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Research Events

Central Bank Research Association (CEBRA) Workshop for Commodities and Macroeconomics

Dallas Fed

The Federal Reserve Bank of Dallas and the Bank of Canada will host a Central Bank Research Association (CEBRA) workshop on commodities and macroeconomics in Dallas Sept. 5–6, 2018. Leading academic researchers and central bankers from all over the world will present and discuss papers on the economics of commodities, including energy, metals, and agricultural products, and their interaction with the economy.


  • September 5–6, 2018


  • Federal Reserve Bank of Dallas
    2200 N. Pearl St.
    Dallas, TX 75201 
  • Directions

This workshop is by invitation only.


Wednesday, September 5, 2018
8:15 a.m. Registration and Continental Breakfast
8:55 a.m. Welcome
Marc Giannoni
Senior vice president and director of research
Federal Reserve Bank of Dallas
Session 1: Commodities and Financial Markets
Chair: Reinhard Ellwanger, Bank of Canada
9:00 a.m. Financialization in Commodity Markets
Varadarajan Chari, University of Minnesota
Lawrence Christiano, Northwestern University
Discussant: Nikolay Gospodinov, Federal Reserve Bank of Atlanta
10:00 a.m. Break
10:15 a.m. Commodity Financialization and Information Transmission
Itay Goldstein, Wharton School of the University of Pennsylvania
Liyan Yang, University of Toronto
Discussant: Robert Ready, University of Oregon
11:15 a.m. Break
11:30 a.m. Lunch
Session 2: Oil and Microdata
Chair: Timothy Fitzgerald, Council of Economic Advisors
12:45 p.m. What's in a Wedge? Misallocation and Taxation in the Oil Industry
Radoslaw Stefanski, University of St. Andrews
Gerhard Toews, University of Oxford
Discussant: Alexander Monge-Naranjo, Federal Reserve Bank of St Louis
1:45 p.m. Break
2:00 p.m. Relinquishing Riches: Auctions Versus “Wild West” Negotiations in Texas Oil and Gas Leasing
Thomas Covert, University of Chicago
Richard Sweeney, Boston College
Discussant: Aaron Flaaen, Board of Governors
3:00 p.m. Break
Session 3: Commodities and the Local Economy
Chair: Gregory Upton, Louisiana State University
3:15 p.m. Mining Matters: Natural Resource Extraction and Firm-Level Constraints
Ralph de Haas, European Bank for Reconstruction and Development
Steven Poelhekke, Vrije Universiteit Amsterdam and De Nederlandsche Bank
Discussant: Yu Shi, International Monetary Fund
4:15 p.m. Break
4:30 p.m. The Transmission of Commodity Price Supercycles
Felipe Benguria, University of Kentucky
Felipe Saffie, University of Maryland
Sergio Urzua, University of Maryland
Discussant: Huiyu Li, Federal Reserve Bank of San Francisco
5:30 p.m. Reception
Thursday, September 6, 2018
8:15 a.m. Continental Breakfast
Session 4: Oil Prices and the Macroeconomy
Chair: Martin Stuermer, Federal Reserve Bank of Dallas
9:00 a.m. Oil Prices, Exchange Rates and Interest Rates
Lutz Kilian, University of Michigan
Xiaoqing Zhou, Bank of Canada
Discussant: Luca Guerrieri, Board of Governors
10:00 a.m. Break
10:15 a.m. International Business Cycles: Quantifying the Effects of a World Market for Oil
Johan Gars, Royal Swedish Academy of Sciences
Conny Olovsson, Sveriges Riksbank
Discussant: Martin Bodenstein, Board of Governors
11:15 a.m. Break
11:30 a.m. Lunch
Session 5: Oil Price Shocks
Chair: Robert Vigfusson, Board of Governors
12:45 p.m. News, Noise and Oil Price Swings
Luca Gambetti, Collegio Carlo Alberto, Universita di Torino and Barcelona Graduate School of Economics
Laura Moretti, European Central Bank
Discussant: Marco Lombardi, Bank for International Settlements
1:45 p.m. Break
2:00 p.m. Much Ado About Nothing? The Shale Oil Revolution and the Global Oil Supply Curve
Claudia Foroni, Deutsche Bundesbank
Livio Stracca, European Central Bank
Discussant: Axel Pierru, King Abdullah Petroleum Studies and Research Center (KAPSARC)
3:00 p.m. Break
Session 6: Commodities and Terms of Trade
Chair: Akito Matsumoto, International Monetary Fund
3:15 p.m. Terms of Trade Shocks and Heterogeneous International Portfolio Positions
Jonathan Adams, University of Florida
Philip Barrett, International Monetary Fund
Discussant: Andres Fernandez, Inter-American Development Bank
4:15 p.m. Break
4:30 p.m. From Primary Commodities to Output Fluctuations
Daniela Viana Costa, Wharton School of the University of Pennsylvania
Discussant: Deepa Datta, Board of Governors
5:30 p.m. Break
6:00 p.m.

Reception and Dinner
(by invitation only)

Timothy Lane, deputy governor, Bank of Canada
Robert Kaplan, president and CEO, Federal Reserve Bank of Dallas

Moderator: Marc Giannoni, senior vice president and director of research, Federal Reserve Bank of Dallas

Scientific Committee: Martin Bodenstein, Nida Cakir Melek, Deepa Datta, Reinhard Ellwanger, Karel Mertens, Kurt Niquidet, Martin Stuermer, Robert Vigfusson, Mine K. Yücel.