Friday, October 11th 2013

8:30 – 9:30 Breakfast
9:30 – 11:10 Session 1: Costs and Benefits of Banking Regulation and Intervention

The Shadow Cost of Bank Capital Requirements
Roni Kisin (WUSTL) and Asaf Manela (WUSTL).
Discussant: Mark Flannery (University of Florida).

Who Borrows from the Lender of Last Resort?
Itamar Drechsler (NYU), Thomas Drechsel (LSE), David Marques‐Ibanez (ECB) and Philipp Schnabl
Discussant: Todd Keister (Rutgers).
11:10 – 11:30 Break
11:30 – 13:10 Session 2: Debt Crisis

Banks, Government Bonds, and Default: What do the Data Say?
Nicola Gennaioli (Bocconi), Alberto Martin (CREI) and Stefano Rossi (Purdue).
Discussant: Stijn Claessens (IMF).

Slow Moving Debt Crises
Guido Lorenzoni (Northwestern) and Ivan Werning (MIT).
Discussant: Hal Cole (UPenn).
13:10 – 14:30 Lunch
14:30 – 17:20 Session 3: Networks and Contagion

Mandatory Disclosure and Financial Contagion
Fernando Alvarez (Chicago) and Gadi Barlevy (Chicago Fed).
Discussant: Juan Pablo Xandri (Princeton)

Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes, and Contagion
Nicolae Garleanu (UC Berkeley), Stavros Panageas (Chicago) and Jianfeng Yu (Minnesota).
Discussant: Wei Xiong (Princeton).
Empirical Analysis of Systemic Risk in the EURO‐zone
Pietro Bonaldi (Chicago), Ali Hortacsu (Chicago) and Jakub Kastl (Stanford).
Discussant: David Skeie (New York Fed).
19:00 Dinner – Speaker: Douglas Diamond (Chicago)

Saturday, October 12th 2013

7:30 – 8:30 Breakfast
8:30 – 10:10 Session 4: Information and Prices

Subsidizing Price Discovery
Braz Camargo (Sao Paulo School of Economics), Kyungmin (Teddy) Kim (Iowa) and Benjamin Lester (Philadelphia Fed).
Discussant: Pablo Kurlat (Stanford).

Security Design in a Production Economy with Flexible Information Acquisition
Ming Yang (Duke) and Yao Zeng (Harvard).
Discussant: Christian Opp (Wharton).
10:10 – 10:30 Break
10:30 – 12:10 Session 5: Evidence on Runs

The Radio and Bank Distress in the Great Depression
Nicolas Ziebarth (Iowa).
Discussant: Gary Gorton (Yale).

Runs on Money Market Mutual Funds
Lawrence Schmidt (UC San Diego), Allan Timmermann (UC San Diego) and Russ Wermers (Maryland).
Discussant: Richard Green (Carnegie Mellon).
12:10 – 13:10 Lunch
13:10 – 16:00 Session 6: Pledgability, Liquidity and Policy

Pledgablilty and Liquidity: Monetarist Model of Financial and Macroeconomic Activity
Venky Venkateswaran (NYU) and Randall Wright (Wisconsin).
Discussant: Ana Fostel (George Washington University).

Liquidity and Inefficient Investment
Oliver Hart (Harvard) and Luigi Zingales (Chicago).
Discussant: Boyan Jovanovic (NYU).
Scarce Collateral, the Term Premium, and Quantitative Easing
Stephen Williamson (WUSTL).
Discussant: John Coleman (Duke).
16:00 Adjourn