Summer Institute Master Paper Schedule

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July 2021
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Monday, July 12

11:00 am
ITI

Import Tariffs and Global Sourcing  (slides) 

Pol Antràs, Harvard University and NBER
Teresa C. Fort, Dartmouth College and NBER
Agustin Gutierrez, University of Chicago
Felix Tintelnot, University of Chicago and NBER
11:00 am
CF

Two Tales of Debt  

Amir Kermani, University of California, Berkeley and NBER
Yueran Ma, University of Chicago and NBER
11:00 am
EFDIS

Race and Economic Well-being in the United States  

Jean-Felix Brouillette, Stanford University
Charles I. Jones, Stanford University and NBER
Peter J. Klenow, Stanford University and NBER
11:00 am
EFCE

The Slope of the Phillips Curve: Evidence from U.S. States  

Jonathon Hazell, Massachusetts Institute of Technology
Juan Herreño, Columbia University
Emi Nakamura, University of California, Berkeley and NBER
Jón Steinsson, University of California, Berkeley and NBER
11:45 am
EFCE

Is There a Stable Relationship between Unemployment and Future Inflation?  

Terry Fitzgerald, Federal Reserve Bank of Minneapolis
Callum J. Jones, Federal Reserve Board
Mariano Kulish, University of Sydney
Juan Pablo Nicolini, Federal Reserve Bank of Minneapolis
11:50 am
CF

The Sensitivity of SME’s Investment and Employment to the Cost of Debt Financing  

Claudia Custodio, Imperial College Business School
Diana Bonfim, Banco de Portugal
Clara Raposo, ISEG Lisbon School of Economics and Management
11:55 am
EFDIS

Long-Term Effects of Equal Sharing: Evidence from Historical Inheritance Rules for Land 

Charlotte Bartels, DIW Berlin
Simon Jäger, Massachusetts Institute of Technology and NBER
Natalie Obergruber, CESifo
12:00 pm
ITI

When Does Procompetitive Entry Imply Excessive Entry?   (slides) 

Kiminori Matsuyama, Northwestern University
Philip Ushchev, Higher School of Economics
12:00 noon
DAE

The Racial Wealth Gap, 1860-2020   (slides) 

Ellora Derenoncourt, Princeton University and NBER
Chi Hyun Kim, University of Bonn
Moritz Kuhn, University of Bonn
Moritz Schularick, University of Bonn
12:45 pm
EFCE

The Macroeconomics of Sticky Prices with Generalized Hazard Functions   (slides) 

Fernando E. Alvarez, University of Chicago and NBER
Francesco Lippi, LUISS Guido Carli University
Aleksei Oskolkov, University of Chicago
12:50 pm
EFDIS

Occupational Choice and the Intergenerational Mobility of Welfare 

Corina Boar, New York University and NBER
Danial Lashkari, Boston College
1:00 pm
DAE

Self-Emancipation and Progressive Politics: The Legacy of Civil War Refugee Camps  

Diego Ramos-Toro, Dartmouth College
1:00 pm
EFEL

Exorbitant Privilege? The Bond Market Subsidy of Prospective Fallen Angels  

Viral V. Acharya, New York University and NBER
Ryan Banerjee, Bank for International Settlements
Matteo Crosignani, Federal Reserve Bank of New York
Tim Eisert, Erasmus University Rotterdam
Renee Maria Spigt, Erasmus University Rotterdam
1:30 pm
EFCE

The Supply-Side Effects of Monetary Policy 

David Baqaee, University of California, Los Angeles and NBER
Emmanuel Farhi
Kunal Sangani, Harvard University
1:30 pm
CF

Leverage Dynamics and Financial Flexibility  

Patrick Bolton, Columbia University and NBER
Neng Wang, Columbia University and NBER
Jinqiang Yang, Shanghai University of Finance and Economics
1:30 pm
ME

Monetary Policy and Racial Inequality   (slides) 

Alina K. Bartscher, Danmarks Nationalbank
Moritz Kuhn, University of Bonn
Moritz Schularick, University of Bonn
Paul Wachtel, New York University
1:50 pm
EFEL

