NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

SUMMER INSTITUTE 2003

Capital Markets and the Economy Workshop

Janice Eberly and Deborah Lucas, Organizers

Royal Sonesta Hotel
5 Cambridge Parkway
Cambridge, Massachusetts

July 21 - 23, 2003

PRELIMINARY PROGRAM

MONDAY, JULY 21:

 

 

12:00 PM

Lunch

 

 

 1:00 PM

ALBERTO ALESINA, Harvard University and NBER

 

SILVIA ARDAGNA, Wellesley College

 

GIUSEPPE NICOLETTI, OECD

 

FABIO SCHIANTARELLI, Boston College

 

Regulation and Investment

 

 

 

Discussant: ANUSHA CHARI, University of Michigan

 

 

1:55 PM

SIMON GILCHRIST, Boston University and NBER

 

MARC RYSMAN, Boston University

 

Trade Liberalization and Lumpy Investment: 

 

Evidence from Chilean Plan-level Data

 

 

 

Discussant: ATIF MIAN, University of Chicago

 

 

 2:50 PM

Break

 

 

 3:05 PM

FRANCISCO GOMES, London Business School

 

ALEXANDER MICHAELIDIS, London School of Economics

 

VALERY POLKOVNICHENKO, University of Minnesota

 

Life Cycle Portfolio Choice with Taxable and Tax Deferred Accounts

 

 

 

Discussant: CHESTER SPATT, Carnegie Mellon University

 

 

 4:00 PM

Break

 

 

 4:15 PM

HUGO HOPENHAYN, University of Rochester

 

HALYNA VERESHCHAGINA, CERGE-EI

 

Risk Taking by Entrepreneurs

 

 

 

Discussant: ANNETTE VISSING-JORGENSEN, Northwester University and NBER

 

 

 5:10 PM

Adjourn

 

 

TUESDAY, JULY 22;

 

 

12:00 PM

Lunch

 

 

 1:00 PM

JOAO GOMES and AMIR YARON, University of Pennsylvania

 

LU ZHANG, University of Rochester

 

Investment and Returns with Financing Constraints:  Evidence using Firm Data

 

 

 

Discussant: ANDREA EISFELDT, Northwestern University

 

 

 1:55 PM

ANDREA CAGGESE, Pompeu Fabra University

 

Financing Constraints, Irreversibility and Investment Dynamics

 

 

 

Discussant: JULIA THOMAS, University of Pennsylvania and NBER

 

 

 2:50 PM

Break

 

 

 3:05 PM

STEPHEN BOND, Oxford University

 

Conditional Cash Flow Sensitivities and Financing Constraints

 

 

 

Discussant: ANDREW ABEL, University of Pennsylvania and NBER

 

 

 4:00 PM

Break

 

 

 4:15 PM

REFET GURKAYNAK, Federal Reserve System

 

Financial Intermediaries as Firms and the Business Cycle

 

 

 

Discussant: MARK GERTLER, New York University and NBER

 

 

 5:10 PM

Adjourn

 

 

WEDNESDAY, JULY 23:

 

 

12:00 PM

Lunch

 

 

 1:00 PM

JOSEPH PEEK, University of Kentucky

 

ERIC ROSENGREN, Federal Reserve Bank of Boston

 

Unnatural Selection: Perverse Incentives and the Misallocation of Credit in Japan

 

 

 

Discussant: SKANDER VAN DEN HEUVEL, University of Pennsylvania

 

 

 1:55 PM

CHRISTA BOUWMAN, ANJAN THAKOR, and TONI WHITED,

 

University of Michigan

 

Disagreement, Animal Sprits and Investment

 

 

 

Discussant: STANLEY ZIN, Carnegie Mellon University

 

 

 2:50 PM

Break

 

 

 3:05 PM

ROBERT CHIRINKO, Emory University

 

HUNTLEY SCHALLER, Carleton University

 

Glamour vs. Value: The Real Story

 

 

 

Discussant: SYDNEY LUDVIGSSON, New York University and NBER

 

 

 4:00 PM

Break

 

 

 4:15 PM

ROBERT HALL, Stanford University and NBER

 

Dynamics of Corporate Earnings

 

 

 

Discussant: JOHN HEATON, University of Chicago and NBER

 

 

 5:10 PM

Adjourn

 

 

 6:00 PM

Clambake

 

Harvard Faculty Club

 

20 Quincy Street

 

Cambridge, MA

 

 

6/30/03