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Workshop on Post Pandemic Macroeconomics

March 22, 2024

School of International and Public Affairs, Columbia University   New York City

Agenda  159kb pdf
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The Initiative for Policy Dialogue (IPD) at Columbia University, in partnership with the William and Flora Hewlett Foundation and Columbia’s Center for Political Economy, organized 1.5-day workshop where economists presented their ideas on the topic of Post-Pandemic Macroeconomics. Topics included deep uncertainty, consequences for cyclical behavior and macroeconomic policy of market power, and the post-pandemic/post-war in Ukraine inflationary episode.

See background material for the papers and slides presented at workshop.


Post-pandemic macroeconomics

A series of unprecedented shocks has hit the global economy over the past decade and a half, calling into question both the prevailing macroeconomic models and the policies based on them. While some of the shocks (like the pandemic) are exogenous, some are endogenous; but none can be described well as having been drawn from a well-defined probability distribution. Besides, these large shocks occur in an environment of incomplete contracts, leading to macroeconomic inconsistencies that creates ex-post uncertainty (uncertainty about how the inconsistencies will be resolved). Deep or radical uncertainty is at play.

So too, in the movements of markups and markdowns, there is evidence of monopoly and monopsony power, raising the question, how does such power affect macroeconomics, how it responds either to shocks or to policies, how weak or strong are the equilibrating forces returning the economy to full employment with stable prices. These are among the central questions which this conference workshop, part of a larger research program being sponsored by the Hewlett Foundation, hopes to address.

Organizing Committee

Ignacio Gonzalez (American University)

Martin Guzman (Columbia University, SIPA)

Haaris Mateen (Bauer College of Business at the University of Houston)

Juan Montecino (American University)

Joseph E. Stiglitz (Columbia University)

All Files (33) zip
Inequality, Business Cycles, and Growth: A Unified Approach to Stabilization Policies

998kb pdf
Philipp Wangner,
Alexandre Gaillard

Presentation done by Philipp Wangner for panel on "New Perspectives on the Conduct of Stabilization Policy"

SLIDES: Inequality, Business Cycles, and Growth: A Unified Approach to Stabilization Policies

235kb pdf
Philipp Wangner

Unbalanced Growth, Elasticity of Substitution, and Land Overvaluation

474kb pdf
Tomohiro Hirano,
Alexis Akira Toda

Presentation done by Tomohiro Hirano for panel on "Dynamic Disequilibrium Models, Structural transformation, and Decentralized Adjustments"

SLIDES: Unbalanced Growth, Elasticity of Substitution, and Land Overvaluation

270kb pdf
Tomohiro Hirano

SLIDES: Uncertainty in Macroeconomics and Intertemporal Coordination

266kb pdf
Joseph Stiglitz,
Martin Guzman

Slides from Martin Guzman and Joseph E. Stiglitz's introduction for Day 2 of Workshop: Radical Uncertainty

Life-cycle forces make monetary policy transmission wealth-centric

10.45mb pdf
Paul Beaudry,
Paolo Cavallino,
Tim Willems

Presentation done by Paul Beaudry, for panel on "New Perspectives on the Conduct of Stabilization Policy"

SLIDES: Life-cycle forces make monetary policy transmission wealth-centric

740kb pdf
Paul Beaudry

Investor Demand, Firm Investment, and Capital Misallocation

706kb pdf
Yufeng Wu,
Jaewon Choi,
Xu Tian,
Mahyar Kargar

Presentation done by Yufeng Wu for panel on "Macroeconomics with Corporate Market Power"

SLIDES: Investor Demand, Firm Investment, and Capital Misallocation

823kb pdf
Yufeng Wu

Dynamic Concern for Misspecification

746kb pdf
Giacomo Lanzani

Presentation done by Giacomo Lanzani for panel on "Radical Uncertainty and Economic Behavior"

SLIDES: Post Covid Monetary Policy and Inflation

1.11mb pdf
Bruce Greenwald

Bruce Greenwald's presentation for panel on "Revisiting the Post Pandemic Inflation"

A Primer on Radical Uncertainty

245kb pdf
John Kay ,
Mervyn King

Presentation done by John Kay for panel on "Policy Frameworks with Radical Uncertainty"

