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NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

SUMMER INSTITUTE 2012

International Finance & Macroeconomics

Pierre-Olivier Gourinchas and Michael B. Devereux, Organizers

July 9-12, 2012

Royal Sonesta Hotel

Parkview Room

40 Edwin H. Land Boulevard

Cambridge, Massachusetts

July 13, 2012

The Hotel Marlowe

Room Serrano AB

25 Edwin H. Land Boulevard

Cambridge, Massachusetts

PROGRAM

Monday, July 9:
8:00 am	Coffee and Pastries Sovereign Debt and Currency Unions
8:30 am	Jean Tirole, Toulouse School of Economics Country Solidarity, Private Sector Involvement and the Contagion of Sovereign Crises Discussant: Olivier Jeanne, Johns Hopkins University and NBER
9:30 am	Break
9:45 am	Juan Cruces, University Torcuato Di Tella Christoph S. Trebesch, University of Munich Sovereign Defaults: The Price of Haircuts Discussant: Graciela Kaminsky, George Washington University and NBER
10:45 am	Break
11:00 am	Emmanuel Farhi, Harvard University and NBER Ivan Werning, Massachusetts Institute of Technology and NBER Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates Discussant: Charles Engel, University of Wisconsin and NBER
12:00 n	Lunch
	Preconference on Sovereign Debt and Financial Crises: Sebnem Kalemli-Ozcan, Carmen Reinhart, Ken Rogoff, Organizers Royal Sonesta Hotel – Parkview Room
1:30 pm	Welcome and Conference Background
1:45 pm	Maurice Obstfeld, University of California at Berkeley and NBER
	Current Account Imbalances and the Sovereign Debt Crises in Europe
2:00 pm	Alberto Alesina, Harvard University and NBER
	Favero Carlo, Bocconi University
	Francesco Giavazzi, Bocconi University
	Fiscal Policy: The Role of “Confidence”
2:15 pm	Oscar Jorda, University of California at Davis
	Moritz Schularick, Free University of Berlin
	Alan Taylor, University of Virginia and NBER
	Sovereigns versus Banks: Crises, Causes, and Consequences
2:30 pm	Break
3:00 pm	Jack Favilukis, London School of Economics
	Sydney Ludvigson, New York University and NBER
	Stijn Van Nieuwerburgh, New York University and NBER
	Foreign Ownership of US Safe Assets: Good or Bad
3:15 pm	Pablo D’Erasmo, University of Maryland
	Enrique Mendoza, University of Maryland and NBER
	Distributional Incentives in an Equilibrium Model of Domestic Sovereign Default
3:30 pm	Carmen Reinhart, Peterson Institute for International Economics and NBER
	Vincent Reinhart, American Enterprise Institute
	Kenneth Rogoff, Harvard University and NBER
	Debt Overhangs
3:45 pm	Atif Mian, University of California at Berkeley and NBER
	Amir Sufi, University of Chicago, and NBER
	Francesco Trebbi, University of British Columbia and NBER
	Resolving Debt Overhang: Political Constraints in the Aftermath of Financial Crises
4:00 pm	Break
4:15 pm	Graciela Kaminsky, George Washington University and NBER
	Pablo Vega-Garcia, George Washington University
	One Size Fits All? Defaults, Renegotiations, and Haircuts in Latin America: 1820-1931
4:30 pm	Fabrizio Balassone, Bank of Italy
	Mauro Francese, Bank of Italy
	Angelo Pace, Bank of Italy
	Public Debt and Economic Growth in Italy
4:45 pm	Soner Baskaya, Central Bank of the Republic of Turkey
	Sebnem Kalemli-Ozcan, University of Maryland and NBER
	Rare Disasters and Financial Crises
5:00 pm	Adjourn
Tuesday, July 10:
8:00 am	Coffee and Pastries Trade and Macroeconomics
8:30 am	Raphael Auer, Swiss National Bank Raphael Schoenle, Brandeis University Market Structure and Exchange Rate Pass-Through Discussant: Gita Gopinath, Harvard University and NBER
9:30 am	Break
9:45 am	Katheryn Russ, University of California at Davis and NBER Beatriz de Blas, Universidad Autonoma de Madrid Understanding Markups in the Open Economy Discussant: Stefania Garreto, Boston University
10:45 am	Break
11:00 am	George Alessandria, Federal Reserve Bank of Philadelphia Joseph P. Kaboski, University of Notre Dame and NBER Virgiliu Midrigan, New York University and NBER Trade Wedges, Inventories, and International Business Cycles Discussant: Andrei Levchenko, University of Michigan and NBER
12:00 n	Lunch
