AGENDA
The Tenth International Workshop on Theoretical and Experimental Macroeconomics
June 25-26, 2019
Bank of Canada, Ottawa, Canada
Tuesday, June 25, 2019
08:20–08:50
Registration and Continental Breakfast
Note that all sessions will take place at the Bank of Canada, in the Conference Centre. To enter the Bank, please use the entrance to the Bank of Canada Museum, located at 30 Bank Street (corner of Bank and Wellington Streets) and bring a piece of government-approved photo identification.
08:50–09:00
Opening Remarks
Governor Stephen S. Poloz (Bank of Canada)
09:00–10:30
Session I: Monetary Policy
Chair: Gabriele Camera (Chapman University and University of Bologna )
Inflation and Welfare in the Laboratory
Janet Hua Jiang (Bank of Canada), Daniela Puzzello (Indiana University) and Cathy Zhang (Purdue University)
Price Level versus Inflation Targeting under Heterogeneous Expectations: a Laboratory Experiment
Cars Hommes (University of Amsterdam and Tinbergen Institute) and Tomasz Makarewicz (Otto-Friedrich-Universitat Bamberg)
10:30–11:00
Refreshment Break
11:00–12:30
Session II: Banking
Chair: Jonathan Chiu (Bank of Canada)
Are Sunspots Effective in a Large Crowd? Evidence from a Large-scale Bank Run Experiment
Jasmina Arifovic (Simon Fraser University), Cars Hommes (University of Amsterdam and Tinbergen Institute), Anita Kopányi-Peuker (University of Amsterdam and Tinbergen Institute), and Isabelle Salle (Bank of Canada)
Liquidity Requirements and the Interbank Loan Market: An Experimental Investigation
Douglas Davis (Virginia Commonwealth University), Oleg Korenok (Virginia Commonwealth University), John Lightle (Virginia Commonwealth University), and Edward S. Prescott (Federal Reserve Bank of Cleveland)
12:30–13:30
Lunch
13:30–14:30
Keynote Presentation
Chair: John Duffy (University of California, Irvine)
Leverage, Asset Prices, and Default in the Laboratory
Marco Cipriani (Federal Reserve Bank of New York), Ana Fostel (University of Virginia), and Daniel Houser (George Mason University)
14:30–15:00
Refreshment Break
15:00–16:30
Session III: Central Bank Communication
Chair: Robert Amano (Bank of Canada)
Vague Talk in ECB Press Conference: News or Noise?
Nan Hu (Goethe University Frankfurt) and Zexi Sun (Goethe University Frankfurt)
Enhancing Central Bank Communications Using Simple and Relatable Information
David Bholat (Bank of England), Nida Broughton (The Behavioral Insights Team)), Alice Parker (Bank of England), Janna Ter Meer (The Behavioral Insights Team) and Eryk Walczak (Bank of England)
16:30–17:00
Refreshment Break
17:00–18:00
Panel Discussion: The Future of Experimental Macroeconomics
Moderator: Luba Petersen (Simon Fraser University)
Panelists: Jasmina Arifovic (Simon Fraser University), John Duffy (University of California, Irvine), Cars Hommes (University of Amsterdam and Tinbergen Institute), Damjan Pfajfar (Board of Governors of the Federal Reserve System)
18:00
Reception and Dinner (by invitation only)
Host: Paul Beaudry (Deputy Governor, Bank of Canada)
Bank of Canada, Noël Terrace, entrance via the East Tower Lobby (corner of Sparks and Bank Streets).
Wednesday, June 26, 2019
08:30–09:00
Continental Breakfast
Note that all sessions will take place at the Bank of Canada, in the Conference Centre. To enter the Bank, please use the entrance to the Bank of Canada Museum, located at 30 Bank Street (corner of Bank and Wellington Streets) and bring a piece of government-approved photo identification.
