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  3. 2025 Melbourne Annual Macro Policy Meeting
Melbourne Institute of Applied Economic and Social Research

Melbourne Annual Macro Policy Meeting

Thursday 30 & Friday 31 October, the University of Melbourne

About Program Venue & Melbourne information Contact

The annual Melbourne Macro Policy Meeting  gathers academics and researchers in policy institutions, and policy analysts to discuss the latest research and thinking about macroeconomic issues and policies. This event is co-hosted by the Department of Economics and the Melbourne Institute.
This year our theme is: "
Macroeconomic policy and global uncertainty".

Details

  • Two-day event, Thursday 30 - Friday 31 October 2025
  • Held at the Melbourne Business School, 200 Leicester Street, Carlton 3053

Keynote Speakers

  • Professor Giancarlo Corsetti
    Pierre Werner Chair and Professor of Economics, European University Institute
  • Professor Eric Swanson
    Professor of Economics, University of California, Irvine

Policy panel:

  • Catherine de Fontenay, Commissioner, Productivity Commission (Panel Moderator)
  • Giancarlo Corsetti, Pierre Werner Chair and Professor of Economics, European University Institute
  • Prasanna Gai, The University of Auckland, and Monetary Policy Committee, Reserve Bank of New Zealand
  • Warwick J. McKibbin, Director, Centre for Applied Macroeconomic Analysis, the Australian National University
  • Eric Swanson, Professor of Economics, University of California, Irvine

Register now

Important dates

Tuesday 1 JulyPaper submissions open
Sunday 31 AugustPaper submissions close
Monday 15 SeptemberNotification of paper acceptance

Monday 29 September

Registrations open

Friday 24 October, 5pm

Registrations close

Thursday 30 and Friday 31 October

Conference

Organising committee

Guay Lim, Professorial Fellow, Melbourne Institute of Applied Economic and Social Research, the University of Melbourne

Mei Dong, Professor, Department of Economics, Faculty of Business and Economics, the University of Melbourne

Program committee

Sushant Acharya, Associate Professor, Department of Economics, Faculty of Business and Economics, the University of Melbourne

Mei Dong
, Professor, Department of Economics, Faculty of Business and Economics, the University of Melbourne

Matthew Greenwood-Nimmo
, Professor, Melbourne Institute of Applied Economic and Social Research, the University of Melbourne

James Hansen, Senior Lecturer, Department of Economics, Faculty of Business and Economics, the University of Melbourne

Tim Kam
, Associate Professor, Research School of Economics, Australian National University

Guay Lim
, Professorial Fellow, Melbourne Institute of Applied Economic and Social Research, the University of Melbourne

Benjamin Wong
, Associate Professor, Econometrics & Business Statistics, Monash University

Sponsors

View the 2024 Macro Policy Meeting program

The Macro Policy Meeting will take place at the Melbourne Business School, 200 Leicester St, Carlton, the University of Melbourne.


Download the program

Day 1 - Thursday 30 October

TimeSession
8:30am - 9:00am Registration
9:00am - 9:15am

Opening remarks -

Professor Beth Webster
, Director and Ronald Henderson Chair, Melbourne Institute of Applied Economic and Social Research, the University of Melbourne

9:15am - 10:45am

Session 1: Monetary Policy
Chair: James Hansen (The University of Melbourne)

Inflation Disagreement Weakens the Power of Monetary Policy
Ding Dong (Hong Kong Baptist University)
Zheng Liu (Federal Reserve Bank of San Francisco)
Min Wei (Federal Reserve Board of Governors)
Pengfei Wang (Peking University HSBC Business School)

Resolving New Keynesian Puzzles -  (and presentation slides)
Maria Eskelinen (University of Oxford)
Christopher Gibbs (The University of Sydney)
Nigel McClung (Bank of Finland)

Behavioural Expectations Under Indeterminacy: An Empirical Evaluation- (and presentation slides)
Yasuo Hirose (Keio University)
Donghoon Yoo (Korea University)

10:45am - 11:15am Morning Tea
11:15am - 12:45pm

Keynote Address
Chair: Sushant Acharya (The University of Melbourne)

