MEASURING AND MANAGING FEDERAL FINANCIAL RISK

Deborah Lucas, Organizer

February 8-9, 2007

Kellogg School

Northwestern University

Preliminary Program

Thursday, February 8

11:00 am Registration Opens

12:00 n Lunch

1:00 pm Welcome and Introduction

1:15 pm Property Casualty Insurance

David Cummins, Wharton

George Zanjani, NY Fed

Discussant: TBA

2:00 pm Break

2:15 pm Panel 1: Reflections from the Hill

Moderator: Douglas Elliott, COFFI

Panelists: Bill Hoagland, Senate Budget Committee

TBA

3:15 pm Environmental Liabilities

Geoffrey Heal, Columbia

Howard Kunreuther, Wharton

Discussant: TBA

4:00 pm Break

4:15 pm Guaranteed vs. Direct Lending: The Case of Student Loans

Deborah Lucas, Kellogg

Damien Moore, CBO

Discussant: Janice Eberly, Kellogg

6:00 pm Cocktails

7:00 pm Dinner

Keynote Speaker: Peter Fisher, BlackRock

Friday, February 9

7:30 am Breakfast

9:00 am What is the Cost of Risk to the Government? Implications for

Credit Reform

Deborah Lucas, Kellogg

Marvin Phaup, CBO

Discussant: TBA

9:45 am Break

10:00 am Federal Housing Programs

Dwight Jaffee, Berkeley

John Quigley, Berkeley

Discussant: Susan Wachter, Wharton

10:45 am Valuing Government Guarantees: Fannie and Freddie

Deborah Lucas, Kellogg

Robert McDonald, Kellogg

Discussant: TBA

11:30 pm Lunch

Panel Discussion 2: What Can Be Done, What Should Be?

Moderator: TBA

Panelists: Dan Crippen

Katherine Schipper, Duke University

1:00 pm The Market Price of Social Security Liabilities

John Geanakoplos, Yale

Steven Zeldes, Columbia GSB

Discussant: Kent Smetters, Wharton

1:45 pm Wrap-up

2:00 pm Adjourn

12/14/06