Program and Working Group Meetings, Spring 2022

Industrial Organization

Members of the NBER’s Industrial Organization Program met February 4–5 in Stanford, CA and on Zoom. Faculty Research Fellows Giulia Brancaccio and Christopher Conlon, both of New York University, and Research Associate Alan T. Sorensen of the University of Wisconsin-Madison organized the meeting. These researchers’ papers were presented and discussed:

• Benjamin Friedrich, Northwestern University; Martin B. Hackmann, University of California, Los Angeles and NBER; Adam Kapor, Princeton University and NBER; Sofia J. Moroni, University of Pittsburgh; and Anne B. Nandrup, VIVE, “Interdependent Values in Matching Markets: Evidence from Medical School Programs in Denmark”
• Kaiwen Leong, Nanyang Technological University; Huailu Li, Fudan University; and Nicola Pavanini and Christoph Walsh, Tilburg University, “The Welfare Effects of Law Enforcement in the Illegal Money Lending Market”
• Christoph Graf, Stanford University; Federico Quaglia, Terna S.p.A.; and Frank A. Wolak, Stanford University and NBER, “Simplified Market Mechanisms for Non-convex Markets: Evidence from the Italian Electricity Market”
• Luis Gonzales, Pontificia Universidad Católica de Chile; Koichiro Ito, University of Chicago and NBER; and Mar Reguant, Northwestern University and NBER, “The Value of Infrastructure and Market Integration: Evidence from Renewable Expansion in Chile”
• James M. Brand, Microsoft, “Differences in Differentiation: Rising Variety and Markups in Retail Food Stores”
• Sophie Calder-Wang, University of Pennsylvania, “The Distributional Impact of the Sharing Economy on the Housing Market”
• Paul Grieco, Pennsylvania State University; Charles Murry, Boston College; and Ali Yurukoglu, Stanford University and NBER, “The Evolution of Market Power in the US Auto Industry” (NBER Working Paper 29013)
• Rodrigo Carril, Universitat Pompeu Fabra; Andres Gonzalez-Lira, Yale University; and Michael Walker, United States Military Academy, “Competition under Incomplete Contracts and the Design of Procurement Policies”
• Juan Pablo Atal, University of Pennsylvania; José Ignacio Cuesta, Stanford University; and Morten Sæthre, Norwegian School of Economics, “Quality Regulation and Competition: Evidence from Pharmaceutical Markets”
• Bruno Pellegrino, University of Maryland, “Product Differentiation and Oligopoly: A Network Approach”
• Michael J. Dickstein, New York University and NBER; Kate Ho, Princeton University and NBER; and Nathaniel D. Mark, US Department of Justice, “Market Segmentation and Competition in Health Insurance” (NBER Working Paper 29406)

Summaries of these papers are at https://www.nber.org/conferences/industrial-organization-program-meeting-spring-2022

Economic Fluctuations and Growth

Members of the NBER’s Economic Fluctuations and Growth Program met February 25 in Cambridge and online. Research Associate Șebnem Kalemli-Özcan of the University of Maryland and Faculty Research Fellow Ezra Oberfield of Princeton University organized the meeting. These researchers’ papers were presented and discussed:

• Ian Dew-Becker and Alireza Tahbaz-Salehi, Northwestern University, and Andrea Vedolin, Boston University and NBER, “Skewness and Time-Varying Second Moments in a Nonlinear Production Network: Theory and Evidence” (NBER Working Paper 29499)
• Joonkyu Choi, Federal Reserve Board; Veronika Penciakova, Federal Reserve Bank of Atlanta; and Felipe Saffie, University of Virginia, “Political Connections, Allocation of Stimulus Spending, and the Jobs Multiplier”
• George-Marios Angeletos, Massachusetts Institute of Technology and NBER, and Chen Lian, University of California, Berkeley and NBER, “Determinacy without the Taylor Principle” (NBER Working Paper 28881)
• Pablo Ottonello, University of Michigan and NBER; Diego J. Perez, New York University and NBER; and Paolo Varraso, New York University, “Are Collateral-Constraint Models Ready for Macroprudential Policy Design?” (NBER Working Paper 29204)
• Andrew Atkeson, University of California, Los Angeles and NBER, and Jonathan Heathcote and Fabrizio Perri, Federal Reserve Bank of Minneapolis, “The End of Privilege: A Reexamination of the Net Foreign Asset Position of the United States” (NBER Working Paper 29771)
• Leonid Kogan, Massachusetts Institute of Technology and NBER; Dimitris Papanikolaou, Northwestern University and NBER; and Lawrence Schmidt and Bryan Seegmiller, Massachusetts Institute of Technology, “Technology-Skill Complementarity and Labor Displacement: Evidence from Linking Two Centuries of Patents with Occupations” (NBER Working Paper 29552)

Summaries of these papers are at https://www.nber.org/conferences/efg-research-meeting-winter-2022

Monetary Economics

Members of the NBER’s Monetary Economics Program met March 11 in Cambridge and online. Faculty Research Fellow Ludwig Straub of Harvard University and Research Associate Jing Cynthia Wu of the University of Notre Dame organized the meeting. These researchers’ papers were presented and discussed:

