Macro, Money and International Finance
Villa Mondragone · Monte Porzio Catone, Rome
May 18–19, 2026
Organizers: Andrey Alexandrov, Markus Brunnermeier, Goutham Gopalakrishna, Sebastian Merkel
(By Invitation Only)
Program
Monday, May 18, 2026
9:00 – 9:30 AM
· Registration & Welcome Coffee
9:30 – 11:00 AM
· Fiscal Policy & Price Stability
-
“Fiscal Policy as a Monetary Anchor”
Presenter: Joseph Abadi (Federal Reserve Bank of Philadelphia)
Discussion leader: Wei Cui (University College London) -
“Fiscal Threats to Price Stability When Households are not Ricardian”
Presenter: Stéphane Dupraz (Banque de France), joint with Anna Rogantini Picco
Discussion leader: Piotr Żoch (University of Warsaw)
11:00 – 11:20 AM
· Coffee Break
11:20 AM – 12:50 PM
· Intermediation and International Finance
-
“Bank Regulation and Financial Resilience”
Presenter: Goutham Gopalakrishna (University of Toronto), joint with Markus Brunnermeier and Sebastian Merkel
Discussion leader: Paymon Khorrami (Duke Fuqua School of Business) -
“Intermediary Constraints and International Safe Asset Premia”
Presenter: Xitong Hui (Chinese University of Hong Kong, Shenzhen), joint with Chang He
Discussion leader: Cosimo Petracchi (Tor Vergata University of Rome)
12:50 – 2:20 PM
· Lunch & PhD Poster Session
-
“Fiscal Insurance”
Presenter: Filippo Cavaleri (University of Chicago) -
“Taming Black Swans: Monetary Policy in the Presence of Tail Risks”
Presenter: C. Christopher Hyland (University of Oxford) -
“Our Deficit, Your Problem: Fiscal Sustainability, Exchange Rates, and Inflation”
Presenter: Tobias Kawalec (University of Oxford), joint with C. Christopher Hyland -
“Negative Bond-Stock Beta and Positive Term Spread”
Presenter: Federico Marciano (Stanford University)
2:20 – 3:50 PM
· Quantitative Easing & Asset Markets
-
“Optimal Asset Market Operations”
Presenter: Yu-ting Chiang (Federal Reserve Bank of St. Louis), joint with Piotr Żoch
Discussion leader: Pietro Reichlin (LUISS) -
“Quantitative Easing and Government Debt Sustainability”
Presenter: Wenhao Li (USC Marshall), joint with Sebastian Merkel
Discussion leader: Magnus Irie (Princeton University)
7:30 PM
· Conference Dinner
Tuesday, May 19, 2026
9:00 – 11:15 AM
· Money, Credit and Macroeconomic Dynamics
-
“Money and Credit in Continuous Time”
Presenter: Fabrizio Mattesini (University of Rome Tor Vergata), joint with Katia Colaneri and Matteo Duca
Discussion leader: Alejandro Van der Ghote (European Central Bank) -
“Escaping Uncertainty Traps”
Presenter: Fernando Mendo (PUC-Rio), joint with Paymon Khorrami
Discussion leader: Sebastian Merkel (University of Bristol) -
“Dynamic Investment and Product Market Rivalry”
Presenter: Bruno Pellegrino (Columbia University), joint with Maria Cecilia Bustamante
Discussion leader: Luigi Paciello (EIEF)
11:15 – 11:35 AM
· Coffee Break
11:35 AM – 1:05 PM
· Information & Asset Pricing
-
“Dynamic Efficiency With Private Information”
Presenter: Jean-Charles Rochet (Toulouse School of Economics), joint with Bruno Biais, Hans Gersbach and Stéphane Villeneuve
Discussion leader: Gaetano Bloise (Tor Vergata University of Rome) (TBC) -
“Asset Pricing with Heterogeneous Agents under Limited Information”
Presenter: Riccardo Cioffi (Paris School of Economics), joint with Samuel Hurtado and Galo Nuño
Discussion leader: Michael Reiter (Institute for Advanced Studies)
1:05 – 2:20 PM
· Lunch
2:20 – 3:50 PM
· Term Structure & Financial Conditions
-
“The New Keynesian Term Structure of Interest Rates”
Presenter: Olaf Posch (Universität Hamburg)
Discussion leader: Paolo Varraso (Tor Vergata University of Rome) -
“Financial Conditions in the Real Yield Curve”
Presenter: Andres Schneider (Federal Reserve Board)
Discussion leader: Andrey Alexandrov (Tor Vergata University of Rome)