09:00–10:30
Session IV: Saving and Labor Decisions
Chair: Olena Kostyshyna (Bank of Canada)
Perceived Wealth and Borrowing Attitudes: the Leverage Bias Hypothesis
Tiziana Assenza (Toulouse School of Economics and Complexity Lab in Economics, Universita Cattolica del Sacro Cuore), Alberto Cardaci (Complexity Lab in Economics, Universita Cattolica del Sacro Cuore), and Domenico Delli Gatti (Complexity Lab in Economics, Universita Cattolica del Sacro Cuore and CESifo Group Munich)
Wealth Effects and Labor Supply: An Experimental Study
Deniz Nebioglu (MEF University, Bilgi Economics Lab of Istanbul) and Ayça Ebru Giritligil (Istanbul Bilgi University, Bilgi Economics Lab of Istanbul)
10:30–11:00
Refreshment Break
11:00–12:30
Session V: Behavioral Theory and Evidence
Chair: Rosemarie Nagel (ICREA, Universitat Pompeu Fabra, and Barcelona GSE)
Economic Agents as Imperfect Problem Solvers
Cosmin Ilut (Duke University and NBER) and Rosen Valchev (Boston College)
Do You Know That I Know That You Know…? Higher Order Beliefs in Survey Data
Olivier Coibion (University of Texas Austin and NBER), Yuriy Gorodnichenko (University of California Berkeley and NBER), Saten Kumar (Auckland University
of Technology), and Jane Ryngaert (Wake Forest University)
12:30–13:30
Lunch
13:30–14:30
Keynote Presentation
Chair: Oleksiy Kryvtsov (Bank of Canada)
Optimal Taxation in a Global Economy
Varadarajan Chari (University of Minnesota and Federal Reserve Bank of Minneapolis), Juan Pablo Nicolini (Federal Reserve Bank of Minneapolis and Universidad Di Tella) and Pedro Teles (Banco de Portugal, Catolica Lisbon SBE, and CEPR)
14:30–15:00
Refreshment Break
15:00–16:30
Session VI: Expectations in Asset Markets
Chair: Lerby Ergun (Bank of Canada)
Long-Horizon Expectations: a Lab Experiment
George Evans (University of Oregon and University of St Andrews), Cars Hommes ((University of Amsterdam and Tinbergen Institute), Bruce McGough (University of Oregon), and Isabelle Salle (Bank of Canada)
Expectations and Stock Market Participation: Theory and Evidence
Michael Shin (University of California, Irvine)
16:30–17:00
Refreshment Break
17:00–17:45
Session VII: Price Dynamics
Chair: Olga Rud (RMIT University)
Market concentration and the dynamics of prices and mark-ups
Curtis Kephart (New York University, Abu Dhabi) and David Munro (Middlebury College)
17:45–17:55
Closing Remarks
Lawrence Schembri (Deputy Governor, Bank of Canada)
Organizers:
Robert Amano (Bank of Canada)
Gabriele Camera (Chapman University and University of Bologna)
John Duffy (University of California at Irvine)
Janet Jiang (Bank of Canada)
Rosemarie Nagel (ICREA, Universitat Pompeu Fabra, and Barcelona GSE)
Luba Petersen (Simon Fraser University)
Shyam Sunder (Yale University)
The Tenth International Workshop on Theoretical and Experimental Macroeconomics
June 25-26, 2019
Bank of Canada, Ottawa, Canada
Tuesday, June 25, 2019
08:20–08:50
Registration and Continental Breakfast
Note that all sessions will take place at the Bank of Canada, in the Conference Centre. To enter the Bank, please use the entrance to the Bank of Canada Museum, located at 30 Bank Street (corner of Bank and Wellington Streets) and bring a piece of government-approved photo identification.
08:50–09:00
Opening Remarks
Governor Stephen S. Poloz (Bank of Canada)
09:00–10:30
Session I: Monetary Policy
Chair: Gabriele Camera (Chapman University and University of Bologna )
Inflation and Welfare in the Laboratory
Janet Hua Jiang (Bank of Canada), Daniela Puzzello (Indiana University) and Cathy Zhang (Purdue University)
Price Level versus Inflation Targeting under Heterogeneous Expectations: a Laboratory Experiment
Cars Hommes (University of Amsterdam and Tinbergen Institute) and Tomasz Makarewicz (Otto-Friedrich-Universitat Bamberg)
10:30–11:00
Refreshment Break
11:00–12:30
Session II: Banking
Chair: Jonathan Chiu (Bank of Canada)
Are Sunspots Effective in a Large Crowd? Evidence from a Large-scale Bank Run Experiment
Jasmina Arifovic (Simon Fraser University), Cars Hommes (University of Amsterdam and Tinbergen Institute), Anita Kopányi-Peuker (University of Amsterdam and Tinbergen Institute), and Isabelle Salle (Bank of Canada)
Liquidity Requirements and the Interbank Loan Market: An Experimental Investigation
Douglas Davis (Virginia Commonwealth University), Oleg Korenok (Virginia Commonwealth University), John Lightle (Virginia Commonwealth University), and Edward S. Prescott (Federal Reserve Bank of Cleveland)
12:30–13:30
Lunch
13:30–14:30
Keynote Presentation
Chair: John Duffy (University of California, Irvine)
Leverage, Asset Prices, and Default in the Laboratory
Marco Cipriani (Federal Reserve Bank of New York), Ana Fostel (University of Virginia), and Daniel Houser (George Mason University)
14:30–15:00
Refreshment Break
15:00–16:30
Session III: Central Bank Communication
Chair: Robert Amano (Bank of Canada)
Vague Talk in ECB Press Conference: News or Noise?
