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Macro Asset Pricing Conference

The 2023 Asset Pricing Conference was most recently held on May 19th and 20th, 2023.


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