SURREY WORKSHOP ON MACROECONOMICS
The Surrey Workshop on Macroeconomics is an academic workshop organized by the School of Economics at the University of Surrey and the Centre for International Macroeconomic Studies (CIMS). Its purpose is to bring together leading researchers who conduct frontier work on the broader field of macroeconomics.
The theme of the workshop is "Debt and Fiscal Policy". The workshop spans theoretical, quantitative and empirical work on the subject and brings together different methodologies, approaches and people. Among the topics that are going to be discussed are government debt management, sovereign default, optimal fiscal policy and monetary-fiscal interactions.
The workshop was held virtually on May 19-20, 2022.
Agenda
Times in British Summer Time
Thursday, 19 May
13:55-14:00: Opening remarks by Anastasios Karantounias, University of Surrey.
14:00-14:55 “Micro risks and Pareto improving policies”
Mark Aguiar (Princeton University)
Manuel Amador (University of Minnesota and Federal Reserve Bank of Minneapolis)
Cristina Arellano (Federal Reserve Bank of Minneapolis)
Presenter: Manuel Amador, University of Minnesota and Federal Reserve Bank of Minneapolis.
Discussant: Sarolta Laczó, Queen Mary University of London (slides).
15:00-15:55 “Sovereign Default Risk and Firm Heterogeneity”
Cristina Arellano (Federal Reserve Bank of Minneapolis)
Yan Bai (University of Rochester)
Luigi Bocola (Stanford University)
Presenter: Yan Bai, University of Rochester (slides).
Discussant: Russell Cooper, European University Institute (slides).
15:55-16:10 Coffee break
16.10-17:05 “Expenditure Consolidation and Sovereign Debt Restructurings: Front- or Back-loaded”
Tamon Asonuma (International Monetary Fund)
Hyungseok Joo (University of Surrey)
Presenter: Hyungseok Joo, University of Surrey (slides).
Discussant: Fernando Broner, CREI (slides).
17:10-18:05 “Monetary and Fiscal Policies in Times of Large Debt: Unity is Strength”
Francesco Bianchi (Johns Hopkins University)
Renato Faccini (National Bank of Denmark)
Leonardo Melosi (Federal Reserve Bank of Chicago)
Presenter: Leonardo Melosi, Federal Reserve Bank of Chicago (slides).
Discussant: Christian Matthes, Indiana University (slides).
Friday, 20 May
14:00-14:55 “What drives variation in the US Debt/Output ratio? The dogs that didn’t bark”
Zhengyang Jiang (Northwestern University)
Hanno Lustig (Stanford University)
Stijn Van Nieuwerburgh (Columbia University)
Mindy Z. Xiaolan (University of Texas, Austin)
Presenter: Stijn Van Nieuwerburgh, Columbia University (slides).
Discussant: Refet Gürkaynak, Bilkent University (slides).
15:00-15:55 “The constraint on public debt when r<g but g<m"
Ricardo Reis (London School of Economics)
Presenter: Ricardo Reis, London School of Economics (slides).
Discussant: Pierpaolo Benigno, University of Bern (slides).
15:55-16:10 Coffee break
16:10-17:05 “A General Theory of Tax-Smoothing”
Anastasios Karantounias (University of Surrey)
Presenter: Anastasios Karantounias, University of Surrey (slides).
Discussant: Marco Bassetto, Federal Reserve Bank of Minneapolis (slides).
17:10-18:10 Plenary lecture
“Three World Wars: Fiscal-Monetary Consequences”
George J. Hall (Brandeis University)
Thomas J. Sargent (New York University)
Presenter: Thomas J. Sargent, New York University (slides).
18:10-18.15 Concluding remarks by Kjetil Storesletten, University of Minnesota.
Times in British Summer Time
Thursday, 19 May
13:55-14:00: Opening remarks by Anastasios Karantounias, University of Surrey.
14:00-14:55 “Micro risks and Pareto improving policies”
Mark Aguiar (Princeton University)
Manuel Amador (University of Minnesota and Federal Reserve Bank of Minneapolis)
Cristina Arellano (Federal Reserve Bank of Minneapolis)
Presenter: Manuel Amador, University of Minnesota and Federal Reserve Bank of Minneapolis.
Discussant: Sarolta Laczó, Queen Mary University of London (slides).
15:00-15:55 “Sovereign Default Risk and Firm Heterogeneity”
Cristina Arellano (Federal Reserve Bank of Minneapolis)
Yan Bai (University of Rochester)
Luigi Bocola (Stanford University)
Presenter: Yan Bai, University of Rochester (slides).
Discussant: Russell Cooper, European University Institute (slides).
15:55-16:10 Coffee break
16.10-17:05 “Expenditure Consolidation and Sovereign Debt Restructurings: Front- or Back-loaded”
Tamon Asonuma (International Monetary Fund)
Hyungseok Joo (University of Surrey)
Presenter: Hyungseok Joo, University of Surrey (slides).
Discussant: Fernando Broner, CREI (slides).
17:10-18:05 “Monetary and Fiscal Policies in Times of Large Debt: Unity is Strength”
Francesco Bianchi (Johns Hopkins University)
Renato Faccini (National Bank of Denmark)
Leonardo Melosi (Federal Reserve Bank of Chicago)
Presenter: Leonardo Melosi, Federal Reserve Bank of Chicago (slides).
Discussant: Christian Matthes, Indiana University (slides).
Friday, 20 May
14:00-14:55 “What drives variation in the US Debt/Output ratio? The dogs that didn’t bark”
Zhengyang Jiang (Northwestern University)
Hanno Lustig (Stanford University)
Stijn Van Nieuwerburgh (Columbia University)
Mindy Z. Xiaolan (University of Texas, Austin)
Presenter: Stijn Van Nieuwerburgh, Columbia University (slides).
Discussant: Refet Gürkaynak, Bilkent University (slides).
15:00-15:55 “The constraint on public debt when r<g but g<m"
Ricardo Reis (London School of Economics)
Presenter: Ricardo Reis, London School of Economics (slides).
Discussant: Pierpaolo Benigno, University of Bern (slides).
15:55-16:10 Coffee break
16:10-17:05 “A General Theory of Tax-Smoothing”
Anastasios Karantounias (University of Surrey)
Presenter: Anastasios Karantounias, University of Surrey (slides).
Discussant: Marco Bassetto, Federal Reserve Bank of Minneapolis (slides).
17:10-18:10 Plenary lecture
“Three World Wars: Fiscal-Monetary Consequences”
George J. Hall (Brandeis University)
Thomas J. Sargent (New York University)
Presenter: Thomas J. Sargent, New York University (slides).
18:10-18.15 Concluding remarks by Kjetil Storesletten, University of Minnesota.
