ÿþ<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=Content-Type content="text/html; charset=unicode"> <meta name=ProgId content=Word.Document> <meta name=Generator content="Microsoft Word 14"> <meta name=Originator content="Microsoft Word 14"> <link rel=File-List href="program_files/filelist.xml"> <title> Economics of Commodity Markets Meeting </title> <!--[if gte mso 9]><xml> <o:DocumentProperties> <o:Author>maranjian</o:Author> <o:LastAuthor>maranjian</o:LastAuthor> <o:Revision>54</o:Revision> <o:TotalTime>79</o:TotalTime> <o:Created>2016-08-01T15:37:00Z</o:Created> <o:LastSaved>2016-09-14T17:27:00Z</o:LastSaved> <o:Pages>2</o:Pages> <o:Words>458</o:Words> <o:Characters>3418</o:Characters> <o:Company>Your Company</o:Company> <o:Lines>28</o:Lines> <o:Paragraphs>7</o:Paragraphs> <o:CharactersWithSpaces>3869</o:CharactersWithSpaces> <o:Version>14.00</o:Version> </o:DocumentProperties> <o:OfficeDocumentSettings> <o:AllowPNG/> </o:OfficeDocumentSettings> </xml><![endif]--> <link rel=themeData href="program_files/themedata.thmx"> <link rel=colorSchemeMapping href="program_files/colorschememapping.xml"> <!--[if gte mso 9]><xml> <w:WordDocument> <w:Zoom>BestFit</w:Zoom> <w:SpellingState>Clean</w:SpellingState> <w:GrammarState>Clean</w:GrammarState> <w:TrackMoves/> <w:TrackFormatting/> <w:ValidateAgainstSchemas/> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:DoNotPromoteQF/> <w:LidThemeOther>EN-US</w:LidThemeOther> <w:LidThemeAsian>X-NONE</w:LidThemeAsian> <w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript> <w:Compatibility> <w:BreakWrappedTables/> <w:SplitPgBreakAndParaMark/> </w:Compatibility> <w:BrowserLevel>MicrosoftInternetExplorer4</w:BrowserLevel> <m:mathPr> <m:mathFont m:val="Cambria Math"/> <m:brkBin m:val="before"/> <m:brkBinSub m:val="&#45;-"/> <m:smallFrac m:val="off"/> <m:dispDef/> <m:lMargin m:val="0"/> <m:rMargin m:val="0"/> <m:defJc m:val="centerGroup"/> <m:wrapIndent m:val="1440"/> <m:intLim m:val="subSup"/> <m:naryLim m:val="undOvr"/> </m:mathPr></w:WordDocument> </xml><![endif]--><!--[if gte mso 9]><xml> <w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true" DefSemiHidden="true" DefQFormat="false" DefPriority="99" LatentStyleCount="267"> <w:LsdException Locked="false" Priority="0" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Normal"/> <w:LsdException Locked="false" Priority="9" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="heading 1"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/> <w:LsdException Locked="false" Priority="39" Name="toc 1"/> <w:LsdException Locked="false" Priority="39" Name="toc 2"/> <w:LsdException Locked="false" Priority="39" Name="toc 3"/> <w:LsdException Locked="false" Priority="39" Name="toc 4"/> <w:LsdException Locked="false" Priority="39" Name="toc 5"/> <w:LsdException Locked="false" Priority="39" Name="toc 6"/> <w:LsdException Locked="false" Priority="39" Name="toc 7"/> <w:LsdException Locked="false" Priority="39" Name="toc 8"/> <w:LsdException Locked="false" Priority="39" Name="toc 9"/> <w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/> <w:LsdException Locked="false" Priority="10" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Title"/> <w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/> <w:LsdException Locked="false" Priority="11" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/> <w:LsdException Locked="false" Priority="22" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Strong"/> <w:LsdException Locked="false" Priority="20" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/> <w:LsdException Locked="false" Priority="59" SemiHidden="false" UnhideWhenUsed="false" Name="Table Grid"/> <w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/> <w:LsdException Locked="false" Priority="1" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/> <w:LsdException Locked="false" Priority="60" SemiHidden="false" UnhideWhenUsed="false" Name="Light Shading"/> <w:LsdException Locked="false" Priority="61" SemiHidden="false" UnhideWhenUsed="false" Name="Light List"/> <w:LsdException Locked="false" Priority="62" SemiHidden="false" UnhideWhenUsed="false" Name="Light Grid"/> <w:LsdException Locked="false" Priority="63" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 1"/> <w:LsdException Locked="false" Priority="64" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 2"/> <w:LsdException Locked="false" Priority="65" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 1"/> <w:LsdException Locked="false" Priority="66" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 2"/> <w:LsdException Locked="false" Priority="67" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 1"/> <w:LsdException Locked="false" Priority="68" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 2"/> <w:LsdException Locked="false" Priority="69" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 