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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"'>International Seminar on Macroeconomics <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"'>Hosted by Bank of Lithuania<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"'>Jeffrey Frankel and Hélène Rey, 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"'>June 30 - July 1, 2017 <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'><span style='mso-fareast-font-family:"Times New Roman"'>Radisson Blu Royal Astorija Hotel, Vilnius<br> Didzioji 35/2<br> Vilnius LT-01128, Lithuania <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> <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"'><br> <a href="PartList.pdf">Participant List</a><br> <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 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=794 colspan=2 valign=top style='width:595.5pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'><span style='mso-fareast-font-family:"Times New Roman"'><!-- </div> -->Friday, June 30<br style='mso-special-character:line-break'> <![if !supportLineBreakNewLine]><br style='mso-special-character:line-break'> <![endif]></span></b><span style='font-size:10.0pt;mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=118 valign=top style='width:88.55pt;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=674 valign=top style='width:505.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'>Welcome and Opening Remarks<span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width=118 valign=top style='width:88.55pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>9:15 am<o:p></o:p></span></p> </td> <td width=674 valign=top style='width:505.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Antonio Fatás, INSEAD<br> Lawrence Summers, Harvard University and NBER<br> <i><a href="Fatas_Summers.pdf">The Permanent Effects of Fiscal Consolidations</a></i><br> <br> Discussants: </span>Alan Auerbach, University of California at Berkeley and NBER<br> <span style='mso-fareast-font-family:"Times New Roman"'>Ethan Ilzetzki,</span> <span style='mso-fareast-font-family:"Times New Roman"'>London School of Economics <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=118 valign=top style='width:88.55pt;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=674 valign=top style='width:505.45pt;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:4'> <td width=118 valign=top style='width:88.55pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>10:45 am<o:p></o:p></span></p> </td> <td width=674 valign=top style='width:505.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Wenxin Du, Federal Reserve Board<br> Joanne Im, Federal Reserve Board<br> Jesse Schreger, Harvard University and NBER<br> <i><a href="Du_Schreger.pdf">The U.S. Treasury Premium</a></i><br> <br> Discussants: </span>Annette Vissing-Jorgensen, University of California at Berkeley and NBER<br> <span style='mso-fareast-font-family:"Times New Roman"'>Carlo Favero, Bocconi University<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:5'> <td width=118 valign=top style='width:88.55pt;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=674 valign=top style='width:505.45pt;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=118 valign=top style='width:88.55pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>1:30 pm<o:p></o:p></span></p> </td> <td width=674 valign=top style='width:505.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Cristina Arellano, Federal Reserve Bank of Minneapolis and NBER<br> Yan Bai, University of Rochester and NBER<br> </span>Gabriel Mihalache, Stony Brook University<span style='mso-fareast-font-family: "Times New Roman"'><br> <i><a href="Arellano_Bai.pdf">Default Risk, Sectoral Reallocation, and Persistent Recessions</a></i><br> <br> Discussants:</span> A<span style='mso-fareast-font-family:"Times New Roman"'>lessandro Dovis, University of Pennsylvania and NBER<br> Nuno Coimbra, Paris School of Economics<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:7'> <td width=118 valign=top style='width:88.55pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>2:45 pm<o:p></o:p></span></p> </td> <td width=674 valign=top style='width:505.45pt;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:8'> <td width=118 valign=top style='width:88.55pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>3:00 pm<o:p></o:p></span></p> </td> <td width=674 valign=top style='width:505.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Thomas Drechsel, London School of Economics<br> Silvana Tenreyro, London School of Economics<br> <i><a href="Drechsel_Tenreyro.pdf">Commodity Booms and Busts in Emerging Economies</a></i><br> <br> Discussants: Alberto Cavallo</span>, Massachusetts Institute of Technology and NBER<br> <span style='mso-fareast-font-family:"Times New Roman"'>Tommaso Monacelli, Bocconi University<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:9'> <td width=118 valign=top style='width:88.55pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>4:15 pm<o:p></o:p></span></p> </td> <td width=674 valign=top style='width:505.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Marc Flandreau, University of Pennsylvania<br> <i><a href="Flandreau.pdf">Sovereign Debt Enforcement and Sovereign Immunity: Historical Evidence on the Role of Financial Engineering and Legal Innovation</a></i><br> <br> Discussants: Kris Mitchener, Santa Clara University and NBER<br> Christoph Trebesch,</span> <span style='mso-fareast-font-family:"Times New Roman"'>University of Munich <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:10'> <td width=118 valign=top style='width:88.55pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>5:30 pm<o:p></o:p></span></p> </td> <td width=674 valign=top style='width:505.