Nan Hu (Goethe University Frankfurt) and Zexi Sun (Goethe University Frankfurt)
Enhancing Central Bank Communications Using Simple and Relatable Information
David Bholat (Bank of England), Nida Broughton (The Behavioral Insights Team)), Alice Parker (Bank of England), Janna Ter Meer (The Behavioral Insights Team) and Eryk Walczak (Bank of England)
16:30–17:00
Refreshment Break
17:00–18:00
Panel Discussion: The Future of Experimental Macroeconomics
Moderator: Luba Petersen (Simon Fraser University)
Panelists: Jasmina Arifovic (Simon Fraser University), John Duffy (University of California, Irvine), Cars Hommes (University of Amsterdam and Tinbergen Institute), Damjan Pfajfar (Board of Governors of the Federal Reserve System)
18:00
Reception and Dinner (by invitation only)
Host: Paul Beaudry (Deputy Governor, Bank of Canada)
Bank of Canada, Noël Terrace, entrance via the East Tower Lobby (corner of Sparks and Bank Streets).
Wednesday, June 26, 2019
08:30–09:00
Continental Breakfast
Note that all sessions will take place at the Bank of Canada, in the Conference Centre. To enter the Bank, please use the entrance to the Bank of Canada Museum, located at 30 Bank Street (corner of Bank and Wellington Streets) and bring a piece of government-approved photo identification.
09:00–10:30
Session IV: Saving and Labor Decisions
Chair: Olena Kostyshyna (Bank of Canada)
Perceived Wealth and Borrowing Attitudes: the Leverage Bias Hypothesis
Tiziana Assenza (Toulouse School of Economics and Complexity Lab in Economics, Universita Cattolica del Sacro Cuore), Alberto Cardaci (Complexity Lab in Economics, Universita Cattolica del Sacro Cuore), and Domenico Delli Gatti (Complexity Lab in Economics, Universita Cattolica del Sacro Cuore and CESifo Group Munich)
Wealth Effects and Labor Supply: An Experimental Study
Deniz Nebioglu (MEF University, Bilgi Economics Lab of Istanbul) and Ayça Ebru Giritligil (Istanbul Bilgi University, Bilgi Economics Lab of Istanbul)
10:30–11:00
Refreshment Break
11:00–12:30
Session V: Behavioral Theory and Evidence
Chair: Rosemarie Nagel (ICREA, Universitat Pompeu Fabra, and Barcelona GSE)
Economic Agents as Imperfect Problem Solvers
Cosmin Ilut (Duke University and NBER) and Rosen Valchev (Boston College)
Do You Know That I Know That You Know…? Higher Order Beliefs in Survey Data
Olivier Coibion (University of Texas Austin and NBER), Yuriy Gorodnichenko (University of California Berkeley and NBER), Saten Kumar (Auckland University
of Technology), and Jane Ryngaert (Wake Forest University)
12:30–13:30
Lunch
13:30–14:30
Keynote Presentation
Chair: Oleksiy Kryvtsov (Bank of Canada)
Optimal Taxation in a Global Economy
Varadarajan Chari (University of Minnesota and Federal Reserve Bank of Minneapolis), Juan Pablo Nicolini (Federal Reserve Bank of Minneapolis and Universidad Di Tella) and Pedro Teles (Banco de Portugal, Catolica Lisbon SBE, and CEPR)
14:30–15:00
Refreshment Break
15:00–16:30
Session VI: Expectations in Asset Markets
Chair: Lerby Ergun (Bank of Canada)
Long-Horizon Expectations: a Lab Experiment
George Evans (University of Oregon and University of St Andrews), Cars Hommes ((University of Amsterdam and Tinbergen Institute), Bruce McGough (University of Oregon), and Isabelle Salle (Bank of Canada)
Expectations and Stock Market Participation: Theory and Evidence
Michael Shin (University of California, Irvine)
16:30–17:00
Refreshment Break
17:00–17:45
Session VII: Price Dynamics
Chair: Olga Rud (RMIT University)
Market concentration and the dynamics of prices and mark-ups
Curtis Kephart (New York University, Abu Dhabi) and David Munro (Middlebury College)
17:45–17:55
Closing Remarks
Lawrence Schembri (Deputy Governor, Bank of Canada)
Organizers:
Robert Amano (Bank of Canada)
Gabriele Camera (Chapman University and University of Bologna)
John Duffy (University of California at Irvine)
Janet Jiang (Bank of Canada)
Rosemarie Nagel (ICREA, Universitat Pompeu Fabra, and Barcelona GSE)
Luba Petersen (Simon Fraser University)
Shyam Sunder (Yale University)