Friday, October 10th 2014 |
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| 8:30 – 9:30 | Breakfast |
| 9:30 – 12:20 | Session 1: Trading in Financial Markets Chair: Itay Goldstein (Wharton) |
| Investor Sophistication and Capital Income Inequality. Marcin Kacperczyk (Imperial College), Jaromir Nosal (Columbia) and Luminita Stevens (Maryland). Discussant: Venky Venkateswaran (NYU). |
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| Synthetic or Real? The Equilibrium Effects of Credit Default Swaps on Bond Markets. Martin Oehmke (Columbia) and Adam Zawadowski (Boston University). Discussant: Andrew Winton (Minnesota). |
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| Trading on Sunspots. Boyan Jovanovic (NYU) and Viktor Tsyrennikov (Cornell). Discussant: Todd Keister (Rutgers). |
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| 12:20 – 13:40 | Lunch |
| 13:40 – 15:20 | Session 2: Endogenous Networks Chair: Ben Lester (Federal Reserve bank of Philadelphia) |
| Adverse Selection and Intermediation Chains. Vincent Glode (Wharton), Christian Opp (Columbia) Discussant: Albert “Pete” Kyle (Maryland). |
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| Risk Sharing and Contagion in Networks.. Antonio Cabrales (UCL) Piero Gottardi (EUI) and Fernando Vega‐Redondo (Bocconi) Discussant: Maryam Farboodi (Princeton) |
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| 15:20 – 15:40 | Break |
| 15:40 – 17:20 | Session 3: Banking Fragility Chair: Jakub Kastl (Princeton) |
| Deposit Competition and Financial Fragility: Evidence from the US Banking Sector Mark Egan (Chicago), Ali Hortacsu (Chicago) and Gregor Matvos (Chicago). Discussant: David Scharfstein (Harvard). |
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| Runs versus Lemons: Fiscal Capacity and Financial Stability. Miguel de Faria e Castro (NYU), Joseba Martinez (NYU) and Thomas Philippon (NYU). Discussant: Willie Fuchs (Berkeley) |
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| 19:00 | Dinner – Speaker: Anil Kashyap (Chicago) |
Saturday, October 11th 2014 |
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| 7:30 – 8:30 | Breakfast |
| 8:30 – 10:10 | Session 4: Unintended Consequences of Financial Regulation Chair: Stijn Claessens (IMF) |
| Ratings‐Based Regulation and Systematic Risk Incentives Giuliano Iannotta (Università Cattolica) and George Pennacchi (Illinois). Discussant: Tom Cooley (NYU). |
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| Shadow Insurance. Ralph Koijen (LBS) and Motohiro Yogo (Minneapolis Fed). Discussant: Robert McDonald (Northwestern). |
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| 10:10 – 10:30 | Break |
| 10:30 – 12:10 | Session 5: Monetary Policy and Financial Markets Chair: Franklin Allen (Wharton & Imperial College) |
| Risk‐Taking Channel of Monetary Policy Stephen Morris (Princeton) and Hyun Song Shin (BIS). Discussant: Enrico Perotti (Universiteit van Amsterdam). |
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| A Model of Monetary Exchange in Over‐the‐Counter Markets Ricardo Lagos (NYU) and Shengxing Zhang (LSE). Discussant: Nicolae Garleanu (Berkeley). |
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| 12:10 – 15:30 | Session 6: Credit Shocks Chair: Guillermo Ordonez(University of Pennsylvania) |
| Debt Constraints and Unemployment Virgiliu Midrigan (NYU), Patrick Kehoe (Minnesota) and Elena Pastorino (Minnesota). Discussant: Guido Menzio (UPenn) |
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| 13:00 – 13:50 | Lunch |
| Bank Ratings and Lending Supply: Evidence from Sovereign Downgrades Manuel Adelino (Duke) and Miguel Ferreira (Nova). Discussant: Alberto Martin (CREI) |
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| Credit Shocks in an Economy with Heterogeneous Firms and Default Aubhik Khan (OSU), Tatsuro Senga (OSU) and Julia Thomas (OSU). Discussant: Urban Jermann (Wharton). |
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| 15:30 | Adjourn |