Friday, November 8

Presentations, 25 min.; Discussants, 20 min.; General discussion, 15 min.

8:00 am

Continental Breakfast

8:30 am

Are Intermediary Constraints Priced? (slides)

Wenxin Du, Harvard University and NBER
Benjamin M. Hébert, Stanford University and NBER
Amy Wang Huber, University of Pennsylvania

Discussant:
Stavros Panageas, University of California, Los Angeles and NBER

9:30 am

Break

9:45 am

Panel: "The Future of Asset Pricing"
Chair: Darrell Duffie

1. Models of beliefs: Stefan Nagel (slides) and Monika Piazzesi (slides)
2. International finance: Emmanuel Farhi (slides) and Hanno Lustig (slides)

10:45 am

15-minute Break

3. Intermediary asset pricing: Arvind Krishnamurthy (slides) and Ralph Koijen (slides)
4. Macro and monetary policy: Sydney Ludvigson (slides) and Markus Brunnermeier (slides)

12:00 pm

Lunch

1:15 pm

Characteristics of Mutual Fund Portfolios: Where Are the Value Funds? (slides)

Martin Lettau, University of California, Berkeley and NBER
Sydney C. Ludvigson, New York University and NBER
Paulo Martins Manoel, University of California, Berkeley

Discussant:
Kent D. Daniel, Columbia University and NBER

2:15 pm

Break

2:30 pm

Global Banks and Systemic Debt Crises

Juan Morelli, Federal Reserve Board of Governors
Pablo Ottonello, University of Maryland, College Park and NBER
Diego Perez, New York University and NBER

Discussant:
Hanno Lustig, Stanford University and NBER

3:30 pm

Break

3:45 pm

Top Wealth in the United States: New Estimates and Implications for Taxing the Rich

Matthew Smith, U.S. Department of the Treasury
Owen M. Zidar, Princeton University and NBER
Eric Zwick, University of Chicago and NBER

Discussant:
John H. Cochrane, Stanford University and NBER

4:45 pm

Adjourn

6:00 pm

Dinner
SchwabDining Hall-Vidalakis Mid
680 Serra Street
Stanford, CA