3"/> <w:LsdException Locked="false" Priority="70" SemiHidden="false" UnhideWhenUsed="false" Name="Dark List"/> <w:LsdException Locked="false" Priority="71" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Shading"/> <w:LsdException Locked="false" Priority="72" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful List"/> <w:LsdException Locked="false" Priority="73" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Grid"/> <w:LsdException Locked="false" Priority="60" SemiHidden="false" UnhideWhenUsed="false" Name="Light Shading Accent 1"/> <w:LsdException Locked="false" Priority="61" SemiHidden="false" UnhideWhenUsed="false" Name="Light List Accent 1"/> <w:LsdException Locked="false" Priority="62" SemiHidden="false" UnhideWhenUsed="false" Name="Light Grid Accent 1"/> <w:LsdException Locked="false" Priority="63" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/> <w:LsdException Locked="false" Priority="64" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/> <w:LsdException Locked="false" Priority="65" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/> <w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/> <w:LsdException Locked="false" Priority="34" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/> <w:LsdException Locked="false" Priority="29" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Quote"/> <w:LsdException Locked="false" Priority="30" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/> <w:LsdException Locked="false" Priority="66" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/> <w:LsdException Locked="false" Priority="67" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/> <w:LsdException Locked="false" Priority="68" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/> <w:LsdException Locked="false" Priority="69" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/> <w:LsdException Locked="false" Priority="70" SemiHidden="false" UnhideWhenUsed="false" Name="Dark List Accent 1"/> <w:LsdException Locked="false" Priority="71" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/> <w:LsdException Locked="false" Priority="72" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful List Accent 1"/> <w:LsdException Locked="false" Priority="73" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/> <w:LsdException Locked="false" Priority="60" SemiHidden="false" UnhideWhenUsed="false" Name="Light Shading Accent 2"/> <w:LsdException Locked="false" Priority="61" SemiHidden="false" UnhideWhenUsed="false" Name="Light List Accent 2"/> <w:LsdException Locked="false" Priority="62" SemiHidden="false" UnhideWhenUsed="false" Name="Light Grid Accent 2"/> <w:LsdException Locked="false" Priority="63" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/> <w:LsdException Locked="false" Priority="64" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/> <w:LsdException Locked="false" Priority="65" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/> <w:LsdException Locked="false" Priority="66" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/> <w:LsdException Locked="false" Priority="67" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/> <w:LsdException Locked="false" Priority="68" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/> <w:LsdException Locked="false" Priority="69" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/> <w:LsdException Locked="false" Priority="70" SemiHidden="false" UnhideWhenUsed="false" Name="Dark List Accent 2"/> <w:LsdException Locked="false" Priority="71" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/> <w:LsdException Locked="false" Priority="72" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful List Accent 2"/> <w:LsdException Locked="false" Priority="73" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/> <w:LsdException Locked="false" Priority="60" SemiHidden="false" UnhideWhenUsed="false" Name="Light Shading Accent 3"/> <w:LsdException Locked="false" Priority="61" SemiHidden="false" UnhideWhenUsed="false" Name="Light List Accent 3"/> <w:LsdException Locked="false" Priority="62" SemiHidden="false" UnhideWhenUsed="false" Name="Light Grid Accent 3"/> <w:LsdException Locked="false" Priority="63" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/> <w:LsdException Locked="false" Priority="64" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/> <w:LsdException Locked="false" Priority="65" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/> <w:LsdException Locked="false" Priority="66" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/> <w:LsdException Locked="false" Priority="67" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/> <w:LsdException Locked="false" Priority="68" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/> <w:LsdException Locked="false" Priority="69" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/> <w:LsdException