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</o:shapelayout></xml><![endif]--> </head> <body lang=EN-US link=blue vlink=purple style='tab-interval:.5in'> <div class=WordSection1> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=625 style='width:468.75pt;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%;tab-stops: .5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%; font-family:"Arial","sans-serif"'>Authors, please upload your paper <a href="http://www.nber.org/confsubmit/backend/form?id=SI13EFEL">here</a>.<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center; line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt; line-height:115%;font-family:"Arial","sans-serif"'>NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center; line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt; line-height:115%;font-family:"Arial","sans-serif"'>SI 2013 Capital Markets and the Economy<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center; line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt; line-height:115%;font-family:"Arial","sans-serif"'>Deborah J. Lucas and Amir <span class=SpellE>Yaron</span>, Organizers<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center; line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt; line-height:115%;font-family:"Arial","sans-serif"'>July 15-17, 2013<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='text-align:center;line-height:115%; tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height: 115%;font-family:"Arial","sans-serif"'>Royal <span class=SpellE>Sonesta</span> Hotel<br> Charles B Meeting Room<br> 40 Edwin H. Land Blvd.<br> Cambridge, MA<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6;mso-yfti-lastrow:yes'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:115%;mso-outline-level:2;tab-stops:.5in 1.0in'><b><u><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'>PROGRAM</span></u></b><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal style='tab-stops:.5in 1.0in'><span style='mso-bidi-font-size: 11.0pt;font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellpadding=0 style='mso-cellspacing:1.5pt; mso-yfti-tbllook:1184;mso-padding-alt:0in 5.4pt 0in 5.4pt'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=626 colspan=2 valign=top style='width:469.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><b style='mso-bidi-font-weight:normal'><span style='mso-bidi-font-size:11.0pt; line-height:115%;font-family:"Arial","sans-serif"'>Monday, July 15:<o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=87 valign=top style='width:65.6pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 12:00 m<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Lunch<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=87 valign=top style='width:65.6pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 1:00 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Bryan T. Kelly, University of Chicago and NBER<br> Hanno <span class=SpellE>Lustig</span>, University of California at Los Angeles and NBER<br> <span class=SpellE>Stijn</span> Van <span class=SpellE>Nieuwerburgh</span>, New York University and NBER<br> <a href="http://www.nber.org/confer/2013/SI2013/EFEL/Kelly_Lustig_Van_Nieuwerburgh.pdf"><i>Firm Volatility in Granular Networks </i></a><br> <br> Discussant: </span><span style='mso-bidi-font-size:11.0pt;line-height:115%; font-family:"Arial","sans-serif";mso-fareast-font-family:Arial'>Matthias <span class=SpellE>Kehrig</span>, University of Texas, Austin</span><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=87 valign=top style='width:65.6pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 1:50 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Simon Gilchrist, Boston University and NBER<br> Jae <span class=SpellE>Sim</span>, Federal Reserve Board<br> <span class=SpellE>Egon</span> <span class=SpellE>Zakrajsek</span>, Federal Reserve Board<br> <i><a href="Gilchrist_Sim_Zakrajsek.pdf">Uncertainty, Financial Frictions and Irreversible Investment</a></i><br> <br> Discussant: </span><span class=SpellE><span style='mso-bidi-font-size:11.0pt; line-height:115%;font-family:"Arial","sans-serif";mso-fareast-font-family: Arial'>Jian</span></span><span style='mso-bidi-font-size:11.0pt;line-height: 115%;font-family:"Arial","sans-serif";mso-fareast-font-family:Arial'> Luca <span class=SpellE>Clementi</span>, New York University</span><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=87 valign=top style='width:65.6pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 2:40 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=87 valign=top style='width:65.6pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 2:55 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Patrick