Research Events
Central Bank Research Association (CEBRA) Workshop for Commodities and Macroeconomics
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.
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 |
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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 |
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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 |
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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 Speakers: 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.