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Connecting Policy with Frontier Research 2015

Economist Interviews from the 40th Annual Federal Reserve Bank of St. Louis Fall Conference

Oct. 15-16, 2015

The Federal Reserve Bank of St. Louis hosted its 40th Annual Fall Conference on Oct. 15-16, 2015. David Andolfatto, a vice president and economist at the St. Louis Fed, sat down with each of the conference presenters and discussed their work in plain English. The content in this conference volume is based on those interviews. All interviews have been edited for clarity and length.

Download the conference volume (PDF)

View the full conference agenda.

The views expressed in this volume are those of the individuals presenting them and do not necessarily reflect the views of the Federal Reserve Bank of St. Louis or the Federal Reserve System.

Message from the President — James Bullard

Message from the Research Director — Christopher J. Waller

Foreword from the Conference Organizers


“Analyzing the Effects of Insuring Health Risks: On the Trade-Off between Short Run Insurance Benefits and Long Run Incentive Costs” —  Harold Cole

“The Safety Trap” —  Emmanuel Farhi

“Use It or Lose It: Efficiency Gains From Wealth Taxation” —  Fatih Guvenen

“The Aggregate Implications of Regional Business Cycles” —  Erik Hurst

“The Chinese Savings Rate: Productivity, Old-Age Support, and Demographics” — Ayse Imrohoroglu

“Wholesale Banking and Bank Runs in Macroeconomic Modelling of Financial Crises” — Nobuhiro Kiyotaki

“Intangible Capital and Measured Productivity” — Ellen McGrattan 

“Neoclassical Models of Aggregate Economies” — Lee Ohanian

“Monetary Policy with 100% Reserve Banking: An Exploration” — Edward Prescott