Bolton, Columbia University and NBER<br> Huntley Schaller, Carleton University<br> <span class=SpellE>Neng</span> Wang, Columbia University and NBER<br> <a href="http://www.nber.org/confer/2013/SI2013/EFEL/Bolton_Schaller_Wang.pdf"><i>Financial Constraints, Corporate Savings, and the Value of Cash</i></a><br> <br> Discussant: </span><span style='mso-bidi-font-size:11.0pt;line-height:115%; font-family:"Arial","sans-serif";mso-fareast-font-family:Arial'>Arthur <span class=SpellE>Korteweg</span>, Stanford University</span><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=87 valign=top style='width:65.6pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 3:45 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Jae <span class=SpellE>Sim</span>, Federal Reserve Board<br> Antonio <span class=SpellE>Falato</span>, Federal Reserve Board<br> <span class=SpellE>Dalida</span> <span class=SpellE>Kadyrzhanova</span>, University of Maryland<br> <a href="http://www.nber.org/confer/2013/SI2013/EFEL/Falato_Kadyrzhanova_Sim.pdf"><i>Rising Intangible Capital, Shrinking Debt Capacity, and the US Corporate Savings Glut </i></a><br> <br> Discussant: </span><span style='mso-bidi-font-size:11.0pt;line-height:115%; font-family:"Arial","sans-serif";mso-fareast-font-family:Arial'>Mitchell Petersen, Northwestern University</span><span style='mso-bidi-font-size:11.0pt; line-height:115%;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:7'> <td width=87 valign=top style='width:65.6pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 4:35<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Adjourn<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:8'> <td width=626 colspan=2 valign=top style='width:469.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> <b style='mso-bidi-font-weight:normal'>Tuesday, July 16:<o:p></o:p></b></span></p> </td> </tr> <tr style='mso-yfti-irow:9'> <td width=87 valign=top style='width:65.6pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 12:00 m<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Lunch<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:10'> <td width=87 valign=top style='width:65.6pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 1:00 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Steven D. Baker, Carnegie Mellon University<br> Burton <span class=SpellE>Hollifield</span>, Carnegie Mellon University<br> Emilio <span class=SpellE>Osambela</span>, Carnegie Mellon University<br> <i><a href="http://www.nber.org/confer/2013/SI2013/EFEL/Baker_Hollifield_Osambela.pdf">Disagreement, Speculation, and Aggregate Investment</a></i><br> <br> Discussant: </span><span class=SpellE><span style='mso-bidi-font-size:11.0pt; line-height:115%;font-family:"Arial","sans-serif";mso-fareast-font-family: Arial'>Jaroslav</span></span><span style='mso-bidi-font-size:11.0pt; line-height:115%;font-family:"Arial","sans-serif";mso-fareast-font-family: Arial'> <span class=SpellE>Borovicka</span>, New York University</span><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'> <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:11'> <td width=87 valign=top style='width:65.6pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 1:50 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> <span class=SpellE>Hui</span> Chen, Massachusetts Institute of Technology and NBER<br> Wei Dou, MIT<br> Leonid <span class=SpellE>Kogan</span>, Massachusetts Institute of Technology and NBER<br> <a href="http://www.nber.org/confer/2013/SI2013/EFEL/Chen_Dou_Kogan.pdf"><i>Measuring the &quot;Dark Matter&quot; in Asset Pricing Models </i></a><br> <br> Discussant: </span><span style='mso-bidi-font-size:11.0pt;line-height:115%; font-family:"Arial","sans-serif";mso-fareast-font-family:Arial'>Stanley <span class=SpellE>Zin</span>, New York University</span><span style='mso-bidi-font-size: 11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:12'> <td width=87 valign=top style='width:65.6pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 2:40 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:13'> <td width=87 valign=top style='width:65.6pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 2:55 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Viktor <span class=SpellE>Tsyrennikov</span>, Cornell University<br> Lawrence <span class=SpellE>Blume</span>, Cornell University<br> David Easley, Cornell University<br> Timothy <span class=SpellE>Cogley</span>, New York University and NBER<br> Thomas J. Sargent, New York University and NBER<br> <a href="http://www.economics.cornell.edu/tsyrennikov/files/beliefs-rawls.pdf"><i>Welfare, Paternalism, and Market Incompleteness </i></a><br> <br> Discussant: </span><span