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NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

 

SUMMER INSTITUTE 2012

 

Monetary Economics Workshop

 

July 9 -13, 2012

 

Christina D. Romer and David H. Romer, Organizers

 

Royal Sonesta Hotel

Charles Suite B

40 Edwin H. Land Boulevard

Cambridge, Massachusetts

 

PROGRAM

 

Monday, July 9:

 

 

12:00 n

Lunch

 

 

1:00 pm

Michael D. Bauer and Glenn Rudebusch, Federal Reserve Bank of San Francisco

 

The Signaling Channel for Federal Reserve Bond Purchases

 

 

1:55 pm

Break

 

 

2:05 pm

Laurence Ball, Johns Hopkins University and NBER

 

Ben Bernanke and the Zero Bound

 

 

3:00 pm

Break

 

 

3:10 pm

Gregory Hess, Claremont McKenna College
Cameron A. Shelton,
Claremont McKenna College

 

Congress and the Federal Reserve

 

 

4:05 pm

Adjourn

 

 

Tuesday, July 10:

 

 

12:00 n

Lunch

 

 

1:00 pm

Lorenz Kueng, Northwestern University

 

Tax News: Identifying the Household Consumption Response to Tax Expectations using Municipal Bond Prices

 

 

1:55 pm

Break

 

 

2:05 pm

Marianne Bertrand and Adair Morse, University of Chicago and NBER

 

Trickle-Down Consumption

 

 

3:00 pm

Break

 

 

3:10 pm

Michael D. Bordo, Rutgers University and NBER

 

Christopher M. Meissner, University of California at Davis and NBER

 

Does Inequality Lead to a Financial Crisis?

 

 

4:05 pm

Adjourn

 

 

Wednesday, July 11:

 

 

12:00 n

Lunch

 

 

1:00 pm

Ing-Haw Cheng and Sahil Raina, University of Michigan
Wei Xiong, Princeton University

 

Wall Street and the Housing Bubble: Bad Incentives, Bad Models, or Bad Luck?

 

 

1:55 pm

Break

 

 

2:05 pm

Sumit Agarwal, National University of Singapore
David Lucca, Federal Reserve Bank of New York
Amit Seru, University of Chicago and NBER
Francesco Trebbi, University of British Columbia and NBER

 

Inconsistent Regulators: Evidence from Banking

 

 

3:00 pm

Break

 

 

3:10 pm

Olivier Coibion, International Monetary Fund and NBER
Yuriy Gorodnichenko, University of California at Berkeley and NBER
Gee Hee Hong, University of California at Berkeley

 

The Cyclicality of Sales, Regular and Effective Prices: Business Cycle and Policy Implications

 

 

4:05 pm

Adjourn

 

 

6:00 pm

Clambake, Harvard Faculty Club, 20 Quincy Street, Cambridge, MA

 

 

Thursday, July 12:

 

Special all-day meeting on The European Crises, joint with IFM

Kristin Forbes and Pierre-Olivier Gourinchas, Organizers

Background papers


8:00 am


Coffee and pastries


8:30 am


Welcome


8:35 am


Fiscal Challenges
Chair: David Romer, University of California-Berkeley and NBER
Francesco Giavazzi, Bocconi University and NBER
Lucas Papademos, former prime minister of Greece
Beatrice Weder di Mauro, UBS (former German Council of Experts)


10:15 am


Break


10:35 am


Banking Challenges
Chair: Helene Rey, London Business School and NBER
Anil Kashyap, University of Chicago and NBER
Jose Manuel Gonzalez-Paramo, former ECB
Don Kohn, Brookings Institution and Financial Policy Committee


12:15 pm


Lunch
Keynote Speaker: David Lipton, First Deputy Managing Director, IMF
Introduced by James Poterba, Massachusetts Institute of Technology and NBER


1:30 pm


Balance of Payments Challenges
Chair: Pierre-Olivier Gourinchas, University of California-Berkeley and NBER
Olivier Blanchard, IMF and NBER
Lorenzo Bini-Smaghi, Harvard University, former ECB
Jan Hatzius, Goldman Sachs


3:10 pm


Break


3:30 pm


An Evaluation of Policy Responses and Prospects
Chair: Kristin Forbes, MIT and NBER
Markus Brunnermeier, Princeton and NBER
Mohamed El-Erian, Pimco
Philipp Hildebrand, Former Swiss National Bank


5:10 pm


Adjourn

 

 

Friday, July 13:

 

 

Joint Meeting with Session on Finance and Macroeconomics

Andrew Metrick, Jeremy C. Stein, and David Scharfstein, Organizers

 

8:00 am

Coffee and Pastries

 

 

8:30 am

Adi Sunderam, Harvard University

 

Money Creation and the Shadow Banking System

 

 

 

Discussant: Gary Gorton, Yale University and NBER

 

 

9:20 am

Arvind Krishnamurthy, Northwestern University and NBER

 

Annette Vissing-Jorgensen, Northwestern University and NBER

 

What Drives Short-term Debt Creation? The Impact of Treasury Supply

 

 

 

Discussant: Thomas Philippon, New York University and NBER

 

 

10:10 am

Break

 

 

10:30 am

Franklin Allen, University of Pennsylvania and NBER

 

Elena Carletti, European University Institute

 

Douglas Gale, New York University

 

Money, Financial Stability and Efficiency

 

 

 

Discussant: Michael Woodford, Columbia University and NBER

 

 

11:20 am

Jesse Edgerton, Federal Reserve Board

 

Credit Supply and Business Investment During the Great Recession: Evidence from Public Records of Equipment Financing

 

 

Discussant: Glenn Hubbard, Columbia University and NBER

 

 

12:10 pm

Lunch

 

 

1:30 pm

Gabriel I. Chodorow-Reich, University of California at Berkeley

 

The Employment Effects of Credit Market Disruptions: Firm-level Evidence from the 2008-09 Financial Crisis

 

 

 

Discussant: Robert Hall, Stanford University and NBER

 

 

2:20 pm

Gabriel Jimenez, Bank of Spain

 

Steven Ongena, Tilburg University

 

Jose-Luis Peydro, Universitat Pompeu Fabra

 

Jesus Saurina, Bank of Spain

 

Macroprudential Policy, Countercyclical Bank Capital Buffers and Credit Supply: Evidence from the Spanish Dynamic Provisioning Experiments

 

 

 

Discussant: Anil Kashyap, University of Chicago and NBER

 

 

3:10 pm

Break

 

 

3:40 pm

ҳcar Jordspan>, Federal Reserve Bank of San Francisco

 

Moritz HP. Schularick, Free University of Berlin

 

Alan M. Taylor, University of Virginia and NBER

 

When Credit Bites Back: Leverage, Business Cycles, and Crises

 

 

 

Discussant: Carmen Reinhart, Peterson Institute for International Economics and NBER

 

 

4:30 pm

Adjourn