, Jr. Class of 1967 Professor of Economics, Public Policy and Finance at Princeton University, and Director of the Julis-Rabinowitz Center for Public Policy and Finance at the Woodrow Wilson School. He holds a bachelors degree in Mathematics with Computer Science and Ph.D. in Economics from MIT. Prior to joining Princeton in 2012 he taught at the University of California, Berkeley and the University of Chicago Booth School of business. Professor Mian’s work studies the connections between finance and the macro economy. His latest book, House of Debt, with Amir Sufi builds upon powerful new data to describe how debt precipitated the Great Recession. The book explains why debt continues to threaten the global economy, and what needs to be done to fix the financial system. House of Debt is critically acclaimed by The New York Times, Financial Times, The Wall Street Journal,The Economist, and The Atlantic among others. Professor Mian’s research has appeared in top academic journals, including the American Economic ReviewEconometrica, Quarterly Journal of EconomicsJournal of FinanceReview of Financial Studies and Journal of Financial Economics.


Moore John H

John H Moore


Raghuram Rajan Chicago

Raghuram Rajan Chicago

Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. He was the Governor of the Reserve Bank of India between 2013 and 2016, and also served as Vice-Chairman of the Board of the Bank for International Settlements between 2015 and 2016. Dr. Rajan was the Chief Economist and Director of Research at the International Monetary Fund from 2003 to 2006.

Dr. Rajan’s research interests are in banking, corporate finance, and economic development, especially the role finance plays in it. He co-authored Saving Capitalism from the Capitalists with Luigi Zingales in 2003. He then wrote Fault Lines: How Hidden Fractures Still Threaten the World Economy, for which he was awarded the Financial Times-Goldman Sachs prize for best business book in 2010.

Dr. Rajan was the President of the American Finance Association in 2011 and is a member of the American Academy of Arts and Sciences and the Group of Thirty. In 2003, the American Finance Association awarded Dr. Rajan the inaugural Fischer Black Prize for the best finance researcher under the age of 40. The other awards he has received include the Deutsche Bank Prize for Financial Economics in 2013, Euromoney magazine’s Central Banker of the Year Award 2014 and The Banker magazine’s Global Central Banker of the Year award in 2016.


Carmen Reinhart Harvard

Carmen Reinhart Harvard

http://www.carmenreinhart.com/

Carmen M. Reinhart is the Minos A. Zombanakis Professor of the International Financial System at Harvard Kennedy School. Previously, she was the Dennis Weatherstone Senior Fellow at the Peterson Institute for International Economics. Professor Reinhart held positions as Chief Economist and Vice President at the investment bank Bear Stearns in the 1980s. She spent several years at the International Monetary Fund. Reinhart was a member of the Congressional Budget Office Panel of Economic Advisers and is a member of the Economic Advisory Panel of the Federal Reserve Bank of New York. She has been listed among Bloomberg Markets Most Influential 50 in Finance, Foreign Policy’s Top 100 Global Thinkers, and Thompson Reuters’ The World’s Most Influential Scientific Minds. She is the recipient of NABE’s 2018 Adam Smith Award.

Reinhart has written on a variety of topics in macroeconomics and international finance. She has served on numerous editorial boards and has testified before congress. Her work has helped to inform the understanding of financial crises for over a decade. Her best-selling book (with Kenneth S. Rogoff) entitled This Time is Different: Eight Centuries of Financial Folly documents the striking similarities of the recurring booms and busts that have characterized financial history and has been translated to over 20 languages and won the 2010 Paul A. Samuelson TIAA-CREF Institute Award, among others.


Ricardo Reis London School of Economics

Ricardo Reis London School of Economics

Professor Reis received his PhD in Economics from Harvard University in 2004. He has previously held appointments in the economics departments at Columbia University and Princeton University. Recently, he won the 2017 Banque de France / Toulouse School of Economics junior prize and the 2016 Bernacer prize. He is currently director of the Centre for Macroeconomics, a recipient of an ERC grant, and an academic consultant at the Bank of England.

