Following the success of the last seven years’ conferences, we are organizing the eighth conference on “Liquidity and Financial Fragility,” which will take place at the Wharton School of the University of Pennsylvania (Philadelphia PA) starting on the morning of Friday, October 18, 2019 and ending in the afternoon of Saturday October 19, 2019. There will also be a reception and dinner on Friday evening. The full conference program can be found below.
FRIDAY
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| 8:30 – 9:30 | Breakfast |
| 9:30 – 11:10 | Session 1: International Flows Chair: Alessandro Dovis (Penn Economics) |
| Search for Yield in Large International Corporate Bonds: Investor Behavior and Firm Responses Charles Calomiris (Columbia), Mauricio Larrain (U Catolica de Chile), Sergio Schmukler (World Bank) and Tomas Williams (GWU) Discussant: Sebnem Kalemli Ozcan (Maryland) |
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| Exchange Rates and Asset Prices in a Global Demand System Ralph S.J. Koijen (Chicago Booth), Motohiro Yogo (Princeton) Discussant: Charles M Engel (Wisconsin) |
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| 11:10 – 11:30 | Break |
| 11:30 – 13:10 | Session 2: Financial Cycles and the Real Economy Chair: Marc Flandreau (Penn History) |
| Salient Crises, Quiet Crises Matthew Baron (Cornell Johnson), Emil Verner (MIT Sloan) and Wei Xiong (Princeton) Discussant: Moritz Schularick (Bonn) |
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| World Financial Cycles Yan Bai (Rochester), Patrick Kehoe (Stanford) and Fabrizio Perri (Minneapolis Fed) Discussant: Mark Aguiar (Princeton) |
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| 13:10 – 14:30 | Lunch |
| 14:30 – 17:20 | Session 3: Information in Financial Markets Chair: Or Shachar (New York Fed) |
| A Dynamic Theory of Lending Standards Michael Fishman (Northwestern), Jonathan Parker (MIT Sloan) and Ludwig Straub (Harvard) Discussant: Brett Green (Berkeley Haas) |
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| Learning in Financial Markets: Implications for Debt-Equity Conflicts Jesse Davis (North Carolina) and Naveen Gondhi (INSEAD) Discussant: Giorgia Piacentino (Columbia) |
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| Identifying Price Informativeness Eduardo Davila (Yale) and Cecilia Parlatore (NYU Stern) Discussant: Xavier Vives (IESE) |
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| 19:15 | Dinner – Keynote Speaker: Robert Townsend (MIT) – “What Ifs: From Liquidity Problems to Fully Optimized Designs” |
SATURDAY
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| 7:30 – 8:30 | Breakfast |
| 8:30 – 10:10 | Session 4: Safe Assets Chair: David Rappoport (Fed Board) |
| Risk Free Interest Rates Jules van Binsbergen (Wharton), Will Diamond (Wharton) and Marco Grotteria (Wharton) Discussant: Wenxin Du (Chicago Booth) |
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| How Should Governments Create Liquidity? Timothy Jackson (Manchester Metropolitan University) and George Pennacchi (Illinois) Discussant: Sebastian Di Tella (Stanford GSB) |
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| 10:10 – 10:30 | Break |
| 10:30 – 13:00 | Session 5: Different Forms of Intermediation and Fragility Chair: Erik Gilje (Wharton) |
| Collateral Runs Sebastian Infante (Fed Board) and Alexandros Vardoulakis (Fed Board) Discussant: : Toni Ahnert (Bank of Canada) |
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| Swing Pricing and Fragility in Open-end Mutual Funds Dunhong Jin (Oxford Said), Marcin Kacperczyk (Imperial), Bige Kahraman (Oxford Said) and Felix Suntheim (IMF) Discussant: Mark Flannery (Florida) |
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| On the Instability of Banking and Other Financial Intermediation Chao Gu (Missouri), Cyril Monnet (Berne), Ed Nosal (Atlanta Fed) and Randy Wright (Wisconsin) Discussant: Enrico Perotti (U of Amsterdam) |
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| 13:00 – 13:50 | Lunch |
| 13:50 – 15:30 | Session 6: Booming Asset Prices Chair: Igor Livshits (Philadelphia Fed) |
| Asset Price Booms and Macroeconomic Policy: a Risk-Shifting Approach Franklin Allen (Imperial), Gadi Barlevy (Chicago Fed) and Douglas Gale (NYU) Discussant: Alp Simsek (MIT) |
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| Collateral Booms and Information Depletion Vladimir Asriyan (CREI), Luc Laeven (ECB) and Alberto Martin (CREI) Discussant: Gary Gorton (Yale) |
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| 15:30 | Adjourn |
Program Committee
- Eduardo Davila (Yale)
- Itamar Drechsler (Wharton)
- Huberto Ennis (Richmond Fed)
- Vincent Glode (Wharton)
- Gary Gorton (Yale)
- Zhiguo He (Chicago)
- Victoria Ivashina (Harvard)
- Jakub Kastl (Princeton)
- Todd Keister (Rutgers)
- Pablo Kurlat (Stanford)
- Matteo Maggiori (Harvard)
- Robert McDonald (Northwestern)
- Jaromir Nosal (Boston College)
- Martin Oehmke (LSE)
- Christian Opp (Wharton)
- George Pennacchi (Illinois)
- Adriano Rampini (Duke)
- Philipp Schnabl (NYU)
- Luke Taylor (Wharton)
- Venky Venkateswaran (NYU)
- Annete Vissing-Jorgensen (Berkeley)
- Russ Wermers (Maryland)
- Randy Wright (Wisconsin)
- Motohiro Yogo (Princeton)