Welcome remarks

Global demand for financial assets, falling real interest rates, and macroeconomic instability
Enrique Mendoza, University of Pennsylvania; with Vincenzo Quadrini
Discussant: Alessandro Rebucci, Johns Hopkins University

Supply chain resilience: should policy promote diversification or reshoring?
Gene Grossman, Princeton University; with Elhanan Helpman and Hugo Lhuillier
Discussant: Lorenzo Caliendo, Yale University

The end of privilege: a reexamination of the net foreign asset position of the United States
Fabrizio Perri, Federal Reserve Bank of Minneapolis; with Andrew Atkeson and Jonathan Heathcote
Discussant: Vincenzo Quadrini, University of Southern California

Technological rivalry and optimal dynamic policy in an open economy
Yan Bai, University of Rochester; with Keyu Jin and Dan Lu
Discussant: Dmitry Mukhin, London School of Economics

Granular investors and international bond prices: scarcity-induced safety
Juliana Salomao, University of Minnesota; with Ester Faia and Alexia Ventula Veghazy
Discussant: Katharina Bergant, International Monetary Fund

The margins of trade
Jonathan Eaton, Pennsylvania State University; with Cecília Fieler
Discussant: Ricardo Reyes-Heroles, Federal Reserve Board

Optimal exchange rate policy
Oleg Itskhoki, University of California, Los Angeles; with Dmitry Mukhin
Discussant: Adrien Auclert, Stanford University

Closing remarks