The Short Lags of Monetary Policy
Professor Giancarlo Corsetti
Pierre Werner Chair and Professor of Economics, European University Institute

12:45pm - 1:30pm Lunch
1:30pm - 3:00pm

Session 2: Empirical Macro
Chair: Viet Nguyen (Melbourne Institute)

Policy, News, and Noise: Do Funds Rate Surprises Matter Anymore?
Özer Karagedikli (Asia School of Business in collaboration with MIT Sloan)

Kenneth Kuttner (Williams College)

RBA’s Reaction Function as Perceived by Forecasters

Jonathan Hambur (Reserve Bank of Australia)
Qazi Haque (The University of Adelaide) 

An Alternative Approach to Estimate the Impact of the Fed’s Balance Sheet Policies
Pratiti Chatterjee (The University of Western Australia)
3:00pm - 3:30pm Afternoon Tea
3:30pm - 5:00pm

Session 3: Fiscal Policy
Chair: Timothy Kam (The Australian National University)

Treasury Supply Shocks: Propagation Through Debt Expansion and Maturity Adjustment
Huixin Bi (Federal Reserve Bank of Kansas City)
Maxime Phillot (Swiss National Bank)
Sarah Zubairy (Texas A&M University)


Liquidity and Safety Over the Business Cycle

Andrea Ferrero (University of Oxford)
Alexander Haas (Monash University) 

The Inflationary Impact of Government Spending Shocks: Do Funding Choices Matter?
Giovanni Caggiano (University of Padua)
Changchen Ge (Monash University)
Solmaz Moslehi (Monash University)
Ada Zhou (Reserve Bank of Australia)

5:30pm - 9:00pm

Dinner
Graduate House
220 Leicester Street, Carlton

Note: only for attendees who registered

Day 2 - Friday 31 October

TimeSession
8:45am - 9:15am Registration
9:15am - 10:45am

Session 4: International
Chair: Matthew Greenwood-Nimmo (Melbourne Institute)

How Important Is Global R-star for Open Economies? - (and presentation slides)
James Morley (The University of Sydney)
Benjamin Wong (Monash University)

Productivity and Wedges: Economic Convergence and the Real Exchange Rate

Michael B Devereux (The University of British Columbia)
Ippei Fujiwara (Keio University) 
Camilo Granados (The University of Texas at Dallas)

Global Value Chain, Currency Misalignment, and Monetary Policy
Sihao Chen (Hong Kong Baptist University)
Kang Shi (The Chinese University of Hong Kong)
Feiting Xu (The Hong Kong University of Science and Technology)
Juanyi Xu (The Hong Kong University of Science and Technology)

10:45am - 11:15am Morning Tea
11:15am - 12:45pm

Keynote Address
Chair: Tim Robinson (Melbourne Institute)

The Past, Present, and Future of the Fed Information Effect
Professor Eric Swanson

Professor of Economics, University of California, Irvine

12:45pm - 1:30pm Lunch
1:30pm - 3:00pm

Policy Panel
Macro Policy in the Context of Global Uncertainty

Catherine de Fontenay, Commissioner, Productivity Commission (Panel Moderator)
Giancarlo Corsetti, Pierre Werner Chair and Professor of Economics, European University Institute
Prasanna Gai, Monetary Policy Committee, Reserve Bank of New Zealand, and the University of Auckland
Warwick J. McKibbin, Director, Centre for Applied Macroeconomic Analysis, the Australian National University
Eric Swanson
, Professor of Economics, University of California, Irvine

3:00pm - 3:30pm Afternoon Tea
3:30pm - 5:00pm

Session 5: Australian Macro
Chair: Mei Dong (The University of Melbourne)

The Mortgage Debt Channel of Monetary Policy When Mortgages are Liquid
Matthew Elias (e61 Institute)
Christian Gillitzer (The University of Sydney)
Greg Kaplan (The University of Chicago)
Gianni La Cava (e61 Institute)
Nalini Prasad (UNSW Sydney)

Monetary Policy and the Homeownership Rate
James Graham (The University of Sydney)

Avish Sharma (The University of Sydney)

Intended and Unintended Consequences of Retirement Income Policies

Christian Gillitzer (The University of Sydney)
Greg Kaplan (The University of Chicago)
Mariano Kulish (The University of Sydney)
Aarti Singh (The University of Sydney)

5:00pm - 5:15pm

Closing remarks -

Professor Phillip McCalman, Head of Department, Department of Economics, the University of Melbourne

Register now

The 2025 Melbourne Annual Macro Policy Meeting will take place at Melbourne Business School, located on The University of Melbourne's Parkville campus - 200 Leicester Street, Carlton, 3053.

