Sydney Macro Reading Group

About: We meet on a regular basis to discuss major publications in dynamic macroeconomics. The group convenes on Tuesdays, every fortnight at the presenter's university with presentations also livestreamed on Zoom. Please contact one of the organizers:  Christopher Gibbs (USyd), Scott French (UNSW), or Michaela Haderer (RBA), if you would like to receive announcements or contribute with a presentation.  We also hold a semi-annual workshop that features research presentations from our group members as well as from invited guests. 

Session 2 2024, TUESDAYS, 4:30 PM - HYBRID

• August 20th - Inna Tsener (University of the Balearic Islands) - Outside speaker

  • Venue:  online only 

  • Time: 4:30 PM

  • Paper: Piecewise linear solutions for non-stationary models

• September 3rd - Aarti Singh (USyd)

  • Venue: SSB 650 and online

  • Time: 4:30 PM

  • Takeda, K. (2022). The geography of structural transformation: effects on inequality and mobility. Centre for Economic Performance, London School of Economics and Political Science.

Colantone, I., Ottaviano, G. I., & Takeda, K. (2021). Trade and Intergenerational Income Mobility: Theory and Evidence from the US. Unpublished manuscript, Bocconi University.

• September 17th - Tristan Truuvert (RBA)

  • Venue: online only

  • Time: 4:30 PM

  • Beaudry, P., Chenyu H., and Franck P. (2024). "Monetary Policy When the Phillips Curve Is Quite Flat." American Economic Journal: Macroeconomics, 16 (1): 1–28 

• October 1st - Jacky Hsueh (UNSW)

  • Venue: online only

  • Time: 4:30 PM

  • Barnichon, Régis, and Adam Hale Shapiro. "Phillips Meets Beveridge." Journal of Monetary Economics (2024): 103660.

• October 15th - Christopher Gibbs (USyd)

  • Cancelled

• October 29th - Marcel Peruffo (USyd)

  • Venue:  U Sydney SSB Room 538 and online

  • Time: 4:30 PM

  • Mian, A. R., Straub, L., & Sufi, A. (2022). A goldilocks theory of fiscal deficits (No. w29707). National Bureau of Economic Research.

• November - Macro Reading Group Workshop - UNSW

Session 1 2024, TUESDAYS, 4:30 PM - HYBRID

• March 5th - Giang Nghiem (Leibniz University Hannover)  - Outside speaker

  • Venue:  USYD A02 Room 538  (Zoom link will be circulated on the day)

  • Time: 4:30 PM

  • “Anchoring Household’s Inflation Expectations when Inflation is High” 

• March 26th - Christopher Gibbs (USYD)

  • Venue: USYD A02 Room 538  (Zoom link will be circulated on the day)

  • Time: 4:30 PM

  • "Sticky discount rates," Masao Fukui, Niels Joachim Gormsen, and Kilian Huber, NBER Working Paper 32238, March 2024

• April 9th - Trang Le (UNSW) 

  • Venue:  Online only. Zoom link will be circulated. 

  • Time: 4:30 PM

  • De Silva, T., & Tenreyro, S. (2020). The fall in global fertility: A quantitative model. American Economic Journal: Macroeconomics, 12(3), 77-109. 

• April 23rd - Marcel Peruffo (USyd) 

  • Venue: USYD A02 Room 538  (Zoom link will be circulated on the day)

  • Time: 4:30 PM

  • Duranton, G., & Puga, D. (2023). Urban growth and its aggregate implications. Econometrica, 91(6), 2219-2259. 

• May 7th - Jacky Heish (UNSW) 

  • Venue: Online only. Zoom link will be circulated. 

  • Time: 4:30 PM

  • Acemoglu, Daron, Ufuk Akcigit, and Murat Alp Celik. 2022. "Radical and Incremental Innovation: The Roles of Firms, Managers, and Innovators." American Economic Journal: Macroeconomics, 14 (3): 199-249 

• May 21st - Gilliane Angela De Gorostiza (USyd) 

  • Venue: USYD A02 Room 538  (Zoom link will be circulated on the day)

  • Time: 4:30 PM

  • Barigozzi, M., & Luciani, M. (2023). Measuring the output gap using large datasets. Review of Economics and Statistics, 105(6), 1500-1514. 

• June - Macro Reading Group Workshop - RBA 

We are reading, The Fiscal Theory of the Price of Level, by John H. Cochrane, Princeton University Press, 2023.

