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Past Conferences

April 21, 2023
Pittsburgh, PA
Organized by: Tetiana Davydiuk, Lars Kuehn, Finn Kydland, Liyan Shi, and Ariel Zetlin-Jones

Conference Session 1 (April 21, 2023 a.m.)

  • Payment for Order Flow And Asset Choice
    Authors: Thomas Ernst (University of Maryland) and Chester Spatt (Carnegie Mellon University)
    Discussant: Xing Huang (Washington University)
  • The Anatomy of Financial Innovation
    Authors: Ana Babus (Washington University), Matias Marzani (Washington University), and Sara Moreira (Northwestern University)
    Discussant: Dan Li (Board of Governors)

Conference Session 2 (April 21, 2023 p.m.)

  • Process Intangibles and Agency Conflicts 
    Authors: Hui Chen (MIT), Ali Kakhbod (UC Berkeley), Maziar M. Kazemi (ASU), and Hao Xing (Boston University)
    Discussant: Colin Ward (University of Minnesota)
  • The Cost of Regulatory Compliance in the United States
    Authors: Francesco Trebbi (UC Berkeley) and Miao Ben Zhang (USC)
    Discussant: Jessie Wang (Board of Governors)

Conference Session 3 (April 21, 2023 p.m.)

  • The Debt-Inflation Channel of the German Hyperinflation
    Authors: Markus Brunnermeier (Princeton University), Sergio Correia (Board of Governors)
    Stephan Luck (FRB New York), Emil Verner (MIT), and Tom Zimmermann (University of Cologne)
    Discussant: Francesco D’Acunto (Georgetown University)
  • A Theory of Payments-Chain Crises
    Authors: Saki Bigio (UCLA)
    Discussant: Mathieu Taschereau-Dumouchel (Cornell University)

April 8-9, 2022
Santa Barbara, CA
Organized by: Tetiana Davydiuk, Deeksha Gupta, Lars Kuehn, Finn Kydland, and Ariel Zetlin-Jones

Conference Session 1 (April 8, 2022 a.m.)

  • Competition, Stability, and Efficiency in the Banking Industry
    Authors: Dean Corbae (University of Wisconsin) and Ross Levine (UC Berkeley)
  • The Geography of Bank Deposits and the Origins of Aggregate Fluctuations
    Authors: Shohini Kundu (UCLA), Seongjin Park (University of Chicago), and Nishant Vats (University of Chicago)

Conference Session 2 (April 8, 2022 a.m.)

  • Waiting for Capital: Dynamic Intermediation in Illiquid Markets
    Authors: Barney Hartman-Glaser (UCLA), Simon Mayer (University of Chicago), and Konstantin Milbradt (Northwestern University)
  • Bank Credit and Money Creation on Payment Networks: A Structural Analysis of Externalities and Key Players
    Authors: Ye Li (OSU), Yi Li (Board of Governors), and Huijun Sun (Columbia University)

Conference Session 3 (April 8, 2022 p.m.)

  • Earnings-Based Borrowing Constraints and Pecuniary Externalities 
    Authors: Thomas Drechsel (University of Maryland) and Seho Kim (University of Maryland)
  • Risk-Taking, Capital Allocation and Monetary Policy
    Authors: Simcha Barkai (Boston College) and Stavros Panageas (UCLA)

Conference Session 4 (April 8, 2022 p.m.)

  • Can Monetary Policy Create Fiscal Capacity?
    Authors: Vadim Elenev (Johns Hopkins University), Tim Landvoigt (University of Pennsylvania), Patrick Shultz (University of Pennsylvania) and Stijn Van Nieuwerburgh (Columbia University)
  • Government Debt Management and Inflation with Real and Nominal Bonds 
    Authors: Lukas Schmid (USC), Vytautas Valaitis (EUI), and Alessandro T. Villa (FRB Chicago)

Conference Session 5 (April 9, 2022 a.m.)

