Friday, October 10th 2014

8:30 – 9:30 Breakfast
9:30 – 12:20 Session 1: Trading in Financial Markets
Chair: Itay Goldstein

Investor Sophistication and Capital Income Inequality.
Marcin Kacperczyk (Imperial College), Jaromir Nosal (Columbia) and Luminita Stevens (Maryland).
Discussant: Venky Venkateswaran (NYU).

Synthetic or Real? The Equilibrium Effects of Credit Default Swaps on Bond Markets.
Martin Oehmke (Columbia) and Adam Zawadowski (Boston University).
Discussant: Andrew Winton (Minnesota).
Trading on Sunspots.
Boyan Jovanovic (NYU) and Viktor Tsyrennikov (Cornell).
Discussant: Todd Keister (Rutgers).
12:20 – 13:40 Lunch
13:40 – 15:20 Session 2: Endogenous Networks
Chair: Ben Lester
(Federal Reserve bank of Philadelphia)

Adverse Selection and Intermediation Chains.
Vincent Glode (Wharton), Christian Opp (Columbia)
Discussant: Albert “Pete” Kyle (Maryland).

Risk Sharing and Contagion in Networks..
Antonio Cabrales (UCL) Piero Gottardi (EUI) and Fernando Vega‐Redondo (Bocconi)
Discussant: Maryam Farboodi (Princeton)
15:20 – 15:40 Break
15:40 – 17:20 Session 3: Banking Fragility
Chair: Jakub Kastl

Deposit Competition and Financial Fragility: Evidence from the US Banking Sector
Mark Egan (Chicago), Ali Hortacsu (Chicago) and Gregor Matvos (Chicago).
Discussant: David Scharfstein (Harvard).

Runs versus Lemons: Fiscal Capacity and Financial Stability.
Miguel de Faria e Castro (NYU), Joseba Martinez (NYU) and Thomas Philippon (NYU).
Discussant: Willie Fuchs (Berkeley)
19:00 Dinner – Speaker: Anil Kashyap (Chicago)

Saturday, October 11th 2014

7:30 – 8:30 Breakfast
8:30 – 10:10 Session 4: Unintended Consequences of Financial Regulation
Chair: Stijn Claessens

Ratings‐Based Regulation and Systematic Risk Incentives
Giuliano Iannotta (Università Cattolica) and George Pennacchi (Illinois).
Discussant: Tom Cooley (NYU).

Shadow Insurance.
Ralph Koijen (LBS) and Motohiro Yogo (Minneapolis Fed).
Discussant: Robert McDonald (Northwestern).
10:10 – 10:30 Break
10:30 – 12:10 Session 5: Monetary Policy and Financial Markets
Chair: Franklin Allen
 (Wharton & Imperial College)

Risk‐Taking Channel of Monetary Policy
Stephen Morris (Princeton) and Hyun Song Shin (BIS).
Discussant: Enrico Perotti (Universiteit van Amsterdam).

A Model of Monetary Exchange in Over‐the‐Counter Markets
Ricardo Lagos (NYU) and Shengxing Zhang (LSE).
Discussant: Nicolae Garleanu (Berkeley).
12:10 – 15:30 Session 6: Credit Shocks
Chair: Guillermo Ordonez
(University of Pennsylvania)

Debt Constraints and Unemployment
Virgiliu Midrigan (NYU), Patrick Kehoe (Minnesota) and Elena Pastorino (Minnesota).
Discussant: Guido Menzio (UPenn)

13:00 – 13:50 Lunch
Bank Ratings and Lending Supply: Evidence from Sovereign Downgrades
Manuel Adelino (Duke) and Miguel Ferreira (Nova).
Discussant: Alberto Martin (CREI)
Credit Shocks in an Economy with Heterogeneous Firms and Default
Aubhik Khan (OSU), Tatsuro Senga (OSU) and Julia Thomas (OSU).
Discussant: Urban Jermann (Wharton).
15:30 Adjourn