Session 2 2023, TUESDAYS, 4:30 PM - HYBRID

• August 1st - Mariano Kulish (USYD)

  • Venue:  USYD A02 Room 538  (Zoom link will be circulated on the day)

  • Time: 4:30 PM

  • Chapters 1 - 3

• August 15th - Michael Shin (USYD)

  • Venue: USYD A02 Room 538  (Zoom link will be circulated on the day)

  • Time: 4:30 PM

  • Chapters 4 and 5

• August 29th - Michaela Haderer (RBA)

  • Venue: TBD

  • Time: 4:30 PM

  • Chapters 6 and 7

• September 12th - Ada Zhou (RBA)

  • Venue: TBD

  • Time: 4:30 PM

  • Topics from part II, Chapters 8 - 9

• September 26th - Meeting with John Cochrane

  • Invitation only event

• October 10th - James Morley (USYD)

  • Venue: TBD

  • Time: 4:30 PM

  • Topics from part III, Chapters 11 - 15 

• October 31st (NOTE DATE CHANGE) - James Graham (RBA)

  • Venue: TBD

  • Time: 4:30 PM

  • Topics from part IV, Chapters 16 - 22

• November 7th - Cancelled

  • Venue: TBD

  • Time: 4:30 PM

  • Topics from part IV, Chapters 23 - 25 

• November 21th - Jacky Hsueh (UNSW)

  • Venue: Online only

  • Time: 4:30 PM

  • Paper: "The Fiscal Theory of the Price Level with a Bubble" by Brunnermeier, Merkel, and Sannikov 

• December 5th - Macro Reading Group Workshop - University of Sydney 

Session 1 2023, TUESDAYS, 4:30 PM - HYBRID

• March 21st - Chih-Han Hsueh (UNSW)

  • Venue:  UNSW and Online Meeting - email Christopher Gibbs for details

  • Time: 4:30 PM

  • Paper: Woodford, M. (2022). Effective demand failures and the limits of monetary stabilization policy. American Economic Review, 112(5), 1475-1521. 

• April 4th - Michael Shin (USYD)

  • Venue: USYD and Online Meeting: email Christopher Gibbs for details

  • Time: 4:30 PM

  • Paper: Maćkowiak, B., & Wiederholt, M. (2021). Rational Inattention and the Business Cycle Effects of Productivity and News Shocks. 

• April 18th - Yue Hua (UNSW)

  • Venue: TBD and Online Meeting - email Christopher Gibbs for details

  • Time: 4:30 PM

  • Paper: Abbott, B., Gallipoli, G., Meghir, C., & Violante, G. L. (2019). Education policy and intergenerational transfers in equilibrium. Journal of Political Economy, 127(6), 2569-2624. 

• May 9th - Charlie Wenk (RBA) 

  • Venue: RBA and Online Meeting - email Christopher Gibbs for details

  • Time: 4:30 PM

  • Paper: Sim, Jae (2022). “Demand Shocks, Hysteresis and Monetary Policy,” Finance and Economics Discussion Series 2022-080. Washington: Board of Governors of the Federal Reserve System, https://doi.org/10.17016/FEDS.2022.080.

• May 30th - Cancelled. Let me know if you want to present.

  • Venue: TBD and Online Meeting - email Christopher Gibbs for details

  • Time: 4:30 PM

  • Paper: TBD

• June - Macro Reading Group Workshop - June 29th

  • Venue: UNSW and Online - Program Below

Session 2 2022, TUESDAYS, 4:30 PM - HYBRID

• August 23rd - Mariano Kulish (USyd)

  • Venue:  USyd and Online Meeting - email Christopher Gibbs for details

  • Time: 4:30 PM

  • Paper: Belongia, M. T., & Ireland, P. N. (2022). A reconsideration of money growth rules. Journal of Economic Dynamics and Control, 135, 104312. 

• September 6th - Patrick Hendy (RBA)

  • Venue: RBA and Online Meeting: email Christopher Gibbs for details

  • Time: 4:30 PM

  • Paper: Bianchi, F. & Melosi, L. (2022). Inflation as a fiscal limit. Working paper.

• September 20th- James Graham (USyd)

  • Venue: USyd and Online Meeting - email Christopher Gibbs for details

  • Time: 4:30 PM

  • Paper: Fagereng, A., Gomez, M., Gouin-Bonenfant, E., Holm, M., Moll, B., & Natvik, G. (2022). Asset-Price Redistribution. Working paper, LSE. 

