SI 2025 Macro Public Finance
Organized by Dirk Krueger, Florian Scheuer, Stefanie Stantcheva, and Aleh Tsyvinski
July 17, 2025
Royal Sonesta Hotel, 40 Edwin H. Land Blvd., Cambridge, MA
Thursday, July 17
8:30 am
Coffee and Pastries
Session 1: Taxation and Fiscal Policy
9:00 am

The Limits of Consumption Taxation: A Theory of Optimal Capital Taxation

Rafael Berriel, Stanford University
Ravi Jagadeesan, Stanford University

Discussant:
Varadarajan V. Chari, University of Minnesota and NBER
9:45 am

Putting the 'Finance' into 'Public Finance': A Theory of Capital Gains Taxation

Mark A. Aguiar, Princeton University and NBER
Benjamin Moll, London School of Economics and Political Science (LSE)
Florian Scheuer, University of Zurich

Discussant:
Job Boerma, University of Wisconsin - Madison
10:30 am
Break
Session 2: Redistribution
11:00 am

Redistribution and Unemployment Insurance

Antoine Ferey, Sciences Po

Discussant:
Yena Park, Seoul National University
11:45 am

Sustainable Social Security

Alessia Russo, University of Padua
Francesco Lancia, University of Vienna
Timothy Worrall, The University of Edinburgh
Sergio Cappellini, University of Navarra

Discussant:
Marco Bassetto, Federal Reserve Bank of Minneapolis
12:30 pm
Lunch
Session 3: Macro Policy
1:30 pm

The Macroeconomic Effects of Climate Policy Uncertainty (slides)

Diego R. Känzig, Northwestern University and NBER
Konstantinos Gavriilidis, University of Stirling
Ramya Raghavan, Northwestern University
James H. Stock, Harvard University and NBER

Discussant:
Lint Barrage, ETH Zurich
2:15 pm

Tax Productivity and Development: A Quantitative Macroeconomic Analysis

Radhika Goyal, University of California, San Diego
Anders Jensen, Harvard University and NBER
David Lagakos, Boston University and NBER
Abdoulaye Ndiaye, New York University

Discussant:
Corina Boar, New York University and NBER
3:00 pm
Break
Session 4: Interest Rates and Public Finance
3:30 pm

Rethinking Short-Term Real Interest Rates and Term Spreads using very Long-Run Data (slides)

Paul Schmelzing, Boston College
Kenneth S. Rogoff, Harvard University and NBER
Barbara Rossi, ICREA-Universitat Pompeu Fabra

Discussant:
George J. Hall, Brandeis University
4:15 pm

The Fragility of Government Funding Advantage

Jonathan Payne, Princeton University
Balint Szoke, Federal Reserve Board of Governors

Discussant:
Anmol Bhandari, University of Minnesota and NBER
5:00 pm
Adjourn