(Final Version in PDF, October 2, 2025)
Anyone can register for the conference without any fees: Please send an email to vienna.macro@gmail.com if you would like to participate.
Registration for 2025 conference deadline: October 1st, 2025! Registration is CLOSED!
Our Sponsors for 2025:
Institute for Advanced Studies (IHS). The institute was founded in 1963 by Paul F. Lazarsfeld and Oskar Morgenstern, and is currently under the direction of Holger Bonin
Vienna Graduate School of Economics (VGSE) (Maaten Janssen)
John Deutsch Institute (Christopher Cotton, Allen Head)
Manchester School (Akos Valentinyi)
We dedicate this year's Conference to Marcus Hagedorn, RIP
We are deeply saddened by the passing of Marcus Hagedorn, a brilliant economist and a cherished member of our community. As one of the core members of the Vienna Macro Café, Marcus played a vital role in fostering an open, rigorous, and collaborative environment that brought macroeconomists together. His intellectual courage, sharp comments and clarity were matched only by his quirky charm and genuine warmth - traits that made him not only a formidable thinker but also a beloved colleague and friend. His absence leaves a profound void, but his ideas, spirit, and kindness will remain with us.
Vienna Macro Group
May 20, 2025
Thursday, 16 October 2025: The Greenhorn Session
14:45 - 15:25
Registration
15:25 - 15:30
Opening Remarks: David Andolfatto (U Miami)
15:30 - 16:00
Jisu Jeun (Bank of Finland)*
“Going Public over the Business Cycle”
16:00 - 16:10
Discussion Chair: Leopold Sögner(IHS)
16:10 - 16:40
Thomas Hasenzagl (FRB, Richmond)*
“The Micro–Aggregated Profit Share”
16:40 - 16:50
Discussion Chair: Boju Li (Liverpool)
16:50 - 17:00
SHORT BREAK
17:00 - 17:30
Vanessa Schmidt (HU Berlin)*
“Inequality, Home Production, and Monetary Policy”
17:30 - 17:40
Discussion Chair: Natalia Kovrijnykh (ASU)
17:40 - 18:10
Sujan Bandyopadhyay (Manchester)*
“A Theory of Domestic Outsourcing: Search and Sorting in Skilled Services ”
18:10 - 18:20
Discussion Chair: Sebastian Dryda (Toronto)
18:20 - 18:30
SHORT BREAK
18:30 - 19:00
Luke Rawling (Queen's)*
“Networks, Sorting, and the Productivity Implications of Immigrant Assimilation”
19:00 - 19:10
Discussion Chair: Michael Reiter (IHS)
19:30
Thursday Reception at Plutzer Bräu
Friday, 17 October 2025
9:00 - 9:25
Registration
9:25 - 9:30
Opening Remarks: Michael Reiter / Leopold Sögner / Sebastian Koch (IHS)
9:30 - 09:50
Poster Slam Session (VGSE) Session Chair: Fabian Greimel (Vienna)
Theresa Mayrhofer: Revolution at Home: The Impact of Work From Home on Wage Dynamics
Fabian Prettenthaler: Staying Put: Housing Decisions of Asset-Rich, Cash-Poor Elderly Households
Philipp Ulbing: Temptation, Self Control and The Digital Euro
10:00 - 10:45
Espen Henriksen (BI Norwegian Business School)*, Marcus Hagedorn
“Financial Markets can Explain Exchange Rates”
10:45 - 11:00
Discussant: Vito Cormun (Santa Clara)
Session Chair: Sevi Rodriguez Mora (CUNEF and Edinburgh)
11:00 - 11:15
SHORT BREAK
11:15 - 12:00
Zsofia Barany (CEU)*, Miklos Koren (CEU)
“Broken Ladders: AI, Teamwork, and the Dynamics of Skill Formation in the Workplace”
12:00 - 12:15
Discussant: Gueorgui Kambourov (Toronto)
Session Chair: Xavier Mateos-Planas(Queen Mary)
12:15 - 13:00
LUNCH
13:00 - 13:45
Nicholas Kozeniauskas (Bank of Portugal & Católica-Lisbon) and Miguel H Ferreira (Queen Mary)
"Beyond Risk: Firm Financing & Interest Rates"
13:45 - 14:00
Discussant: General
Session Chair: Alexander Karaivanov (SFU)
14:15 - 15:00
Huberto M. Ennis (Richmond Fed)*, Alex Wolman (Richmond Fed)
“The Diffusion of Bank Reserves in the U.S.”
