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)