XXV Annual Conference of the Central Bank of Chile

"Heterogeneity in Macroeconomics: Implications for Monetary Policy"

Central Bank of Chile – Santiago (Chile)
21st-22nd november 2022

Organizers: Sofía Bauducco, Andrés Fernández, Gianluca Violante

Monday, November 21st

Opening Remarks

Rosanna Costa - Governor, Central Bank of Chile

Managing an Energy Shock: Fiscal and Monetary Policy

Adrien Auclert (Stanford), Matt Rognlie (Northwestern), Ludwig Straub (Harvard), and Hugo Monnery (Harvard)

Discussant: Jonathan Heathcote (Federal Reserve Bank of Minneapolis)

Understanding the Heterogeneous Effects of Monetary Policy: an Application to the Chilean Economy

Emiliano Luttini (Central Bank of Chile), Ernesto Pasten (Central Bank of Chile) and Elisa Rubbo (Chicago Booth)

Discussant: Ludwig Straub (Harvard University)

Keynote Address

Thomas J. Sargent (New York University)

Optimal Policy Rules in HANK

Alisdair McKay (Federal Reserve Bank of Minneapolis) and Christian Wolf (MIT)

Discussant: Jordi Gali (CREI – Universitat Pompeu Fabra)

Estimating HANK for Central Banks

Marco Del Negro (Federal Reserve Bank of New York), William Chen (MIT), Shlok Goyal (Harvard), Ethan Matlin, Donggyu Lee (Federal Reserve Bank of New York), Rebeca Sarfati (MIT), and Sikata Sengupta (Federal Reserve Bank of New York)

Discussant: Markus Kirchner (Central Bank of Chile)

Tuesday, November 22nd

Some Like it Hot: Inclusive Monetary Policy Under Okun’s Hypothesis

Felipe Alves (Bank of Canada) and Gianluca Violante (Princeton)

Discussant: Alexandre Janiak (PUC of Chile)

Micro MPCs and Macro Counterfactuals: The Case of the 2008 Rebate

Valerie Ramey (UCSD), Jacob Orchard (UCSD) and Johannes Wieland (UCSD)

Discussant: Ernesto Pasten (Central Bank of Chile)

Monetary Policy and Firm Dynamics: The Financial Channel

Boragan Aruoba (University of Maryland), Andrés Fernández (IMF), Bernabé López (Central Bank of Chile), Will Lu (Central Bank of Chile) and Felipe Saffie (UVA-Darden)

Discussant: Pablo Ottonello (University of Michigan)

The Bank Lending Channel Across Time and Space

Dean Corbae (Wisconsin-Madison) and Pablo D´Erasmo (Federal Reserve Bank of Philadelphia)

Discussant: David Moreno (Central Bank of Chile)

Policy Panel


James Bullard (President, Federal Reserve Bank of St. Louis), Esther George (President, Federal Reserve Bank of Kansas City), Claudio Borio (Head of the Monetary and Economic Department, Bank for International Settlements), Pablo García (Vice-Governor, Central Bank of Chile)