  • Sovereign Bond Restructering: Commitment vs. Flexibility 
    Authors: Jason Roderick Donaldson (Washington University), Lukas Kremens (Washington University) and Giorgia Piacentino (Columbia University)
  • Fiscal Rules and Discretion with Risk of Default
    Authors: Chiara Felli (LUISS), Facundo Piguillem (LUISS), and Liyan Shi (Carnegie Mellon University)

Conference Session 6 (April 9, 2022 p.m.)

  • When Do Subjective Expectations Explain Asset Prices?
    Authors: Ricardo De La O (USC) and Sean Myers (University of Pennsylvania)
  • The Real Channel for Nominal Bond-Stock Puzzles
    Authors: Mikhail Chernov (UCLA), Lars Lochstoer (UCLA), and Dongho Song (Johns Hopkins University)

Conference Session 7 (April 9, 2022 p.m.)

  • Technology-Skill Complementarity and Labor Displacement: Evidence from Linking Two Centuries of Patents with Occupations 
    Authors: Leonid Kogan (MIT), Dimitris Papanikolaou (Northwestern University), Lawrence Schmidt (MIT), Bryan Seegmiller (MIT)
  • Value Without Employment
    Authors: E

September 20-21, 2019
Pittsburgh, PA
Organized by: Tetiana Davydiuk, Selmon Erol, Deeksha Gupta, and Finn Kydland

Conference Session 1 (September 20, 2019 a.m.)

  • Late to Recessions: Stocks and the Business Cycle
    Authors: Roberto Gomez Cram (London Business School)
  • Government Risk Premium Puzzle
    Authors: Zhengyang Jiang (NWU Kellog), Hanno Lustig (Stanford GSB), Stijn Van Nieuwerburgh (Columbia Business School), Mindy Z. Xiaolan (UT Austin McCombs)

Conference Session 2 (September 20, 2019 p.m.)

  • Agency in Intangibles
    Authors: Colin Ward (University of Minnesota)
  • Q: Risks, Rents, or Growth?
    Authors: Alexandre Corhay (University of Toronto), Howard Kung (London Business School), Lukas Schmid (Fuqua School of Business)

Conference Session 3 (September 20, 2019 p.m.)

  • Risk-Sharing and Investment According to Cournot an Arrow-Debreu
    Authors: Daniel Neuhann (UT Austin McCombs), Michael Sockin (UT Austin McCombs)
  • Interbank Trading, Collusion, and Financial Regulation
    Authors: Dean Corbae (University of Wisconsin-Madison), Michael Gofman (University of Rochester)

Conference Session 4 (September 21, 2019 a.m.)

  • Unconventional Monetary Policy and Funding Liquidity Risk
    Authors: Adrien d'Avernas (Stockholm School of Economics), Quentin Vandeweyerz (European Central Bank and Sciences Po.), Matthieu Darracq Paries (European Central Bank)
  • Prudential Monetary Policy
    Authors: Ricardo J. Caballero (MIT), Alp Simsek (MIT)

Conference Session 5 (September 21, 2019 p.m.)

  • Credit Cycles with Market-Based Household Leverage
    Authors: William Diamond (Wharton School), Tim Landvoigt (Wharton School)
  • Interbank Networks in Shadows of the Federal Reserve Act
    Authors: Haelim Anderson (Federal Deposit Insurance Corporation), Selman Erol (Carnegie Mellon University), Guillermo Ordonez (University of Pennsylvania)

September 28-29, 2018
Santa Barbara, CA
Organized by: Tetiana Davydiuk, Finn Kydland and Ariel Zetlin-Jones

Conference Session 1 (September 28, 2018 a.m.)

  • Foreign Investment of U.S. Multinationals: The Effect of Tax Policy and Agency Conflicts
    Authors: James F. Albertus (Carnegie Mellon), Brent Glover (Carnegie Mellon) and Oliver Levine (UW–Madison)
    Discussant: Francois Gourio (FRB Chicago)
  • Information versus Investment
    Authors: Stephen J. Terry (Boston), Toni M. Whited (Michigan) and Anastasia A. Zakolyukina (Chicago)
    Discussant: Max Croce (UNC–Chapel Hill)

Conference Session 2 (September 28, 2018 - p.m.)