style='mso-bidi-font-size:11.0pt;line-height:115%; font-family:"Arial","sans-serif";mso-fareast-font-family:Arial'>Jonathan Parker, Massachusetts <span class=SpellE>Insstitute</span> of Technology</span><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:14'> <td width=87 valign=top style='width:65.6pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 3:45 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:1.0in 93.0pt'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> </span><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family: "Arial","sans-serif";mso-fareast-font-family:Arial'>Martin<span style='letter-spacing:.8pt'> </span>Schneider,<span style='letter-spacing: 1.2pt'> </span>Stanford<span style='letter-spacing:1.0pt'> </span>University<span style='letter-spacing:1.0pt'> </span>and<span style='letter-spacing:1.05pt'> </span>NBER<br> <span class=SpellE>Cosmin</span><span style='letter-spacing:.8pt'> </span><span class=SpellE>Ilu<span style='letter-spacing:.75pt'>t</span></span>,<span style='letter-spacing:.9pt'> </span>Duke<span style='letter-spacing:1.2pt'> </span>University<br> </span><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family: "Arial","sans-serif"'>Francesco Bianchi, Duke University</span><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"; mso-fareast-font-family:Arial'><br> <i style='mso-bidi-font-style:normal'><a href="https://sites.google.com/site/cosminilut/docs/ambpricing.pdf">Uncertainty<span style='letter-spacing:1.15pt'> </span>Shocks,<span style='letter-spacing: 1.25pt'> </span>Asset<span style='letter-spacing:.85pt'> </span>Supply<span style='letter-spacing:.7pt'> </span>and<span style='letter-spacing:1.05pt'> </span>Pricing<span style='letter-spacing:.7pt'> </span>over<span style='letter-spacing:1.0pt'> </span>the<span style='letter-spacing:.35pt'> </span>Business<span style='letter-spacing: .95pt'> </span>Cycle</a><br> </i></span><span style='mso-bidi-font-size:11.0pt;line-height:115%; font-family:"Arial","sans-serif"'><br> Discussant: </span><span style='mso-bidi-font-size:11.0pt;line-height:115%; font-family:"Arial","sans-serif";mso-fareast-font-family:Arial'>Lars Peter Hansen, University of Chicago</span><span style='mso-bidi-font-size:11.0pt; line-height:115%;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:15'> <td width=87 valign=top style='width:65.6pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 4:35 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Adjourn<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:16'> <td width=87 valign=top style='width:65.6pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 6:00 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> </span><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family: "Arial","sans-serif";mso-fareast-font-family:Arial'>Group<span style='letter-spacing:.8pt'> </span>Dinner<br> Bambara<span style='letter-spacing:.95pt'> </span>Restaurant<span style='letter-spacing:1.45pt'> </span>at<span style='letter-spacing:.5pt'> </span>the<span style='letter-spacing:.35pt'> </span>Hotel<span style='letter-spacing:1.2pt'> </span>Marlowe<br> 25<span style='letter-spacing:.45pt'> </span>Edwin<span style='letter-spacing: .65pt'> </span>H.<span style='letter-spacing:.15pt'> </span>Land<span style='letter-spacing:.95pt'> </span>Boulevard,<span style='letter-spacing: 1.2pt'> </span>Cambridge<br> (across<span style='letter-spacing:1.25pt'> </span>the<span style='letter-spacing: .35pt'> </span>street<span style='letter-spacing:.85pt'> </span>from<span style='letter-spacing:.4pt'> </span>the<span style='letter-spacing:.35pt'> </span>Royal<span style='letter-spacing:1.0pt'> </span><span class=SpellE>Sonesta</span><span style='letter-spacing:1.45pt'> </span>Hotel)</span><span style='mso-bidi-font-size: 11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:17'> <td width=626 colspan=2 valign=top style='width:469.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> <b style='mso-bidi-font-weight:normal'>Wednesday, July 17<o:p></o:p></b></span></p> </td> </tr> <tr style='mso-yfti-irow:18'> <td width=87 valign=top style='width:65.6pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 12:00 m<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Lunch<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:19'> <td width=87 valign=top style='width:65.6pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 1:00 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> <span class=SpellE>Itamar</span> <span class=SpellE>Drechsler</span>, New York University and NBER<br> Thomas <span class=SpellE>Drechsel</span>, European Central Bank<br> David <span class=SpellE>Marqu</span>. Ibanez, European Central Bank<br> Philipp <span class=SpellE>Schnabl</span>, New York University and NBER<br> <i><a href="http://www.nber.org/confer/2013/SI2013/EFEL/Drechsler_Schnabl.pdf">Who Borrows from the Lender of Last Resort?