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<�tr style='mso-yfti-irow:1'>
<�td valign=top style='padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><�span
style='mso-fareast-font-family:"Times New Roman"'>NATIONAL BUREAU OF ECONOMIC
RESEARCH, INC. <�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:2'>
<�td valign=top style='padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><�b
style='mso-bidi-font-weight:normal'><�span style='mso-fareast-font-family:
"Times New Roman"'>International Finance and Macroeconomics Program Meeting <�o:p><�/o:p><�/span><�/b><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:3'>
<�td valign=top style='padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><�span
style='mso-fareast-font-family:"Times New Roman"'>Gita <�span class=SpellE>Gopinath<�/span>
and Hélène Rey, Organizers <�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:4'>
<�td valign=top style='padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><�span
style='mso-fareast-font-family:"Times New Roman"'>March 28, 2014 <�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:5'>
<�td valign=top style='padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center'><�b
style='mso-bidi-font-weight:normal'><�span style='mso-fareast-font-family:
"Times New Roman"'>NBER<�br>
1050 Massachusetts Avenue<�br>
Cambridge, MA 02138 <�o:p><�/o:p><�/span><�/b><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:6;mso-yfti-lastrow:yes'>
<�td valign=top style='padding:.75pt .75pt .75pt .75pt'>
<�h2 align=center style='text-align:center'><�u><�span style='font-size:12.0pt;
mso-fareast-font-family:"Times New Roman"'>PROGRAM<�o:p><�/o:p><�/span><�/u><�/h2>
<�/td>
<�/tr>
<�/table>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�o:p> <�/o:p><�/span><�/p>
<�!-- <�/div> -->
<�table class=MsoNormalTable border=0 cellpadding=0 style='mso-cellspacing:1.5pt;
mso-yfti-tbllook:1184;mso-padding-alt:0in 5.4pt 0in 5.4pt'>
<�tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'>
<�td width=632 colspan=2 valign=top style='width:474.0pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�b style='mso-bidi-font-weight:normal'><�span
style='mso-fareast-font-family:"Times New Roman"'>Thursday, March 27, 2014<�o:p><�/o:p><�/span><�/b><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:1'>
<�td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
6:30 pm<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=534 valign=top style='width:400.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
Dinner<�br>
Bambara Restaurant<�br>
25 Edwin H. Land Boulevard <�br>
<�b style='mso-bidi-font-weight:normal'>(Across the street from the Royal <�span
class=SpellE>Sonesta<�/span> Hotel)<�/b><�br>
Cambridge, MA 02141<�br style='mso-special-character:line-break'>
<�![if !supportLineBreakNewLine]><�br style='mso-special-character:line-break'>
<�![endif]><�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:2'>
<�td width=632 colspan=2 valign=top style='width:474.0pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�b style='mso-bidi-font-weight:normal'><�span
style='mso-fareast-font-family:"Times New Roman"'>Friday, March 28, 2014<�o:p><�/o:p><�/span><�/b><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:3'>
<�td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
7:45 am<�br>
8:00 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=534 valign=top style='width:400.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�o:p> <�/o:p><�/span><�/p>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'>Shuttle
Service from the Royal <�span class=SpellE>Sonesta<�/span> Hotel to the NBER<�br>
Shuttle Service from the Royal <�span class=SpellE>Sonesta<�/span> Hotel to the
NBER<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:4'>
<�td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
8:00 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=534 valign=top style='width:400.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
Continental Breakfast<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:5'>
<�td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
8:30 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=534 valign=top style='width:400.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
Philippe Martin, Sciences Po<�o:p><�/o:p><�/span><�/p>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'>Thomas
<�span class=SpellE>Philippon<�/span>, New York University and NBER<�br>
<�i><�a href="Martin_Philippon.pdf">Inspecting the Mechanism: Leverage and the
Great Recession in the Eurozone<�/a> <�/i><�br>
<�br>
Discussant: <�span class=SpellE>Vania<�/span> <�span class=SpellE>Stavrakeva<�/span>,
London Business School<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:6'>
<�td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
9:20 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=534 valign=top style='width:400.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
Xavier <�span class=SpellE>Gabaix<�/span>, New York University and NBER<�br>
Matteo <�span class=SpellE>Maggiori<�/span>, New York University and NBER<�br>
