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<o:shapedefaults v:ext="edit" spidmax="1026"/> </xml><![endif]--><!--[if gte mso 9]><xml> <o:shapelayout v:ext="edit"> <o:idmap v:ext="edit" data="1"/> </o:shapelayout></xml><![endif]--> </head> <body lang=EN-US link=blue vlink=purple style='tab-interval:.5in'> <div class=WordSection1> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=679 style='width:509.4pt;mso-cellspacing:0in;margin-left:-5.4pt;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=679 valign=top style='width:509.4pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%'><span style='font-size:11.0pt;line-height:115%'>Authors, please upload your paper </span><a href="http://www.nber.org/confsubmit/backend/form?id=EASE15"><span style='font-size:11.0pt;line-height:115%'>here</span></a><span style='font-size:11.0pt;line-height:115%'>. <br> <br> Session Format: Presentation 25 minutes; Discussants 10 minutes each; Open discussion 15 minutes</span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=679 valign=top style='width:509.4pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center; line-height:115%'><span style='font-size:11.0pt;line-height:115%'>NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.</span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=679 valign=top style='width:509.4pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center; line-height:115%'><b><span style='font-size:11.0pt;line-height:115%'>East Asian Seminar on Economics</span></b><i><span style='font-size:11.0pt; line-height:115%'> <br> Financial Stability</span></i></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=679 valign=top style='width:509.4pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center; line-height:115%'><span class=SpellE><span style='font-size:11.0pt; line-height:115%'>Takatoshi</span></span><span style='font-size:11.0pt; line-height:115%'> Ito and Andrew Rose, Organizers</span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=679 valign=top style='width:509.4pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center; line-height:115%'><span style='font-size:11.0pt;line-height:115%'>June 18-19, 2015</span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=679 valign=top style='width:509.4pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center; line-height:115%'><span style='font-size:11.0pt;line-height:115%'>Federal Reserve Bank of San Francisco<br> 101 Market Street<br> San Francisco, CA</span></p> </td> </tr> <tr style='mso-yfti-irow:6;mso-yfti-lastrow:yes'> <td width=679 valign=top style='width:509.4pt;padding:.75pt .75pt .75pt .75pt'> <h2 align=center style='text-align:center;line-height:115%'><u><span style='font-size:11.0pt;line-height:115%;mso-fareast-font-family:"Times New Roman"'>Program</span></u><span style='font-size:11.0pt;line-height:115%;mso-fareast-font-family:"Times New Roman"; font-weight:normal'> </span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></h2> </td> </tr> </table> <p class=MsoNormal><span style='font-size:11.0pt'>&nbsp;<br> <br> <u><a href="part.pdf">Participant List</a><br style='mso-special-character: line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></u></span><u><o:p></o:p></u></p> <table class=MsoNormalTable border=0 cellpadding=0 width=678 style='width:508.5pt; mso-cellspacing:1.5pt;mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width=674 colspan=2 valign=top style='width:505.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><b><span style='font-size:11.0pt; line-height:115%'>Thursday, June 18:</span></b></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'><br> 8:30 am</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'><br> Continental Breakfast</span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'><br> 9:00 am</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%'><span style='font-size:11.0pt;line-height:115%'><br> Welcome Remarks</span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'>9:15 am</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%'><span style='font-size:11.0pt;line-height:115%'>Oscar <span class=SpellE>Jorda</span>, Federal Reserve Bank of San Francisco<br> Moritz <span class=SpellE>Schularick</span>, University of Bonn<br> Alan Taylor, University of California at Davis and NBER<br> <a href="Jorda_Schularick_Taylor.pdf"><i>Leveraged Bubbles</i></a><i><br> <br> </i><span style='mso-bidi-font-style:italic'>Discussants:</span>&nbsp; <br> Bradford DeLong, University of California at Berkeley and NBER<br> <span class=SpellE>Pongsak</span> <span class=SpellE>Luangaram</span>, <span class=SpellE>Chulalongkorn</span> University<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'>10:15 am</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'>Break</span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'><br> 10:30 am</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'><br> <span class=SpellE>Sumit</span> Agarwal, National University of Singapore<br> Jessica Pan, National University of Singapore<br> <span