FRB Conference on the Macroeconomic Seeds of Financial Imbalances -- Call for Papers

May 9-10, 2024

Federal Reserve Board, Washington, D.C.

Scope: The Global Financial Crisis renewed a significant interest in understanding the relationship between macroeconomic performance and financial imbalances, producing a considerable body of research. However, this research has mostly focused on studying channels in which imbalances in the financial sector, such as high leverage in households or at banks, exacerbate economic downturns.

This conference will bring together leading academics and policymakers to discuss research that expands our understanding of how macroeconomic conditions can contribute to the buildup of financial imbalances. We welcome theoretical and empirical contributions on topics including but not limited to

  • theoretical and quantitative models of endogenous credit booms and busts,
  • financial intermediation in an inflationary environment,
  • post-crisis monetary policy implementation and its implications for financial stability,
  • demographic trends and their implications for macroeconomic and financial stability,
  • macroeconomic conditions and asset prices,
  • macroeconomic determinants of housing prices,
  • the interaction between monetary and macroprudential policies, and
  • the role of information frictions and expectations in the buildup of financial imbalances.


  • We plan to select a maximum of 10 papers. Each presentation will have a discussant.
  • Upon request, the Board may cover domestic travel and accommodation expenses for presenters.

Keynote speaker:

  • Monika Piazzesi (Stanford University)


  • Please submit your paper to [email protected] by December 20, 2023. Only complete papers will be considered.
  • Please note in your submission whether you will need expenses to be covered and whether you can commit to attending the entire conference.
  • If your paper is accepted, you will be notified by January 19, 2024.

Program committee:

  • Elena Afanasyeva (FRB), Andrea Ajello (FRB), Levent Altinoglu (FRB), Luigi Bocola (Stanford University), Nicolas Caramp (UC Davis), Tetiana Davydiuk (Johns Hopkins University), Dan Greenwald (NYU), Matteo Leombroni (BC), Michele Modugno (FRB), Thien Nguyen (FRB), Francisco Palomino (FRB), Judit Temesvary (FRB), Sergio Villalvazo (FRB)


  • Elena Afanasyeva (FRB), Levent Altinoglu (FRB), Michele Modugno (FRB), Thien Nguyen (FRB), Sergio Villalvazo (FRB)
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Last Update: November 15, 2023