| NATIONAL BUREAU OF ECONOMIC RESEARCH, INC. |
| SUMMER INSTITUTE 2005 |
| Capital Markets and the Economy Workshop |
| Janice Eberly and Deborah Lucas, Organizers |
| Royal Sonesta Hotel |
| 5 Cambridge Parkway |
| Cambridge, Massachusetts |
| July 18 - 20, 2005 |
| PRELIMINARY PROGRAM |
| MONDAY, JULY 18: | |
| 8:15 am | Coffee and Pastries |
| Portfolios and Equities | |
| 8:45 am | LUIGI GUISO, University of Chicago |
| PAOLA SAPIENZA, Northwestern University | |
| LUIGI ZINGALES, University of Chicago and NBER | |
| Trust in the Stock Market | |
| Discussant: To Be Announced | |
| 9:35 am | YANNIS BILIAS and MICHAEL HALIASSOS, University of Cyprus |
| DIMITRIS GEORGARAKOS, University of London | |
| Portfolio Inertia and Stock Market Fluctuations | |
| Discussant: To Be Announced | |
| 10:25 am | Break |
10:40 am |
BERNARD DUMAS, INSEAD |
| ALEXANDER KURSHEV and RAMAN UPPAL, London Business School | |
| What Can Rational Investors Do about Excessive Volatility | |
| Discussant: To Be Announced | |
| 11:30 am | MATTEO IACOVIELLO, Boston College |
| Private Debt and Idiosyncratic Volatility: A Business Cycle Analysis | |
| Discussant: To Be Announced | |
| 12:20 pm | Lunch and Adjourn |
| 6:30 pm | Group Dinner at Davio's Restaurant |
| Royal Sonesta Hotel | |
| TUESDAY, JULY 19: | |
| 8:15 am | Coffee and Pastries |
| |
Credit and Banking |
| 8:45 am | SIMON GILCHRIST, Boston University and NBER |
| JAE SIM, Boston University | |
| Investment during the Korean Financial Crisis: | |
| The Role of Foreign-Denominated Debt | |
| Discussant: To Be Announced | |
9:45 am |
Break |
| 10:00 am | ANNA PAVLOVA, MIT |
| ROBERTO RIGOBON, MIT and NBER | |
| Flight to Quality, Contagion, and Portfolio Constraints | |
| Discussant: To Be Announced | |
11:00 am |
Break |
11:15 am |
SKANDER VAN DEN HEUVEL, University of Pennsylvania |
| The Welfare Cost of Bank Capital Requirements | |