Equity Factors and Firms' Perceived Cost of Capital  

Niels Joachim Gormsen, University of Chicago
2:00 pm
ITI

Trade-Induced Urbanization and the Making of Modern Agriculture   (slides) 

Yuan Tian, University of Nottingham
JunJie Xia, Peking University
Rudai Yang, Peking University
2:00 pm
DAE

Long Shadow of Racial Discrimination: Evidence from Housing Covenants   (slides) 

Aradhya Sood, University of Toronto
William Speagle, University of Connecticut
Kevin Ehrman-Solberg, University of Minnesota
2:15 pm
ME

Monetary Policy and Inequality  

Asger L. Andersen, University of Copenhagen
Niels Johannesen, University of Copenhagen
Mia R H. Jørgensen, University of Copenhagen
Jose-Luis Peydro, Imperial College London
2:20 pm
CF

An Economic View of Corporate Social Impact  

Hunt Allcott, Microsoft Research and NBER
Giovanni Montanari, New York University
Brandon Joel Tan, Harvard University
2:50 pm
EFEL

Hidden Non-Performing Loans in China  

Ben Charoenwong, National University of Singapore
Meng Miao, Renmin University of China
Tianyue Ruan, National University of Singapore
3:05 pm
ITI

Import Liberalization as Export Destruction? Evidence from the United States   (slides) 

Holger Breinlich, University of Surrey
Elsa Leromain, Université Catholique de Louvain
Dennis Novy, University of Warwick
Thomas Sampson, London School of Economics
3:15 pm
ME

Mortgage Prepayment, Race, and Monetary Policy 

Kristopher Gerardi, Federal Reserve Bank of Atlanta
Paul S. Willen, Federal Reserve Bank of Boston and NBER
David Hao Zhang, Harvard University
3:15 pm
DAE

Waves of Empowerment: Black Radio and the Civil Rights Movement   (slides) 

Tianyi Wang, University of Pittsburgh
3:40 pm
CF

The Cost of Consumer Collateral: Evidence from Bunching 

Benjamin L. Collier, Temple University
Cameron Ellis, Temple University
Benjamin J. Keys, University of Pennsylvania and NBER
3:40 pm
EFEL

The SOE Premium and Government Support in China’s Credit Market  

Zhe Geng, Shanghai Advanced Institute of Finance
Jun Pan, Shanghai Jiao Tong University
4:00 pm
ME

How Unconventional is Green Monetary Policy?   (slides) 

Melina Papoutsi, European Central Bank
Monika Piazzesi, Stanford University and NBER
Martin Schneider, Stanford University and NBER
4:10 pm
ITI

The Long-Run Labor Market Effects of the Canada-U.S. Free Trade Agreement   (slides) 

Peter Morrow, University of Toronto
Brian K. Kovak, Carnegie Mellon University and NBER
Allison Devlin, University of Toronto
4:30 pm
DAE

Collective Bargaining Rights, Policing, and Civilian Deaths   (slides) 

Donna Feir, Federal Reserve Bank of Minneapolis
Jamein P. Cunningham, Cornell University
Rob Gillezeau, University of Victoria
4:30 pm
CF

How Costly Is Noise? Data and Disparities in Consumer Credit  

Laura Blattner, Stanford University
Scott T. Nelson, University of Chicago

Tuesday, July 13

11:00 am
EFDIS

Career Choice of Entrepreneurs, Inventors and the Rise of Firms 

Ufuk Akcigit, University of Chicago and NBER
Harun Alp, Federal Reserve Board
Jeremy G. Pearce, University of Chicago
Marta Prato, University of Chicago
11:00 am
IFM

Misallocation and Capital Market Integration: Evidence from India  

Adrien Matray, Princeton University
Natalie Bau, University of California, Los Angeles and NBER
11:00 am
MEFM

Monetary Policy and Wealth Effects: The Role of Risk and Heterogeneity  

Nicolas Caramp, University of California at Davis
Dejanir Silva, Purdue University
11:00 am
ITI

