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Conference
Mon., May 8, 2023 - Fri., May 12, 2023

CORE Week, featuring the Networks, Innovation and Productivity Conference

The Richmond Fed hosted 16 economists and presenters in early May during CORE Week, the Bank’s signature program for its researchers. The weeklong event included the inaugural Goodfriend Memorial Lecture, which featured Hugo Hopenhayn, professor of economics at UCLA, Guggenheim Fellow and long-term Richmond Fed research consultant, presenting his paper, “Knowledge Creation and Diffusion with Limited Appropriation,” which was co-authored with Liyan Shi. The paper explores how intellectual property rights must trade off incentives for innovation and knowledge diffusion and also considers the optimal assignment of property rights as a Ramsey problem in a dynamic model where knowledge diffusion takes place under random-matching.

The week concluded with the Networks, Innovation and Productivity Conference, organized by Hopenhayn. The two-day event featured the research of leading scholars from the University of Chicago, Cornell, Princeton, UCLA, USC, Yale and the Atlanta Fed on how the efficiency of production is shaped by innovation and the way firms interact with each other, including spatial production networks, firm-to-firm trade and talent.

Related Resources

  • CORE Week attendees taking in one of the many seminars.

    1 of 9 CORE Week attendees taking in one of the many seminars.

  • Mark Bils presenting “The Quality-Adjusted Cyclical Price of Labor”, joint with Marianna Kudlyak and Paulo Lins.

    2 of 9 Mark Bils presenting “The Quality-Adjusted Cyclical Price of Labor”, joint with Marianna Kudlyak and Paulo Lins.

  • Guatti Eggertsson presenting “It’s Baaack: The Inflation Surge of 2020s and the Return of the Non-Linear Phillips Curve”, joint with Pierpalo Benigno.

    3 of 9 Guatti Eggertsson presenting “It’s Baaack: The Inflation Surge of 2020s and the Return of the Non-Linear Phillips Curve”, joint with Pierpalo Benigno.

  • Enjoying Richmond together during the canal walk.

    4 of 9 Enjoying Richmond together during the canal walk.

  • Salomé Baslandze presenting “The Expansion of Product Varieties in the New Age of Advertising", joint with Jeremy Greenwood, Ricardo Marto and Sara Moreira.

    5 of 9 Salomé Baslandze presenting “The Expansion of Product Varieties in the New Age of Advertising", joint with Jeremy Greenwood, Ricardo Marto and Sara Moreira.

  • Ufuk Akcigit presenting “Committing to Grow: Privatizations and Firm Dynamics in East Germany”, joint with Harun Alp, Andre Diegmann, and Nicolas Serrano-Velarde.

    6 of 9 Ufuk Akcigit presenting “Committing to Grow: Privatizations and Firm Dynamics in East Germany”, joint with Harun Alp, Andre Diegmann, and Nicolas Serrano-Velarde.

  • Doireann Fitzgerald presenting “The Impact of Multinationals Along the Job Ladder”.

    7 of 9 Doireann Fitzgerald presenting “The Impact of Multinationals Along the Job Ladder”.

  • Collaboration with Hugo Hopenhayn following the inaugural Goodfriend memorial lecture.

    8 of 9 Collaboration with Hugo Hopenhayn following the inaugural Goodfriend memorial lecture.

  • Monica Morlacco presenting the paper “Two-Sided Market Power in Firm-to-Firm Trade”.

    9 of 9 Monica Morlacco presenting the paper “Two-Sided Market Power in Firm-to-Firm Trade”.

Hear from Hopenhayn about CORE Week and the value it presents to participants:

Video is temporarily unavailable.

Marvin Goodfriend

Honoring Marvin Goodfriend
The Goodfriend Memorial Lecture is one of multiple efforts honoring the life, work and legacy of former Research Director Marvin Goodfriend, who worked at the Richmond Fed from 1978 until his retirement in 2005. Other Richmond Fed tributes include the Marvin S. Goodfriend Conference, which took place during CORE Week in May 2022, as well as Essays in Honor of Marvin Goodfriend: Economist and Central Banker, published in the same year.

Visit the Honoring Marvin Goodfriend page to learn more about Goodfriend through his research and policy papers, essays reflecting on his life and work, and personal reflections from his former colleagues.

