Skip to main content

Research and Policy: A Golden Minnesota Partnership

August 21 – 23, 2019
Federal Reserve Bank of Minneapolis & University of Minnesota, Twin Cities
Minneapolis, Minnesota

Research and Policy: A Golden Minnesota Partnership


This conference honored the remarkable relationship between the Federal Reserve Bank of Minneapolis and the University of Minnesota.

Browse the program from the conference


Wednesday, August 21
Federal Reserve Bank of Minneapolis
5:30 p.m. – 6:45 p.m.

How Economic Research Informs Policy (Video)

Welcome: Sri Zaheer, member of the Minneapolis Fed’s board of directors and dean of the University of Minnesota’s Carlson School of Management
Moderator: Neel Kashkari, president, Federal Reserve Bank of Minneapolis
Lars Peter Hansen, University of Chicago (Slides)
Finn E. Kydland, University of California, Santa Barbara (Slides)
Nancy L. Stokey, University of Chicago
Robert M. Townsend, Massachusetts Institute of Technology (Slides)

6:45 p.m. – 7:30 p.m.


Thursday, August 22
University of Minnesota, Carlson School of Management, 3M Auditorium
8:30 a.m. – 9:00 a.m.


9:00 a.m. – 9:05 a.m.


9:05 a.m. – 9:55 a.m.

The End of the American Dream? Inequality and Segregation in U.S. Cities (Video)

Veronica Guerrieri, University of Chicago (Slides)
Discussant: Lee E. Ohanian, UCLA (Slides)

9:55 a.m. – 10:45 a.m.

Money and Banking in a New Keynesian Model (Video)

Monika Piazzesi, Stanford (Slides)
Discussant: Stephen Williamson, University of Western Ontario (Slides)

10:45 a.m. – 11:00 a.m.


11:00 a.m. – 11:50 a.m.

Distortions in Production Networks (Video)

Jennifer La’O, Columbia
Discussant: Martin Schneider, Stanford

11:50 a.m. – 12:40 p.m.

Consumer Surplus of Alternative Payment Methods: Paying Uber with Cash (Video)

Fernando Alvarez, University of Chicago
Discussant: Warren Weber, former senior research officer, Federal Reserve Bank of Minneapolis (Slides)

12:40 p.m. – 1:30 p.m.


1:30 p.m. – 2:30 p.m.

Too Big to Fail: Where Do We Go From Here? (Video)

Moderator: Ron J. Feldman, first vice president, Federal Reserve Bank of Minneapolis
Neel Kashkari, president, Federal Reserve Bank of Minneapolis
Gary Stern, former president, Federal Reserve Bank of Minneapolis
Neil Wallace, Penn State University

2:30 p.m. – 2:45 p.m.


2:45 p.m. – 3:25 p.m.

Are Banks Safer? (Video)

Andrew Atkeson, UCLA (Slides)
Discussant: Harold L. Cole, University of Pennsylvania (Slides)

3:25 p.m. – 4:15 p.m.

The Limits of onetary Economics: On Money as a Medium of Exchange in Near–Cashless Economies (Video)

Richard Lagos, New York University (Slides)
Discussant: Randall Wright, University of Wisconsin–Madison (Slides)

4:15 p.m. – 5:00 p.m.


5:00 p.m. – 6:30 p.m.

The Four Horsemen of the Economic Revolution (Video)

Location: University of Minnesota’s Ted Mann Concert Hall
Moderator: Art Rolnick, University of Minnesota Humphrey School
Edward C. Prescott, Arizona State University
Thomas J. Sargent, New York University
Christopher A. Sims, Princeton University
Neil Wallace, Penn State University

6:30 p.m. – 7:30 p.m.


Friday, August 23
Federal Reserve Bank of Minneapolis
8:30 a.m. – 8:55 a.m.


8:55 a.m. – 9:00 a.m.

Welcome — Mark L.J. Wright, senior vice president and director of Research, Federal Reserve Bank of Minneapolis

9:00 a.m. – 9:50 a.m.

Imperfect Risk–Sharing and the Business Cycle (Video)

Luigi Bocola, Stanford (Slides)
Discussant: Dirk Krueger, University of Pennsylvania (Slides)

9:50 a.m. – 10:40 a.m.

Financial Dollarization in Emerging Markets: Efficient Risk–Sharing or Prescription for Disaster (Video)

Larry Christiano, Northwestern (Slides)
Discussant: Ayse Imrohoroglu, University of Southern California (Slides)

10:40 a.m. – 10:50 a.m.


10:50 a.m. – 11:40 a.m.

Hours and Wages (Video)

Richard Rogerson, Princeton (Slides)
Discussant: Gary D. Hansen, UCLA (Slides)

11:40 a.m. – 11:50 a.m.


11:50 a.m. – 1:30 p.m.

Lunch: A Conversation on Climate Change and Economic Risks (Video)

Robert Litterman, Kepos Capital (Slides
V. V. Chari, University of Minnesota                       

1:30 p.m. – 1:40 p.m.


1:40 p.m. – 2:30 p.m.

Markups and Inequality (Video)

Virgiliu Midrigan, NYU (Slides)
Discussant: Francisco J. Buera, Washington University in St. Louis (Slides)

2:30 p.m. – 3:20 p.m.

A Theory of Falling Growth and Rising Rents (Video)

Peter J. Klenow, Stanford (Slides)
Discussant: Samuel S. Kortum, Yale (Slides)

3:20 p.m. – 3:30 p.m.

Closing — Mark L.J. Wright (Video)