Authors, please upload your paper here.

 

NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

 

SI 2012 Capital Markets and the Economy

 

Deborah J. Lucas and Amir Yaron, Organizers

 

July 16-18, 2012

 

Royal Sonesta Hotel

Charles B

40 Edwin H. Land Boulevard

Cambridge, Massachusetts

 

PROGRAM

 

Monday, July 16


12:00 n


Lunch


1:00 pm


Brent Neiman, University of Chicago and NBER
Loukas Karabarbounis, University of Chicago and NBER
Declining Labor Shares and the Global Rise of Corporate Savings

Discussant: Valery Polkovnichenko, Federal Reserve Board


1:50 pm


Roc Armenter, Federal Reserve Bank of Philadelphia
Viktoria Hnatkovska, Georgetown University
The Macroeconomics of Firm's Savings

Discussant: Dalida Kadyrzhanova, University of Maryland


2:40 pm


Break


2:55 pm


Andrea Eisfeldt, UCLA
Tyler Muir, Northwestern University
The Joint Dynamics of Internal and External Finance

Discussant: Brent Glover. Carnegie Mellon University


3:45 pm


Jason M. DeBacker, Department of the Treasury
Bradley Heim, Indiana University
Vasia Panousi, Federal Reserve Board
Ivan Vidangos, Federal Reserve Board
Estimating Business Income Risk Using a Panel of US Tax Returns 1987-2006

Discussant: Nikolai Roussanov, University of Pennsylvania and NBER


4:35 pm


Adjourn


6:00 pm


Dinner
Bambara Restaurant
25 Edwin H. Land Blvd., Cambridge, MA
(across the street from the Royal Sonesta Hotel)


Tuesday, July 17


12:00 n


Lunch


1:00 pm


Toni Whited, University of Rochester
Missaka Warusawitharana, Federal Reserve Board
Equity Market Misvaluation and Firm Financial Policies

Discussant: Simon Gilchrist, Boston University and NBER


1:50 pm


Markus K. Brunnermeier, Princeton University and NBER
Alp Simsek, Harvard University and NBER
Wei Xiong, Princeton University and NBER
A Welfare Criterion for Models with Distorted Beliefs

Discussant: Leonid Kogan Massachusetts Institute of Technology and NBER


2:40 pm


Break


2:55 pm


Jeffrey Brown, University of Illinois and NBER
Chichun Fang, University of Illinois
Francisco Gomes, London Business School
Risk and Returns to Education: The Present-Value of Human Capital

Discussant: Janice Eberly Northwestern University


3:45 pm


Jon Steinsson, Columbia University and NBER
Emi Nakamura, Columbia University and NBER
Dmitriy Sergeyev, Columbia University
Growth-Rate and Uncertainty Shocks in Consumption: Cross-Country Evidence

Discussant: John Heaton, University of Chicago and NBER


4:35 pm


Adjourn


Wednesday, July 18


12:00 n


Lunch


1:00 pm


Andrea Caggese, Universitat Pompeu Fabra
Ander Perez, Universitat Pompeu Fabra
Aggregate Implications of Financial and Labor Market Frictions

Discussant: Joao Gomes University of Pennsylvania


1:50 pm


Robert E. Hall, Stanford University and NBER
Quantifying the Forces Leading to the Collapse of GDP after the Financial Crisis

Discussant: Julio Rotemberg Harvard University and NBER


2:40 pm


Break


2:55 pm


Deborah Lucas, Massachusetts Institute of Technology and NBER
Credit Policy as Fiscal Policy

Discussant: Harald Uhlig University of Chicago and NBER


3:45 pm


Ralph Koijen, University of Chicago and NBER
Motohiro Yogo, Federal Reserve Bank of Minneapolis
The Cost of Financial Frictions for Life Insurers

Discussant: Annette Vissing-Jorgensen, Northwestern University and NBER


4:35 pm


Adjourn