The NBER Reporter 2009 Number 3: Conferences
32nd International Seminar on Macroeconomics
Twentieth Annual EASE Conference
NBER Conference in Beijing
The Economics of Household Saving
32nd International Seminar on Macroeconomics
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NBERs 32nd International Seminar on Macroeconomics (ISOM) took place on June 12 and 13. NBER Research Associates Jeffrey Frankel of Harvard University and Francesco Giavazzi of Bocconi University served as ISOM co-chairs. Lucrezia Reichlin, London Business School, and Kenneth D. West, NBER and University of Wisconsin, organized this years program, which was hosted by the Central Bank of Cyprus. The following papers were discussed:
Free Flows, Limited Diversification: Openness and the Fall and Rise of Stock Market Correlations, 1890-2001 -- Dennis Quinn, Georgetown University, and Joachim Voth, CREI, Barcelona
The Default Puzzle: Underwriters and Sovereign Bond Markets, 1815-2007 (NBER Working Paper No. 15128) -- Marc Flandreau, Graduate Institute Geneva; Juan Flores, University of Geneva; Norbert Gaillard, Sciences Po, and Sebastian Nieto, OECD
Systemic Risk-Taking and the U.S. Financial Crisis -- Romain Ranciere, IMF, and Aaron Tornell, University of California, Los Angeles
The Feldstein-Horioka Fact -- Domenico Giannone and Michele Lenza, European Central Bank
Can Parameter Instability Explain the Meese-Rogoff Puzzle? -- Philippe Bacchetta and Toni Beutler, University of Lausanne, and Eric van Wincoop, University of Virginia and NBER
International Reserves and Underdeveloped Capital Markets -- Kathryn Dominguez, University of Michigan and NBER
The Nontradable Goods Real Exchange Rate Puzzle -- Lukasz Drozd, University of Wisconsin, and Jaromir Nosal, Columbia University
Assessing External Equilibrium in Low Income Countries -- Lone Christiansen, Alessandro Prati, Luca Antonio Ricci, Stephen Tokarick, and Thierry Tressel, IMF
The conference concluded with a Panel Discussion on Monetary Policy in a Low Interest Rate Environment chaired by Athanasios Orphanides, Governor of the Central Bank of Cyprus. The panelists were: Huw Pill, European Central Bank; Vincent Reinhart, American Enterprise Institute; Volker Wieland, Goethe University Frankfurt; and John Williams, Federal Reserve Bank of San Francisco.
Summaries of these papers may be found here
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Twentieth Annual EASE Conference
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The NBER, the China Center for Economic Research, the Chung-Hua Institution for Economic Research, the Hong Kong University of Science and Technology, the Hong Kong Institute for Monetary Research, the Korea Development Institute, the Singapore Management University, and the Tokyo Center for Economic Research jointly sponsored the NBERs 20th Annual East Asian Seminar on Economics on June 26-27. Takatoshi Ito, University of Tokyo and NBER, and Andrew K. Rose, University of California, Berkeley and NBER, organized the conference, which focused on Commodity Prices and Markets. These papers were discussed:
Jan J. J. Groen, Federal Reserve Bank of New York, and Paolo A. Pesenti, Federal Reserve Bank of New York and NBER, Commodity Prices, Commodity Currencies, and Global Economic Developments
Kalok Chan, Hong Kong University of Science and Technology, and Yiuman Tse and Michael Williams, University of Texas at San Antonio, The Relationship between Commodity Prices and Currency Exchange Rates: Evidence from the Futures Markets
Christian Broda and John Romalis, University of Chicago and NBER, Identifying the Relationship Between Trade and Exchange Rate Volatility
Joonhyuk Song, KDI, and Junhee Lee, Yeungnam University, Oil and the Macroeconomy: A Case of Korea
Feng Lu, China Center for Economic Research, China Takes the Lead: Changes of the Global Commodity and Ocean Freight Markets in Recent Years
Mario Crucini, Vanderbilt University and NBER, and Martin Berka, Massey University, The Consumption Terms of Trade and Commodity Prices
Ichiro Fukunaga, Bank of Japan and TCER, and Naohisa Hirakata and Nao Sudo, Bank of Japan, The Effects of Oil Price Changes on the Industry-Level Production and Prices in the U.S. and Japan
Biing-Shen Kuo, National Chengchi University and Su-Ling Peng, CIER, Price Pass-Through, Household Expenditure and Industrial Structure: The Case of Taiwan