  • Long-Term Finance and Investment with Frictional Asset Markets
    Authors: Julian Kozlowski (FRB St. Louis)
    Discussant: Konstantin Milbradt (Northwestern)
  • Finance in a Time of Disruptive Growth
    Authors: Nicolae Garleanu (Berkeley) and Stavros Panageas (UCLA)
    Discussant: Gian Luca Clementi (NYU)

Conference Session 3 (September 28, 2018 - p.m.)

  • An Information-based Theory of Financial Intermediation
    Authors: Zachary Bethune (Virginia), Bruno Sultanum (FRB Richmond), and Nicholas Trachter (FRB Richmond)
    Discussant: Michael Choi (UC–Irvine)
  • A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information
    Authors: Harold Cole (University of Pennsylvania), Daniel Neuhann (UT–Austin), and Guillermo Ordonez (University of Pennsylvania)
    Discussant: Philip Bond (University of Washington)

Conference Session 4 (September 29, 2018 - p.m.)

  • Selection, Leverage, and Default in the Mortgage Market
    Authors: Arpit Gupta (NYU) and Christopher Hansman (Imperial College)
    Discussant: Felipe Severino (Dartmouth)
  • Employer Credit Checks: Poverty Traps versus Matching Efficiency
    Authors: Dean Corbae (UW–Madison) and Andrew Glover (UT–Austin)
    Discussant: Igor Livshits (FRB Philadelphia)

Conference Session 5 (September 29, 2018 - p.m.)

  • Too Much Skin-in-the-game? The Effect of Mortgage Market Concentration on Credit and House Prices
    Authors: Deeksha Gupta (Carnegie Mellon)
    Discussant: Daniel Greenwald (MIT)
  • Household Debt Revaluation and the Real Economy: Evidence from a Foreign Currency Debt Crisis
    Authors: Emil Verner (MIT) and Gyozo Gyongyosi (Central European University and National Bank of Hungary)
    Discussant: Stefan Lewellen (Penn State and London Business School

September 22-23, 2017
Pittsburgh, PA
Organized by:  Jim Albertus, Laurence Ales and Finn Kydland

Conference Session 1 (September 22, 2017 - p.m.)

  • Misallocation or Risk-Adjusted Capital Allocation
    Authors:  Joel David, David Zeke and Lukas Schmid
    Discussant:  Ellen McGrattan
  • Cascades and Fluctuations in an Economy with an Endogenous Production Network
    Authors:  Mathieu Taschereau-Dumouchel
    Discussant:  Gill Segal

Conference Session 2 (September 22, 2017 - p.m.)

  • Equilibrium Corporate Finance and Intermediation
    Authors:  Alberto Bisin, Gian Luca Clementi and Piero Gottardi
    Discussant:  Edward S. Prescott
  • The Maturity Structure of Inside Money
    Authors:  Burton Hollifield and Ariel Zetlin-Jones
    Discussant:  Yasser Boualam

Conference Session 3 (September 23, 2017 - a.m.)

  • “Permanent Income” Inequality
    Authors:  Brant Abbott and Giovanni Gallipoli
    Discussant:  Kartik Athreya
  • Technological Innovation and the Distribution of Labor Income Growth
    Authors:  Leonid Kogan, Dimitris Papanikolaou, Lawrence Schmidt and Jae Song
    Discussant:  Serdar Ozkan

Conference Session 4 (September 23, 2017 - p.m.)

  • The Economics of the Fed Put
    Authors:  Anna Cieslak and Annette Vissing-Jorgensen
    Discussant:  Ian Dew-Becker
  • The Loan Covenant Channel: How Bank Health Transmits to the Real Economy
    Authors:  Antonio Falato and Gabriel Chodorow-Reich
    Discussant:  Arpit Gupta

September 23-24, 2016
Pittsburgh, PA
Organized by: Laurence Ales, Lars-Alexander Kuehn and Finn Kydland

Conference Session 1 (September 23, 2016 - p.m.)