</a></i><br> <br> Discussant: </span><span class=SpellE><span style='mso-bidi-font-size:11.0pt; line-height:115%;font-family:"Arial","sans-serif";mso-fareast-font-family: Arial'>Athanasios</span></span><span style='mso-bidi-font-size:11.0pt; line-height:115%;font-family:"Arial","sans-serif";mso-fareast-font-family: Arial'> <span class=SpellE>Orphanides</span>, Massachusetts Institute of Technology</span><span style='mso-bidi-font-size:11.0pt;line-height:115%; font-family:"Arial","sans-serif"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:20'> <td width=87 valign=top style='width:65.6pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 1:50 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> John Graham, Duke University and NBER<br> Mark Leary, Washington University in St. Louis and NBER<br> Michael R. Roberts, University of Pennsylvania and NBER<br> <i><a href="http://www.nber.org/confer/2013/SI2013/EFEL/Graham_Leary_Roberts.pdf">Financial Crowding Out</a></i><br> <br> Discussant: </span><span style='mso-bidi-font-size:11.0pt;line-height:115%; font-family:"Arial","sans-serif";mso-fareast-font-family:Arial'>Robert McDonald, Northwestern University</span><span style='mso-bidi-font-size:11.0pt; line-height:115%;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:21'> <td width=87 valign=top style='width:65.6pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 2:40 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:22'> <td width=87 valign=top style='width:65.6pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 2:55 am<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Pablo <span class=SpellE>D'Erasmo</span>, University of Maryland<br> Enrique G. Mendoza, University of Pennsylvania and NBER<br> <i><a href="http://www.nber.org/confer/2013/SI2013/EFEL/D'Erasmo_Mendoza.pdf">Optimal Domestic Sovereign Default</a></i><br> <br> Discussant: </span><span style='mso-bidi-font-size:11.0pt;line-height:115%; font-family:"Arial","sans-serif";mso-fareast-font-family:Arial'>Gita <span class=SpellE>Gopinath</span>, Harvard University</span><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:23'> <td width=87 valign=top style='width:65.6pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 3:45 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> </span><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family: "Arial","sans-serif";mso-fareast-font-family:Arial'>Joao<span style='letter-spacing:.8pt'> </span>Gomes,<span style='letter-spacing:1.05pt'> </span>University<span style='letter-spacing:1.0pt'> </span>of<span style='letter-spacing:.5pt'> </span>Pennsylvania<br> Urban<span style='letter-spacing:.65pt'> </span><span class=SpellE>Jerman<span style='letter-spacing:.5pt'>n</span></span>,<span style='letter-spacing:1.45pt'> </span>University<span style='letter-spacing:1.0pt'> </span>of<span style='letter-spacing:.5pt'> </span>Pennsylvania<span style='letter-spacing: 1.85pt'> </span>and<span style='letter-spacing:1.05pt'> </span>NBER<o:p></o:p></span></p> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"; mso-fareast-font-family:Arial'>Lukas<span style='letter-spacing:1.3pt'> </span><span class=SpellE>Schmi<span style='letter-spacing:.75pt'>d</span></span>,<span style='letter-spacing:1.35pt'> </span>Duke<span style='letter-spacing:1.2pt'> </span>University<br> </span><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family: "Arial","sans-serif"'><a href="http://www.nber.org/confer/2013/SI2013/EFEL/Gomes_Jermann_Schmid.pdf"><i>Sticky Leverage </i></a></span><span style='mso-bidi-font-size:11.0pt;line-height: 115%;font-family:"Arial","sans-serif";mso-fareast-font-family:Arial'><br> </span><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family: "Arial","sans-serif"'><br> </span><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family: "Arial","sans-serif";mso-fareast-font-family:Arial'>Discussant: Mark <span class=SpellE>Gertler</span>, New York University</span><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:24;mso-yfti-lastrow:yes'> <td width=87 valign=top style='width:65.6pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> 4:35 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%;font-family:"Arial","sans-serif"'><br> Adjourn<o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><span style='mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal style='tab-stops:.5in 1.0in'><span style='mso-bidi-font-size: 11.0pt;font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal><span style='mso-bidi-font-size:11.0pt;font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> </div> </body> </html>