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Macro Asset Pricing Conference

The 2023 Asset Pricing Conference will be held on May 19th and 20th at the Carlson School of Management.


Anna Cieslak headshot

Anna Cieslak

Associate Professor of Finance - Duke University


Nicolas Crouzet headshot

Nicholas Crouzet

Associate Professor of Finance - Northwestern


Niels Gormsen Headshot

Niels Gormsen

Neubauer Family Assistant Professor of Finance and Asness Junior Faculty Fellow - University of Chicago


Tim Landvoight Headshot

Tim Landvoigt

Assistant Professor of Finance - University of Pennsylvania


Moritz Lenel Headshot

Moritz Lenel

Assistant Professor of Economics - Princeton University


Xiaoji Lin

Xiaoji Lin

US Bancorp Professor in Financial Markets and Institutions Professor of Finance - University of Minnesota


Stavros Panageas

Robert D. Beyer ’83 Term Chair in Management; Professor of Finance - UCLA


Carolin Pfleuger Headshot

Carolin Pfleuger

Assistant Professor of Public Policy - University of Chicago


Colin Ward

Colin Ward

Assistant Professor of Finance - University of Minnesota


Adam Zhang

PhD Candidate - Stanford


Friday, May 19

12:00 - 12:30

Conference Lunch

12:30 - 1:15

Anna Cieslak (Duke) - “Tough Talk: The Fed and the Risk Premium
Discussant: Andrea Raffo (Federal Reserve Bank of Minneapolis)

1:15 - 2:00

Tim Landvoigt (Wharton) - “Asset Pricing with Optimal Under-Diversification
Discussant: Adam Zhang (Minnesota)

2:00 - 2:15


2:15 - 3:00

Carolin Pflueger (Chicago) - “Back to the 1980s or Not? The Drivers of Inflation and Real Risks in Treasury Bonds
Discussant: Xiaoji Lin (Minnesota)

3:00 - 3:45

Stavros Panageas (UCLA) - “Running Primary Deficits Forever in a Dynamically Efficient Economy: Feasibility and Optimality
Discussant: Colin Ward (Minnesota)

3:45 - 4:00


4:00 - 4:45

Moritz Lenel (Princeton) - “Monetary Policy, Segmentation, and the Term Structure
Discussant: Bob Goldstein (Minnesota)

4:45 - 5:30

Colin Ward (Minnesota) - “Appropriated Growth
Discussant: Liyan Shi (Carnegie Mellon)

Saturday, May 20

9:00 - 9:15


9:15 - 10:00

Nicolas Crouzet (Northwestern) - “Intangible capital, non-rivalry, and growth
Discussant: Juliana Salomao (Minnesota)

10:00 - 10:45

Adam Zhang (Minnesota) - “Before and After Target Date Investing: The General Equilibrium Implications of Retirement Saving Dynamics
Discussant: Anmol Bhandari (Minnesota)

10:45 - 11:00


11:00 - 11:45

Niels Gormsen (Chicago) - “Corporate Discount Rates
Discussant: Erik Loualiche (Minnesota)

11:45 - 12:30

Xiaoji Lin (Minnesota) - “Do bankers matter for main street? The financial intermediary labor channel*
Discussant: Thien Nguyen (Ohio State)

12:30 - 1:00