Exporting Ideas: Knowledge Flows from Expanding Trade in Goods  

Philippe Aghion, London School of Economics
Antonin Bergeaud, Banque de France
Timothee Gigout, College de France
Matthieu Lequien, Insee
Marc Melitz, Harvard University and NBER
11:00 am
CF

The Distribution of Voting Rights to Shareholders  

Vyacheslav Fos, Boston College
Clifford Holderness, Boston College
11:00 am
EFFE

Granular Instrumental Variables  

Xavier Gabaix, Harvard University and NBER
Ralph Koijen, University of Chicago and NBER
11:00 am
EFCE

Cross-Sectional Uncertainty and the Business Cycle: Evidence from 40 Years of Options Data  

Ian Dew-Becker, Northwestern University and NBER
Stefano Giglio, Yale University and NBER
11:00 am
IAP

The Value of Arbitrage  

Eduardo Dávila, Yale University and NBER
Daniel D. Graves, Yale University
Cecilia Parlatore, New York University and NBER
11:45 am
EFFE

Spatial Correlation Robust Inference  

Ulrich Müller, Princeton University
Mark W. Watson, Princeton University and NBER
11:45 am
EFCE

Risky Business Cycles  

Susanto Basu, Boston College and NBER
Giacomo Candian, HEC Montreal
Ryan Chahrour, Boston College
Rosen Valchev, Boston College
11:50 am
CF

The Rise of Dual-Class Stock IPOs  

Dhruv Aggarwal, Yale University
Ofer Eldar, Duke University
Yael Hochberg, Rice University and NBER
Lubomir Litov, University of Oklahoma
IAP

Arbitraging Covered Interest Rate Parity Deviations: Testing a New Channel of Bank Lending  

Lorena Keller, University of Pennsylvania
IAP

U.S. Dollar Currency Premium in Corporate Bonds   (slides) 

John A. Caramichael, Federal Reserve Board
Gita Gopinath, Harvard University
Gordon Y. Liao, Federal Reserve Board
11:55 am
EFDIS

A Q-Theory of Inequality  

Matthieu Gomez, Columbia University
Emilien Gouin-Bonenfant, Columbia University
IAP

The Non-U.S. Bank Demand for U.S. Dollar Assets   (slides) 

Tobias Adrian, International Monetary Fund
Peichu Xie, International Monetary Fund
12:00 noon
MEFM

Falling Interest Rates and Misallocation: Lessons from General Equilibrium  

Vladimir Asriyan, Universitat Pompeu Fabra
Luc Laeven, European Central Bank
Alberto Martin, European Central Bank
Alejandro N. Van der Ghote, European Central Bank
Victoria Vanasco, CREI
12:00 noon
IFM

Beware the Side Effects: Capital Controls Cause Misallocation and Reduce Welfare  

Eugenia P. Andreasen, Universidad de Chile
Sofia Bauducco, Central Bank of Chile
Evangelina Dardati, Centro de Estudios Públicos
Enrique G. Mendoza, University of Pennsylvania and NBER
12:00 pm
ITI

Search and Information Frictions on Global E-Commerce Platforms: Evidence from AliExpress  

Jie Bai, Harvard University and NBER
Maggie Chen, George Washington University
Jin Liu, New York University
Xiaosheng Mu, Princeton University
Daniel Xu, Duke University and NBER
12:00 noon
DAE

The Intergenerational Incidence of Government Old-Age Support: Evidence from the Early Social Security Era  

Daniel K. Fetter, Stanford University and NBER
Lee Lockwood, University of Virginia and NBER
Paul Mohnen, University of Michigan
12:30 pm
EFFE

Elusive "Stars": Robust Trend Estimation 

Richard Crump, Federal Reserve Bank of New York
Nikolay Gospondinov, Federal Reserve Bank of Altanta
Hunter Wieman, Williams College
12:45 pm
EFCE

Aggregate-Demand Amplification of Supply Disruptions: The Entry-Exit Multiplier   (slides) 

