FRIDAY, OCTOBER 12th 2012 |
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| 8:30 – 9:30 | Breakfast |
| 9:30 – 12:20 | Session 1: Evidence on Financial Constraints |
| The Cost of Financial Frictions for Life Insurers. Ralph Koijen (Chicago) and Motohiro Yogo (Minneapolis Fed) Discussant: Itamar Drechsler (NYU) |
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| Measuring the Financial Soundness of US Firms 1926‐2012 Andrew Atkeson (UCLA), Andrea Eisfeldt (UCLA) and Pierre‐Olivier Weill (UCLA) Discussant: Robert McDonald (Northwestern) |
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| Access to Capital, Investment and the Financial Crises. Kathleen Kahle (Arizona) and Rene Stulz (Ohio State) Discussant: V.V. Chari (Minnesota) |
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| 12:20 – 13:40 | Lunch |
| 13:40 – 15:20 | Session 2: Liquidity and Credit Cycles |
| Model of Moral‐Hazard Credit Cycle Roger Myerson (Chicago) Discussant: Adriano Rampini (Duke) |
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| Endogenous Liquidity Cycles Gunter Strobl (UNC) Discussant: Saki Bigio (Columbia) |
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| 15:20 – 15:40 | Break |
| 15:40 – 17:20 | Session 3: Debt Crises |
| The Dynamics of Sovereign Debt Crises and Bailouts Francisco Roch (Chicago) and Harald Uhlig (Chicago) Discussant: Cristina Arellano (Minneapolis Fed) |
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| Gambling for Redemption and Self‐Fulfilling Debt Crises Juan Carlos Conesa (Autonoma de Barcelona) and Tim Kehoe (Minnesota) Discussant: Manuel Amador (Stanford) |
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| 19:00 | Dinner – Speaker: Gary Gorton (Yale); “The Flight from Maturity” |
SATURDAY, OCTOBER 13th 2012 |
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| 7:30 – 8:30 | Breakfast |
| 8:30 – 10:10 | Session 4: Evidence on Runs |
| Identifying VARs through Heterogeneity: An Application to Bank Runs Ferre De Graeve (Sveriges Riksbank) and Alexei Karas (Roosevelt Academy) Discussant: Huberto Ennis (Richmond Fed) |
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| Dynamic Debt Run and Financial Fragility: Evidence from 2007 ABCP Crises Enrique Schroth (Amsterdam), Gustavo Suarez (Federal Reserve Board) and Lucian Taylor (Wharton) Discussant: Wei Jiang (Columbia) |
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| 10:10 – 10:30 | Break |
| 10:30 – 12:10 | Session 5: Public Liquidity and Private Liquidity |
| Short‐term Debt and Financial Crises: What we can learn from U.S. Treasury Supply Arvind Krishnamurthy (Northwestern) and Annette Vissing-Jorgensen (Northwestern) Discussant: Dean Corbae (Wisconsin) |
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| Liquidity Backstop, Corporate Borrowing and Real Effects. Penjie Gao (Notre Dame) and Hayong Yun (Notre Dame) Discussant: Chester Spatt (CMU) |
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| 12:10 – 13:10 | Lunch |
| 13:10 – 16:00 | Session 6: Information and Liquidity in Financial Markets |
| Information, Tranching and Liquidity Emmanuel Farhi (Harvard) and Jean Tirole (Toulouse) Discussant: Bengt Holmstrom (MIT) |
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| Should We Regulate Financial Information? Pablo Kurlat (Stanford) and Laura Veldkamp (NYU) Discussant: Vincent Glode (Wharton) |
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| Illiquidity Contagion and Liquidity Crashes Giovanni Cespa (CSEF) and Thierry Foucault (HEC Paris) Discussant: Albert “Pete” Kyle (Maryland) |
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| 16:00 | Adjourn |