NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

SUMMER INSTITUTE 2006

International Finance & Macroeconomics

Andrew Rose and Eric Van Wincoop, Organizers

Jeffrey Frankel, Program Director

Royal Sonesta Hotel

40 Edwin H. Land Blvd

Cambridge, Massachusetts

July 10-14, 2006

PROGRAM

MONDAY, JULY 10:
8:30 am	Coffee and Pastries
	Emerging Capital Markets
9:00 am	KOSUKE AOKI and GIANLUCA BENIGNO, London School of Economics
	NOBUHIRO KIYOTAKI, London School of Economics and NBER
	Adjusting to Capital Liberalization
	Discussants: PHILIPPE BACCHETTA, Studienzentrum Gerzensee
	PAOLO PESENTI, Federal Reserve Bank of New York and NBER
10:20 am	Break
10:40 am	ENRIQUE MENDOZA, University of Maryland and NBER
	MARCELO OVIEDO, Iowa State University
	Fiscal Policy and Macroeconomic Uncertainty in Developing Countries: The Tale of the Tormented Insurer
	Discussants: GITA GOPINATH, Harvard University and NBER
	NOURIEL ROUBINI, New York University and NBER
12:00 n	Lunch and Adjourn
TUESDAY, JULY 11;
8:30 am	Coffee and Pastries
	International Risks
9:00 am	DOIREANN FITZGERALD, UC, Santa Cruz
	Trade Costs, Asset Market Frictions and Risk Sharing: A Joint Test
	Discussants: JONATHAN EATON, New York University and NBER
	KENNETH ROGOFF, Harvard University and NBER
10:20 am	Break
10:40 am	FERNANDO BRONER and ALBERTO MARTIN, CREI
	JAUME VENTURA, Universitat Pompeu Fabra and NBER
	Sovereign Risk and Secondary Markets
	Discussants: GALINA HALE, Yale University
	JING ZHANG, University of Michigan
12:00 n	Lunch and Adjourn
WEDNESDAY, JULY 12:
8:30 am	Coffee and Pastries
	Capital Flow Mysteries
9:00 am	PIERRE-OLIVIER GOURINCHAS, UC, Berkeley and NBER
	OLIVIER JEANNE, International Monetary Fund
	Capital Flows to Developing Countries: The Allocation Puzzle
	Discussants: SEBNEM KALEMLI-OZCAN, University of Housotn and NBER
	FEDERICO STURZENEGGER, Universidad Torcuato Di Tella
10:20 am	Break
10:40 am	JIANDONG JU, University of Oklahoma
	SHANG-JIN WEI, Harvard University and NBER
	A Solution to Two Paradoxes of International Capital Flows
	Discussants: : CHRISTIAN BRODA, University of Chicago and NBER
	FABIO GHIRONI, Boston College and NBER
12:00 n	Lunch and Adjourn
6:00 pm	Clambake, Harvard Faculty Club, 20 Quincy Street, Cambridge, MA
THURSDAY, JULY 13:
8:30 am	Coffee and Pastries
	International Macroeconomics
9:00 am	LINDA GOLDBERG, Federal Reserve Bank of New York and NBER
	JOSÉ CAMPA, IESE Business School
	Distribution Margins, Imported Inputs, and the Insensitivity of the CPI to Exchange Rates
	Discussants: ARIEL BURSTEIN, UC, Los Angeles and NBER
	JOHN ROGERS, Federal Reserve Board
10:20 am	Break
10:40 am	STIJN VAN NIEUWERBURGH, Stanford University and NBER
	LAURA VELDKAMP, New York University
	Information Immobility and the Home Bias Puzzle
	Discussants: URBAN JERMANN, University of Pennsylvania and NBER
	KAREN LEWIS, University of Pennsylvania and NBER
12:00 n	Lunch and Adjourn
FRIDAY, JULY 14:
8:30 am	Coffee and Pastries
	International Finance
9:00 am	ADRIEN VERDELHAN, Boston University
	A Habit-Based Explanation of the Exchange Rate Risk Premium
	Discussants: RICHARD LYONS, UC, Berkeley and NBER
	DAVID BACKUS, New York University and NBER
10:20 am	Break
10:40 am	RODNEY RAMCHARAN, International Monetary Fund
	Does Economic Diversification Lead to Financial Development? Evidence from Topography
	Discussants: ROSS LEVINE, Brown University and NBER
	BENT SORENSEN, University of Houston
12:00 n	Lunch and Adjourn
5/12/06