2019 Conference Program

OCTOBER 18th 2019

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)
Exchange Rates and Asset Prices in a Global Demand System
Ralph S.J. Koijen (Chicago Booth), Motohiro Yogo (Princeton)
Discussant: Charles M Engel (Wisconsin)
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)
World Financial Cycles
Yan Bai (Rochester), Patrick Kehoe (Stanford) and Fabrizio Perri (Minneapolis Fed)
Discussant: Mark Aguiar (Princeton)
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)
Learning in Financial Markets: Implications for Debt-Equity Conflicts
Jesse Davis (North Carolina) and Naveen Gondhi (INSEAD)
Discussant: Giorgia Piacentino (Columbia)
Identifying Price Informativeness
Eduardo Davila (Yale) and Cecilia Parlatore (NYU Stern)
Discussant: Xavier Vives (IESE)
19:15 Dinner – Keynote Speaker: Robert Townsend (MIT) – “What Ifs: From Liquidity Problems to Fully Optimized Designs”

OCTOBER 19th 2019

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)
How Should Governments Create Liquidity?
Timothy Jackson (Manchester Metropolitan University) and George Pennacchi (Illinois)
Discussant: Sebastian Di Tella (Stanford GSB)
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)
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)
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)
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)
Collateral Booms and Information Depletion
Vladimir Asriyan (CREI), Luc Laeven (ECB) and Alberto Martin (CREI)
Discussant: Gary Gorton (Yale)
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)