class=SpellE>Wenlan</span> Qian, National University of Singapore<i><br> </i></span><a href="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2487658"><i><span style='font-size:11.0pt;line-height:115%'>Age of Decision: Pension Savings Withdrawal and Consumption and Debt Response </span></i></a><i><span style='font-size:11.0pt;line-height:115%'><br> <br> </span></i><span style='font-size:11.0pt;line-height:115%;mso-bidi-font-style: italic'>Discussants:</span><span style='font-size:11.0pt;line-height:115%'>&nbsp; <br> Alan <span class=SpellE>Auerbach</span>, University of California at Berkeley and NBER<br> Amir <span class=SpellE>Kermani</span>, University of California at Berkeley</span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'><br> 11:30 am</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'><br> Douglas Diamond, University of Chicago and NBER<br> Anil <span class=SpellE>Kashyap</span>, University of Chicago and NBER<br> </span><a href="Diamond_Kashyap.pdf"><i><span style='font-size:11.0pt; line-height:115%'>Liquidity Requirements, Liquidity Choice and Financial Stability</span></i></a><i><span style='font-size:11.0pt;line-height:115%'><br> </span></i><span style='font-size:11.0pt;line-height:115%'><br> <span style='mso-bidi-font-style:italic'>Discussants:</span>&nbsp; <br> Nao <span class=SpellE>Sudo</span>, Bank of Japan<br> Annette <span class=SpellE>Vissing</span>-Jorgensen, University of California at Berkeley and NBER</span></p> </td> </tr> <tr style='mso-yfti-irow:7'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'><br> 12:30 pm</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'><br> Lunch&nbsp; </span></p> </td> </tr> <tr style='mso-yfti-irow:8'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'><br> 2:00 pm</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoPlainText style='margin-bottom:12.0pt;line-height:115%'><i><span style='font-size:11.0pt;line-height:115%;font-family:"Times New Roman","serif"'><br> </span></i><span style='font-size:11.0pt;line-height:115%;font-family:"Times New Roman","serif"'>Frederic Lambert, IMF<br> Kenichi Ueda, IMF<br> </span><a href="Ueda_Lambert.pdf"><i><span style='font-size:11.0pt; line-height:115%;font-family:"Times New Roman","serif"'>The Effects of Unconventional Monetary Policies on Bank Soundness</span></i></a><span style='font-size:11.0pt;line-height:115%;font-family:"Times New Roman","serif"'><br> <br> <span style='mso-bidi-font-style:italic'>Discussants:</span>&nbsp; <br> <span class=SpellE>Kadek</span> <span class=SpellE>Artha</span>, University of Indonesia<br> <span class=SpellE>Kinda</span> <span class=SpellE>Hachem</span>, University of Chicago and NBER</span></p> </td> </tr> <tr style='mso-yfti-irow:9'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'>3:00 pm</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'>Break <br> &nbsp;</span></p> </td> </tr> <tr style='mso-yfti-irow:10'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'>3:30 pm</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span class=SpellE><span style='mso-fareast-font-family:"Times New Roman";mso-fareast-language:JA'>Woon</span></span><span style='mso-fareast-font-family:"Times New Roman";mso-fareast-language:JA'> <span class=SpellE>Gyu</span> Choi, Bank of Korea</span><span style='font-size: 11.0pt;line-height:115%'><br> David Cook, Hong Kong University of Science and Technology<br> <i><a href="Cook.pdf">Policy Conflicts and Inflation Targeting:<span style='mso-spacerun:yes'>  </span>The Role of Credit Markets</a><br> </i><br> <span style='mso-bidi-font-style:italic'>Discussants:</span>&nbsp; <br> <span class=SpellE>Kadek</span> <span class=SpellE>Artha</span>, University of Indonesia<br> Sylvain Leduc, Federal Reserve Bank of San Francisco</span></p> </td> </tr> <tr style='mso-yfti-irow:11'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'><br> 4:30 pm</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoPlainText style='margin-bottom:12.0pt;line-height:115%'><i><span style='font-size:11.0pt;line-height:115%;font-family:"Times New Roman","serif"'><br> </span></i><span class=SpellE><span style='font-size:11.0pt;line-height:115%; font-family:"Times New Roman","serif"'>Hao</span></span><span style='font-size:11.0pt;line-height:115%;font-family:"Times New Roman","serif"'> Wang, Tsinghua University<br> <span class=SpellE>Honglin</span> Wang, Hong Kong Institute for Monetary Research<br> <span class=SpellE>Lisheng</span> Wang, Chinese University of Hong Kong<br> <span class=SpellE>Hao</span> Zhou, Tsinghua University<br> </span><a href="http://ssrn.com/abstract=2606081"><i><span style='font-size: 11.0pt;line-height:115%;font-family:"Times New Roman","serif"'>Shadow Banking: China's Dual-Track Interest Rate Liberalization </span></i></a><span style='font-size:11.0pt;line-height:115%;font-family:"Times New Roman","serif"'><br> <br> <span style='mso-bidi-font-style:italic'>Discussants:</span>&nbsp; <br> Vid <span class=SpellE>Adrison</span>, University of Indonesia<br> <span