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Speaker/ Panel to be announced<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:11'> <td width=118 valign=top style='width:88.55pt;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=674 valign=top style='width:505.45pt;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:12'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>7:00 pm<o:p></o:p></span></p> </td> <td width=674 valign=top style='width:505.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Dinner<br> </span><span style='mso-fareast-font-family:Calibri'>Skybar (22nd Floor)<br> Radisson Blu Hotel Lietuva<br> Konstitucijos pr. 20, LT - 09308 Vilnius</span><span style='mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:13'> <td valign=top style='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=674 valign=top style='width:505.45pt;padding:.75pt .75pt .75pt .75pt'> <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> </td> </tr> <tr style='mso-yfti-irow:14'> <td valign=top style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><b style='mso-bidi-font-weight:normal'><span style='mso-fareast-font-family:"Times New Roman"'>Saturday, July 1<o:p></o:p></span></b></p> </td> <td width=674 valign=top style='width:505.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:10.0pt;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> </td> </tr> <tr style='mso-yfti-irow:15'> <td width=118 valign=top style='width:88.55pt;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=674 valign=top style='width:505.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'>Jonas Heipertz, Paris School of Economics<br> Amine Ouazad, University of Montreal<br> <span style='mso-fareast-font-family:"Times New Roman"'>Romain Ranciere, University of Southern California and NBER</span><br> Natacha Valla, European Investment Bank<span style='mso-fareast-font-family: "Times New Roman"'><br> </span><i style='mso-bidi-font-style:normal'><a href="paper-June-2017-ISOM.pdf">Balance-Sheet Diversification in General Equilibrium: Identification and Network Effects</a> </i><span style='mso-fareast-font-family:"Times New Roman"'><br> <br> Discussants: </span>Ralph Koijen, New York University and NBER<br> <span style='mso-fareast-font-family:"Times New Roman"'>Tarun Ramadorai, Imperial College London<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:16'> <td width=118 valign=top style='width:88.55pt;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=674 valign=top style='width:505.45pt;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:17'> <td width=118 valign=top style='width:88.55pt;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=674 valign=top style='width:505.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Bartosz Mackowiak, European Central Bank<br> Marek Jarocinski, European Central Bank<br> <i><a href="Mackowiak_Jarocinski.pdf">Monetary-Fiscal Interactions and the Euro Area s Malaise</a></i><br> <br> Discussants: </span>Pierre-Olivier Gourinchas, University of California at Berkeley and NBER<br> <span style='mso-fareast-font-family:"Times New Roman"'>Jordi Gali,</span> <span style='mso-fareast-font-family:"Times New Roman"'>CREI and NBER <o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:18'> <td width=118 valign=top style='width:88.55pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>11:45 am<o:p></o:p></span></p> </td> <td width=674 valign=top style='width:505.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Ambrogio Cesa-Bianchi, Bank of England<br> Andrea Ferrero, University of Oxford<br> Alessandro Rebucci, Johns Hopkins University and NBER<br> </span><i style='mso-bidi-font-style:normal'><a href="Cesa-Bianchi_Ferrero_Rebucci.pdf">International Credit Supply Shocks</a></i><i><span style='mso-fareast-font-family:"Times New Roman"'><br> </span></i><span style='mso-fareast-font-family:"Times New Roman"'><br> Discussants: </span>Alan Taylor, University of California at Davis and NBER<br> <span style='mso-fareast-font-family:"Times New Roman"'>Julian di Giovanni, Universitat Pompeu Fabra<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:19'> <td width=118 valign=top style='width:88.55pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>1:00 pm<o:p></o:p></span></p> </td> <td width=674 valign=top style='width:505.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Lunch and Adjourn<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:20'> <td width=118 valign=top style='width:88.55pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>3:00 pm<o:p></o:p></span></p> </td> <td width=674 valign=top style='width:505.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Guided Sightseeing Tour of Vilnius (meet in hotel lobby)<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:21'> <td width=118 valign=top style='width:88.55pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>5:30 pm<o:p></o:p></span></p> </td> <td width=674 valign=top style='width:505.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'>Dinner at </span>Ertlio Namas Restaurant (<span class=xbe>`v. Jono g. 7, Vilnius)</span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:22;mso-yfti-lastrow:yes'> <td width=118 valign=top style='width:88.55pt;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=674 valign=top style='width:505.45pt;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='mso-fareast-font-family: "Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> </tr> </table> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="Venue%20&amp;%20Accommodation.pdf">VENUE &amp; ACCOMMODATION</a><br> <br> <br> <a href="Handbook%20for%20Vilnius.pdf">HANDBOOK FOR <span style='mso-fareast-font-family: "Times New Roman";mso-fareast-theme-font:minor-fareast'>VILNIUS</span></a> <o:p></o:p></span></p> </div> </body> </html>