Etsuro Shioji and Taisuke Uchino, Hitotsubashi University and TCER, Pass-Through of Oil Prices to Japanese Domestic Prices
Sungbae An, Singapore Management University, and Heedon Kang, Bank of Korea, Oil Shocks in a DSGE Model for the Korean Economy
Summaries of these papers may be found here
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NBER Conference in Beijing
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The eleventh annual NBER-CCER Conference on China and the World Economy took place at the China Center for Economic Research (CCER) in Beijing on July 2 and 3. The conference program was jointly arranged by the National Bureau of Economic Research, the CCER at Beijing University, and Tsinghua University. After opening remarks by U.S. organizer Shang-Jin Wei of NBER and Columbia University, Yang Yao of CCER, and Chong-En Bai of Tsinghua University, the following topics were discussed:
Causes and Impacts of the Crisis
Feng Lu, CCER, China and the Financial Crisis
Deborah Lucas, NBER and Northwestern University, Measuring and Managing Governmental Financial Risk
David Li, Tsinghua University, The International Monetary System
Exchange Rates and Prices
Charles Engel, NBER and Wisconsin-Madison, Exchange Rate Policies (NBER Working Paper No. 14829)
Fan He, CASS, Chinas Exchange Rate Regime
David Weinstein, NBER and Columbia University, Variety, Prices, and Welfare: Macroeconomic Lessons from Micro-data
Financial Liberalization, Risks and Urbanization
Yiping Huang, CCER, China's Asymmetric Market Liberalization and Its Consequences
Todd Sinai, NBER and University of Pennsylvania, Assessing the Risks of Home Ownership
James Wen, Trinity College, Urbanization in China
Labor and Health Issues
Chong-En Bai, Declining Shares of Labor Income in China
Dennis Yang, Virginia Tech University, Accounting for Rising Wages in China
Jonathan Skinner, NBER and Dartmouth College, Measuring Inefficiency in Health Care: A Global Perspective (NBER Working Paper No. 14257)
Xiaoyan Lei, CCER, Health Issues of Retirees --- Evidence from a Recent Survey
Demography, Savings, and Economic Growth
Shang-Jin Wei, Sex Ratios, Savings Rate, and Entrepreneurship in China (NBER Working Paper No. 15093)
Yuyu Chen, PKU, Consumption and Savings of Chinese Urban Households
Yang Yao, CCER, Demographic Transition and Chinas Growth Model
Trade
Miaojie Yu, CCER, Trade Liberalization, Productivity, and Firm Heterogeneity
Pinelopi Goldberg, NBER and Princeton University, Effects of Patent Enforcement in Pharmaceuticals in Developing Countries
Summaries of these papers may be found here
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The Economics of Household Saving
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NBER Research Associate Erik Hurst of the University of Chicago and NBER President James Poterba of MIT are co-directing a two-year research project on the The Economics of Household Saving. At the inaugural research meeting for this project, which was held on July 18, the following papers were discussed:
Annamaria Lusardi, Dartmouth College and NBER, and Olivia S. Mitchell, University of Pennsylvania and NBER, How Ordinary Consumers Make Complex Economic Decisions: Financial Literacy and Retirement Readiness
John Beshears, Harvard University; James J. Choi, Yale University and NBER; Brigitte C. Madrian and David Laibson, Harvard University and NBER; and Katherine L. Milkman, University of Pennsylvania, The Effect of Providing Peer Information on Retirement Savings Decisions
Ulrike Malmendier, University of California, Berkeley and NBER, and Stefan Nagel, Stanford University and NBER, Depression Babies: Do Macroeconomic Experiences Affect Risk Taking?(NBER Working Paper No. 14813)
Peter J. Kuhn, University of California, Santa Barbara; Peter Kooreman, Tilburg University; Arie Kapteyn, RAND Corporation; and ADRIAAN SOETEVENT, University of Amsterdam, The Own and Social Effects of an Unexpected Income Shock: Evidence from the Dutch Postcode Lottery (NBER Working Paper No. 14035)
Miles S. Kimball, University of Michigan and NBER, and Tyler Shumway, University of Michigan, Fatalism, Locus of Control, and Retirement Saving
The authors of each of these papers have prepared short research summaries that describe their findings and the broader implications of their work. These summaries may be found here
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