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

When

• September 5–6, 2018

Where

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

This workshop is by invitation only.

Agenda

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) Speakers: 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.