Locked="false" Priority="70" SemiHidden="false" UnhideWhenUsed="false" Name="Dark List Accent 3"/> <w:LsdException Locked="false" Priority="71" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/> <w:LsdException Locked="false" Priority="72" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful List Accent 3"/> <w:LsdException Locked="false" Priority="73" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/> <w:LsdException Locked="false" Priority="60" SemiHidden="false" UnhideWhenUsed="false" Name="Light Shading Accent 4"/> <w:LsdException Locked="false" Priority="61" SemiHidden="false" UnhideWhenUsed="false" Name="Light List Accent 4"/> <w:LsdException Locked="false" Priority="62" SemiHidden="false" UnhideWhenUsed="false" Name="Light Grid Accent 4"/> <w:LsdException Locked="false" Priority="63" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/> <w:LsdException Locked="false" Priority="64" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/> <w:LsdException Locked="false" Priority="65" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/> <w:LsdException Locked="false" Priority="66" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/> <w:LsdException Locked="false" Priority="67" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/> <w:LsdException Locked="false" Priority="68" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/> <w:LsdException Locked="false" Priority="69" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/> <w:LsdException Locked="false" Priority="70" SemiHidden="false" UnhideWhenUsed="false" Name="Dark List Accent 4"/> <w:LsdException Locked="false" Priority="71" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/> <w:LsdException Locked="false" Priority="72" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful List Accent 4"/> <w:LsdException Locked="false" Priority="73" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/> <w:LsdException Locked="false" Priority="60" SemiHidden="false" UnhideWhenUsed="false" Name="Light Shading Accent 5"/> <w:LsdException Locked="false" Priority="61" SemiHidden="false" UnhideWhenUsed="false" Name="Light List Accent 5"/> <w:LsdException Locked="false" Priority="62" SemiHidden="false" UnhideWhenUsed="false" Name="Light Grid Accent 5"/> <w:LsdException Locked="false" Priority="63" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/> <w:LsdException Locked="false" Priority="64" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/> <w:LsdException Locked="false" Priority="65" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/> <w:LsdException Locked="false" Priority="66" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/> <w:LsdException Locked="false" Priority="67" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/> <w:LsdException Locked="false" Priority="68" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/> <w:LsdException Locked="false" Priority="69" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/> <w:LsdException Locked="false" Priority="70" SemiHidden="false" UnhideWhenUsed="false" Name="Dark List Accent 5"/> <w:LsdException Locked="false" Priority="71" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/> <w:LsdException Locked="false" Priority="72" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful List Accent 5"/> <w:LsdException Locked="false" Priority="73" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/> <w:LsdException Locked="false" Priority="60" SemiHidden="false" UnhideWhenUsed="false" Name="Light Shading Accent 6"/> <w:LsdException Locked="false" Priority="61" SemiHidden="false" UnhideWhenUsed="false" Name="Light List Accent 6"/> <w:LsdException Locked="false" Priority="62" SemiHidden="false" UnhideWhenUsed="false" Name="Light Grid Accent 6"/> <w:LsdException Locked="false" Priority="63" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/> <w:LsdException Locked="false" Priority="64" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/> <w:LsdException Locked="false" Priority="65" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/> <w:LsdException Locked="false" Priority="66" SemiHidden="false" UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/> <w:LsdException Locked="false" Priority="67" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/> <w:LsdException Locked="false" Priority="68" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/> <w:LsdException Locked="false" Priority="69" SemiHidden="false" UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/> <w:LsdException Locked="false" Priority="70" SemiHidden="false" UnhideWhenUsed="false" Name="Dark List Accent 6"/> <w:LsdException Locked="false" Priority="71" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/> <w:LsdException Locked="false" Priority="72" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful