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NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

  

SUMMER INSTITUTE 2011

 

Capital Markets and the Economy Workshop

 

Janice C. Eberly and Deborah J. Lucas, Organizers

 

July 18 - 20, 2011

 

Royal Sonesta Hotel

Ballroom A

40 Edwin H. Land Boulevard

Cambridge, Massachusetts

 

PROGRAM

 

Monday, July 18:

   

12:00 n

Lunch


1:00 pm


Arvind Krishnamurthy, Northwestern University and NBER
Stefan Nagel, Stanford University and NBER
Dmitry Orlov, Stanford University
Sizing up Repo

Discussant:
Tobias Adrian , Federal Reserve Bank of New York


1:50 pm


Haifang Huang, University of Alberta
Eric Stephens, Department of Economics, University of Alberta
From Housing Bust to Credit Crunch: Evidence from Small Businesses Loans

Discussant:
Susan Woodward, Sandhill Econometrics


2:40 pm


Break


2:55 pm


Warren Hrung, Federal Reserve Bank of New York
Jason Seligman, The Ohio State University
Responses to the Financial Crisis, Treasury Debt, and the Impact on Short-Term Money Markets

Discussant: Gary Gorton, Yale University and NBER


3:45 pm


Carolin Pflueger, Harvard University
Luis M. Viceira, Harvard University and NBER
An Empirical Decomposition of Risk and Liquidity in Nominal and Inflation-Indexed Government Bonds

Discussant: Kent Daniel, Columbia University


4:35 pm


Adjourn

  

6:00 pm

Group Dinner: Bambara Restaurant, 25 Edwin H. Land Blvd., Cambridge, MA (across the street from the Sonesta)

 

Tuesday, July 19:

  

12:00 n

Lunch


1:00 pm


Hengjie Ai, Duke University
Mariano Max. Croce, University of North Carolina at Chapel Hill
Kai Li, Duke University
Toward a Quantitative General Equilibrium Asset Pricing Model with Intangible Capital

Discussant:
Luca Benzoni, Federal Reserve Bank of Chicago


1:50 pm


Hui Chen, Massachusetts Institute of Technology and NBER
Michael Michaux, University of Southern California
Nikolai Roussanov, University of Pennsylvania and NBER
Houses as ATMs? Mortgage Refinancing and Macroeconomic Uncertainty

Discussant:
Annette Vissing-Jorgenson,  Northeastern University and NBER


2:40 pm


Break


2:55 pm


Tommaso Monacelli, Bocconi University
Vincenzo Quadrini, University of Southern California and NBER
Antonella Trigari, Universita Bocconi
Financial Markets and Unemployment

Discussant: John Haltiwanger, University of Maryland and NBER


3:45 pm


Juan Carlos Gozzi Valdez, Brown University
Martin R. Goetz, Federal Reserve Bank of Boston
Liquidity Shocks, Local Banks, and Economic Activity: Evidence from the 2007-2009 Crisis

Discussant:
Gianni De Nicoló, International Monetary Fund


4:35 pm


Adjourn

 

Wednesday, July 20:

  

12:00 n

Lunch


1:00 pm


Francisco J. Buera, University of California at Los Angeles and NBER
Benjamin Moll, Princeton University
Aggregate Implications of a Credit Crunch

Discussant:
Urban Jermann, University of Pennsylvania and NBER


1:50 pm


Tarek Hassan, University of Chicago and NBER
Thomas Mertens, New York University
The Social Cost of Near-Rational Investment

Discussant:
Blake LeBaron , Brandeis  University and NBER


2:40 pm


Break


2:55 pm


Max Croce, University of North Carolina at Chapel Hill

Thien Nguyen, University of Pennsylvania

Lukas Schmid, Duke University

Fiscal Policy and the Distribution of Consumption Risk

 

Discussant: Alexander Michaelides, University of Cypress


3:45 pm


Brent Glover, University of Pennsylvania
Joao Gomes, University of Pennsylvania
Amir Yaron, University of Pennsylvania and NBER
Corporate Taxes, Leverage, and Business Cycles

Discussant:
Chester Spatt, Carnegie Mellon University and NBER


4:35 pm


Adjourn