• October 18th - Ani Yadav (RBA)

  • Venue: RBA and Online Meeting - email Christopher Gibbs for details

  • Time: 4:30 PM

  • Paper: Broer, T., Druedahl, J., Harmenberg, K., & Öberg, E. (2021). The Unemployment-Risk Channel in Business-Cycle Fluctuations. 

• November 1st - Luke Hartigan (USyd)

  • Venue: USyd and Online Meeting - email Christopher Gibbs for details

  • Time: 4:30 PM

  • Paper: Giannone, D., L. Michele, and G. Primiceri (2021), Economic Predictions With Big Data - The Illusion of Sparsity, Econometrica, Vol. 89, No. 5, pp 2409—2437.

• December 2nd - Macro Reading Group Workshop 

  • Venue: RBA and Online

Session 1 2022, TUESDAYS, 4:30 PM - HYBRID

• March 22nd - Tristan Truuvert (USyd/RBA)

  • Venue: RBA and Online Meeting: email Christopher Gibbs for details

  • Time: 4:30 PM

  • Paper: Two papers:

    • Chen, C., Pan, D., Huang, Z., & Bleischwitz, R. (2021). Engaging central banks in climate change? The mix of monetary and climate policy. Energy Economics, 103, 105531. 

    • Dietrich, A., Müller, G. J., & Schoenle, R. (2021). The expectations channel of climate change: implications for monetary policy. 

• April 5th - Michaela Haderer (USyd)

  • Venue: USyd and Online Meeting - email Christopher Gibbs for details

  • Time: 4:30 PM

  • Paper: Müller, T., Christoffel, K., Mazelis, F., & Montes-Galdón, C. (2022). Disciplining expectations and the forward guidance puzzle. Journal of Economic Dynamics and Control, 104336.

• April 26th - Cancelled

  • Venue: USyd and Online Meeting - email Christopher Gibbs for details

  • Time: 4:30 PM

  • Paper: TBD

• May 10th - Han Gao (UNSW)

  • Venue: UNSW and Online Meeting - email Christopher Gibbs for details

  • Time: 4:30 PM

  • Paper: Bhandari, A., & McGrattan, E. R. (2021). Sweat equity in US private business. The Quarterly Journal of Economics, 136(2), 727-781. 

• May 31st - Luke Hartigan (USyd)

  • Venue: USyd and Online Meeting - email Christopher Gibbs for details

  • Time: 4:30 PM

  • Paper: Siliverstovs, B (2020), ‘Assessing nowcast accuracy of US GDP growth in real time: the role of booms and busts’, Empirical Economics, 58, 7—27.

• June 24 - MRG Workshop will be held at the University of Sydney

  • Workshop program

Session 2 2021, TUESDAYS, 4:30 PM - VIRTUAL

• August 31st - Alessio Galluzzi (USyd)

  • Venue: Online Meeting: email Christopher Gibbs for details

  • Time: 4:30 PM

  • Paper: Bianchi, Javier, and Saki Bigio. "Banks, Liquidity Management, and Monetary Policy." forthcoming. Econometrica 

• September 14th - Christopher Gibbs (USyd)

  • Venue: Online Meeting - email Christopher Gibbs for details

  • Time: 4:30 PM

  • Paper: Farhi, E., & Werning, I. (2019). Monetary policy, bounded rationality, and incomplete markets. American Economic Review, 109(11), 3887-3928. 

• September 21st - Changchen Ge (USyd/Monash)

  • Venue: Online Meeting - email Christopher Gibbs for details

  • Time: 4:30 PM

  • Paper: Plagborg‐Møller, M., & Wolf, C. K. (2021). Local projections and VARs estimate the same impulse responses. Econometrica, 89(2), 955-980. 

• October 5th - Tom Cusbert (USyd/RBA)

  • Venue: Online Meeting - email Christopher Gibbs for details

  • Time: 4:30 PM

  • Paper: An overview of three papers: 1) Rachel, Ł., & Summers, L. H. (2019). On secular stagnation in the industrialized world (No. w26198). National Bureau of Economic Research. 2) Farhi, E., & Gourio, F. (2018). Accounting for macro-finance trends: Market power, intangibles, and risk premia (No. w25282). National Bureau of Economic Research. 3) Marx, M., Mojon, B., & Velde, F. R. (2021). Why have interest rates fallen far below the return on capital?. Journal of Monetary Economics. 

• October 19th - Aarti Singh (USyd)

  • Venue: Online Meeting - email Christopher Gibbs for details

  • Time: 4:30 PM

  • Paper: Buera, F. J., & Kaboski, J. P. (2012). The rise of the service economy. American Economic Review, 102(6), 2540-69. 

