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<![endif]--><!--[if gte mso 9]><xml> <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=697 style='width:522.75pt;mso-cellspacing:0in;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=697 style='width:522.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%;tab-stops: .5in 1.0in'><span style='font-size:12.0pt;line-height:115%'>Authors, please upload your paper <a href="http://www.nber.org/confsubmit/backend/form?id=LCMf15">here</a>. <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=697 style='width:522.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center; line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt; line-height:115%'>NATIONAL BUREAU OF ECONOMIC RESEARCH, INC. <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=697 style='width:522.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center; line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt; line-height:115%'>Lessons from the Crisis for Macroeconomics <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=697 style='width:522.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center; line-height:115%;tab-stops:.5in 1.0in'><span class=SpellE><span style='mso-bidi-font-size:11.0pt;line-height:115%'>Virgiliu</span></span><span style='mso-bidi-font-size:11.0pt;line-height:115%'> <span class=SpellE>Midrigan</span> and Thomas <span class=SpellE>Philippon</span>, Organizers <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=697 style='width:522.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt;text-align:center; line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt; line-height:115%'>December 4, 2015 <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=697 style='width:522.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='text-align:center;line-height:115%; tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height: 115%'>NYU Stern School of Business<br> Room KMEC 170<u><span style='color:blue'><br> </span></u>44 West 4th Street<u><span style='color:blue'><br> </span></u>New York, NY 10012<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:6;mso-yfti-lastrow:yes'> <td width=697 style='width:522.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;text-align:center;line-height:115%;mso-outline-level:2;tab-stops:.5in 1.0in'><b><u><span style='mso-bidi-font-size:11.0pt;line-height:115%'>PROGRAM</span></u></b><span style='mso-bidi-font-size:11.0pt;line-height:115%'><o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal style='tab-stops:.5in 1.0in'><span style='mso-bidi-font-size: 11.0pt'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal style='tab-stops:.5in 1.0in'><span style='mso-bidi-font-size: 11.0pt'><a href="partlist.pdf">Participant List</a><o:p></o:p></span></p> <p class=MsoNormal style='tab-stops:.5in 1.0in'><span style='mso-bidi-font-size: 11.0pt'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal style='tab-stops:.5in 1.0in'><span style='mso-bidi-font-size: 11.0pt'><o:p>&nbsp;</o:p></span></p> <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 colspan=2 style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><b style='mso-bidi-font-weight:normal'><u><span style='mso-bidi-font-size:11.0pt; line-height:115%'>Friday, December 4<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></u></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 style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>8:30 am<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%;tab-stops: .5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>Coffee and Pastries<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>9:00 am<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%;tab-stops: .5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>Julian Kozlowski, New York University<br> Laura <span class=SpellE>Veldkamp</span>, New York University and NBER<br> <span class=SpellE>Venky</span> <span class=SpellE>Venkateswaran</span>, New York University and NBER<br> <i><a href="Kozlowski_Veldkamp_Venkateswaran.pdf">The Tail that Wags the Economy: Belief-Driven Business Cycles and Persistent Stagnation</a></i><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span>Jennifer <span class=SpellE>La'O</span>, Columbia University and NBER<o:p></o:p></span></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 style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>10:00 am<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%;tab-stops: .5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>Break<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 style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>10:30 am<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%;tab-stops: .5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>David Berger, Northwestern University and NBER<br> Veronica <span class=SpellE>Guerrieri</span>, University of Chicago and NBER<br> Guido <span class=SpellE>Lorenzoni</span>, Northwestern University and NBER<br> Joseph <span class=SpellE>Vavra</span>, University of Chicago and NBER<br> <i><a href="Berger_Guerrieri_Lorenzoni_Vavra.pdf">House Prices and Consumer Spending</a></i><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span>Carlos <span class=SpellE>Garriga</span>, Federal Reserve Bank of St. Louis<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 style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>11:30 am<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%;tab-stops: .5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>Christopher House, University of Michigan and NBER<br> Christian <span class=SpellE>Pröbsting</span>, University of Michigan<br> Linda <span class=SpellE>Tesar</span>, University of Michigan and NBER<br> <i><a href="House_Proebsting_Tesar.pdf">Austerity in the Aftermath of the Great Recession</a></i><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span>Karel <span class=SpellE>Mertens</span>, Cornell University and NBER<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 style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>12:30 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%;tab-stops: .5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>Lunch<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 style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>1:30 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%;tab-stops: .5in 1.0in'><span class=SpellE><span style='mso-bidi-font-size:11.0pt; line-height:115%'>Atif</span></span><span style='mso-bidi-font-size:11.0pt; line-height:115%'> <span class=SpellE>Mian</span>, Princeton University and NBER<br> Amir Sufi, University of Chicago and NBER<br> Emil Verner, Princeton University<br> <i><a href="Mian_Sufi_Verner.pdf">Household Debt and Business Cycles Worldwide</a></i><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span>Emi Nakamura, Columbia University and NBER<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 style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>2:30 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%;tab-stops: .5in 1.0in'><span class=SpellE><span style='mso-bidi-font-size:11.0pt; line-height:115%'>Òscar</span></span><span style='mso-bidi-font-size:11.0pt; line-height:115%'> <span class=SpellE>Jordà</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> <i><a href="Jorda_Schularick_Taylor.pdf">Leveraged Bubbles</a></i><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span>John Leahy, University of Michigan 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 style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>3:30 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%;tab-stops: .5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>Break<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 style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>4:00 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;line-height:115%;tab-stops: .5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>Danny <span class=SpellE>Yagan</span>, University of California at Berkeley and NBER<br> </span><i style='mso-bidi-font-style:normal'><a href="Yagan.pdf">Which Americans Have Jobs? The Enduring Impact of Great Recession Location</a></i><i style='mso-bidi-font-style:normal'><span style='mso-bidi-font-size:11.0pt; line-height:115%'><br> </span></i><span style='mso-bidi-font-size:11.0pt;line-height:115%'><br> Discussant:<span style='mso-spacerun:yes'>  </span>Erik Hurst, University of Chicago and NBER<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 style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>5:00 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>Robert Hall, Stanford University and NBER<br> <i><a href="Hall.pdf">Macroeconomics of Persistent Slumps</a></i><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span><span class=SpellE>Gauti</span> <span class=SpellE>Eggertsson</span>, Brown University and NBER<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:12'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>6:00 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>Adjourn<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:13;mso-yfti-lastrow:yes'> <td width=96 valign=top style='width:1.0in;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>7:00 pm<o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='line-height:115%;tab-stops:.5in 1.0in'><span style='mso-bidi-font-size:11.0pt;line-height:115%'>Dinner for authors &amp; discussants<br> <em><span style='font-style:normal;mso-bidi-font-style:italic'>Aroma Kitchen &amp; <span class=SpellE>Winebar</span></span></em><span style='mso-bidi-font-style: italic'><br> </span></span><span class=xbe>36 East 4th Street<br> New York, NY</span><span style='mso-bidi-font-size:11.0pt;line-height:115%'><o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><br> <br> <br> <br> <b style='mso-bidi-font-weight:normal'><u><span style='mso-bidi-font-size:11.0pt'>FORMAT</span></u></b><u><span style='mso-bidi-font-size:11.0pt'>:</span></u><span style='mso-bidi-font-size: 11.0pt'><span style='mso-spacerun:yes'>  </span>The format for each session will be a 20-minute presentation by the author, followed by one 15-minute discussion.<span style='mso-spacerun:yes'>  </span><br> The remaining time will be for general audience discussion.<o:p></o:p></span></p> <p class=MsoNormal><br> <br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></p> </div> </body> </html>