  • The Misallocation of Finance [pdf]
    Authors: Toni Whited and Jake Zhao
    Discussant: Joel David (University of Southern California)
  • Real Anomalies [pdf]
    Authors: Jules van Binsbergen and Christian Opp
    Discussant: Dimitris Papanikolaou

Conference Session 2 (September 23, 2016 - p.m.)

Conference Session 3 (September 24, 2016 - a.m.)

Conference Session 4 (September 24, 2016 - p.m.)

September 18-19, 2015
Santa Barbara, CA
Organized by: Brent Glover, Finn Kydland and Ariel Zetlin-Jones

Conference Session 1 (September 18, 2015 - a.m.)

  • Political Economy of Sovereign Debt: Cycles of Debt Crisis and Inequality Overhang
    Authors: Alessandro Dovis, Mikhail Golosov and Ali Shourideh
    Discussant: Anastasios Karantounias
  • A Macrofinance View of US Sovereign CDS Premiums
    Authors: Mikhail Chernov, Lukas Schmid and Andres Schneider
    Discussant: Adrien Verdelhan

Conference Session 2 (September 18, 2015 - p.m.)

  • Monetary Shocks and Bank Balance Sheets
    Authors: Sebastian Di Tella and Pablo Kurlat
    Discussant: Ed Nosal
  • Financial Frictions in Production Networks
    Authors: Saki Bigio and Jennifer La'O
    Discussant: V.V. Chari

Conference Session 3 (September 18, 2015 - p.m.)

  • Firm Selection and Corporate Cash Holdings
    Authors: Juliane Begenau and Berardino Palazzo
    Discussant: Stefano Sacchetto
  • The Market Price of Capital Misallocation
    Authors: Cedric Ehouarne, Lars Kuehn and David Schreindorfer
    Discussant: Rüdiger Bachmann

Conference Session 4 (September 19, 2015 - a.m.)

  • Managing Risk Taking with Interest Rate Policy and Financial Regulation
    Authors: Simona E. Cociuba, Malik Shukayev (Bank of Canada) and Alexander Ueberfeldt
    Discussant: Ali Ozdagli
  • Financing Intangible Capital
    Authors: Qi Sun and Mindy X. Zhang
    Discussant: Hengjie Ai
  • The Globalization Risk Premium
    Authors: Jean-Noël Barrot, Erik Loualiche and Julien Sauvagnat
    Discussant: Nikolai Roussanov

September 26-27, 2014
Tepper School of Business
Organized by: Brent Glover, Finn Kydland and Ariel Zetlin-Jones

Conference Session 1 (September 26, 2014 - p.m.)

Conference Session 2 (September 26, 2014 - p.m.)

Conference Session 3 (September 27, 2014 - a.m.)

Conference Session 4 (September 27, 2014 - p.m.)

September 20-21, 2013
Tepper School of Business
Organized by: Brent Glover, Finn Kydland and Ariel Zetlin-Jones

Conference Session 1 (September 20, 2013 - p.m.)

Conference Session 2 (September 20, 2013 - p.m.)

Conference Session 3 (September 21, 2013 - a.m.)

Conference Session 4 (September 21, 2013 - p.m.)

September 14-15, 2012
The Garden Room at the Upham, Santa Barbara, California
Organized by: Lars-Alexander Kuehn, Finn Kydland and Nicolas Petrosky-Nadeau

Conference Session 1 (September 14, 2012 - a.m.)

  • Aggregate Issuance and Savings Waves
    Author: Andrea Eisfeldt and Tyler Muir
    Discussant: Wouter den Haan
  • External Financing and the Role of Financial Frictions over the Business Cycle: Measurement and Theory
    Authors: Ali Shourideh and Ariel Zetlin-Jones
    Discussant: François Gourio

Conference Session 2 (September 14, 2012 - p.m.)