Florin O. Bilbiie, University of Lausanne
Marc Melitz, Harvard University and NBER
12:50 pm
EFDIS

Social Security and Trends in Wealth Inequality 

Sylvain Catherine, University of Pennsylvania
Max Miller, University of Pennsylvania
Natasha Sarin, University of Pennsylvania
1:00 pm
EFEL

Monetary and Macroprudential Policy Complementarities: Evidence from European Credit Registers 

Carlo Altavilla, European Central Bank
Luc Laeven, European Central Bank
Jose-Luis Peydro, Imperial College London
1:00 pm
MEFM

Dynamic Banking and the Value of Deposits   (slides) 

Patrick Bolton, Columbia University and NBER
Ye Li, Ohio State University
Neng Wang, Columbia University and NBER
Jinqiang Yang, Shanghai University of Finance and Economics
1:00 pm
IFM

The Exchange Rate Insulation Puzzle  

Giancarlo Corsetti, University of Cambridge
Keith Kuester, University of Bonn
Gernot Müller, University of Tuebingen
Sebastian Schmidt, European Central Bank
1:00 pm
DAE

Mobility for All: Representative Intergenerational Mobility Estimates over the 20th Century  

Elisa Jacome, Princeton University
Ilyana Kuziemko, Princeton University and NBER
Suresh Naidu, Columbia University and NBER
1:15 pm
EFFE

Nowcasting with Large Bayesian Vector Autoregressions  

Jacopo Cimadomo, European Central Bank
Domenico Giannone, Amazon.com
Michele Lenza, European Central Bank
Francesca V. Monti, Bank of England
Andrej Sokol, European Central Bank
1:20 pm
IAP

International Trade and the Risk in Bilateral Exchange Rates  

Ramin Hassan, University of Minnesota
Erik Loualiche, University of Minnesota
Alexandre R. Pecora, University of Minnesota
Colin Ward, University of Minnesota
1:30 pm
EFCE

The Effect of Macroeconomic Uncertainty on Household Spending 

Olivier Coibion, University of Texas at Austin and NBER
Dimitris Georgarakos, European Central Bank
Yuriy Gorodnichenko, University of California, Berkeley and NBER
Geoff K. Kenny, European Central Bank
Michael Weber, University of Chicago and NBER
1:30 pm
CF / RISK

SPACs  

Minmo Gahng, University of Florida
Jay Ritter, University of Florida
Donghang Zhang, University of South Carolina
1:30 pm
ME

Anchored Inflation Expectations and the Slope of the Phillips Curve   (slides) 

Peter Lihn Jorgensen, Copenhagen Business School
Kevin J. Lansing, Federal Reserve Bank of San Francisco
1:50 pm
EFEL

Pandemic Lending: The Unintended Effects of Model-based Regulation  (slides) 

Franco Fiordelisi, University of Essex
Giulia Fusi, University of Nottingham
Angela Maddaloni, European Central Bank
David Marques Ibanez, European Central Bank
2:00 pm
ITM

Borders within Europe  

Marta A. Santamaría, University of Warwick
Jaume Ventura, CREI, Universitat Pompeu Fabra and NBER
Uğur Yeşilbayraktar, Universitat Pompeu Fabra
2:00 pm
DAE

Automation and the Future of Young Workers: Evidence from Telephone Operation in the Early 20th Century   (slides) 

James J. Feigenbaum, Boston University and NBER
Daniel P. Gross, Duke University and NBER
2:10 pm
IAP

Currency Hedging: Managing Cash Flow Exposure  

Laura Alfaro, Harvard University and NBER
Mauricio Calani, Central Bank of Chile
Liliana Varela, London School of Economics
2:15 pm
ME

Partisanship and Fiscal Policy in Economic Unions: Evidence from U.S. States  

Gerald Carlino, Federal Reserve Bank of Philadelphia
Thorsten Drautzburg, Federal Reserve Bank of Philadelphia
Robert P. Inman, University of Pennsylvania and NBER
Nicholas Zarra, New York University
2:20 pm
CF / RISK