• November 2nd - Akshay Shanker (UNSW)

  • Venue: Online Meeting - email Christopher Gibbs for details

  • Time: 4:30 PM

  • Paper: Auclert, A., Bardóczy, B., Rognlie, M., & Straub, L. (2019). Using the sequence-space Jacobian to solve and estimate heterogeneous-agent models (No. w26123). National Bureau of Economic Research. 

Session 1 2021, TUESDAYS, 4:30 PM - HYBRID VIRTUAL

• March 16th - Mengheng Li (UTS)

  • Venue: Online Meeting - email Chris Gibbs for details

  • Time: 4:30 PM

  • Paper: Hasenzagl, T., Pellegrino, F., Reichlin, L., & Ricco, G. (2018). A Model of the Fed's View on Inflation. Review of Economics and Statistics, 1-45. 

• March 30th - Benjamin Beckers (RBA)

  • Venue: Online Meeting - email Chris Gibbs for details

  • Time: 4:30 PM

  • Paper: Benati, L. (2021). Leaning against house prices: A structural VAR investigation. Journal of Monetary Economics. 

• April 13th - James Graham (USyd)

  • Venue: Hybrid meeting: USyd SSB 341

  • Time: 4:30 PM

  • Paper: Hubmer, J., Krusell, P., & Smith Jr, A. A. (2020). Sources of US wealth inequality: Past, present, and future. In NBER Macroeconomics Annual 2020, volume 35. University of Chicago Press. 

• April 27th - Isaac Pan (USyd)

  • Venue: Online Meeting - email Chris Gibbs for details

  • Time: 4:30 PM

  • Paper: Martín, Alberto, Enrique Moral-Benito, and Tom Schmitz. (2021). "The Financial Transmission of Housing Booms: Evidence from Spain." American Economic Review, 111 (3): 1013-53. 

• May 11th - Gordon Menzies (UTS)

  • Venue: Online Meeting - email Chris Gibbs for details

  • Time: 4:30 PM

  • Paper:  two papers:

    • Lenza, M., & Primiceri, G. E. (2020). How to Estimate a VAR after March 2020 (No. w27771). National Bureau of Economic Research.

    • Susskind, D., & Vines, D. (2020). The economics of the COVID-19 pandemic: an assessment. Oxford Review of Economic Policy, 36(Supplement_1), S1-S13.

• May 25th - Luke Hartigan (RBA)

  • Venue: Online Meeting - email Chris Gibbs for details

  • Time: 4:30 PM

  • Paper: Canova, F (2020), ‘FAQ: How do I extract the output gap?’, Sveriges Riksbank Working Paper Series No 386. 

• June 25th - MRG Workshop hosted by the RBA

Session 2 2020, TUESDAYS, 4:30 PM - VIRTUAL

• September 15th - Christopher Gibbs (USyd)

  • Venue: Online Meeting - email Chris Gibbs for details

  • Time: 4:30 PM

  • Paper: Andrade, P., Gaballo, G., Mengus, E., & Mojon, B. (2019). Forward guidance and heterogeneous beliefs. American Economic Journal: Macroeconomics, 11(3), 1-29. 

• September 29th - Anthony Brassil (RBA)

  • Venue: Online Meeting - email Chris Gibbs for details

  • Time: 4:30 PM

  • Paper: Greenwodd, R., Hanson, S.G., Shleifer, A., & Sorensen, J.A. (2020). Predictable Financial Crises. NBER Working Paper No. 27396

• October 13th - Pratiti Chatterjee (UNSW)

  • Venue: Online Meeting - email Chris Gibbs for details

  • Time: 4:30 PM

  • Paper: Schmitt‐Grohé, S., & Uribe, M. (2018). How Important are Terms‐Of‐Trade Shocks?. International Economic Review, 59(1), 85-111. 

