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NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

Multiple Equilibria and Financial Crises

Roger Farmer and Jess Benhabib, Organizers

May 14-15, 2015

Federal Reserve Bank of San Francisco, 101 Market St, San Francisco

Supported by NBER, NYU, San Francisco Federal Reserve Bank, the Barry Family Trust, and UCLA

PROGRAM

Thursday, May 14
1:00 pm	Registration at the Federal Reserve Bank of San Francisco
	Presentations will be 45 minutes, discussants will have 10 minutes
1:20 pm	Welcome Remarks: Glenn Rudebusch, Executive Vice President & Director of Research, Federal Reserve Bank of San Francisco
1:30 pm	Romain Ranciere, International Monetary Fund *Aaron Tornell, University of California at Los Angeles Financial Liberalization, Debt Mismatch, Allocative Efficiency and Growth Discussant: Martin Schneider, Stanford University and NBER
2:30 pm	*Edouard Schaal, New York University Mathieu Taschereau-Dumouchel, University of Pennsylvania Coordinating Business Cycles Discussant: Christophe Chamley, Boston University
3:30 pm	Coffee Break
4:00 pm	*Ricardo Lagos, New York University and NBER Shengxing Zhang, London School of Economics Monetary Exchange in Over-the-Counter Markets: A Theory of Speculative Bubbles, the Fed Model, and Self-Fulfilling Liquidity Crises Discussant: Pierre-Olivier Weill, University of California at Los Angeles and NBER
5:00 pm	*Mikhail Golosov, Princeton University and NBER Guido Menzio, University of Pennsylvania and NBER Agency Business Cycles Discussant: Guillaume Rocheteau, University of California at Irvine
6:00 pm	Adjourn
6:30 pm	Reception and dinner, Main Street Dining Room, 4th floor Speaker: Karl Shell, Cornell University
Friday, May 15
7:45 am	Continental breakfast
8:30 am	*Dmitry Plotnikov, International Monetary Fund Hysteresis in Unemployment and Jobless Recoveries Discussant: Kevin J. Lansing, Federal Reserve Bank of San Francisco
9:30 pm	*Roger Farmer, University of California at Los Angeles and NBER Global Sunspots and Asset Prices in a Monetary Economy Discussant: Alberto Bisin, New York University and NBER
10:30 am	Coffee break
11:00 am	*Assaf Patir, Hebrew University Synchronization and Bias in a Simple Macroeconomic Model Discussant: Bruce McGough, University of Oregon
12:00 noon	*Gianluca Benigno, London School of Economics Luca Fornaro, CREI, Universitat Pompeu Fabra and Barcelona GSE Stagnation Traps Discussant: Jang-Ting Guo, University of California at Riverside
1:00 pm	Lunch, 1st floor
2:00 pm	Guillaume Rocheteau, University of California at Irvine *Randall Wright, University of Wisconsin at Madison and NBER Sylvia Xiaol. Xiao Open Market Operations Discussant: Huberto Ennis, Federal Reserve Bank of Richmond
3:00 pm	Feng Dong, Shanghai Jiao Tong University *Pengfei Wang, Hong Kong University of Science and Technology Yi Wen, Federal Reserve Bank of St. Louis Credit Search and Credit Cycles Discussant: Fran篩s Geerolf, University of California at Los Angeles
4:00 pm	Coffee break
4:30 pm	Russell Cooper, Pennsylvania State University and NBER *Kalin Nikolov, European Central Bank Government Debt and Banking Fragility: The Spreading of Strategic Uncertainty Discussant: Andrew John, Melbourne Business School
5:30 pm	*Guido Lorenzoni, Northwestern University and NBER Ivan Werning, Massachusetts Institute of Technology and NBER Slow Moving Debt Crises Discussant: Fabrizio Perri, Federal Reserve Bank of Minneapolis and NBER
6:30 pm	Adjourn