Friday, October 12th 2012

8:30 – 9:30 Breakfast
9:30 – 12:20 Session 1: Evidence on Financial Constraints

The Cost of Financial Frictions for Life Insurers.
Ralph Koijen (Chicago) and Motohiro Yogo (Minneapolis Fed)
Discussant: Itamar Drechsler (NYU)

Measuring the Financial Soundness of US Firms 1926‐2012
Andrew Atkeson (UCLA), Andrea Eisfeldt (UCLA) and Pierre‐Olivier Weill (UCLA)
Discussant: Robert McDonald (Northwestern)
Access to Capital, Investment and the Financial Crises.
Kathleen Kahle (Arizona) and Rene Stulz (Ohio State)
Discussant: V.V. Chari (Minnesota)
12:20 – 13:40 Lunch
13:40 – 15:20 Session 2: Liquidity and Credit Cycles

Model of Moral‐Hazard Credit Cycle
Roger Myerson (Chicago)
Discussant: Adriano Rampini (Duke)

Endogenous Liquidity Cycles
Gunter Strobl (UNC)
Discussant: Saki Bigio (Columbia)
15:20 – 15:40 Break
15:40 – 17:20 Session 3: Debt Crises

The Dynamics of Sovereign Debt Crises and Bailouts
Francisco Roch (Chicago) and Harald Uhlig (Chicago)
Discussant: Cristina Arellano (Minneapolis Fed)

Gambling for Redemption and Self‐Fulfilling Debt Crises
Juan Carlos Conesa (Autonoma de Barcelona) and Tim Kehoe (Minnesota)
Discussant: Manuel Amador (Stanford)
19:00 Dinner – Speaker: Gary Gorton (Yale); “The Flight from Maturity”

Saturday, October 13th 2012

7:30 – 8:30 Breakfast
8:30 – 10:10 Session 4: Evidence on Runs

Identifying VARs through Heterogeneity: An Application to Bank Runs
Ferre De Graeve (Sveriges Riksbank) and Alexei Karas (Roosevelt Academy)
Discussant: Huberto Ennis (Richmond Fed)

Dynamic Debt Run and Financial Fragility: Evidence from 2007 ABCP Crises
Enrique Schroth (Amsterdam), Gustavo Suarez (Federal Reserve Board) and Lucian Taylor (Wharton)
Discussant: Wei Jiang (Columbia)
10:10 – 10:30 Break
10:30 – 12:10 Session 5: Public Liquidity and Private Liquidity

Short‐term Debt and Financial Crises: What we can learn from U.S. Treasury Supply
Arvind Krishnamurthy (Northwestern) and Annette Vissing-Jorgensen (Northwestern)
Discussant: Dean Corbae (Wisconsin)

Liquidity Backstop, Corporate Borrowing and Real Effects.
Penjie Gao (Notre Dame) and Hayong Yun (Notre Dame)
Discussant: Chester Spatt (CMU)
12:10 – 13:10 Lunch
13:10 – 16:00 Session 6: Information and Liquidity in Financial Markets

Information, Tranching and Liquidity
Emmanuel Farhi (Harvard) and Jean Tirole (Toulouse)
Discussant: Bengt Holmstrom (MIT)

Should We Regulate Financial Information?
Pablo Kurlat (Stanford) and Laura Veldkamp (NYU)
Discussant: Vincent Glode (Wharton)
Illiquidity Contagion and Liquidity Crashes
Giovanni Cespa (CSEF) and Thierry Foucault (HEC Paris)
Discussant: Albert “Pete” Kyle (Maryland)
16:00 Adjourn