class=SpellE>Kinda</span> <span class=SpellE>Hachem</span>, University of Chicago and NBER</span></p> </td> </tr> <tr style='mso-yfti-irow:12'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'>5:30 pm</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoPlainText style='margin-bottom:12.0pt;line-height:115%'><span style='font-size:11.0pt;line-height:115%;font-family:"Times New Roman","serif"'>Adjourn</span></p> </td> </tr> <tr style='mso-yfti-irow:13'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'>5:45 pm</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%'><span style='font-size:11.0pt;line-height:115%'>Reception and Dinner at Federal Reserve Bank of San Francisco</span></p> </td> </tr> <tr style='mso-yfti-irow:14'> <td width=674 colspan=2 valign=top style='width:505.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%'><b><span style='font-size:11.0pt;line-height:115%'>Friday, June 19</span></b></p> </td> </tr> <tr style='mso-yfti-irow:15'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'>8:00 am</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'>Continental Breakfast<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span></p> </td> </tr> <tr style='mso-yfti-irow:16'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:17'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'>8:40 am</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%'><span style='font-size:11.0pt;line-height:115%'>Introduction, Speech, Q&amp;A<br> with John Williams, President of Federal Reserve Bank of San Francisco</span></p> </td> </tr> <tr style='mso-yfti-irow:18'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'>9:30 am</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'>John Burger, Loyola University Maryland<br> <span class=SpellE>Rajeswari</span> <span class=SpellE>Sengupta</span>, IGIDR<br> Francis Warnock, University of Virginia and NBER<br> Veronica <span class=SpellE>Cacdac</span> Warnock, University of Virginia<i style='mso-bidi-font-style:normal'><br> </i></span><i style='mso-bidi-font-style:normal'><a href="http://www.nber.org/papers/w20571.pdf"><span style='font-size:11.0pt; line-height:115%'>U.S. Investment in Global Bonds: As the Fed Pushes, Some EMEs Pull </span></a></i><span style='font-size:11.0pt;line-height:115%'><br> <br> Discussants:&nbsp; <br> Katheryn Russ, University of California at Davis and NBER<br> Changhua Yu, CCER at Peking University<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span></p> </td> </tr> <tr style='mso-yfti-irow:19'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:20'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'>10:30 am</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'>Break</span></p> </td> </tr> <tr style='mso-yfti-irow:21'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'><br> 10:45 am</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%'><span style='font-size:11.0pt;line-height:115%'><br> Jens Christensen, Federal Reserve Bank of San Francisco<br> Jose Lopez, Federal Reserve Bank of San Francisco<br> Glenn Rudebusch, Federal Reserve Bank of San Francisco<br> </span><i style='mso-bidi-font-style:normal'><a href="Christensen_Lopez_Rudebusch.pdf"><span style='font-size:11.0pt; line-height:115%'>A Probability-Based Stress Test of Federal Reserve Assets and Income</span></a></i><span style='font-size:11.0pt;line-height:115%'><br> <br> Discussants:&nbsp; <br> Amir <span class=SpellE>Kermani</span>, University of California at Berkeley<br> Nao <span class=SpellE>Sudo</span>, Bank of Japan</span></p> </td> </tr> <tr style='mso-yfti-irow:22'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'>11:45 am</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>Tim Robinson, University of Melbourne<br> Fang Yao, Reserve Bank of New Zealand<br> </span><i style='mso-bidi-font-style:normal'><span style='mso-fareast-font-family: "Times New Roman"'><a href="Robinson.pdf">Loan-to-Value Ratio Policy and Business Cycles</a><o:p></o:p></span></i></p> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'><br> Discussants:&nbsp; <br> Fred Furlong, Federal Reserve Bank of San Francisco<br> <span class=SpellE>Pongsak</span> <span class=SpellE>Luangaram</span>, <span class=SpellE>Chulalongkorn</span> University</span></p> </td> </tr> <tr style='mso-yfti-irow:23'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'><br> 12:45 pm</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'><br> Lunch</span></p> </td> </tr> <tr style='mso-yfti-irow:24'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'><br> 2:00 pm</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'><br> Andres Fernandez, Inter-American Development Bank<br> Alessandro <span class=SpellE>Rebucci</span>, Johns Hopkins University<br> Martin Uribe, Columbia University and NBER<br> <i><a href="http://www.nber.org/confer/2015/EASE15/Uribe.pdf">Are Capital Controls Countercyclical?