IMF Conference

Wednesday, September 29, 2021

9:00–9:15 am

Welcoming Remarks

Gita Gopinath (Economic Counsellor and Director, Research Department, IMF)

9:15–10:45 am

Session I: Redistributive Effects of Financial Policies

Chair: Giovanni Dell'Ariccia (Deputy Director, Research Department, IMF)

The Mortgage Credit Channel of Macroeconomic Transmission

Daniel Greenwald (Massachusetts Institute of Technology) Paper | Presentation

Discussant: Vadim Elenev (John Hopkins University) Presentation

Optimal Mortgage Regulation and Income Inequality             

Nina Biljanovska (IMF), and Alexandros Vardoulakis (Board of Governors of the Federal Reserve System) Presentation

Discussant: Daniel Greenwald (Massachusetts Institute of Technology) Presentation

Monetary Policy, Heterogeneity, and the Housing Channel

Aaron Hedlund (University of Missouri), Fatih Karahan (Federal Reserve Bank of New York), Kurt Mitman (Stockholm University), and Serdar Ozkan (University of Toronto) Paper | Presentation

Discussant: Ludwig Straub (Harvard University) Presentation

10:45–11:00 am

***Virtual Coffee Break***

11:00–12:30 pm

Session II: Real and Financial Drivers of Global Imbalances

Chair: Daniel Leigh (Division Chief, Research Department, IMF)

A Portfolio Approach to Global Imbalances

Zhengyang Jiang (Northwestern University), Robert Richmond (New York University), and Tony Zhang (Board of Governors of the Federal Reserve System) Paper | Presentation

Discussant: Eric van Wincoop (University of Virginia) Presentation

Demographics, Wealth, and Global Imbalances in the Twenty-First Century

Adrien Auclert (Stanford University), Hannes Malmberg (University of Minnesota), Frédéric Martenet (Stanford University), and Matthew Rognlie (Northwestern University) Paper | Presentation

Discussant: Nicolas Coeurdacier (SciencesPo) Presentation

Financial Globalization: Winners and Losers

Damien Capelle (IMF) and Bruno Pellegrino (University of Maryland) Presentation

Discussant: Ricardo Reyes-Heroles Cardoso (Board of Governors of the Federal Reserve System) Presentation

12:30–1:15 pm

***Virtual Lunch Break***

1:15–2:45 pm

Session III: Technology in Finance: The Impact of Entrepreneurship and Small Firms

Chair: Sole Martinez Peria (Assistant Director, Research Department, IMF)

The Role of Fintech in Small Business Lending: Evidence from France

Paul Beaumont (McGill University), Huan Tang (London School of Economics), and Eric Vansteenberghe (Paris School of Economics) Paper | Presentation

Discussant: Manuel Adelino (Duke University) Presentation

Does IT Help? Information Technology in Banking and Entrepreneurship

Toni Anhert (Bank of Canada), Sebastian Doerr (Bank for International Settlements), Nicola Pierri (IMF), and Yannick Timmer (Board of Governors of the Federal Reserve System) Paper | Presentation

Discussant: Tarun Ramadorai (Imperial College London) Presentation

Can FinTech Reduce Disparities in Access to Finance? Evidence from the Paycheck Protection Program

Isil Erel (Ohio State University), and Jack Liebersohn (UC Irvine) Paper | Presentation

Discussant: Gustavo Manso (UC Berkeley) Presentation

2:45–3:00 pm

***Virtual Coffee Break***

3:00–4:30 pm

Session IV: Sustainable Finance Solutions to Climate Change

Chair: Kristina Kostial, (Deputy Director, Strategy, Policy, and Review Department, IMF)

Limits to Private Climate Change Mitigation

Dalya Elmalt (IMF), Deniz Igan (IMF), and Divya Kirti (IMF) Paper | Presentation

Discussant: Luigi Zingales (University of Chicago) Presentation

Signaling Through Carbon Disclosure

Patrick Bolton (Columbia University), and Marcin T. Kacperczyk (Imperial College London) Paper | Presentation

Discussant: Harrison Hong (Columbia University) Presentation

A Theory of Socially Responsible Investment

Martin Oehmke (London School of Economics), and Marcus Opp (Stockholm School of Economics) Paper | Presentation

Discussant:Franklin Allen (Imperial College London) Presentation

Thursday, September 30, 2021

9:15–10:45 am

Session V: Credit Market, Innovation, and Growth

Chair: Prachi Mishra, (Advisor, Research Department, IMF)

Small and Vulnerable: SME Productivity in the Great Productivity Slowdown

Sophia Chen (IMF), and Do Lee (New York University) Paper | Presentation

Discussant: Ryan Decker (Board of Governors of the Federal Reserve System) Presentation

Product Innovation and Credit Market Disruptions

Joao Granja (University of Chicago), and Sara Moreira (Northwestern University) Paper |  Presentation

Discussant: Stephan Luck (Federal Reserve Bank of New York) Presentation

Crisis Innovation

Tania Babina (Columbia University), Asaf Bernstein (University of Colorado at Boulder), and Filippo Mezzanotti (Northwestern University) Paper | Presentation

Discussant:Yueran Ma (University of Chicago) Presentation 

10:45–11:15 am

***Virtual Coffee Break***

11:15–12:45 pm

Session VI: Macro-Financial Aspects of COVID-19

Chair: Martin Cihak, (Advisor, Strategy, Policy, and Review Department, IMF)

How Did U.S. Consumer Use Their Stimulus Payments?

Michael Weber (University of Chicago), Olivier Coibion (UT Austin) and Yuri Gorodnichenko (UC Berkeley) Paper | Presentation

Discussant: Florian Heider (European Central Bank) Presentation

Macroprudential Policy during COVID-19: The Role of Policy Space

Katharina Bergant (IMF), and Kristin Forbes (Massachusetts Institute of Technology) Paper | Presentation

Discussant: Gian Maria Milesi-Ferretti (Brookings) Presentation

COVID-19 and SME Failures

Şebnem Kalemli-Özcan (University of Maryland), Pierre Olivier Gourinchas (UC Berkeley), Veronika Penciakova (Federal Reserve Bank of Atlanta) and Nick Sander (UC Berkeley) Paper | Presentation

Discussant: Benoit Mojon (Bank for International Settlements) Presentation