Leverage Limits in Good and Bad Times  

Cynthia Balloch, London School of Economics
Juanita Gonzalez-Uribe, London School of Economics
2:50 pm
EFEL

It's What You Say and What You Buy: A Holistic Evaluation of the Corporate Credit Facilities  

Nina Boyarchenko, Federal Reserve Bank of New York
Anna Kovner, Federal Reserve Bank of New York
Or Shachar, Federal Reserve Bank of New York
3:00 pm
IAP

Beyond Incomplete Spanning: Convenience Yields and Exchange Rate Disconnect  

Zhengyang Jiang, Northwestern University
Arvind Krishnamurthy, Stanford University and NBER
Hanno Lustig, Stanford University and NBER
3:00 pm
ITM

Welfare Gains from International Risk Sharing and (Non-)Specialization According to Comparative Advantage  

Konstantin Kucheryavyy, University of Tokyo
3:15 pm
ME

Learning by Necessity: Government Demand, Capacity Constraints, and Productivity Growth  (slides) 

Ethan Ilzetzki, London School of Economics
3:15 pm
DAE

A Gift of Health: The Duke Endowment’s Impact on Hospital Care and Mortality   (slides) 

Alex Hollingsworth, Indiana University and NBER
Krzysztof Karbownik, Emory University and NBER
Melissa A. Thomasson, Miami University and NBER
Anthony Wray, University of Southern Denmark
3:40 pm
CF / RISK

Trade Credit and the Transmission of Unconventional Monetary Policy  

Manuel Adelino, Duke University and NBER
Miguel A. Ferreira, Nova School of Business and Economics
Mariassunta Giannetti, Stockholm School of Economics
Pedro Pires, Nova School of Business and Economics
3:40 pm
EFEL

Financial Fragility in the COVID-19 Crisis: The Case of Investment Funds in Corporate Bond Markets  

Antonio Falato, Federal Reserve Board
Itay Goldstein, University of Pennsylvania and NBER
Ali Hortaçsu, University of Chicago and NBER
4:00 pm
ME

A Goldilocks Theory of Fiscal Deficits  

Atif R. Mian, Princeton University and NBER
Ludwig Straub, Harvard University and NBER
Amir Sufi, University of Chicago and NBER
4:10 pm
ITM

Unequal Expenditure Switching: Evidence from Switzerland  

Raphael Auer, Bank for International Settlements
Ariel Burstein, University of California, Los Angeles and NBER
Sarah M. Lein, University of Basel and CEPR
Jonathan Vogel, University of California, Los Angeles and NBER
4:30 pm
CF / RISK

Let the Worst One Fail: A Credible Solution to the Too-Big-To-Fail Conundrum  

Thomas Philippon, New York University and NBER
Olivier Wang, New York University
DAE

Differences in Black and White Access to New Deal Work Relief 

Price V. Fishback, University of Arizona and NBER
Jessamyn Schaller, Claremont McKenna College and NBER
Evan J. Taylor, University of Arizona
DAE

A Vaccination Scar: The Cutter Incident and Medical Mistrust in America  (slides) 

Kate Fairley, University of Victoria
Maggie E.C. Jones, University of Victoria
David Rosé, Wilfrid Laurier University
DAE

Income Shocks and Housing Spillovers: Evidence from the World War I Veterans' Bonus  

Sarah Quincy, Vanderbilt University
DAE

Learning is Caring: Soil Heterogeneity, Social Learning and the Formation of Close-knit Communities   (slides) 

Itzchak T. Raz, Hebrew University
DAE

The Price of Nails since 1695: What Can We Learn form Prices of a Simple, Manufactured Product?   (slides) 

Daniel E. Sichel, Wellesley College and NBER
5:10 pm
ITM

Two-Sided Market Power in Firm-to-Firm Trade  

Vanessa I. Alviarez, University of British Columbia
Michele Fioretti, Sciences Po
Ken Kikkawa, University of British Columbia
Monica Morlacco, University of Southern California