Monetary Economics.

• Position: Program and Working Group Meetings

The NBER's Program on Monetary Economics met in Cambridge on October 28. Research Associate Ricardo J. Caballero of MIT and Faculty Research Fellow Eric R. Sims of the University of Notre Dame organized the meeting. These researchers' papers were presented and discussed:

* Joshua Hausman and Paul Rhode, University of Michigan and NBER, and Johannes Wieland, University of California, San Diego, and NBER, "Recovery from the Great Depression: The Farm Channel in Spring 1933"

* Florian Heider and Glenn Schepens, European Central Bank, and Farzad Saidi, Stockholm School of Economics, "Life below Zero: Bank Lending under Negative Policy Rates"

* Adrien Auclert, Stanford University and NBER, and Matthew Rognlie, Princeton University, "Inequality and Aggregate Demand"

* Xavier Gabaix, Harvard University and NBER, "A...