Presenters and Visiting Scholars

headshot of Ufuk Akcigit

Ufuk Akcigit

University of Chicago
headshot of Costas Arkolakis

Costas Arkolakis

Yale University
David Baqaee

David Baqaee

UCLA
headshot of Salome Baslandze

Salomé Baslandze

Federal Reserve Bank of Atlanta
headshot of Mark Bils

Mark Bils

University of Rochester
headshot of Gauti Eggertsson

Gauti Eggertsson

Brown University
headshot of Doireann Fitzgerald

Doireann Fitzgerald

Federal Reserve Bank of Minneapolis
headshot of Hugo Hopenhayn

Hugo Hopenhayn

UCLA
headshot of Boyan Jovanovic

Boyan Jovanovic

New York University
headshot of Samuel Kortum

Samuel Kortum

Yale University
Ernest Liu

Ernest Liu

Princeton University
headshot of Monica Morlacco

Monica Morlacco

University of Southern California
Marta Prato headshot

Marta Prato

Yale University
headshot of Ricardo Reis

Ricardo Reis

London School of Economics
Mathieu Taschereau-Dumouchel headshot

Mathieu Taschereau-Dumouchel

Cornell University
Thomas Winberry

Thomas Winberry

The Wharton School

Agenda

Titles listed where decided

  • Monday, May 8, 2023
    03:30 pm

    Visitor Seminar: Thomas Winberry (The Wharton School) presenting the paper “Investment, Innovation, and Financial Frictions”, joint with Pablo Ottonello

    05:30 pm

    Collaboration Hour

  • Tuesday, May 9, 2023
    09:00 am

    Economist & Visitor Collaboration Morning

    11:00 am

    Visitor Seminar: Mark Bils (University of Rochester) presenting the paper “The Quality-Adjusted Cyclical Price of Labor”, joint with Marianna Kudlyak and Paulo Lins

    03:30 pm

    Visitor Seminar: Doireann Fitzgerald (FRB Minneapolis) presenting the paper “The Impact of Multinationals Along the Job Ladder”

  • Wednesday, May 10, 2023
    09:00 am

    Economist & Visitor Collaboration Morning

    11:00 am

    Visitor Seminar: Gauti Eggertsson (Brown University) presenting the paper “It’s Baaack: The Inflation Surge of 2020s and the Return of the Non-Linear Phillips Curve”, joint with Pierpalo Benigno

    02:00 pm

    Canal Walk

    05:00 pm

    Collaboration Hour

  • Thursday, May 11, 2023
    10:00 am

    Networks, Innovation and Productivity Conference

    Registration & Refreshments

    10:25 am

    Introductory Remarks

    10:30 am

     Salomé Baslandze (FRB Atlanta) presenting the paper “The Expansion of Product Varieties in the New Age of Advertising", joint with Jeremy Greenwood, Ricardo Marto and Sara Moreira

    11:15 am

    Ufuk Akcigit (University of Chicago) presenting the paper “Committing to Grow: Privatizations and Firm Dynamics in East Germany”, joint with Harun Alp, Andre Diegmann, and Nicolas Serrano-Velarde

    12:00 pm

    Lunch

    01:15 pm

    David Baqaee (UCLA) presenting the paper “Input Varieties and Growth: A Micro-to-Macro Analysis”, joint with A. Burstein, C. Duprez and E. Farhi

    02:00 pm

    Ernest Liu (Princeton) presenting the paper “Innovation Networks and R&D Allocation”, joint with Song Ma

    02:45 pm

    Break

    03:15 pm

    Marta Prato (Yale) presenting the paper “The Global Race for Talent: Brain Drain, Knowledge Transfer, and Growth”

    04:00 pm

    Hugo Hopenhayn (UCLA), Goodfriend Memorial Lecture, presenting the paper “Knowledge Creation and Diffusion with Limited Appropriation”, joint with Liyan Shi

    See Economic Brief 23-18.

    Video is temporarily unavailable.

    05:00 pm

    Reception

  • Friday, May 12, 2023
    10:00 am

    Registration & Refreshments

    10:30 am

    Costas Arkolakis (Yale) presenting the paper “Spatial Production Networks”, joint with Federico Huneeus and Yuhei Miyauchi

    11:15 am

    Samuel Kortum (Yale) presenting the paper “Firm-to-Firm Trade: Imports, Exports, and the Labor Market”, joint with Jonathan Eaton and Francis Kramarz

    12:00 pm

    Lunch

    01:15 pm

    Monica Morlacco (USC) presenting the paper “Two-Sided Market Power in Firm-to-Firm Trade”

    02:00 pm

    Mathieu Tashereau-Dumouchel (Cornell University) presenting the paper "Cascades and Fluctuations in an Economy with an Endogenous Production Network”

Future CORE Weeks

2023

  • June 20 – June 23
  • July 31 – August 4
  • September 25 – September 29
  • October 30 – November 3
  • December 11 – December 15

Previous CORE Weeks

2021

2022

2023

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