List Accent 6"/> <w:LsdException Locked="false" Priority="73" SemiHidden="false" UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/> <w:LsdException Locked="false" Priority="19" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/> <w:LsdException Locked="false" Priority="21" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/> <w:LsdException Locked="false" Priority="31" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/> <w:LsdException Locked="false" Priority="32" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/> <w:LsdException Locked="false" Priority="33" SemiHidden="false" UnhideWhenUsed="false" QFormat="true" Name="Book Title"/> <w:LsdException Locked="false" Priority="37" Name="Bibliography"/> <w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/> </w:LatentStyles> </xml><![endif]--> <style> <!-- /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman","serif"; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast;} a:link, span.MsoHyperlink {mso-style-priority:99; color:blue; text-decoration:underline; text-underline:single;} a:visited, span.MsoHyperlinkFollowed {mso-style-noshow:yes; mso-style-priority:99; color:purple; text-decoration:underline; text-underline:single;} span.confpapertitle {mso-style-name:confpapertitle; mso-style-unhide:no; font-style:italic;} span.st {mso-style-name:st; mso-style-unhide:no;} span.SpellE {mso-style-name:""; mso-spl-e:yes;} span.GramE {mso-style-name:""; mso-gram-e:yes;} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt;} @page WordSection1 {size:8.5in 11.0in; margin:1.0in 1.0in 1.0in 1.0in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.WordSection1 {page:WordSection1;} --> </style> <!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman","serif";} </style> <![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> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=625 style='width:468.75pt;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 valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'><!--<div id="topstuff" style="text-align:center"> -->Authors, please upload your paper <a href="http://www.nber.org/confsubmit/backend/form?id=CEMf16">here</a>. <o:p></o:p></span></p> </td> </tr> <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'><span style='mso-fareast-font-family:"Times New Roman"'>Economics of Commodity Markets Meeting <o:p></o:p></span></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"'>Supported by Bank of Canada <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"'>Kenneth Singleton, Wei <span class=SpellE>Xiong</span>, and Jing Yang, Organizers <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'><span style='mso-fareast-font-family:"Times New Roman"'>September 16-17, 2016 <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='text-align:center'>NBER<br> <span style='mso-bidi-font-size:11.0pt'>2<sup>nd</sup> Floor Conference Room<br> 1050 Massachusetts Avenue</span><br> <span style='mso-spacerun:yes'> </span>Cambridge, MA<span style='mso-fareast-font-family: "Times New Roman"'><br> <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> </confloc> <tr style='mso-yfti-irow:7;mso-yfti-lastrow:yes'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal align=center style='text-align:center'><b><u><span style='mso-fareast-font-family:"Times New Roman"'>PROGRAM</span></u></b><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</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=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="partlist.pdf">PARTICIPANT LIST</a><u><br> <br> <br> Friday, September 16<o:p></o:p></u></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'></td> </tr> <tr style='mso-yfti-irow:1'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><br> 10:00 am<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><b style='mso-bidi-font-weight: normal'><span style='mso-fareast-font-family:"Times New Roman"'><br> </span></b>Shuttle leaves Royal <span class=SpellE>Sonesta</span> Hotel for NBER<b style='mso-bidi-font-weight:normal'><span style='mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>10:15 am<o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'>Shuttle leaves Royal <span class=SpellE>Sonesta</span> Hotel for NBER<b style='mso-bidi-font-weight: normal'><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></b></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>10:30 am<o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><b style='mso-bidi-font-weight: normal'><span style='mso-fareast-font-family:"Times New Roman"'>Trade and Sourcing in Energy Markets</span></b><span style='mso-fareast-font-family: "Times New Roman"'><br> <br> <span class=SpellE>Farid</span> <span class=SpellE>Farrokhi</span>, Purdue University<br> <i><a href="Farrokhi.pdf">Global Sourcing in Oil