• Frédéric Boissay, Bank for International Settlements; Fabrice Collard, Toulouse School of Economics; Jordi Galí, CREI and NBER; and Cristina Manea, Deutsche Bundesbank, “Monetary Policy and Endogenous Financial Crises” (NBER Working Paper 29602)
• Xavier Gabaix, Harvard University and NBER, and Ralph S. J. Koijen, University of Chicago and NBER, “In Search of the Origins of Financial Fluctuations: The Inelastic Markets Hypothesis” (NBER Working Paper 28967)
• Yuriy Gorodnichenko, University of California, Berkeley and NBER, and Dmitriy Sergeyev, Bocconi University, “Zero Lower Bound on Inflation Expectations” (NBER Working Paper 29496)
• Francesco Bianchi, Duke University and NBER; Cosmin L. Ilut, Duke University and NBER; and Hikaru Saijo, University of California, Santa Cruz, “Diagnostic Business Cycles” (NBER Working Paper 28604)
• Leland Farmer, University of Virginia, and Emi Nakamura and Jón Steinsson, University of California, Berkeley and NBER, “Learning about the Long Run” (NBER Working Paper 29495)
• Yoon J. Jo and Sarah Zubairy, Texas A&M University, “State Dependent Government Spending Multipliers: Downward Nominal Wage Rigidity and Sources of Business Cycle Fluctuations”

Summaries of these papers are at https://www.nber.org/conferences/monetary-economics-program-meeting-spring-2022

International Finance and Macroeconomics

Members of the NBER’s International Finance and Macroeconomics Program met March 11 in Cambridge and online. Research Associates Yan Bai of the University of Rochester and Oleg Itskhoki of the University of California, Los Angeles organized the meeting. These researchers’ papers were presented and discussed:

• Ester Faia, Goethe University Frankfurt; Juliana Salomao, University of Minnesota and NBER; and Alexia Ventula Veghazy, European Central Bank, “Granular Investors and International Bond Prices: Scarcity Induced Safety”
• Mitali Das and Gita Gopinath, International Monetary Fund, and Șebnem Kalemli-Özcan, University of Maryland and NBER, “Preemptive Policies and Risk-Off Shocks in Emerging Markets” (NBER Working Paper 29615)
• Juan M. Morelli, Federal Reserve Board, and Matias Moretti, Princeton University, “Information Frictions, Reputation, and Sovereign Spreads”
• Zhengyang Jiang, Northwestern University; Arvind Krishnamurthy and Hanno Lustig, Stanford University and NBER; and Jialu Sun, Stanford University, “Beyond Incomplete Spanning: Convenience Yields and Exchange Rate Disconnect”
• Michael B. Devereux, University of British Columbia and NBER, and Steve Pak Yeung Wu, University of California, San Diego, “Foreign Reserves Management and Original Sin”
• Vito Cormun, Santa Clara University; Pierre De Leo, University of Maryland; and Ryan Chahrour, Pablo A. Guerrón-Quintana, and Rosen Valchev, Boston College, “Exchange Rate Disconnect Redux”
• Laura Alfaro, Harvard University and NBER; Mauricio Calani, Central Bank of Chile; and Liliana Varela, London School of Economics, “Currency Hedging: Managing Cash Flow Exposure” (NBER Working Paper 28910)

Summaries of these papers are at https://www.nber.org/conferences/international-finance-and-macroeconomics-program-meeting-spring-2022

Labor Studies

Members of the NBER’s Labor Studies Program met March 11 in Chicago and online. Program Directors David Autor of the Massachusetts Institute of Technology and Alexandre Mas of Princeton University organized the meeting. These researchers’ papers were presented and discussed:

• Juan Carlos Suárez Serrato, Duke University and NBER; Kevin A. Roberts, Duke University; E. Mark Curtis, Wake Forest University; Daniel G. Garrett, University of Pennsylvania; and Eric C. Ohrn, Grinnell College, “Capital Investment and Labor Demand” (NBER Working Paper 29485)
• Lancelot Henry de Frahan and Tom G. Meling, University of Chicago, and Thibaut Lamadon and Magne Mogstad, University of Chicago and NBER, “Why Do Larger Firms Have Lower Labor Shares?”
• Aislinn Bohren, University of Pennsylvania; Peter Hull, Brown University and NBER; and Alex Imas, University of Chicago and NBER, “Systemic Discrimination: Theory and Measurement” (NBER Working Paper 29820)
• Peter Q. Blair, Harvard University and NBER, and Mischa Fisher, Northwestern University, “Does Occupational Licensing Reduce the Effectiveness of Customer Search on Digital Platforms?”
• Rebecca Diamond, Stanford University and NBER, and Enrico Moretti, University of California, Berkeley and NBER, “Where Is the Standard of Living the Highest? Local Prices and the Geography of Consumption” (NBER Working Paper 29533)
• Christina L. Brown, University of Chicago, and Tahir Andrabi, Pomona College, “Subjective versus Objective Incentives and Employee Productivity”

Summaries of some of these papers are at https://www.nber.org/conferences/labor-studies-program-meeting-spring-2022