Getting to the University

From the CBD:

To get to The University of Melbourne from Melbourne's city center, simply catch any tram going up Swanston Street. These trams run from Flinders Street Station and allow you to disembark at Stop 1 – opposite the University.

The Veriu Queen Victoria Market Hotel is a ten-minute walk to the University and located in the vibrant area of the Queen Victoria Market.

From Carlton:

Zagame's House, Best Western Plus Travel Inn, and Melbourne Carlton Central Apartment Hotel are a 12–15 minute walk from the University of Melbourne.

Navigating The University of Melbourne

The University of Melbourne was founded in 1853 and is Australia’s second oldest university. The University spans two campuses with main campus located in Parkville and the second campus located in Southbank, where the Victorian College of the Arts resides.

You can view map of the Parkville Campus below, download a PDF copy, or access The University of Melbourne interactive map.

Navigating Melbourne

Melbourne, the capital of Victoria, is a beautiful city with fine buildings and spacious parks, which gives Melbourne its 'garden-city' title. Settlers from a variety of countries have given Melbourne a cosmopolitan outlook and the city has developed as the cultural, fashion, shopping, sporting and culinary centre of Australia.

Catching public transport:

Using public transport in the Melbourne CBD requires a myki card. You can purchase a myki card at most convenience stores or major train stations across Melbourne for $6. This will provide you access to Melbourne's trams, trains, and buses. There is a ‘Free Tram Zone’ within the Melbourne CBD, however outside of this area you will need to 'Touch On' your myki. You can download a map of the Free Tram Zone here. The free PTV app is also a useful resource to help with navigation by public transport.

Travelling from the airport:

The SkyBus travels from Tullamarine Airport to Southern Cross Station in the Melbourne CBD. The shuttle bus leaves the airport roughly every 20 minutes and costs $24 for a one-way pass or $40 for a return fare. Private shuttle buses from the airport can also be booked.

Things to see and do in Melbourne:

The central business district of Melbourne is based around the delta of the Yarra River at the top of a large bay. The city area contains some of Australia's finest parks, gardens and historic buildings, all within walking distance. Melbourne is also Australia's entertainment, sporting and cultural capital. Nearly every cuisine is represented in Melbourne's hundreds of restaurants and cafes.

Places of interest include:
  • Melbourne Zoo
  • Melbourne Skydeck for the awe inspiring view of Melbourne from the Southern Hemisphere's highest viewing platform
  • Fed Square, a venue for food, arts, culture and public events across from Flinders St Station, including the amazing Torres Strait owned and operated Indigenous restaurant, Mabu Mabu
  • Many waterfront restaurants and cafes along the Yarra River or the District Docklands precinct
  • The National Gallery of Victoria
  • Royal Botanic Gardens, recognised as one of the world's best, extending over 38 hectares and housing a collection of more than 8,500 species of plants from around the world
  • The Koorie Heritage Centre, exploring 60,000 years of culture of the Indigenous people of south-eastern Australia
For more information on Melbourne and its surrounding regions, please visit the following websites:
  • Broadsheet Melbourne
  • City of Melbourne
  • Time Out Melbourne
  • Visit Victoria

For queries contact:

Email: melb-macro-policy@unimelb.edu.au

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Acknowledgement of Country

We acknowledge Aboriginal and Torres Strait Islander people as the Traditional Owners of the unceded lands on which we work, learn and live. We pay respect to Elders past, present and future, and acknowledge the importance of Indigenous knowledge in the Academy.

Read about our Indigenous priorities

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