Professor Reis’ research contributions are the study of sticky information and disagreement in surveys of expectations, capital misallocation as a cause for the European slump, the role of reserves on quantitative easing and central bank solvency, the dynamics of inflation and how to control it, the operation of optimal fiscal stabilizers, and the development of sovereign bond backed securities (ESBies).


Jean-Charles Rochet University of Zurich

Jean-Charles Rochet University of Zurich


 

Kenneth Rogoff Harvard

Kenneth Rogoff Harvard

Kenneth Rogoff is Thomas D. Cabot Professor of Public Policy at Harvard University.  From 2001-2003, Rogoff served as Chief Economist at the International Monetary Fund.   His books include Foundations of International Macroeconomics (joint with Maurice Obstfeld, 1996), This Time is Different:  Eight Centuries of Financial Folly (with Carmen Reinhart, 2009) and The Curse of Cash, 2016. Rogoff journal writings include work on central bank independence, empirical exchange rate models, political budget cycles as well as sovereign borrowing and default.

Rogoff is an elected member of the National Academy of Sciences and the American Academy of Arts and Sciences. He was awarded the Deutschebank Prize in 2001, and is 8th on RePec’s  ranking of economists by scholarly citations, 3rd for publications the last ten years. He is also an international grandmaster of chess.

http://scholar.harvard.edu/rogoff

 


Antoinette Schoar MIT

Antoinette Schoar MIT

Antoinette Schoar is the Michael M. Koerner (49’) Professor of Entrepreneurial Finance at the MIT Sloan School of Management. She holds a PhD is in Economics from the University of Chicago and an undergraduate degree from the University of Cologne, Germany. She is the co-chair of the NBER Corporate Finance group and an associate editor of the Journal of Finance. Her research interests span from entrepreneurship and financing of small businesses in emerging markets to household finance and intermediation in retail financial markets. She received several awards including the Brattle Prize for best paper in the Journal of finance and the Kauffman Prize Medal for Distinguished Research in Entrepreneurship. She has published numerous papers in the Journal of Finance, Journal of Financial Economic, the Quarterly Journal of Economics and others. She also is the cofounder of ideas42 a non-profit organization that uses insights from behavioral economics and psychology to solve social problems.


Stephanie Schmitt-Grohé Columbia

Stephanie Schmitt-Grohé Columbia

Stephanie Schmitt-Grohé (Ph.D. Chicago 1994) is a professor of economics in the Department of Economics at Columbia University, a research associate of the NBER and the CEPR. Prior to joining Columbia, Schmitt-Grohé worked at Duke, Rutgers, and the Board of Governors of the Federal Reserve System.  Currently, she is a regular research visitor at the European Central Bank. Schmitt-Grohé is a co-author of the 2017 Princeton University Press graduate text “Open Economy Macroeconomics” (joint with Martín Uribe). Her work has been honored with the Bernácer Prize, which is awarded annually to a European economist under the age of 40, who has made outstanding contributions in the fields of macroeconomics and finance. Her research focuses on the design of monetary policy, including exist strategies from liquidity traps, and on understanding the sources and propagation of macroeconomic shocks within and across countries.


Andrei Shleifer Harvard

Andrei Shleifer Harvard

A Professor of Economics at Harvard University, Andrei Shleifer holds an undergraduate degree from Harvard and a Ph.D. from MIT. Before coming to Harvard in 1991, he has taught at Princeton and the Chicago Business School. Shleifer has worked in the areas of comparative corporate governance, law and finance, behavioral finance, as well as institutional economics. He has published six books, including The Grabbing Hand (with Robert Vishny), and Inefficient Markets: An Introduction to Behavioral Finance, as well as over a hundred articles. Shleifer is an Editor of the Quarterly Journal of Economics, and a fellow of the Econometric Society, the American Academy of Arts and Sciences, and the American Finance Association. In 1999, Shleifer won the John Bates Clark medal of the American Economic Association.


