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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=666 style='width:499.5pt;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 width=666 style='width:499.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Authors, please upload your paper <a href="http://www.nber.org/confsubmit/backend/form?id=SI15EFSF">here</a>. <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:1'> <td width=666 style='width:499.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>NATIONAL BUREAU OF ECONOMIC RESEARCH, INC. <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:2'> <td width=666 style='width:499.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>SI 2015 Dynamic Equilibrium Models <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:3'> <td width=666 style='width:499.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='text-align:center;tab-stops:1.0in'><span class=SpellE><span style='font-family:"Univers","sans-serif";mso-fareast-font-family: Calibri;mso-fareast-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi'>Boragan</span></span><span style='font-family: "Univers","sans-serif";mso-fareast-font-family:Calibri;mso-fareast-theme-font: minor-latin;mso-bidi-font-family:"Times New Roman";mso-bidi-theme-font:minor-bidi'> <span class=SpellE>Aruoba</span>, Jesus Fernandez-<span class=SpellE>Villaverde</span>, and Frank <span class=SpellE>Schorfheide</span>, Organizers</span><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=666 style='width:499.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>July 9-10, 2015 <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:5'> <td width=666 style='width:499.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;tab-stops:1.0in'><span style='font-family: "Arial","sans-serif";mso-fareast-font-family:Calibri;mso-fareast-theme-font: minor-latin'>Royal <span class=SpellE>Sonesta</span> Hotel<o:p></o:p></span></p> <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;tab-stops:1.0in'><span style='font-family: "Arial","sans-serif";mso-fareast-font-family:Calibri;mso-fareast-theme-font: minor-latin'>Longfellow Rooms  West Tower<o:p></o:p></span></p> <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;tab-stops:1.0in'><span style='font-family: "Arial","sans-serif";mso-fareast-font-family:Calibri;mso-fareast-theme-font: minor-latin'>40 Edwin H. Land Boulevard<o:p></o:p></span></p> <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;tab-stops:1.0in'><span style='font-family: "Arial","sans-serif";mso-fareast-font-family:Calibri;mso-fareast-theme-font: minor-latin'>Cambridge, Massachusetts</span><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><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 width=666 style='width:499.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;mso-outline-level:2'><b><u><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>PROGRAM</span></u></b><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><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 colspan=2 style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><b style='mso-bidi-font-weight:normal'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>Wednesday, July 8:<span style='mso-spacerun:yes'>  </span></span></b><b style='mso-bidi-font-weight: normal'><span style='font-family:"Univers","sans-serif";color:black'><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span></b><b style='mso-bidi-font-weight:normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>6:00 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Univers","sans-serif";color:black'>Clambake, Royal <span class=SpellE>Sonesta</span> Hotel<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:2'> <td colspan=2 style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><b style='mso-bidi-font-weight:normal'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>Thursday, July 9:<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=126 valign=top style='width:94.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>12:00 n<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='tab-stops:1.0in'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin'>Lunch<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=126 valign=top style='width:94.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>1:00 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;tab-stops:1.0in'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin'>Monika <span class=SpellE>Piazzesi</span>, Stanford University and NBER<o:p></o:p></span></p> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal;tab-stops:1.0in'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin'>Martin Schneider, Stanford University and NBER<br> <i>Housing and Macroeconomics</i><i style='mso-bidi-font-style:normal'><span style='mso-tab-count:1'>           </span></i></span><span style='font-family: "Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=126 valign=top style='width:94.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> 2:00 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> Cosmin L. <span class=SpellE>Ilut</span>, Duke University and NBER<br> <span class=SpellE>Hikaru</span> <span class=SpellE>Saijo</span>, University of California at Santa Cruz<br> <i><a href="https://sites.google.com/site/cosminilut/docs/is_draft.pdf">Learning, Confidence, and Business Cycles</a></i><br> <span style='mso-spacerun:yes'>  </span><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=126 valign=top style='width:94.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>3:00 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:7'> <td width=126 valign=top style='width:94.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> 3:30 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> Luigi <span class=SpellE>Bocola</span>, University of Pennsylvania<br> Alessandro <span class=SpellE>Dovis</span>, Pennsylvania State University and NBER<br> <i><a href="http://www.nber.org/confer/2015/SI2015/EFSF/Bocola_Dovis.pdf">Indeterminacy In Sovereign Debt Markets: A Quantitative Analysis</a></i><span style='mso-spacerun:yes'>  </span><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:8'> <td width=126 valign=top style='width:94.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> 4:30 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> Roger Farmer, University of California at Los Angeles and NBER<br> Vadim <span class=SpellE>Khramov</span>, Bank of America Merrill Lynch<br> Giovanni <span class=SpellE>Nicolò</span>, University of California at Los Angeles<br> <i><a href="http://www.nber.org/confer/2015/SI2015/EFSF/Farmer_Khramov_Nicolo.pdf">Solving and Estimating Indeterminate DSGE Models</a></i><br> <span style='mso-spacerun:yes'>  </span><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:9'> <td width=126 valign=top style='width:94.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>5:30 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Adjourn<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:10'> <td colspan=2 style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><b style='mso-bidi-font-weight:normal'><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>Friday, July 10:<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:11'> <td width=126 valign=top style='width:94.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>12:00 n<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Lunch<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:12'> <td width=126 valign=top style='width:94.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> 1:00 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> Fabio Canova, <span class=SpellE>Universitat</span> <span class=SpellE>Pompeu</span> <span class=SpellE>Fabra</span><br> Filippo <span class=SpellE>Ferroni</span>, <span class=SpellE>Banque</span> de France<br> Christian <span class=SpellE>Matthes</span>, Federal Reserve Bank of Richmond<br> <i>Approximating Time Varying Structural Models With Time Invariant Structures</i><span style='mso-spacerun:yes'>  </span><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:13'> <td width=126 valign=top style='width:94.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> 2:00 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> Thorsten <span class=SpellE>Drautzburg</span>, Federal Reserve Bank of Philadelphia<br> <i><a href="https://sites.google.com/site/tdrautzburg/research/NarrativeDSGE_web.pdf">A Narrative Approach To A Fiscal DSGE Model</a></i><br> <span style='mso-spacerun:yes'>  </span><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:14'> <td width=126 valign=top style='width:94.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>3 00 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:15'> <td width=126 valign=top style='width:94.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> 3:30 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> <span class=SpellE>Susanto</span> <span class=SpellE>Basu</span>, Boston College and NBER<br> Brent <span class=SpellE>Bundick</span>, Federal Reserve Bank of Kansas City<br> <i><a href="http://www.kansascityfed.org/publicat/reswkpap/pdf/rwp15-01.pdf">Endogenous Volatility at the Zero Lower Bound: Implications for Stabilization Policy</a></i><span style='mso-spacerun:yes'>  </span><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:16'> <td width=126 valign=top style='width:94.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> 4:30 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> Dario Caldara, Federal Reserve Board <br> Edward P. <span class=SpellE>Herbst</span>, Federal Reserve Board<br> <i><a href="https://www.dropbox.com/s/s7o70dr6vb3q3i2/var_likelihood.pdf?dl=0">Monetary Policy, Credit Spreads, and Business Cycle Fluctuations</a></i><br> <span style='mso-spacerun:yes'>  </span><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:17;mso-yfti-lastrow:yes'> <td width=126 valign=top style='width:94.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>5:30 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:0in;margin-bottom:.0001pt;line-height: normal'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Adjourn<o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> </div> </body> </html>