Markets</a></i><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span>Thomas Covert, University of Chicago and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>11:20 am<o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Frank <span class=SpellE>Wolak</span>, Stanford University and NBER<br> <i><a href="Wolak.pdf">Assessing the Impact of the Diffusion of Shale Oil and Gas Technology on the Global Coal Market</a></i><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span>Erik <span class=SpellE>Gilje</span>, University of Pennsylvania<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>12:10 pm<o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Lunch<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:6'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Speech by Timothy Lane, Bank of Canada<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:7'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>1:40 pm<o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><b style='mso-bidi-font-weight: normal'><span style='mso-fareast-font-family:"Times New Roman"'>Financial Trading and Price Pressure in Commodity Markets</span></b><span style='mso-fareast-font-family:"Times New Roman"'><br> <br> <span class=SpellE>Martijn</span> Boons, Nova School of Business and Economics<br> Melissa Prado, Nova School of Business and Economics<br> <i><a href="Boons_Prado.pdf">Basis-Momentum in the Futures Curve and Volatility Risk</a></i><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span><span class=SpellE>Ke</span> Tang, Tsinghua University<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:8'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>2:30 pm<o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Ignacia <span class=SpellE>Mercadal</span>, University of Chicago<br> </span><a href="https://www.dropbox.com/s/x7wm3a0aslrjr0a/IgnaciaMercadalJMP_website.pdf?dl=0"><i>Dynamic Competition and Arbitrage in Electricity Markets: The Role of Financial Players </i></a><span style='mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span><span class=SpellE>Akshaya</span> <span class=SpellE>Jha</span>, </span><span class=st>Carnegie Mellon University</span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:9'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>3:20 pm<o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:10'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>3:40 pm<o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><b style='mso-bidi-font-weight: normal'><span style='mso-fareast-font-family:"Times New Roman"'>Risk <span class=SpellE>Premia</span> in Commodity Markets</span></b><span style='mso-fareast-font-family:"Times New Roman"'><br> <br> <span class=SpellE>Reinhard</span> <span class=SpellE>Ellwanger</span>, Bank of Canada<i style='mso-bidi-font-style:normal'><br> <a href="Ellwanger.pdf">Driven by Fear? The Tail Risk Premium in the Crude Oil Futures Market</a><o:p></o:p></i></span></p> </td> </tr> <tr style='mso-yfti-irow:11'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Discussant:<span style='mso-spacerun:yes'>  </span>Ivan <span class=SpellE>Shaliastovich</span>, University of Wisconsin<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:12'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>4:30 pm<o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Daniele Bianchi, University of Warwick<br> Jacopo <span class=SpellE>Piana</span>, Cass Business School<br> </span><a href="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2785563"><i>Expected Spot Prices and the Dynamics of Commodity Risk <span class=SpellE>Premia</span> </i></a><span style='mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span>Nikolai <span class=SpellE>Roussanov</span>, </span>University of Pennsylvania and NBER<span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:13'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>5:20 pm<o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Informal Discussions<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:14'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>6:00 pm<o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Adjourn<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:15'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>6:00 pm<o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'>Shuttle leaves NBER for Royal <span class=SpellE>Sonesta</span> Hotel<span style='mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:16'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>6:30 pm<o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'>Group Dinner<br> Dante Restaurant at the Royal <span class=SpellE>Sonesta</span> Hotel<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:17'> <td width=839 colspan=2 valign=top