<�/span><�a href="https://www.dropbox.com/s/ab2da37718lgbib/GaMa_draft.pdf"><�i>International
Liquidity and Exchange Rate Dynamics <�/i><�/a><�span style='mso-fareast-font-family:
"Times New Roman"'><�br>
<�br>
Discussant: <�span class=SpellE>Fabrizio<�/span> <�span class=SpellE>Perri<�/span>,
<�span class=SpellE>Universita<�/span>' <�span class=SpellE>Bocconi<�/span> and
NBER<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:7'>
<�td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
10:10 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=534 valign=top style='width:400.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
Break<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:8'>
<�td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
10:30 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=534 valign=top style='width:400.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
Ralph <�span class=SpellE>Koijen<�/span>, London Business School<�br>
Tobias J. Moskowitz, University of Chicago and NBER<�br>
Lasse H. Pedersen, Copenhagen Business School and NBER<�br>
Evert B. <�span class=SpellE>Vrugt<�/span>, VU University Amsterdam, PGO-IM<�br>
<�/span><�a href="http://ssrn.com/abstract=2298565%20"><�i>Carry <�/i><�/a><�span
style='mso-fareast-font-family:"Times New Roman"'><�br>
<�br>
Discussant: Adrien <�span class=SpellE>Verdelhan<�/span>, Massachusetts
Institute of Technology and NBER<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:9'>
<�td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
11:20 am<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=534 valign=top style='width:400.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
Mark A. <�span class=SpellE>Aguiar<�/span>, Princeton University and NBER<�br>
Manuel Amador, University of Minnesota and NBER<�br>
<�i><�a href="Aguiar_Amador.pdf">Take the Short Route: How to Repay and
Restructure Sovereign Debt with Multiple Maturities<�/a><�/i><�br>
<�br>
Discussant: Ivan <�span class=SpellE>Werning<�/span>, Massachusetts Institute
of Technology and NBER<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:10'>
<�td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
12:10 pm<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=534 valign=top style='width:400.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
Lunch<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:11'>
<�td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
1:10 pm<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=534 valign=top style='width:400.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
<�span class=SpellE>Atish<�/span> R. Ghosh, International Monetary Fund<�br>
<�span class=SpellE>Mahvash<�/span> S. Qureshi, International Monetary Fund<�br>
<�span class=SpellE>Charalambos<�/span> G. <�span class=SpellE>Tsangarides<�/span>,
International Monetary Fund<�br>
<�i><�a href="Ghosh_Qureshi_Tsangarides.pdf">Friedman <�span class=SpellE>Redux<�/span>:
External Adjustment and Exchange Rate Flexibility<�/a><�/i><�br>
<�br>
Discussant: Andrew Rose, University of California at Berkeley and NBER<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:12'>
<�td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
2:00 pm<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=534 valign=top style='width:400.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
Break<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:13'>
<�td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
2:20 pm<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=534 valign=top style='width:400.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
Craig Burnside, Duke University and NBER<�br>
Jeremy <�span class=SpellE>Graveline<�/span>, University of Minnesota<�br>
<�i><�a href="Burnside_Graveline.pdf">Exchange Rate Determination, Risk Sharing
and the Asset Market View<�/a><�/i><�br>
<�br>
Discussant: Charles Engel, University of Wisconsin and NBER<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:14'>
<�td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
3:10 pm<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=534 valign=top style='width:400.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
Michael B. Devereux, University of British Columbia and NBER<�br>
David Cook, HKUST<�br>
<�i><�a href="Devereux_Cook.pdf">Exchange Rate Flexibility under the Zero Lower
Bound: the Need for Forward Guidance<�/a><�/i><�br>
<�br>
Discussant: Luca <�span class=SpellE>Fornaro<�/span>, CREI<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�tr style='mso-yfti-irow:15;mso-yfti-lastrow:yes'>
<�td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
4:00 pm<�o:p><�/o:p><�/span><�/p>
<�/td>
<�td width=534 valign=top style='width:400.5pt;padding:.75pt .75pt .75pt .75pt'>
<�p class=MsoNormal><�span style='mso-fareast-font-family:"Times New Roman"'><�br>
Adjourn<�o:p><�/o:p><�/span><�/p>
<�/td>
<�/tr>
<�/table>
<�p class=MsoNormal><�b style='mso-bidi-font-weight:normal'><�span
style='mso-fareast-font-family:"Times New Roman"'>3/27/14<�o:p><�/o:p><�/span><�/b><�/p>
<�/div>
<�/body>
<�/html>