15:00 - 15:15
Discussant: Jay Kahn (FRB)
Session Chair: Yaniv Yedid-Levi (Reichman)
15:15 - 15:45
SHORT BREAK
15:45 - 16:30
Lukas Altermatt (Essex)*, Hugo van Buggenum (ETH Zurich), Lukas Voellmy (Swiss National Bank)
“Money Creation in a Neoclassical Economy: Equilibrium Multiplicity and the Liquidity Trap”
16:30 - 16:45
Discussant: Hongfei (Amy) Sun (Queen’s)
Session Chair: Mila Markevych (UNC Charlotte)
16:55 - 17:40
Carlos Carrillo-Tudela (Essex), Frank Leenders (UC3M), Tommaso Santini (IWH Halle), Ludo Visschers (UC3M)*
“Occupation Growth and Worker Flows in Dynamic Labor Market Equilibrium”
17:40 - 17:55
Discussant: Amanda Michaud (Minneapolis Fed)
Session Chair: Miana Plesca (Guelph)
19:30
Dinner at Marienhof
Saturday, 18 October 2025
9:30 - 10:00
Registration
10:00 - 10:45
Alessandro Mennuni (U Southampton)*, Ramon Marimon (UPF and EUI)
“Solving Time Inconsistent Problems as Constrained Ramsey Problems”
10:45 - 11:00
Discussant: Árpád Ábrahám (Bristol)
Session Chair: Akos Valentinyi (Manchester)
11:00 - 11:15
SHORT BREAK
11:15 - 12:00
Baiyou Chen (Queen's), Huw Lloyd-Ellis (Queen's)*
“New Keynesian employment multipliers”
12:00 - 12:15
Discussant: Sebastian Graves (Cambridge)
Session Chair: Florian Exler (National Bank of Slovakia)
12:15 - 13:00
LUNCH
13:00 - 13:45
Anastasios Karantounias (Surrey)*
“Optimal climate policy in a global economy”
13:45 - 14:00
Discussant: General Discussion
Session Chair: Christian Haefke (NYU Abu Dhabi)
14:15 - 15:00
Francesca Carapella (FRB)*
“Stablecoin Self-Regulation”
15:00 - 15:15
Discussant: Cyril Monnet (Bern)
Session Chair: Harris Dellas (Bern / KBI)
15:15 - 15:45
SHORT BREAK
15:45 - 16:30
Radek Paluszynski (Houston)*, Sterre Kuipers (University of Houston), Hyunju Lee (University of Houston)
“Globalization Accounting”
16:30 - 16:45
Discussant: Roozbeh Hosseini (Georgia)
Session Chair: Paul Gaggl (UNC Charlotte)
16:45 - 17:30
Borghan Nezami Narajabad (FRB)*, Tess Scharlemann (FRB)
“Residential Mortgage Performance and Climate Risk: Past and Future”
17:30 - 17:45
Discussant: Anton Braun (GRIPS and CIGS)
Session Chair: Allen Head (Queen’s)
17:45 - 18:00
Concluding Remarks
19:00
Dinner at Orpheas
Other Official Participants (as of October 2, 2025):
Vanessa Dietl (Regensburg), Jonas Kremer (Regensburg), Tizian Dick (Regensburg), Laura Buczek (Regensburg), Linus Vogelsang (Regensburg), Henry Siu (VSE), Lena Zeise (Regensburg), Nina Schmid (Regensburg), Michael Goccia (UNVIE), Steven Kivinen (Uni Graz)
