The 27th Macro Finance Society Workshop will be held May 1-2, 2026, hosted and co-sponsored by the Rodney L. White Center for Financial Research at the Wharton School in Philadelphia, and organized by Tim Landvoigt (Wharton) and Sean Myers (Wharton). The workshop aims to bring together researchers whose work spans both macroeconomics and finance. Special consideration will be given to papers authored by junior faculty members of The Society, as well as papers that have not been presented or scheduled for presentation at major conferences.
The workshop will start in the afternoon May 1st with methods lectures by Winston Wei Dou (Wharton) and Thomas Winberry (Wharton), followed by a conference dinner. May 2nd will feature a full day of conference presentations, including a keynote address by distinguished speaker Markus Brunnermeier (Princeton).”
Registration
Registration for the conference is now open.
The workshop registration is $200 and includes dinner on May 1 and breakfast and lunch on May 2.
Accommodations
A limited number of rooms are available to book at the Study University City at a group rate of $259/night. Contact jfranken@wharton.upenn.edu for assistance with booking.
Directions
All conference sessions on the afternoon of Friday, May 1 and all day on Saturday, May 2 take place in Steinberg-Dietrich Hall, 3620 Locust Walk.
Please note Locust Walk is pedestrian only. The closest vehicle accessible point is 3700 Spruce Street. If you arrive at this address, proceed north on 37th walk, turning right on Locust Walk (just past the statue of Benjamin Franklin). Enter Steinberg-Dietrich Hall through the first entrance on the right. Inside the lobby, turn right at the security desk and look for signage pointing downstairs to the meeting room, 350.
Workshop Agenda
Names of speakers are highlighted in bold.
Paper presenters will speak for 20 minutes, discussants will reply for 15 minutes, and audience Q&A will be 15 minutes.
Sessions will be held at the Wharton School’s Steinberg-Dietrich Hall, 3620 Locust Walk, Philadelphia.
Friday, May 1
2:30–3:30 PM Methods Lecture Winston Dou (University of Pennsylvania), “Market Power, Strategic Interaction, and Capital Market Dynamics”
3:30–4:00 PM Break
4:00–5:00 PM Methods Lecture, Thomas Winberry (University of Pennsylvania), “New Keynesian Economics with Household and Firm Heterogeneity”
6:00 PM Conference Dinner, The Study, 20 S. 33rd st.
Saturday, May 2
7:30–8:30 AM Breakfast and Registration
8:30–9:20 AM “Heterogeneous Beliefs, Asset Prices, and Business Cycles”
Saki Bigio (UCLA), Dejanir Silva (Purdue University), and Eduardo Zilberman (PUC-Rio)
Discussant: Cosmin Ilut (Duke University)
9:20–9:30 AM Break
9:30–10:20 AM “A Quantitative Model of Bank Merger Dynamics”
Dean Corbae (University of Wisconsin-Madison), Pablo D’Erasmo (Federal Reserve Bank of Philadelphia), and Charles R. Smith (University of Wisconsin-Madison)
Discussant: Juliane Begenau (Stanford University)
10:20–10:30 AM Break
10:30–11:20 AM “Risk Premia, Limited Firm Insurance, and Heterogeneous Earnings Risk”
Maarten Meeuwis (Washington University in St. Louis), Dimitris Papanikolaou (Northwestern University), and Lawrence D. W. Schmidt (MIT)
Discussant: Martin Souchier (University of Pennsylvania)
11:20-11:30 AM Break
11:30–12:20 PM Keynote Address by Markus Brunnermeier (Princeton University)
12:20–1:50 PM Lunch & PhD Poster Session
Poster Presentations:
- Nick Lee Cao (Stanford University) “Exchange Rates and International Risk Sharing under Home Portfolio Bias”
- Cindy Chung (Stanford University) “Small Firm Credit Card Financing and Interest Rate Conditions”
- Olivia Lattus (Brown University) “Interest Rate Risk Hedging and Investment Decisions by U.S. Non-financial Firms”
- Yicheng Liu (Ohio State) “Intangibles, Market Power, and Firm Value”
- Juan Llambias (University of Pennsylvania) “Bank Runs in the Digital Era”
- Sebastiao Oliveira (University of Illinois Urbana-Champaign) “Product Life Cycle Heterogeneity in the Transmission of Uncertainty”
1:50–2:40 PM “The Fragility of Government Funding Advantage”
Jonathan Payne (Princeton University) and Bálint Szőke (Federal Reserve Board)
Discussant: Saki Bigio (UCLA)
2:40-2:50 PM Break
2:50–3:40 PM “Wealth Inequality and Safe Asset Demand”
Xuning Ding (Stanford University) and Zhengyang Jiang (Northwestern University)
Discussant: Joachim Hubmer (University of Pennsylvania)
3:40-3:50 PM Break
3:50–4:40 PM “A New Keynesian Model for Financial Markets”
Thomas Mertens (Federal Reserve Bank of San Francisco) and Tony Zhang (Federal Reserve Board)
Discussant: Anna Cieslak (Duke University)