NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.
SUMMER INSTITUTE 2001
July 18 - 20, 2001
Capital Markets in the Economy
Janice Eberly and Deborah Lucas, Organizers
Royal Sonesta Hotel
5 Cambridge Parkway
Cambridge, MA
PRELIMINARY PROGRAM
WEDNESDAY, JULY 18:
12:00 N Lunch
1:00 PM RUSS COOPER, Boston University and NBER
JOAO EJARQUE, University of Copenhagen
Exhuming Q: Market Power vs. Capital Market Perfections
Discussant: TONI WHITED, University of Iowa
2:00 PM NICHOLAS BLOOM and JOHN VAN REENEN, University of College, London
STEPHEN BOND, Oxford University
The Dynamics of Investment under Uncertainty
Discussant: JANICE EBERLY, Northwestern University and NBER
3:00 PM Break
3:15 PM CHRISTOPHER HOUSE, Boston University
Adverse Selection and the Accelerator
Discussant: MARTIN SCHNEIDER, UC, Los Angeles
4:15 PM CARA LOWN and DONALD MORGAN, Federal Reserve Bank, New York
The Credit Cycle and the Business Cycle: New Findings Using the
Survey of Senior Loan Officers
Discussant: JEREMY STEIN, Harvard University and NBER
5:15 PM Adjourn
6:00 PM Clambake
Harvard Faculty Club
20 Quincy Street
Cambridge, MA
SI01 EFEL Program
Page two
THURSDAY, JULY 19:
MORNING SESSION JOINT WITH IFM
8:30 AM Coffee and Doughnuts
9:00 AM ARVIND KRISHNAMURTHY, Northwestern University
RICARDO CABALLERO, MIT and NBER
International Liquidity Illusion: on the Risks of Sterilization
Discussant: CRAIG BURNSIDE, UC, San Diego
10:00 AM KATHY YUAN, University of Michigan
The Liquidity Service of Sovereign Bonds
Discussant: ANDREA EISFELDT, Northwestern University
11:00 AM Break
11:15 AM ANUSHA CHARI, University of Chicago
PETER BLAIR HENRY, Stanford University and NBER
Stock Market Liberalizations and the Repricing of Systematic Risk
Discussant: RICHARD LYONS, UC, Berkeley and NBER
12:15 PM ARTURO GALINDO and FABIO SCHIANTARELLI, Boston College
ANDREW WEISS, Boston University
Financial Liberalization and the Allocation of Investment:
Micro Evidence from Developing Countries
Discussant: JENNY MINIER, University of Miami
1:15 PM Lunch
2:00 PM ADRIANO RAMPINI, Northwestern University
Entrepreneurial Activity, Risk, and the Business Cycle
Discussant: NARAYANA KOCHERLAKOTA, University of Minnesota
2:50 PM R.GLENN HUBBARD, Columbia University and NBER
CHARLES HIMMELBERG and INESSA LOVE, Columbia University
Investor Protection, Ownership, and Capital Allocation
Discussant: STEVE BOND, Oxford University
3:40 PM Break
SI01 EFEL Program
Page three
3:50 PM JOHN HEATON, University of Chicago and NBER
DEBORAH LUCAS, Northwestern University and NBER
Capital Structure, Hurdle Rates, and Portfolio Choice -
Interactions in an Entrepreneurial Firm
Discussant: BURTON HOLLIFIELD, Carnegie Mellon University
4:40 PM TOM COOLEY and VINCENZO QUADRINI, New York University
RAMON MARIMON, European University Institute and NBER
Aggregate Consequences of Limited Contract Enforceability
Discussant: JIANG WANG, MIT and NBER
5:30 PM Adjourn
FRIDAY, JULY 20:
12:00 N Lunch
1:00 PM JOAO GOMES and LU ZHANG, University of Pennsylvania
AMIR YARON, University of Pennsylvania and NBER
Asset Pricing Implications of Financing Constraints
Discussant: VALERY POLKOVNICHENKO, University of Minnesota
2:00 PM STANLEY ZIN, Carnegie Mellon University and NBER
BRYAN ROUTLEDGE, Carnegie Mellon University
Model Uncertainty and Liquidity
Discussant: ERZO LUTTMER, London School of Economics
3:00 PM Break
3:15 PM ANDREW ABEL, University of Pennsylvania and NBER
The Effects of a Baby Boom on Stock Prices and
Capital Accumulation in the Presence of Social Security
Discussant: CHRIS TELMER, Carnegie Mellon University
4:15 PM LUIGI GUISO, Bank of Italy
PAOLA SAPIENZA, Northwestern University
LUIGI ZINGALES, University of Chicago and NBER
The Real Effects of Financial Development
Discussant: NICK SOULELES, University of Pennsylvania
5:15 PM Adjourn
6/12/01