  • Uncertainty as Commitment
    Authors: Jaromir Nosal and Guillermo Ordoñez
    Discussant: Ron Giammarino
  • Short-term Debt and Financial Crises: What we can Learn from U.S. Treasury Supply
    Author: Arvind Krishnamurthy and Annette Vissing-Jorgensen
    Discussant: Burton Hollifield

Conference Session 3 (September 14, 2012 - p.m.)

  • Sovereign Debt Crises and International Financial Contagion: Estimating Effects in an Endogenous Network
    Authors: Brent Glover and Seth Richards-Shubik
    Discussant: Raoul Minetti
  • Why Doesn’t Technology Flow from Rich to Poor Countries?
    Authors: Harold L. Cole, Jeremy Greenwood and Juan M. Sanchez
    Discussant: Harjoat Bharma

Conference Session 4 (September 15, 2012 - a.m.)

  • Subsidizing Price Discovery
    Authors: Braz Carmago, Kyungmin Kim and Benjamin Lester
    Discussant: Philip Bond
  • Competing on Speed
    Authors: Emiliano Pagnotta and Thomas Philippon
    Discussant: Pierre Olivier-Weill

Conference Session 5 (September 15, 2012 - p.m.)

  • Can Investment-Specific Technology Shocks Explain the Cross-Section of Stock Returns?
    Authors: Lorenzo Garlappi and Zhongzhi Song
    Discussant: Lu Zhang
  • The Nature of Countercyclical Income Risk
    Authors: Fatih Guvenen, Serdar Ozcan and Jae Song
    Discussant: Yi Li Chien

September 16 - 17, 2011
Tepper School of Business
Organized by: Lars-Alexander Kuehn, Finn Kydland and Nicolas Petrosky-Nadeau

Conference Session 1 (September 16, 2011 - p.m.)

Conference Session 2 (September 16, 2011 - p.m.)

Conference Session 3 (September 17, 2011 - a.m.)

  • Too-Systemic-to-Fail: What Option Markets Imply About Sector-wide Government Guarantees
    Authors: Brian Kelly, Hanno Lustig and Stijn Van Nieuwerbergh
    Discussant: Robert McDonald

Conference Session 4 (September 17, 2011 - p.m.)

October 22-23, 2010
Tepper School of Business
Organized by: Lars-Alexander Kuehn, Finn Kydland and Nicolas Petrosky-Nadeau

Conference Session 1 (October 22, 2010 - p.m.)

Conference Session 2 (October 22, 2010 - p.m.)

  • Credit Shocks and Aggregate Fluctuations in an Economy with Production Heterogeneity
    Authors: Aubhik Khan and Julia Thomas
    Discussant: Gian Luca Clementi
  • Credit Spreads and Business Cycle Fluctuations [pdf]
    Author: Simon Gilchrist and Egon Zakraysek
    Discussant: Lu Zhang

Conference Session 3 (October 23, 2010 - a.m.)

  • Liquidity and Asset Price Dynamics [pdf]
    Authors: Guillaume Rocheteau and Randall Wright
    Discussant: Ben Lester
  • Bubbly Liquidity
    Authors: Emmanuel Fahri and Jean Tirole
    Discussant: Adriano Rampini

Conference Session 4 (October 23, 2010 - p.m.)

  • The Term-Structure of Sharpe-Ratios
    Authors: Jules van Binsbergen and Ralph Koijen
    Discussant: Adlai Fisher

Conference Session 5 (October 23, 2010 - p.m.)

  • Rare Disasters and Risk Sharing with Heterogeneous Beliefs
    Authors: Hui Chen, Scott Joslin and Ngoc-Khanh Tran
    Discussant: Rajnish Mehra
  • International Risk Cycles
    Authors: Francois Gourio, Adrien Verdelhan and Michael Siemer
    Discussant: Stan Zin