SLIDES: Radical Uncertainty: Decision-making for an unknowable future

2.72mb pptx
John Kay

Monetary Policy and Radical Uncertainty

3.67mb pdf
Paul De Grauwe,
Yuemei Ji

Presentation done by Paul De Grauwe for panel on "Policy Frameworks with Radical Uncertainty"

SLIDES: Financial Wealth, Market Power, and Optimal Corporate Taxation

1.04mb pdf
Ignacio González,
Juan Montecino,
Joseph Stiglitz

Presentation done by Juan A. Montecino for panel on "Macroeconomics with Corporate Market Power"

Strategic Savings and Capital Flows

484kb pdf
Michael Sockin,
Daniel Neuhann

Presentation done by Michael Sockin for panel on "Macroeconomics with Corporate Market Power"

SLIDES: Strategic Savings and Capital Flows

266kb pdf
Michael Sockin

SLIDES: How European Markets Became Free: A Study of Institutional Drift

315kb pdf
Thomas Philippon

Presentation done by Thomas Philippon for panel on "Macroeconomics with Corporate Market Power"

SLIDES: Income distribution and growth: insights from agent-based modelling

1.09mb pdf
Elisa Palagi

Presentation done by Elisa Palagi for panel on "Dynamic Disequilibrium Models, Structural transformation, and Decentralized Adjustments"

Do Cost of Living Shocks Pass Through into Wages?

1.00mb pdf
Justin Bloesch,
Seung Joo Lee,
Jacob P. Weber

Presentation by Justin Bloesch for panel on "Revisiting the Post Pandemic Inflation"

SLIDES: Do Cost-of-Living Shocks Pass Through to Wages

991kb pdf
Justin Bloesch

The Unexpected Compression: Competition at Work in the Low Wage Economy

3.74mb pdf
Annie McGrew,
David Autor,
Arindrajit Dube

Presentation by Annie McGrew for panel on "Labor Markets"

SLIDES: The Unexpected Compression: Competition at Work in the Low Wage Economy

4.81mb pdf
Annie McGrew

SLIDES: Monopoly power, rents, and macroeconomic equilibrium

86kb pdf
Joseph Stiglitz

Presentation by Joseph E. Stiglitz to introduce panel on "Macroeconomics with Corporate Market Power"

SLIDES: Policy in a Deeply Uncertain World

127kb pdf
Joseph Stiglitz

Introduction to Day 2: Radical Uncertainty. Based on joint work with Bob Rubin and Peter Orszag

A Theory of Safe Asset Creation, Systemic Risk, and Aggregate Demand

658kb pdf
Levent Altinoglu

Presentation by Levent Altinoglu for panel on "Dynamic Disequilibrium Models, Structural transformation, and Decentralized Adjustments"

SLIDES: A Theory of Safe Asset Creation, Systemic Risk, and Aggregate Demand

426kb pdf
Levent Altinoglu

War in the Ukraine and global inflationary pressures: learning about how to study fiscal and monetary cooperation in the face of supply side shocks

596kb pdf
David Vines,
Sheung Kan (Paul) Luk,
Christopher Adam

Presentation by David Vines for panel on "New Perspectives on the Conduct of Stabilization Policy"

SLIDES: War in the Ukraine and global inflationary pressures: learning about how to study fiscal and monetary cooperation in the face of supply side shocks

667kb pdf
David Vines

Disinflation programs in chronic-inflation countries: Evidence from Latin America

11.90mb pdf
Martin Rapetti,
Gabriel Palazzo,
Joaquín Waldman

Presentation by Martin Rapetti for panel on "Revisiting the Post Pandemic Inflation"

SLIDES: Disinflation programs in chronic-inflation countries: Evidence from Latin America

8.36mb pdf
Martin Rapetti

The Causes of and Responses to Today’s Inflation

4.66mb pdf
Joseph Stiglitz,
Ira Regmi

Presentation by Ira Regmi for panel on "Revisiting the Post Pandemic Inflation"

SLIDES: Looking (Back?) at Inflation

1.19mb pdf
Ira Regmi

Event Information

Type Meeting
Program Macroeconomic Policy