	International Trade and Macroeconomics Workshop Pol Antras and Fabio Ghironi, Organizers Royal Sonesta Hotel – Parkview Room
1:00 pm	Jean Imbs, Paris School of Economics Claudio Montenegro, World Bank Romain Wacziarg, University of California at Los Angeles and NBER Economic Integration and Structural Change Discussant: Esteban Rossi-Hansberg, Princeton University and NBER
1:50 pm	Costas Arkolakis, Yale University and NBER Jonathan Eaton, Pennsylvania State University and NBER Samuel Kortum, University of Chicago and NBER Staggered Adjustments and Trade Dynamics Discussant: Giancarlo Corsetti, Cambridge University
2:40 pm	Break
3:10 pm	Se-Jik Kim, Seoul National University Hyun Song Shin, Princeton University and NBER Working Capital, Inventories and Optimal Offshoring Discussant: Gordon Hanson, University of California at San Diego and NBER
4:00 pm	Robert Feenstra, University of California at Davis and NBER Robert Inklaar, University of Groningen Marcel Timmer, University of Groningen The Next Generation of the Penn World Table
4:30 pm	Adjourn
Wednesday, July 11:
8:00 am	Coffee and Pastries Capital Controls
8:30 am	Kristin Forbes, Massachusetts Institute of Technology and NBER Marcel Fratzscher, European Central Bank Thomas Kostka, ECB Roland Straub, European Central Bank Bubble Thy Neighbor: Portfolio Effects and Externalities from Capital Controls Discussant: Philip Lane, Trinity College Dublin
9:30 am	Break
9:45 am	Maya R. Eden, World Bank International Liquidity Rents Discussant: Vincenzp Quadrini, University of Southern California
10:45 am	Break
11:00 am	Stephanie Schmitt-Grohe, Columbia University and NBER Martin Uribe, Columbia University and NBER Prudential Policy for Peggers Javier Bianchi, University of Wisconsin and NBER
12:00 n	Lunch and Adjourn
6:00 pm	Clambake, Harvard Faculty Club, 20 Quincy Street, Cambridge, MA
Thursday, July 12:
The European Crises Organizers: Kristin Forbes and Pierre-Olivier Gourinchas Royal Sonesta Hotel - Ballroom A, West Tower
8:00 am	Coffee and pastries
8:30 am	Welcome
8:35 am	Fiscal Challenges Chair: David Romer, University of California-Berkeley and NBER Francesco Giavazzi, Bocconi University and NBER Lucas Papademos, former prime minister of Greece Beatrice Weder di Mauro, University of Mainz
10:15 am	Break
10:35 am	Banking Challenges Chair: Hélène Rey, London Business School and NBER Anil Kashyap, University of Chicago and NBER José Manuel González-Páramo, former ECB Don Kohn, Brookings Institution and Financial Policy Committee
12:15 pm	Lunch Keynote Speaker: David Lipton, First Deputy Managing Director, IMF
1:30 pm	Balance of Payments Challenges Chair: Pierre-Olivier Gourinchas, University of California-Berkeley and NBER Olivier Blanchard, IMF and NBER Lorenzo Bini-Smaghi, Harvard University, former ECB Jan Hatzius, Goldman Sachs
3:10 pm	Break
3:30 pm	An Evaluation of Policy Responses and Prospects Chair: Kristin Forbes, MIT and NBER Markus Brunnermeier, Princeton and NBER Mohamed El-Erian, Pimco Philipp Hildebrand, Former Swiss National Bank
5:10 pm	Adjourn
Friday, July 13: - Meeting at the Hotel Marlowe
8:00 am	Coffee and Pastries Capital Flows
8:30 am	Christian Fons-Rosen, Universitat Pompeu Fabra Sebnem Kalemli-Ozcan, Harvard University and NBER Bent Sorensen, University of Houston Carolina Villegas-Sanchez, ESADE-Universitat Ramon Llul Vadym Volosovych, Erasmus University Rotterdam Where are the Productivity Gains from Foreign Investment? Evidence on Spillovers and Reallocation from Firms, Industries and Countries Discussant: Galina Hale, Federal Reserve Bank of San Francisco
9:30 am	Break
9:45 am	Valentina Bruno, American University Hyun Song Shin, Princeton University and NBER Capital Flows, Cross-Border Banking and Global Liquidity Discussant: Maury Obstfeld, University of California at Berkeley
10:45 am	Break
11:00 am	Thomas J. Holmes, University of Minnesota and NBER Ellen McGrattan, Federal Reserve Bank of Minneapolis and NBER Edward C. Prescott, Arizona State University and NBER Technology Capital Transfer Discussant: Veronica Rappaport, Columbia University
12:00 n	Lunch and Adjourn