</a></i><br> <br> Discussants:&nbsp; <br> <span class=SpellE>Yuriy</span> <span class=SpellE>Gorodnichenko</span>, University of California at Berkeley and NBER<br> Changhua Yu, CCER at Peking University<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span></p> </td> </tr> <tr style='mso-yfti-irow:25'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:26'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'>3:00 pm</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%'><span style='font-size:11.0pt;line-height:115%'>Break</span></p> </td> </tr> <tr style='mso-yfti-irow:27'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'>3:30 pm</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%'><span class=SpellE><span style='font-size:11.0pt;line-height:115%'>Jiseob</span></span><span style='font-size:11.0pt;line-height:115%'> Kim, Korea Development Institute<i style='mso-bidi-font-style:normal'><br> </i></span><i style='mso-bidi-font-style:normal'><a href="Kim.pdf"><span style='font-size:11.0pt;line-height:115%'>How Loan Modifications Influence the Prevalence of Mortgage Defaults</span></a></i></p> </td> </tr> <tr style='mso-yfti-irow:28'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%'>Discussants:&nbsp; <br> Takeo Hoshi, Stanford University and NBER<br> Christopher Palmer, University of California at Berkeley<br style='mso-special-character: line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span></p> </td> </tr> <tr style='mso-yfti-irow:29'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%'><span style='font-size:11.0pt; line-height:115%;color:black;mso-themecolor:text1'>4:30 pm</span><span style='color:black;mso-themecolor:text1'><o:p></o:p></span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%'><span class=SpellE><span style='font-size:11.0pt;line-height:115%;color:black; mso-themecolor:text1'>Hao</span></span><span style='font-size:11.0pt; line-height:115%;color:black;mso-themecolor:text1'> Fang, <span class=SpellE>Hwa</span> Hsia University of Technology<br> Chung-Hua Shen, National Taiwan University<br> Yen-<span class=SpellE>Hsien</span> Lee, <span class=GramE>Chung Yuan Christian University<br> <i>How</i></span><i> Early of the Early Warning Signal in Banking Crisis</i></span><i>? <br> <a href="Shen_Fang_Lee.pdf">The Three Booms, Credit, Housing and Capital, Cases</a></i></p> </td> </tr> <tr style='mso-yfti-irow:30'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'></td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%'><span style='font-size:11.0pt;line-height:115%'>Discussants:&nbsp; <br> Vid <span class=SpellE>Adrison</span>, University of Indonesia<br> Reuven Glick, Federal Reserve Bank of San Francisco</span></p> </td> </tr> <tr style='mso-yfti-irow:31'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>5:30 pm</span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%'><span style='font-size:11.0pt;line-height:115%'>Adjourn</span></p> </td> </tr> <tr style='mso-yfti-irow:32'> <td width=93 valign=top style='width:69.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>6:30 pm<span class=MsoHyperlink><span style='color:windowtext;text-decoration:none; text-underline:none'><o:p></o:p></span></span></span></p> </td> <td width=579 valign=top style='width:434.25pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:11.0pt'>Reception and Dinner at One Market Restaurant, 1 Market Street, San Francisco <a href="http://www.onemarket.com/">http://www.onemarket.com/</a><o:p></o:p></span></p> <p class=MsoNormal><span style='font-size:11.0pt'><br> <br> <br> <br> <br> <br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span><span class=MsoHyperlink><span style='color:windowtext; text-decoration:none;text-underline:none'><o:p></o:p></span></span></p> </td> </tr> <tr style='mso-yfti-irow:33;mso-yfti-lastrow:yes'> <td width=674 colspan=2 valign=top style='width:505.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='text-align:center'><span style='font-size:11.0pt'>Standing Co-Organizer Institutions:<br> <br> National Bureau of Economic Research, Inc.<br> </span><span lang=FR style='font-size:11.0pt;mso-fareast-font-family:Calibri; mso-ansi-language:FR'>Tokyo Center for <span class=SpellE>Economic</span> <span class=SpellE>Research</span></span><span style='font-size:11.0pt'><br> Korea Development Institute<br> Chung-Hua Institution for Economic Research<br> Hong Kong University of Science and Technology<br> Australian National University<br> Tsinghua University<br> China Center for Economic Research<br> National University of Singapore<span class=MsoHyperlink><span style='color:windowtext;text-decoration:none;text-underline:none'><o:p></o:p></span></span></span></p> </td> </tr> </table> <p class=MsoNormal><span class=MsoHyperlink><span style='font-size:11.0pt; color:windowtext;text-decoration:none;text-underline:none'><a href="http://conference.nber.org/confer/2015/EASE15/Shen_Fang_Lee.pdf"><span style='mso-field-code:" HYPERLINK \0022http\:\/\/conference\.nber\.org\/confer\/2015\/EASE15\/Shen_Fang_Lee\.pdf\0022 "'><span style='color:windowtext;text-decoration:none;text-underline:none'>&nbsp;</span></span></a><o:p></o:p></span></span></p> </div> </body> </html>