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Twenty-Seventh Annual Conference on Macroeconomics


Daron Acemoglu, Jonathan Parker and Michael Woodford, Organizers


April 20 - 21, 2012


The Royal Sonesta Hotel

Riverfront Room

40 Edwin H. Land Blvd.

Cambridge, MA




Friday, April 20:



8:30 am

Continental Breakfast



9:00 am

Tobias Adrian Federal Reserve Bank of New York

Paolo Colla, Universita Bocconi

Hyun Song Shin, Princeton University and NBER


Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007-9     (appendix)




Discussants: Mark Gertler, New York University and NBER


                      Arvind Krishnamurthy, Northwestern University and NBER



10:30 am



11:00 am

Timothy Besley, London School of Economics

Neil Meads, Bank of England

Paolo Surico, London Business School


Risk Heterogeneity and Credit Supply: Evidence from the Mortgage Market




Discussants:  José-Luis Peydró, Universitat Pompeu Fabra


                      Bernard Salanié, Columbia University



12:30 pm

Lunch – Somerset Room


2:00 pm

Raj Chetty, Harvard University and NBER

Adam Guren, Harvard University

Day Manoli, University of California at Los Angeles and NBER

Andrea Weber, University of Mannheim


Does Indivisible Labor Explain The Difference Between Micro And Macro Elasticities? A Meta-Analysis Of Extensive Margin Elasticities




Discussants: Orazio Attanasio, University College London and NBER


                      Robert Shimer, University of Chicago and NBER




4:00 pm

Sylvain Leduc and Daniel Wilson, Federal Reserve Bank of San Francisco


Roads to Prosperity or Bridges to Nowhere? Theory and Evidence on the Impact of Public Infrastructure Investment




Discussants:  Francesco Giavazzi  Universita' Bocconi and IGIER


                      Valerie Ramey, University of California, San Diego and NBER



5:30 pm



6:00 pm

Group Dinner – Royal Sonesta Hotel - Skyline Rooms CDE


Dinner Speaker – Paul Krugman, Princeton University and NBER



Saturday, April 21:


8:30 am

Continental Breakfast



9:00 am

Etienne Gagnon, Federal Reserve Board

David López-Salido, Federal Reserve Board

Nicolas Vincent, HEC - Montréal


Individual Price Adjustment along the Extensive Margin




Discussants: Gita Gopinath, Harvard University and NBER


                      Anil Kashyap, University of Chicago and NBER



10:30 am



11:00 am

Mark Bils, University of Rochester and NBER

Peter J. Klenow, Stanford University and NBER

Benjamin A. Malin, Federal Reserve Board


Testing for Keynesian Labor Demand




Discussants: Ricardo Reis, Columbia University and NBER



Julio Rotemberg, Harvard University and NBER



12:30 pm