• October 27th - Tristan Truuvert (USyd)

  • Venue: Online Meeting - email Chris Gibbs for details

  • Time: 4:30 PM

  • Paper: Dupraz S., Nakamura E. & Steinsson J. (2020). A Plucking Model of Business Cycles. NBER Working Paper 26351 

• November 10th - Scott French (UNSW) - cancelled

• November 27th - Virtual Workshop 

Session 1 2020, TUESDAYS,  Times may vary

• March 3rd - Alexander Chudik (Federal Reserve Bank of Dallas)

  • Venue: UNSW, Quadrangle Building, Room 2063

  • Time: 15:30 - 17:00

  • Paper:  The heterogeneous effects of global and national business cycles on employment in U.S. states and metropolitan areas

• March 17th - Christopher Gibbs (USyd) - Cancelled

  • Venue: Social Science Building

  • Time: Cancelled

  • Paper: TBA

• April 7th - Alessio Galluzzi (USyd)

  • Venue: Online Meeting - email Chris Gibbs for details

  • Time: 16:30 - 17:30

  • Paper: Gertler, Mark, and Peter Karadi. "A model of unconventional monetary policy." Journal of monetary Economics 58, no. 1 (2011): 17-34 

• April 21st - Luke Hartigan (RBA) - Cancelled

  • Venue: Online Meeting - email Chris Gibbs for details

  • Time: 16:30 - 17:30

  • Paper: TBA

• May 5th - Aarti Singh (USyd)

  • Venue: Online Meeting - email Chris Gibbs for details

  • Time: 16:30 - 17:30

  • Paper:  "Indebted Demand and Economic Policy in the Post-Covid World" by Atif Mian, Ludwig Straub, and Amir Sufi

• May 19th - James Morley (USyd)

  • Venue: Online Meeting - email Chris Gibbs for details

  • Time: 16:30 - 17:30

  • Paper: Antolin-Diaz, J., Petrella, I., & Rubio Ramírez, J. (2018). Structural Scenario Analysis with SVARs. 

Session 2 2019, TUESDAYS, Time varies

• August 20th - Tom Cusbert (USyd and RBA)

  • Venue: RBA

  • Time: 16:30 - 18:00

  • Paper: Kaplan, G., Mitman, K., & Violante, G. L. (2017). The housing boom and bust: Model meets evidence (No. w23694). National Bureau of Economic Research. 

• September 3rd - Nigel McClung (Bank of Finland)

  • Venue: University of Sydney, Social Science Building, Room 650

  • Time: 14:00 - 15:00

  • Paper: Performance of Simple Interest Rate Rules Subject to Fiscal Policy

• September 17th - Mengheng Li (UTS)

  • Venue: RBA

  • Time: 16:30 - 18:00

  • Paper: Canova, F., & Matthes, C. (2018). A composite likelihood approach for dynamic structural models. 

• October 8th - Special Event Hosted at U Sydney - Governor of the Bank of Indonesia - Dr Perry Warjiyo 

  • Venue: Holme Building (A09). Please visit sydney.edu.au/arts/global-perspectives to register for the event.

  • Time: 9:30 - 11:30

  • Paper: Policy Mix 

• October 22nd - Luke Hartigan (RBA)

  • Venue:  RBA

  • Time: 16:30 - 18:00

  • Paper: Recession now casting: [1] Estrella and Mishkin (1998), "Predicting U.S. Recessions: Financial Variables as Leading Indicators", The Review of Economics and Statistics, 80(1), pp. 45--61. [2] Kauppi and Saikkonen (2008), "Predicting U.S. Recessions with Dynamic Binary Response Models", The Review of Economics and Statistics, 90(4), pp. 777-791. 

• November 5th -  Jose Miranda Pinto (UQ)

  • Venue: UNSW

  • Time 15:00 - 16:30

  • Paper: Saving-Constrained Households

• November 12th - Cancelled

  • Venue: UNSW

  • Time: 16:30 - 18:00

  • Paper TBD

• November 26th - MRG Workshop (Program).

  • Venue: University of Sydney, Social Science Building, Room 650

  • Time: 9:30 - 17:15

Session 1 2019, TUESDAYS, Time varies

Session 2 2018, TUESDAYS, Time varies

Session 1 2018, TUESDAYS, Time varies

Session 2 2017, TUESDAYS, Time, varies

Session 1 2017 (TUESDAYS 5:00 - 6:00pm)

Session 2 2016 (TUESDAYS 5:00 - 6:00pm)

Session 1 2016 (TUESDAYS 5:00 - 6:00pm)

Session 2 2015 (TUESDAYS 5:00 - 6:00pm)

Session 1 2015 (TUESDAYS 3:30 - 4:30pm)

Session 2 2014 (TUESDAYS 6:15pm)

Session 1 2014 (TUESDAYS 6:15pm)

Session 2 2013 (TUESDAYS 6:00pm)

Session 1 2013 (TUESDAYS 6:00pm)

Session 2 2012 (TUESDAYS 6:00pm)

Session 1 2012 (TUESDAYS 6:00pm)

Session 2 2011

Session 1 2011