2025

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)

• 1. Theresa Mayrhofer: Revolution at Home: The Impact of Work From Home on Wage Dynamics

  2. Fabian Prettenthaler: Staying Put: Housing Decisions of Asset-Rich, Cash-Poor Elderly Households

  3. 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), Steven Kivinen (Uni Graz)