Authors, please upload your paper here.

NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

Universities Research Conference: The Economics of Commodity Markets

Kenneth Singleton and Wei Xiong, Organizers

May 15-16, 2015

The Royal Sonesta Hotel

Charles Suites – 2^nd Floor, East Tower

40 Edwin H. Land Blvd.

Cambridge, MA

PROGRAM

Friday, May 15:
8:30 am	Continental Breakfast
9:00 am	Harrison Hong, Princeton University and NBER Aureo de Paula, University College London Vishal Singh, New York University Hoard Behavior and Commodity Bubbles Discussant: Hank Bessembinder, University of Utah `
10:00 am	Sylvain Leduc, Federal Reserve Bank of San Francisco Kevin Moran, Department of Economics, Universite Laval Robert Vigfusson, Federal Reserve Board A Decade of Learning: The Role of Beliefs in Oil Futures Markets During the 2000s Discussant: Lars Lochstoer, Columbia University
11:00 am	Break
11:30 am	Itay Goldstein, University of Pennsylvania Liyan Yang, University of Toronto Commodity Financialization: Risk Sharing and Price Discovery in Commodity Futures Markets Discussant: Chester Spatt, Carnegie Mellon University and NBER
12:30 n	Lunch – Parkview Room
1:30 pm	Erik P. Gilje, University of Pennsylvania Robert C. Ready, University of Rochester Nikolai Roussanov, University of Pennsylvania and NBER Fracking, Drilling, and Asset Pricing: Estimating the Economic Benefits of the Shale Revolution Discussant: Michael Johannes, Columbia University
2:30 pm	Rabah Arezki, International Monetary Fund Valerie A. Ramey, University of California at San Diego and NBER Liugang Sheng, Chinese University of Hong Kong News Shocks in Open Economies: Evidence from Giant Oil Discoveries Discussant: Robert Barsky, Federal Reserve Bank of Chicago
3:30 pm	Break
4:00 pm	Darien Huang, Wharton School, University of Pennsylvania Gold, Platinum, and Expected Stock Returns Discussant: Ing-Haw Cheng, Dartmouth College
5:00 pm	Adjourn
6:30 pm	Reception and Group Dinner at the Royal Sonesta Hotel – Longfellow Rooms, 1^st Floor, West Tower
Saturday, May 16:
8:00 am	Continental Breakfast
8:30 am	Akshaya Jha, Stanford University Frank A. Wolak, Stanford University and NBER Testing for Market Efficiency with Transactions Costs: An Application to Convergence Bidding in Wholesale Electricity Markets Discussant: Steven L. Puller, Texas A&M University and NBER
9:30 am	Thomas Covert, University of Chicago Experiential and Social Learning in Firms: The Case of Hydraulic Fracturing in the Bakken Shale Discussant: Jakub Kastl, Princeton University and NBER
10:30 am	Break
11:00 am	Davidson Heath, University of Southern California Unspanned Macroeconomic Risks in Oil Futures Discussant: Cynthia Wu, University of Chicago and NBER
12:00 n	Ke Tang, Tsinghua University Haoxiang Zhu, Massachusetts Institute of Technology and NBER Commodities as Collateral Discussant: Steven Baker, University of Virginia
1:00 pm	Adjourn