NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

SUMMER INSTITUTE 2007

Capital Markets and the Economy Workshop

Janice Eberly and Deborah Lucas, Organizers

Royal Sonesta Hotel

Charles A Room

40 Edwin H. Land Boulevard

Cambridge, Massachusetts

July 16-18, 2007

PROGRAM

MONDAY, JULY 16:
12:00 n	Lunch
1:00 pm	XAVIER GABAIX, New York University and NBER
	A Simple, Unified, Exactly Solved Framework for Ten Puzzles in Macro-Finance
	Discussant: STANLEY ZIN, Carnegie Mellon and NBER
1:50 pm	ANDY ABEL, University of Pennsylvania and NBER
	JANICE EBERLY, Northwestern University and NBER
	STAVROS PANAGEAS, University of Pennsylvania
	Optimal Inattention to the Stock Market
	Discussant: RICARDO REIS, Princeton University and NBER
2:40 pm	Break
2:55 pm	JOAO F. GOMES, University of Pennsylvania
	LEONID KOGAN, MIT and NBER
	MOTOHIRO YOGO, University of Pennsylvania and NBER
	Durability of Output and Expected Stock Returns
	Discussant: VALERY POLKOVNICHENKO, University of Texas, Dallas
3:45 pm	RAVI BANSAL, Duke University and NBER
	AMIR YARON, University of Pennsylvania and NBER
	The Asset Pricing-Macro Nexus and Return-Cash Flow Predictability
	Discussant: TBA
4:35 pm	Adjourn
6:00 pm	Group Dinner
	Dante at the Royal Sonesta Hotel
TUESDAY, JULY 17:
12:00 n	Lunch
1:00 pm	JAMES DOW, London Business School
	ITAY GOLDSTEIN, University of Pennsylvania
	ALEXANDER GUEMBEL, Oxford University
	Incentives for Information Production in Markets where Prices Affect Real Investment
	Discussant: PAOLO FULGHIERI, University of North Carolina
1:50 pm	ALEXIS ANAGNOSTOPOULOS and EVA CARCELES-POVEDA, SUNY Stonybrook
	ALBERT MARCET, Universitat Pompeu Fabra
	Financial Policy with Fully Rational Firms
	Discussant: ROBERT MCDONALD, Northwestern University
2:40 pm	Break
2:55 pm	QI CHEN, Duke University
	ITAY GOLDSTEIN, University of Pennsylvania
	WEI JIANG, Columbia University
	Payoff Complementarities and Financial Fragility: Evidence from Mutual Fund Outflows
	Discussant: BRYAN ROUTLEDGE, Carnegie Mellon
3:45 pm	ALESSANDRA BONFIGLIOLI, Universitat Pompeu Fabra
	Investor Protection, Risk-sharing and Inequality
	Discussant: GITA GOPINATH, Harvard University and NBER
4:35 pm	Adjourn
WEDNESDAY, JULY 18:
12:00 n	Lunch
1:00 pm	SIMON GILCHRIST, Boston University and NBER
	EGON ZAKRAJSEK, Federal Reserve Board
	Investment and the Cost of Capital: New Evidence from the Corporate Bond Market
	Discussant: DAVID MARSHALL, Federal Reserve Bank of Chicago
1:50 pm	MARTIN BROWN, Swiss National Bank
	TULLIO JAPPELLI and MARCO PAGANO, University of Napoli
	Information Sharing and Credit: Firm-Level Evidence from Transition Countries
	Discussant: ATIF MIAN, University of Chicago and NBER
2:40 pm	Break
2:55 pm	KRISTOPHER GERARDI, Federal Reserve Bank of Boston
	HARVEY S. ROSEN, Princeton University and NBER
	PAUL WILLEN, Federal Reserve Bank of Boston and NBER
	Do Households Benefit from Financial Deregulation and Innovation? The Case of the Mortgage Market
	Discussant: THOMAS DAVIDOFF, UC, Berkeley
3:45 pm	NOBU KIYOTAKI, Princeton University and NBER
	ALEX MICHAELIDES, London School of Economics
	KALIN NIKOLOV, Bank of England
	Winners and Losers in Housing Markets
	Discussant: MORRIS DAVIS, University of Wisconsin
4:35 pm	Adjourn
6/18/07