Macrofinance in the Long Run

February 22-23, 2024

In person at Princeton University. A live stream will be available.


Organized by the Julis-Rabinowitz Center for Public Policy & Finance, this year’s conference will explore significant questions for long-run macrofinance.

The global economy has undergone profound changes in the aftermath of the pandemic, characterized by an uneven recovery and heightened uncertainty. The last two years have witnessed a resurgence of inflation concerns in advanced economies and emerging markets, coupled with rising rates. This departure from a quarter-century era of exceptionally low interest rates, elevated debt levels, and soaring asset valuations has introduced new challenges and uncertainties. While the immediate disruptions of the pandemic are receding, there will likely be long-lasting aftereffects on how economies are structured, both domestically and globally, as monetary policy continues to be tight, trade networks realign, and global financial flows react.

These shifts set the agenda for our 2024 conference, exploring the significant and potentially enduring trends shaping long-run macrofinance. The conference sessions highlight several critical issues that can help explain these transformations. Why has capital formation been so limited over the past few decades despite long-term low, real rates? Understanding the dynamics of this relationship becomes crucial as the global economy adapts to the tightening cycle initiated in 2022. Rising rates will have differential impacts across different sectors and regions, hurting some economies more than others. Delving deeper, the conference will explore the structural roots of macroeconomic imbalances (both in terms of cross-border imbalances and inequality within countries), how these imbalances arise, and the linkages with interest rates and financial markets.

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Keynote Speakers

Ben S. Bernanke
Distinguished Senior Fellow in Economic Studies
Brookings Institution
Lisa D. Cook
Board of Governors
Federal Reserve System

Session Speakers

Xavier Gabaix
Pershing Square Professor of Economics and Finance
Harvard University
Jonathon Hazell
Assistant Professor of Economics
London School of Economics
Kilian Huber
Associate Professor of Economics; Lee Economics Program Faculty Fellow
University of Chicago
Réka Juhász
Assistant Professor of Economics, Vancouver School of Economics
University of British Columbia
Ernest Liu
Session Moderator
Assistant Professor of Economics & Finance, Princeton University
Hanno Lustig
Mizuho Financial Group Professor of Finance, Graduate School of Business
Stanford University
Atif Mian
John H. Laporte, Jr. Class of 1967 Professor of Economics, Public Policy and Finance;
Director, Julis-Rabinowitz Center for Public Policy & Finance, Princeton University
Carolin Pflueger
Carolin Pflueger, Associate Professor, Harris School of Public Policy
University of Chicago
Thomas Philippon
Max L. Heine Professor of Finance
New York University
Moritz Schularick
President, Kiel Institute for the World Economy
Professor of Economics, Sciences Po (Paris)
John Sturm Becko
Session Moderator
Postdoctoral Research Associate, Princeton University
Giovanni L. Violante
Theodore A. Wells '29 Professor of Economics, Princeton University
Annette Vissing-Jorgensen
Senior Adviser
Federal Reserve Board
Wei Xiong
Session Moderator
John H. Scully '66 Professor in Finance; Professor of Economics, Princeton University
Motohiro Yogo
Session Moderator
Hugh Leander and Mary Trumbull Adams Professor for the Study of Investment and Financial Markets, Professor of Economics, Princeton University