NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

 

SUMMER INSTITUTE 2005

 

Capital Markets and the Economy Workshop

 

Janice Eberly and Deborah Lucas, Organizers

 

Royal Sonesta Hotel

5 Cambridge Parkway

Cambridge, Massachusetts

 

July 18 - 20, 2005

 

PRELIMINARY PROGRAM

 

MONDAY, JULY 18:

 

 

 8:15 am

Coffee and Pastries

 

 

 

Portfolios and Equities

 

 

 8:45 am

LUIGI GUISO, University of Chicago

 

PAOLA SAPIENZA, Northwestern University

 

LUIGI ZINGALES, University of Chicago and NBER

 

Trusting the Stock Market

 

 

 

Discussant: OWEN LAMONT, Yale University and NBER

 

 

 9:35 am

YANNIS BILIAS and MICHAEL HALIASSOS, University of Cyprus  

 

MICHAEL HALIASSOS, Goethe University Frankfurt

 

DIMITRIS GEORGARAKOS, Goethe University Frankfurt

 

Portfolio Inertia and Stock Market Fluctuations

 

 

 

Discussant: LUIS VICIERA, Harvard University and NBER

 

 

10:25 am

Break

 

 

10:40 am

BERNARD DUMAS, INSEAD

 

ALEXANDER KURSHEV and RAMAN UPPAL, London Business School

 

What Can Rational Investors Do about Excessive Volatility

 

 

 

Discussant: WEI XIONG, Princeton University and NBER

 

 

11:30 am 

MATTEO IACOVIELLO, Boston College

 

Private Debt and Income Inequality:  A Business Cycle Analysis

 

 

 

Discussant: AMIR YARON, University of Pennsylvania and NBER

 

 

12:20 pm

Lunch and Adjourn

 

 

 6:30 pm

Group Dinner at Davio’s Restaurant

 

Royal Sonesta Hotel

 

 

TUESDAY, JULY 19:

 

 

 8:15 am

Coffee and Pastries

 

 

 

Credit and Banking

 

 

 8:45 am

SIMON GILCHRIST, Boston University and NBER

 

JAE SIM, Boston University

 

Investment During the Korean Financial Crisis: The Role of Foreign-Denominated Debt

 

 

 

Discussant: KEVIN COWAN, Inter-American Development Bank

 

 

  9:45 am

Break

 

 

10:00 am

ANNA PAVLOVA, MIT

 

ROBERTO RIGOBON, MIT and NBER

 

Wealth Transfers, Contagion, and Portfolio Constraints

 

 

 

Discussant: ARVIND KRISHNAMURTHY, Northwestern University

 

 

 11:00 am

Break

 

 

 11:15 am

SKANDER VAN DEN HEUVEL, University of Pennsylvania

 

The Welfare Cost of Bank Capital Requirements

 

 

 

Discussant: JOHN BOYD, University of Minnesota

 

 

 12:15 pm

Lunch and Adjourn

 

 

WEDNESDAY, JULY 20:

 

 

 8:15 am

Coffee and Pastries

 

 

 

Technological Change, Risk, and Investment

 

 

  8:45 am

ANDREA CAGGESE, Universitat Pompeu Fabra

 

Entrepreneurial Risk and Aggregate Investment Dynamics

 

 

 

Discussant: VINCENZO QUADRINI, University of Southern California and NBER

 

 

  9:35 am

MIKLOS KOREN, Harvard University

 

SILVANA TENREYRO, London School of Economics

 

Diversification and Development

 

 

 

Discussant: GITA GOPINATH, University of Chicago and NBER

 

 

 10:25 am

Break

 

 

10:40 am

ANDREA EISFELDT and ADRIANO RAMPINI, Northwestern University

 

New or Used?  Investment with Credit Constraints

 

 

 

Discussant: VALERIE RAMEY, UC, San Diego and NBER

 

 

 11:30 am

STAVROS PANAGEAS, MIT

 

Technological Growth and Asset Pricing

 

 

 

Discussant: ADLAI FISHER, University of British Columbia

 

 

 12:20 pm

Lunch and Adjourn

 

 

 

 

 

 

5/26/05