On April 14, 2023, the Federal Reserve Bank of New York will host a hybrid symposium titled “The Global Economy Post-COVID.” Hosted by the Center for Applied Macroeconomics and Econometrics, the symposium aims to foster thought-provoking debate among academics, practitioners, and policymakers about the shape of the global economy over the next decade. The event will consist of presentations and Q&As on the following topics: Changes in players in financial markets and transmission of international shocks. The future of global trade and its impact on the US economy. The economic impact of cross-border labor migration.
The conference is virtually open to academics, practitioners and policy makers. There will be opportunities for Q&A during the exhibition.
This event is virtually open to the public and media. All utterances are recorded and the recording will be made available later. For media inquiries, please contact Suzanne Elio.
Marco del Negro
Julian Di Giovanni
April 14, 2023
10am – 3:05pm EDT
This will be a hybrid event with most panelists participating in person and the general audience participating virtually.
Each hour-long session includes two 15-minute presentations and a 30-minute roundtable discussion.
|10:00 am to 10:05 am||Introduction: Marco Del Negro (New York Fed)|
|10:05 am to 11:05 am||Session I: The Macroeconomic Impact of Global Portfolio Allocation
Foreigners hold significant amounts of U.S. private and public debt and stock. Meanwhile, sovereign debt has increased dramatically around the world. What explains the global demand for U.S. Treasuries in normal times and times of stress? What are the macroeconomic implications of imperfect cross-risk sharing?
Chair: Ozge Akinci (New York Fed)
|11:10 a.m. to 12:10 p.m.||Session II: Changes in Players in Financial Markets and Transmission of International Shocks
The composition of financial market players is evolving, shifting from global banks to NBFIs. Will this change spill over to the United States through global financial markets and the effectiveness of U.S. monetary policy? What are the main channels through which certain types of financial institutions respond to U.S. monetary policy? What makes a difference when uncertainty rises? What constraints and vulnerabilities shape cross-border responses to shifts in risk sentiment? Sovereign debt outstanding across countries higher than before the COVID-19 pandemic What would be the impact of the international transmission of the shock of
Chair: Linda Goldberg (New York Fed)
|1:00pm to 2:00pm|| Session III: The Future of Global Trade and Its Implications for the US Economy
The COVID-19 pandemic and other geopolitical shocks have raised concerns about the resilience of the global trading system and questions about the viability of the current administration. Has there been or will there be a “deglobalisation”? Will there still be reshoring of overseas production to the US? What impact might shocks have on the reorganization of foreign procurement of final and intermediate goods? What impact will it have on macroeconomic variables?
Chair: Mary Amity (New York Fed)
|2:05pm – 3:05pm||Session IV: Economic Impact of Cross-Border Labor Migration
This session will examine the impact of foreign-born workers on various economic phenomena within the country. How might restrictions on cross-border workers affect the ability of domestic firms to operate? How important are foreign-born workers in driving labor market dynamics and wages? Are they playing a role? Have there been any changes in the skill mix of foreign and domestic workers? How might this affect inequalities? What impact will potential changes in numbers have on the growth of knowledge in national economies?
Chair: Julian Di Giovanni (New York Fed)
Robert W. Scrivner Professor of Economics and Social Policy Studies
Edwards S. Sanford Professor of Economics
Bendheim Financial Center Director
University of North Carolina at Chapel Hill
Elif Professor of Economics and Global Affairs
Neil Moskowitz Economics Professor
University of Maryland College Park
Associate Professor of Economics
University of Chicago Booth School of Business
Moghadam Finance Professor
Senior Fellow, Stanford Institute for Economic Policy
Stanford University Graduate School of Business
Associate Professor of Economics