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NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.
SUMMER INSTITUTE 2009
Impulse and Propagation Mechanisms
Lawrence Christiano and Martin Eichenbaum, Organizers
Royal Sonesta Hotel
Room Charles A
40 Edwin H. Land Blvd.
Cambridge, MA
July 6 – July 10, 2009
PROGRAM
MONDAY, JULY 6
8:30 am	Coffee and Pastries
9:00 am	GADI BARLEVY, Federal Reserve Bank of Chicago
	A Leverage-Based Model of Speculative Bubbles
10:00 am	Break
10:15 am	LAWRENCE CHRISTIANO, MARTIN EICHENBAUM and SERGIO REBELO, Northwestern University and NBER
	When is the Government Spending Multiplier Large?
11:15 am	Break
11:30 am	GEORGE-MARIOS ANGELETOS, MIT and NBER
	JENNIFER LA'O, MIT
	Noisy Business Cycles
12:30 pm	Lunch and Adjourn
TUESDAY, JULY 7
8:30 am	Coffee and Pastries
9:00 am	GLENN RUDEBUSCH and ERIC T. SWANSON,
	Federal Reserve Bank of San Francisco
	The Bond Premium in a DSGE Model with Long-Run Real and Nominal Risks
10:00 am	Break
10:15 am	MICHELLE ALEXOPOULOS and JON COHEN, University of Toronto
	Uncertain Times, Uncertain Measures
11:15 am	Break
11:30 am	NICHOLAS BLOOM, Stanford University and NBER
	MAX FLOETOTTO, Stanford University
	NIR JAIMOVICH, Stanford University and NBER
	Really Uncertain Business Cycles
12:30 pm	Lunch and Adjourn
WEDNESDAY, JULY 8
8:30 am	Coffee and Pastries
9:00 am	ZHENG LIU, Federal Reserve Bank of San Francisco
	PENGFEI WANG, Hong Kong University of Science and Technology
	TAO ZHA, Federal Reserve Bank of Atlanta
	Asset-Price Channels and Macroeconomic Fluctuations
10:00 am	Break
10:15 am	LUCA DEDOLA and GIOVANNI LOMARDO, European Central Bank
	Financial Frictions, Financial Integration and The International Propagation of Shocks
11:15 am	Break
11:30 am	MARTIN BODENSTEIN, CHRISTOPHER J. ERCEG, and LUCA GUERRIERI, Federal Reserve Board
	The Effects of Foreign Shocks When US Interest Rates are at Zero
12:30 pm	Lunch and Adjourn
6:00 pm	Clambake, Harvard Faculty Club, 20 Quincy Street, Cambridge, MA
THURSDAY, JULY 9
8:30 am	Coffee and Pastries
9:00 am	RICARDO REIS, Columbia University and NBER
	Where should liquidity be injected during a financial crisis?
10:00 am	Break
10:15 am	JORDI GALI, CREI and NBER
	The Return of the Wage Phillips Curve
11:15 am	Break
11:30 am	MICHAEL WOODFORD, Columbia University and NBER
	Conventional and Unconventional Monetary Policy
12:30 pm	Lunch and Adjourn
FRIDAY, JULY 10
8:30 am	Coffee and Pastries
9:00 am	ALEJANDRO JUSTINIANO, Federal Reserve Bank of Chicago
	GIORGIO PRIMICERI, Northwestern University and NBER
	Potential and Natural Output
10:00 am	Break
10:15 am	LUTZ KILIAN, University of Michigan
	ROBERT J. VIGFUSSON, Federal Reserve Board
	Pitfalls in Estimating Asymmetric Effects of Energy Price Shocks
11:15 am	Break
11:30 am	TAO WU, Federal Reserve Bank of Dallas
	MICHELE CAVALLO, Federal Reserve Board
	Measuring Oil-price Shocks Using Market-based Information
12:30 pm	Lunch and Adjourn