Jeremy Stein Harvard

Jeremy Stein Harvard

Jeremy C. Stein is the Moise Y. Safra Professor of Economics at Harvard University and serves on the board of directors of the Harvard Management Company. From May 2012 to May 2014, he was a member of the Board of Governors of the Federal Reserve System. In 2009, he served as a senior advisor to the Treasury Secretary and on the staff of the National Economic Council.

Before coming to Harvard in 2000, Stein was on the finance faculty of M.I.T.’s Sloan School of Management for ten years, most recently as the J.C. Penney Professor of Management.  Prior to that, he was an assistant professor of finance at the Harvard Business School from 1987-1990.  He received his AB in economics summa cum laude from Princeton University in 1983 and his PhD in economics from M.I.T. in 1986.


Stokey Nancy University of Chicago

Nancy Stokey University of Chicago

Nancy Stokey is the Frederick Henry Prince Distinguished Service Professor of Economics at the University of Chicago. She is a member of the National Academy of Sciences (elected 2004) as well as a Distinguished Fellow of the American Economic Association (2018), a Fellow of the American Academy of Arts and Sciences (1993) and a Fellow of the Econometric Society (1988). From 1996 to 1997, she served as vice president of the American Economic Association. She has also served as an editor of Econometrica and of the Journal of Political Economy, and as a member of the expert panel for the Copenhagen Consensus Center, a think-tank that focuses on the international community’s effort to solve the world’s leading scientific and developmental problems of the twenty-first century.

A prolific and distinguished researcher, Stokey is co-author (with Robert E. Lucas, Jr. and Edward C. Prescott) of the influential monograph Recursive Methods in Economic Dynamics (1989), which has provided the mathematical basis for much of modern macroeconomics, and she is author of The Economics of Inaction (2009), which treats models that involve fixed costs of adjustment.

Stokey has contributed to various areas of economics, with the first rigorous proof of the famous Coase conjecture, and as co-developer (with Paul Milgrom) of the No-Trade theorem, a result that presents a fundamental puzzle about information, stock market prices, and the volume of trading. She is also co-developer (with Robert E. Lucas, Jr.) of an aggregate model of dynamic taxation and debt policy that has served as the foundation for much subsequent work in that area. Stokey’s recent work has focused on economic growth, especially on the role of trade and technology transfers in accelerating growth in middle-income countries, and on the interaction between human capital and technology in determining wage patterns and growth rates in developed economies.


Sufi Amir University of Chicago

Amir Sufi University of Chicago


Svensson Lars EO Stockholm School of Economics

Lars EO Svensson Stockholm School of Economics

Professor Lars E.O. Svensson is Affiliated Professor at the Stockholm School of Economics since May 2013. During September-November 2016 he was a Duisenberg Fellow at the Directorate General Research, European Central Bank, Frankfurt. During January 2015-March 2016 he was Resident Scholar at the Research Department, International Monetary Fund, Washington, DC. He was Deputy Governor of Sveriges Riksbank (the central bank of Sweden) during May 2007- May 2013, Professor of Economics at Princeton University during 2001-2009, and Professor of International Economics at the Institute for International Economic Studies (IIES), Stockholm University during 1984-2003. He is Affiliated Professor at IIES since June 2009. He has published extensively in scholarly journals on monetary economics and monetary policy, exchange-rate theory and policy, and general international macroeconomics.  He has held visiting positions and lectured at universities, central banks, and international organizations in several countries. He received his Ph.D. in economics from Stockholm University.

He received the Great Gold Medal of the Royal Swedish Academy of Engineering Sciences in 2012. He is a foreign honorary member of the American Economic Association, a member of the Royal Swedish Academy of Sciences, a member of Academia Europaea, a foreign member of the Finnish Academy of Science and Letters, a foreign honorary member of the American Academy of Arts and Sciences, an honorary member of the Latin American and Caribbean Economic Association, a fellow of the Econometric Society, a fellow of the European Economic Association, a research associate of the National Bureau of Economic Research, and a research fellow of the Centre for Economic Policy Research, London.  He was chair of the Prize Committee for the Alfred Nobel Memorial Prize in Economic Sciences during 1999-2001, member during 1993-2002, and secretary during 1988-1992.

