Welcoming Remarks
9.00-10.00 Tâtonnement and Price Setting in General Equilibrium
Ivan Werning, Massachusetts Institute of Technology
Co-authors: Guido Lorenzoni (University of Chicago)
10.00-11.00 Sticky Prices for Inflationary Economies: A Tractable
Linear Approximation to Menu Cost Models with Trend Inflation
Jonathan Adams, Federal Reserve Bank of Kansas City
11:00 – 11:15 Coffee Break
11.15-12.15 Pricing Mistakes and the (Non)-Neutrality of
Money
Tomás Caravello, Massachusetts Institute of Technology
12:15 – 1:25 Lunch
1:25-2:25 A General Equilibrium Trade Model with the Least-Traded
Products Margin
Timothy
Kehoe, University of
Minnesota
Co-authors: Kim J. Ruhl, Xing Xu
2:25 – 2:30 Break
2:30-3:30 Cross-sectional Identification with Heterogeneous Exposure to General Equilibrium Effects
Paula Donaldson, UC San Diego / Brown University
Monday, July 20th, 2026 - Fundação Getulio Vargas
9-10 Policy Session
10:00-11:00 Firm Dynamics and Sectoral Reallocation
Hugo Hopenhayn, University of California, Los Angeles
Co-authors: Julian Neira, Rish Singhania
11:00 – 11:15 Coffee Break
11:15-12:15 From Skills to Occupations: Comparative Advantage and
Cross-Country Income Differences
Alexander Monge-Naranjo, Federal Reserve Bank of Atlanta, Emory University &
CEPR
Co-authors: Charles Gottlieb, Jan Grobovsek
12:15 – 1:25 Lunch
1:25-2:25 The Growth and
Fiscal Cost of Late Aging: Demographic Drag and Compressed Fiscal Adjustment
Selahattin Imrohoroglu, USC Marshall School of Business
2:25-3:25 Inflation Targeting under Fiscal Fragility
Rafael Santos, EPGE / Fundação Getulio Vargas
Co-authors: Aloisio Araujo (EPGE/FGV & IMPA),
Vitor Costa (IMPA), Paulo Lins (University of Rochester), Serge de Valk
(EPGE/FGV)
3:25 – 3:45 Break
3:45-4:45 Mussa meets
Backus-Smith: The Role of Primary Commodities
Joao Ayres, Inter-American Development Bank
Co-authors: Constantino Hevia (UTDT), Juan Pablo
Nicolini (UTDT)
4:45.6:00 PLENARY LECTURE
Lars Peter Hansen, University of Chicago