style='width:628.95pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><u><span style='mso-fareast-font-family:"Times New Roman"'>Saturday, September 17<o:p></o:p></span></u></p> </td> </tr> <tr style='mso-yfti-irow:18'> <td width=839 colspan=2 valign=top style='width:628.95pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:19'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>8:00 am<o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'>Shuttle leaves Royal <span class=SpellE>Sonesta</span> Hotel for NBER<span style='mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:20'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>8:15 am<o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'>Shuttle leaves Royal <span class=SpellE>Sonesta</span> Hotel for NBER<span style='mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:21'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>8:30 am<o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Continental Breakfast<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:22'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>9:00 am<o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><b style='mso-bidi-font-weight: normal'><span style='mso-fareast-font-family:"Times New Roman"'>Commodities and the <span class=SpellE>Macroeconomy</span></span></b><span style='mso-fareast-font-family:"Times New Roman"'><br> <br> Steffen <span class=SpellE>Hitzemann</span>, Ohio State University<br> </span><a href="https://dl.dropboxusercontent.com/u/10714056/steffenhitzemann/papers/OilFuturesMacro_2016.pdf"><i>Macroeconomic Fluctuations, Oil Supply Shocks, and Equilibrium Oil Futures Prices </i></a><span style='mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span><span class=SpellE>Motohiro</span> <span class=SpellE>Yogo</span>, Princeton University and NBER<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:23'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>9:50 am<o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Michael Brandt, Duke University and NBER<br> Lin Gao, University of Luxembourg<br> </span><a href="http://www.nber.org/confer/2016/CEMf16/Brandt_Gao.pdf"><i>Macro Fundamentals or Geopolitical Events? A Textual Analysis of News Events for Crude Oil </i></a><span style='mso-fareast-font-family:"Times New Roman"'><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span><span class=SpellE>Ing</span>-Haw Cheng, </span><span class=st>Dartmouth College</span><span style='mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:24'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>10:40 am<o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Break<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:25'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>11:10 am<o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><b style='mso-bidi-font-weight: normal'><span style='mso-fareast-font-family:"Times New Roman"'>Commodity Producing Economies</span></b><span style='mso-fareast-font-family:"Times New Roman"'><br> <br> Jorge <span class=SpellE>Fornero</span>, Central Bank of Chile<br> Markus Kirchner, Central Bank of Chile<br> <i><a href="Fornero_Kirchner.pdf">Learning About Commodity Cycles and Saving-Investment Dynamics in a Commodity-Exporting Economy</a></i><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span>Jaime <span class=SpellE>Casassus</span>, Universidad <span class=SpellE>Catolica</span> de Chile<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:26'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>12:00 pm<o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Niko <span class=SpellE>Jaakkola</span>, <span class=SpellE>Ifo</span> Institute<br> Daniel Spiro, University of Oslo<br> Arthur van <span class=SpellE>Benthem</span>, University of Pennsylvania and NBER<br> <i><a href="Jaakkola_Spiro_van_Benthem.pdf">Finders, Keepers?</a></i><br> <br> Discussant:<span style='mso-spacerun:yes'>  </span>Martin <span class=SpellE>Stuermer</span>, Federal Reserve Bank of Dallas<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:27;mso-yfti-lastrow:yes'> <td width=153 valign=top style='width:114.75pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>12:50 pm<o:p></o:p></span></p> </td> <td width=684 valign=top style='width:512.7pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Adjourn<o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>========================<br> <br> <br> <b style='mso-bidi-font-weight:normal'><u>FORMAT<span class=GramE>:</span></u></b><br> <br> </span>2<span style='font-size:11.0pt'>5 minutes for authors<br> </span>15 <span style='font-size:11.0pt'>minutes for discussants<br> </span>10<span style='font-size:11.0pt'> minutes </span>for open<span style='font-size:11.0pt'> discussion<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </div> </body> </html>