He was active as advisor to Sveriges Riksbank during 1990-2007 and was a member of the Monetary Policy Advisory Board and the Economic Advisory Panel of the Federal Reserve Bank of New York from 2004 until his appointment in 2007 as Deputy Governor of the Riksbank.  He has regularly consulted for international, U.S., and Swedish agencies and organizations.  In 2000-2001 he undertook a review of monetary policy in New Zealand, commissioned by the New Zealand government, and in 2002 he chaired a committee reviewing monetary policy in Norway.


Taylor John B Stanford University

John B Taylor Stanford University


Silvana Tenreyro London School of Economics

Silvana Tenreyro London School of Economics

Silvana Tenreyro is Professor in Economics at the London School of Economics. She obtained her MA and PhD in Economics from Harvard University. Before joining the Bank, she was co-Director and Board member of the Review of Economic Studies and Chair of the Women’s Committee of the Royal Economics Society.

In the past, Silvana worked at the Federal Reserve Bank of Boston and served as external Monetary Policy Committee member for the Central Bank of Mauritius. She has also been Director of the Macroeconomics Programme at the International Growth Centre, Chair of the Women in Economics Committee of the European Economic Association, Member at Large of the European Economic Association, panel member for economic policy and Associate Editor for JEEA, the Journal of Monetary Economics, Economica, and the Economic Journal. She is a lead academic at the Centre for Macroeconomics and Research Associate at the Centre for Economic Performance and the Centre for Economic Policy Research.

Her main research interests are macroeconomics – particularly monetary policy – international economics and macro-development.


Harald Uhlig Chicago

Harald Uhlig Chicago

Uhlig is a Professor in the Kenneth C. Griffin Department of Economics at the University of Chicago.  Uhlig has been a member of the Economics department since 2007 and served as the department Chairman from 2009 – 2012.  Previously, he held positions at Princeton University, Tilburg University and the Humboldt Universität Berlin.  Uhlig’s research interests are in macroeconomics, financial markets and Bayesian econometrics, and in particular at the intersection of these three.

Among Uhlig’s many accomplishments, he served as Co-Editor of Econometrica from 2006 to 2010, and is currently the Managing Editor of the Journal of Political Economy (JPE) since July 2013.  He is a consultant of the Bundesbank, European Central Bank and the Federal Reserve Bank of Chicago.  He chaired the CEPR European Business Cycle Dating Committee from 2005 to 2012 and he is a member of the NBER.


Vayanos Dimitri London School of Economics

Dimitri Vayanos London School of Economics

Dimitri Vayanos is Professor of Finance at the London School of Economics, where he also directs the Paul Woolley Centre for the Study of Capital Market Dysfunctionality. He is a Fellow of the British Academy, a Director and former Managing Editor of the Review of Economic Studies, a Research Fellow at CEPR and a former Director of its Financial Economics program, a Research Associate at NBER, and a former Director of the American Finance Association. His research, published in leading economics and finance journals focuses on financial markets, and especially on what drives market liquidity, why asset prices can differ from assets’ fundamental values, why bubbles and crises can occur, and what are appropriate regulatory and policy responses. He is one of the Editors of the book “Beyond Austerity: Reforming the Greek Economy”, and one of the authors of the European Safe Bonds (ESBies) proposal.


Vissing-Jorgensen

Annette Vissing-Jorgensen Berkeley

Annette Vissing-Jorgensen is a professor at the Haas School of Business at University of California Berkeley. Before joining Haas she was on the faculty at Northwestern University and University of Chicago. She holds a B.A. from University of Aarhus, an M.Sc. from Warwick University and a Ph.D. from MIT. Her research focuses on empirical asset pricing, monetary policy, household finance and entrepreneurship. Her work is published in leading economics and finance journals (Journal of Political Economy, American Economic Review, Quarterly Journal of Economics, Journal of Finance, Journal of Financial Economics and Review of Financial Studies). She has been a director of both the American Finance Association and the European Finance Association.


Michael Woodford Columbia

Michael Woodford Columbia


Zingales Luigi University of Chicago

Luigi Zingales University of Chicago